It’s the battle of the memecoins this month as DOGE cracks the top 10 to become the ninth largest cryptocurrency in the multi-billion dollar industry. Though DOGE is enjoying the top spot at the moment, startup meme coin SHIB, also based on a dog character, is not far behind and is in tenth place.
The rise of memecoins has been a significant story in crypto for months as retail investors continue to flood in. Some decry them as a scam, while others say it is good for the industry by bringing in new money.
DOGE has defied the odds and had sustained success, but SHIB is pretty new to the top 10. The coin is up over 700% in the past 30 days, vaulting it up the rankings and making it the newest darling in the crypto space.
Chris Morris wrote in Fortune: “The crypto that was long dismissed as a joke is up 777% in the past 30 days and hit an all-time high Wednesday amid talk that Robinhood might be considering listing it. That has boosted its market cap to a level that puts it alongside some of the biggest companies in the world—and in many cases, surpassing them.”
Though many are invested in the coin, you would be hard-pressed to find an investor that can actually explain the value that it offers. One pundit described it this way: “The SHIB coin was created in August 2020, but little is known about its founder, who goes by Ryoshi. Ryoshi has promoted the coin’s ‘Dogecoin killer’ nickname, arguing that SHIB’s technology is more ‘community-driven’ than its counterpart, which uses the Shiba Inu as its mascot. And Ryoshi has heralded its minuscule worth. ‘We have the ability to outpace the value of Dogecoin, exponentially, without ever crossing the $0.01 mark,’ the founder wrote in a SHIB ‘woofpaper,’ better known as a white paper.”
What’s next for each coin remains to be seen, but it appears that the battle of the memes in cryptocurrency is far from over.
