Editor’s Note: All statistics are correct at the time of the original writing and are subject to change due to the volatility of crypto markets.

Shiba Inu coin hit $0.00008841 on October 27th, 2021 with a market value of $52.13 billion, registering a 140% growth in the past seven days, almost doubling its investor’s money.

According to the latest statistics from the crypto rankings, Shiba Inu is currently in the 11th ranked position, just behind 10th ranked Dogecoin.

The market value of Shiba Inu has crossed the valuations of Larsen and Toubro (L&T) ITC, Maruti Suzuki, Adani Green Energy, and Nestle India.

 SHIBA INU Price USD Chart

Ben Caselin, Head of Research & Strategy at AAX, believes that the sudden hype of meme-based crypto coins is not related to market fluctuations but instead connected to social phenomenons such as Elon musks comments regarding Dogecoin.

Quick Shiba Inu Statistics & Facts

• Shiba Inu coin recorded a $0.00008841 value on 27/10/2021.
• SHIB has more market value than Larsen and Toubro (L&T) ITC, Maruti Suzuki, Adani Green Energy, and Nestle India.
• Shiba Inu has $40 billion worth of market value.
• $8000 worth of Shiba Inu coins invested last year has a current market value of $5.7 billion! 
• About one quadrillion Shiba Inu tokens are circulating in the crypto market, whereas the Dogecoin count is 131.4 billion, and Bitcoins are capped at 21 million.
• Coinbase, one of the largest crypto exchanges, added Shiba Inu coin to their platform from the third week of September 2021, which caused 40% of its growth.
• According to statistics, current value of Bitcoin is $61,287.21 with a market cap of $1.2 trillion.
• Shiba Inu is built over Ethereum’s blockchain, while Dogecoin is based on an isolated proof-of-work (PoW) algorithm.
• Shiba Inu founder Ryoshi handed over almost 50% of the crypto shares to the head of Ethereum (ETH), Vitalik Buterin.
• Vitalik Buterin contributed $1 billion worth of Shiba Inu token to the India Covid Crypto Relief Fund.

What is Shiba Inu Coin?

Shiba Inu is a small to medium-sized dog breed from Japan initially raised for flushing birds or to accompany small hunt parties.

While Dogecoin was created as a joke to mock Bitcoin, Shiba Inu coin or simply SHIB token is launched in the cryptomarket to compete with Dogecoin.

Shiba Inu was first introduced in August 2020 by Ryoshi, whose whereabouts are unknown. The symbol of the SHIB token is an animated face of the Shiba Inu dog, whereas Dogecoin has a not-so-animated Shiba Inu dogface(more like a natural dog).

Furthermore, Shiba Inu is based on Ethereum-platform, unlike its counterpart, Dogecoin, based on a script mining algorithm. Based on the stats from CoinGecko, Shiba Inu has $40 billion worth of market value.

The Turning Point of SHIB

Dogecoin was enjoying the market support after a series of tweets from Tesla billionaire Elon Musk. During NBC’s Saturday Night Live program, the cryptocurrency enthusiasts were eagerly waiting for Musk’s “Dogecoin promotion.”

A single word from him regarding the cryptocurrency might have helped Dogecoin to skyrocket its share values. But, instead, the SpaceX CEO jokingly mentioned Dogecoin as a “hustle,” which dropped its value by 30%. 

Morning Brew has tweeted a Shib holder’s wallet showing the wallet owner’s profit in 400 days. According to the tweet, a person has bought $8000 worth of Shiba Inu coins last August, and its current value is $5.7 billion! 

Among many early investors who got excellent results, one user tweeted that they got $21 million worth on investing $200 during last year.

Two days after the SNL show, Binance (the largest cryptocurrency exchange globally in terms of the daily trading volume of cryptocurrencies) listed Shiba Inu on their platform.

Soon after that, the SHIB price doubled. Statistics show that about one quadrillion Shiba Inu tokens are circulating in the crypto market, whereas the Dogecoin count is 131.4 billion, and Bitcoins are capped at 21 million.

Is There a “Doge Killer” in The Market?

Ryoshi, the founder of Shiba Inu coin, promoted his invention as the “Dogecoin killer.” 

According to Ryoshi, “We have the ability to outpace the value of Dogecoin, exponentially, without ever crossing the $0.01 mark.” 

There are a lot of cryptocurrency investors who believe that SHIB can overtake Dogecoin by the end of 2021. But history has shown that the cryptocurrency market is unpredictable to even the most observing investment expert.

“I’d be surprised if SHIB overtook DOGE,But anything can happen!” says FTX CEO Sam Bankman Fried about SHIB.

Last week saw a mass petition request signed by 326,000 signatures to list Shiba Inu coin on  Robinhood Markets Inc. Also, the CEO of Robinhood Markets Inc, Vlad Tenev, feels positive and responds to the media that he is “carefully considering” the Shiba Inu coin.

However, based on the statistics, the response from  Vlad has resulted in a 700% rise in Shiba Inu token value, and the race between Dogecoin and Shiba Inu has grabbed everyone’s attention. An interesting fact is, about 64% of the crypto revenue for the company came from Dogecoin. 

The founder of Itsblockchain.com, Hitesh Malviya, believes that the sudden rise of Shiba Inu tokens is due to the hope and belief of a large community of people.

Shiba Inu coin is the Ethereum replacement of the Dogecoin, says Nirmal Ranga, The Chief Revenue Officer of ZebPay. However, billionaire Elon Musk tweeted that he doesn’t own any SHIB tokens and has investments only in Bitcoins, Dogecoins, and Ether.

Price Index statistics chart of Dogecoin

Dogecoin Price: February 2019 – October 27, 2021(value in U.S. Cents)

Market cap statistics of Shiba Inu coin 

Shiba Inu from August 2020 – October 25, 2021(in billion U.S. dollars)

Coinbase, one of the largest crypto exchanges, added Shiba Inu coin to their platform from the third week of September 2021, which caused 40% of its growth.

Statistics shows that the latest demand for Shiba Inu coins is from investors who missed the Dogecoin market when they grew from 0.0002 to 0.75 USD.

Investors are keeping their eyes upon several cryptos like Alaskan Malamute Token (LASM), Alaska Inu (LAS), JINDO INU (JIND), Baby Dogecoin (BabyDoge), etc., which are currently at their baby steps and can skyrocket at any time.

Is It Worth Investing in The Shiba Inu Coin in 2021?

Well, there is no perfect yes or no to this question. Currently, The Shiba Inu team is working on developing its own crypto exchange named ShibaSwap.

Suppose industry leaders come forward supporting the Shiba Inu coin as Elon Musk supported Dogecoin. In that case, the crypto market will witness the rise and success of a new cryptocurrency that will register exponential revenue for its investors.

Unlike the cap-restricted Bitcoin, Shiba Inu is a decentralized crypto token that enjoys an ample supply of one quadrillion coins. Subject experts point out that there are advantages and disadvantages to this abundant availability.

One of the significant concerns they point out is that the lack of scarcity creates a less demand product. Bitcoin, which is restricted to a 21 million token cap, is focused on creating demand for the existing tokens.

According to the latest statistics, bitcoin is equivalent to $61,287.21 with a market cap of $1.2 trillion.

The Shiba Inu is built over Ethereum’s blockchain, where most advanced innovations occur, while Dogecoin is based on an isolated proof-of-work (PoW) algorithm.

However, several agencies have initiated welcoming Dogecoin as a mode of payment. For example, AMC Theaters are getting ready to receive ticket payments using Dogecoin.

Also, several sports agencies from Basketball and Baseball teams are welcoming Dogecoin. It also has ground support from the tech billionaire Elon Musk, which gives Dogecoin credibility.

On the other hand, Shiba Inu founder Ryoshi handed over almost 50% of the crypto shares to the head of Ethereum (ETH), Vitalik Buterin, and requested him to do whatever he saw fit.

Vitalik, who is considered one of the most credible and influential people in the crypto-market, accepted the proposal and right away contributed $1 billion worth of Shiba Inu token to the India Covid Crypto Relief Fund.

And later, he removed the rest of the tokens from circulating as a gesture to support the SHIB project.

Conclusion

Crypto fans worldwide are carefully watching each and every movement of Shiba Inu mentions from crypto agencies, celebrities, various industries, etc.

For example, Backstreet Boys pop star Nick publicly declared that “We are the #SHIBARMY ##shiba.” Likewise, Floridan NFL star Antonio Brown stated that SHIB is the next Dogecoin.

All such celebrity announcements and support from apps like Coinbase, which is listed as the second-largest cryptocurrency exchange globally by daily trading volume, make buying Shiba Inu a no-brainer investment.

References