As Dogecoin (DOGE) continues to fall, investors are already looking at its potential replacement in the form of Shiba Inu (SHIB). SHIB has already been listed on FTX, Huobi, and Binance after being previously available on DEX Uniswap. As of the time of this writing, SHIB is trading at $0.00003613, which is a whopping 158.6% increase since yesterday, and as far as the daily chart goes, the altcoin has experienced a continued increase of over 146%.
As DOGE struggles to regain its previous support, SHIB has been quietly increasing in both price and popularity, and many are already calling it the ‘DOGE killer.’
How is SHIB different from DOGE?
ERC-20 is being used for the purposes of SHIB operation, and it has been confirmed that just about 1,000,000,000,000,000 tokens exist in the overall supply. However, it should be pointed out that the actual supply amount is still unknown. Still, Binance has confirmed that SHIB’s overall supply is in total circulation already.
Of course, it would be difficult to discuss SHIB without mentioning its similarities and differences to DOGE. Firstly, both are considered to be ‘meme’ tokens with a lack of actual technology behind them, but both contain a sizable amount of support nonetheless. However, unlike Dogecoin, Shiba Inu is the native token of ShibaSwap and shall thus be utilized as a portion of the incentives that users will be eligible to obtain for the purposes of trading on this DEX. Moreover, the decentralized exchange also made clear the fact that the top five wallets are already holding about 60% of the supply. So, much like DOGE, SHIB also possesses a supply that is highly centralized in nature.
As per the information provided via the official website, it was revealed that Shiba Inu might be thought of as a community project and ‘spontaneous’ experiment with the added potential to eventually be the one to replace DOGE. To this end, LEASH shall be used to comprise SHIB’s ecosystem, and the separate BONE token will also be used (with details yet to be fully revealed).
Naturally, there are those who criticize coins, such as SHIB. Changpeng Zhao, the CEO of Binance, claims that SHIB is very high risk and exercises caution going forward. He also stated that projects like SHIB, DOGE, and SAFEMOON do more to damage the industry as they tend to steal the spotlight away from other projects which have superior fundamentals and defined long-term objectives.