Shiba Inu and Dogecoin keep swapping places, vying for meme coin supremacy
After flipping Dogecoin for the first time on Wednesday, Shiba Inu is once again above its canine archrival, with its price printing a double-digit increase. At press time, it is valued at $39.3 billion.
Earlier today, Coinbase Pro, the top U.S. exchange, has updated its price precision for pairs with the Shiba Inu cryptocurrency.
The maximum number of decimals that can be entered on the order form has been reduced from eight to seven. Placing an order that exceeds seven decimals will result in an error.
The change has been caused by the massive spike in the Shiba Inu price. The meme token is up 925% over the past month.
Starting today 10/28 at 4pm PT we will be updating our precision for SHIB-USD & SHIB-USDT order books. Precision will be reduced from .00000001 to .0000001. We will maintain this level unless the price of SHIB-USD drops below .00003. Updates will be posted here & via Status Page.— Coinbase Pro (@CoinbasePro) October 28, 2021
Coinbase says that it will keep the current maximum precious as long as the price of Shiba Inu stays above the $0.00003 level.
The “Dogecoin killer” hit its current all-time high of $0.00008616 on Oct. 28, but its price is currently down 22.3% from the recent peak.
Shiba Inu started trading on Coinbase in mid-September. Less than a month since the listing, it became the most traded cryptocurrency on the exchange.
On Wednesday, Coinbase experienced some downtime that was allegedly caused by massive Shiba Inu buying.
SHIB Community Burned About 2 Billion SHIB in November
There have been a total of 7,409,202 $SHIB tokens burned and two transactions in the last hour.
According to shibburn, the SHIB community, dubbed the “SHIB Army,” burned about two billion SHIB in November. A total of 410,298,489,440,804 of the one quadrillion initial supply has been burned. Tokens that are burned are permanently removed from circulation. The decrease in circulating supply is predicted to raise the price of Shiba Inu in this instance.
According to Shiba Inu’s burn tracker, shibburn, a total of 410,296,586,422,853 SHIB tokens (41.02966%) have been burned from the initial supply of one quadrillion at the beginning of November.
As of Dec. 1, this number had grown to 410,298,449,011,405 (41.02984% of the initial supply), representing a near 1.9 billion increase in tokens burned within the time frame.
Shiba Inu is about to undergo significant alterations that are likely to increase its value and boost its price. Shytoshi Kusama, the SHIB team’s lead developer, recently discussed the potential of Shiba Inu’s gameplay expanding into the “Metaverse.”
Gaming will also facilitate the burning process, as in-app purchases made from the Shiba Inu game will be used to burn a large amount of SHIB to lower the token’s supply. Currently, the SHIB supply is burned only when the owner of a Shiboshi NFT pays $100 in SHIB to change the NFT’s name.
SHIB is trading at $0.00004230 as of press time.
Shiba Inu Has Become Mainstream, Says Mark Zuckerberg’s Sister
There’s room for two canine coins, according to Randi Zuckerberg
Randi Zuckerberg, a sister of Meta CEO Mark Zuckerberg, has recorded a short explainer about canine meme coins, which has been published on her official YouTube channel.
In her video, she weighed in on the surprising success of “Dogecoin killer” Shiba Inu, claiming that the token has gone mainstream.
Despite the rivalry between Dogecoin and Shiba Inu, Zuckerberg believes that there’s room for both of these canine coins:
I didn’t even know there was room for one of those, but apparently there’s room for two.
The former Facebook spokesperson also mentioned numerous spinoffs of the two “flagship” canine coins, including Dogelon Mars.
She then recommended her viewers to “have some fun” with their crypto but not to bet their farm on meme coins, channeling the advice of Tesla CEO Elon Musk.
Earlier this week, Zuckerberg, a long-time crypto proponent, joined cryptocurrency exchange Okcoin as a member of its brand advisory council.
Ethereum Whale Buys Another 28 Billion SHIB Coins
“Gimli,” ETH whale, recently bought 28,236,296,316 SHIB ($1,169,829 USD)
Ethereum Whale ”Gimli” just bought another 28 billion SHIB coins worth a staggering $1.1 million, according to Whale Stats. Despite declines in the Shiba Inu price of late, either whales or large entities are taking the opportunity to accumulate more of the SHIB token.
The famous whale “Gimli” appears to admire Shiba Inu to the point of accumulating SHIB at every opportunity. On Nov. 30, U.Today revealed that the anonymous whale purchased a further 24.8 billion SHIB tokens valued at $1 million.
Overall, the famous ”Gimli” whale now holds 1.2 trillion Shiba Inu coins worth a whopping $52.9 million.
Shiba Inu returned to the spotlight after its 40% rally as Kraken became the latest exchange to allow trading of the Shiba Inu token. Pressure on Robinhood to list Shiba Inu keeps mounting as a Change.org petition in favor of this listing has more than 542,000 signatures at the time of writing.
Shiba Inu was exchanging hands at $0.00004130 as of press time.