Shiba Inu (SHIB) On the Hunt to Flip Dogecoin After New All-Time High

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In Brief
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Shiba Inu (SHIB) has skyrocketed to reach a new all-time high (ATH) of $0.00004442. On Oct 23, SHIB was trading at around $0.00002792. It increased by 59% the following day and gained a remarkable 240% on the week.

This astronomical growth of Shiba Inu coincides with several key events which have occurred recently:

  • In late September, a huge “whale” investor purchased $44 million worth of SHIB (6.2 trillion tokens).
  • The popularity of Shiboshi NFTs, which reportedly sold out immediately and led to a huge, temporary spike in gas fees.
  • Shibarium and Shiboshi-based games are planned for launch soon.

Could SHIB flip DOGE?

Shiba Inu is a decentralized cryptocurrency token whose blockchain protocol is modeled after that of the popular Dogecoin. There are other similarities between SHIB and DOGE, including modeling their logos and names after the Shiba Inu breed of dog. Despite both being considered ‘meme coins,’ they’ve enjoyed a huge amount of popularity and growth in 2020-2021.

SHIB has greatly surpassed the performance of DOGE over this month, appreciating by 514.80% over the whole month, from $0.000007225 to $0.00004442. Additionally, its daily trade volumes increased by 815.81% during Oct 24.

DOGE on the other hand was valued at $0.2073 at the beginning of the past month and currently sits at $0.2608. A clear improvement but it is just an incremental growth (25% over 30 days) compared to SHIB. Furthermore, over the past 24 hours, its trading volume has increased by 82% which is a positive trend but still pales in comparison to the performance of SHIB.

The recent performance of SHIB is one of the more positive surprises of the latter half of 2021 so far, along with the recent release of the first ETFs in the U.S. (which has had a knock-on effect on the performance of bitcoin which currently stands at over $61,000. If SHIB’s impressive run continues there’s a chance it could even be on track to flip DOGE.

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