Ebene News – US – Inspired by DOGE: Shiba Inu (SHIB) is up 500% in the past week

Dogecoin clones like the Shiba Inu (SHIB) token appear The latter is up almost 500% in less than a week

Recalling the ICO craze of late 2017, a slew of new small-cap cryptocurrencies are earning multi-million dollar market caps – seemingly for no reason Most of them appear to be forks of one from others, promising great things but never really delivering and deriving their value only from the hype

Dogecoin, which was created as a joke, amassed a market cap of almost $ 100 billion, which was considered virtually impossible 2 years ago The meteoric rise of DOGE was fueled by Elon Musk, who continued his usual meme motto tweets and is set to host an SNL episode tonight

DOGE cleared the air for meme / joke currencies as a genre: it proved that something with little to no real-world use can skyrocket to insane valuations just because people collectively believe in its value As a result, thousands of unnecessary tokens are deployed every day on networks like Solana and Binance Smart Chain – hopefully becoming the next Dogecoin

Shiba Inu (SHIB), a DOGE-inspired token, is up about 500% this week – and it has no fundamental underlying product except for a massively hyped community. up and a significant purchase volume

Its website states that it is destined to be a ‘Dogecoin killer’ and that users can hold billions or even trillions of tokens, which highlights its massive supply There is also a decentralized exchange called Shiba Swap, which hasn’t even launched yet, but that hasn’t stopped people from rushing out and buying the token

The gigantic gains made on these hearty currencies (which are trivially easy to create, with just one fork button and a deploy transaction) far eclipse even “ memes / volatile ” currencies like DOGE, not to mention the safer risk-adjusted investments like BTC or ETH The vast majority of currencies that see similar gains often end up showing up – for example, WRAFT INU, a recent DOGE-inspired range on BSC, is down more than 95% from its highs

Without an original product, solid underlying fundamentals, or a valid use case, the fate of most of these coins is to asymptotically move towards zero. When this will happen remains a mystery as it is difficult to judge the phases of market cycles within them

Georgi Georgiev is the editor-in-chief of CryptoPotato and a seasoned writer with over two years of experience writing on blockchain and cryptocurrencies Georgi’s passion for Bitcoin and cryptocurrencies blossomed at the end from 2016 and he hasn’t looked back since The technological and economic implications of Crypto are what interests him most, and he has an eye on the market whenever he’s not asleep Contact George: LinkedIn

Shiba Inu

Ebene News – US – Inspired by DOGE: Shiba Inu (SHIB) is up 500% in the past week

Source: https://cryptopotato.com/inspired-by-doge-shiba-inu-shib-is-up-500-over-the-past-week/