This past week SHIBA INU ($SHIB) has stamped its authority in the meme crypto market overtaking Dogecoin ($DOGE) in market cap as both meme currencies continue to exchange rankings. $SHIB is currently positioned 10th below $DOGE, but that could change any minute as the difference in market cap is less than a billion.
$SHIB has managed to live up to the hype of “DOGE Killer” and currently looking to eliminate another zero from its price before recording an eventual price retrace. The altcoin has surged over 950% in October alone, mimicking a similar rally to that of Dogecoin in May. It has broken several records in the past week some of which include constantly making it in the top-3 in terms of trading volume in the past week even overtaking Ethereum.
$SHIB price touched a new ATH of $0.00008845 before taking a 50% plunge, dropping to sub $0.00005 levels, but recovered within hours to form strong support at $0.000067. The altcoin showed a similar sharp price correction earlier this month when it fell by nearly 70% after a 350% plus rally due to a 31 billion whale dump.
SHIBA INU and Dogecoin Dominate Social Media
$SHIB was definitely the star meme currency this month, but Dogecoin also found a new bullish surge yesterday and rose as high as 45% to reach a new multi-month high above $0.35. Market analysts predict a move above $0.40 would really trigger the bulls for the original meme currency and help it regain its lost glory.
Both $SHIB and $DOGE dominated social media with the majority of the tweets being made on these two cryptocurrencies due to the obvious ongoing battle. Santiment data confirmed the same as SHIB took the first two spots followed by DOGE.
Elon Musk, the man that made meme currencies valuable still prefers $DOGE over $SHIB and even confirmed that he holds none $SHIB in his portfolio leading to a minor slump in price. However, $SHIB proved to be the real community token as it not only passed the “Musk Stress Test” but also went on to multiply its price by four folds and overtake $DOGE.
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.
Shiba Inu and Dogecoin are “worthless jokes” and shitcoin makers “should be arrested,” says Lobo of Wall Street
Jordan Belfort, the former stockbroker whose memoir was turned into a film starring Leonardo DiCaprio, warned against investing in cryptocurrencies meme such as Dogecoin (DOGE) and Shiba inu (SHIB).
Belfort explained that “People are taking advantage of an unregulated market”, emphasizing that “The sooner governments come in, the better it will be for cryptocurrencies.”
Wall Street Wolf Advice on Dogecoin and Shiba Inu cryptocurrencies
Jordan Belfort, also known as the Wolf of Wall Street, has warned investors against putting money into cryptocurrencies meme such as Dogecoin (DOGE) and Shiba inu (SHIB), in an interview with The Sun, published this week.
“I’m a blockchain fan, but there’s a lot of nonsense out there, a lot of shitcoins that are useless and exist just to separate people from their money,” he opined.
Belfort is a former stockbroker whose memoir has been adapted into a film titled “The Wolf of Wall Street.” Belfort founded Stratton Oakmont, which traded penny stocks and tricked investors with pump and dump stock sales.
He pleaded guilty to fraud in 1999 and was imprisoned for 22 months; he is now a motivational speaker. “I got greedy. …Greed is not good,” he said in 2014 at a motivational speech in Dubai.
Read too: Wall Street Wolf admits he was wrong about Bitcoin
The author of Wolf of Wall Street told The Sun:
“You hear crazy stories of people making millions and billions, but for every person like that, there are 10,000 or 100,000 people getting their ** delivered to them in shiba inu… It’s not a suitable investment.”
Belfort added: “People are taking advantage of an unregulated market and creating shitcoins that have no value and no use.”
Both dogecoin and shiba inu have gained immense popularity in recent months. As of this writing, DOGE is the 10th largest cryptocurrency by market value and SHIB is the 13th largest.
Belfort then attacked investment projects like MILF coin and yummy coin, claiming that “unscrupulous people start coins and go into a chat room and say things that are flagrantly illegal.”
He emphasized: “People should go to jail seriously – they are not legitimate. They will never work at all… My guess is someone will end up being indicted for these things. ”
Concluding: “The sooner governments step in, the better it will be for cryptography, because when authorities start to regulate a black market, it gets bigger and better.”
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