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- Meet Shiba Inu (SHIB-USD), a different puppy-inspired meme coin that has been making waves in recent weeks. A record rally has led the token to become the ninth-most valuable crypto in the world, with a market cap of around $38.5B. It's climbed nearly 26% over the past 24 hours and 1000% over the past month, though the coin is still valued at less than a cent.
- Snapshot: A "flippening" of sorts occurred on Wednesday after Shiba Inu undercut Dogecoin (DOGE-USD) in the crypto ranking. However, Doge was quick to bark back, climbing 36% to $0.32. Helping contribute to the Shiba rally was a tweet from Elon Musk, who said SHIB coin was going to the Moon on October 18 (he said the same about Doge). Rumors are also circulating that SHIB will soon be listed on the popular stock trading app Robinhood (Coinbase added the token last month).
- Outlook: While Shiba Inu may be a meme coin and have little underlying value in most cases, it's been increasingly looked upon as having more advantages over Doge. First of all, SHIB is built on Ethereum, meaning it has the potential for more smart-contracting capabilities (think Shibaswap, a Uniswap-like decentralized exchange, as well as NFTs). SHIB is also a whole lot cheaper than Doge, making it more attractive when you want to buy a million of something.