Dogecoin seems to be rising steadily behind names such as Ethereum and Bitcoin, now everyone is wondering, “Can the Shiba Inu coin reach $1?” and beat out its competitor.
Dogecoin was first released into the market in 2013 as a joke by its creators, Jackson Palmer and Billy Markus. The coin has since grown in value and is an up and coming currency, many are investing in.
Now a new currency, the Shiba Inu coin has appeared, not much is known about where it came from but it works as part of a decentralised exchange website. Fans are now wondering if the Shiba Inu coin will follow suit of Dogecoin and aim to hit £1.
So, Can the Shiba Inu coin reach $1?
Can the Shiba Inu coin reach $1?
- It is very unlikely that the Shiba Inu coin will hit the $1 mark as it hasn’t shown much growth unlike its Shiba Inu counterpart, Dogecoin.
According to The Sun, the currency has not shown as much growth as Dogecoin and appears to have been made as a way to “give Dogecoin a run for its money”.
While Dogecoin on the other hand is likely to reach $1. However, due to how the currency is moving it seems the currency is expected to become a ‘Stablecoin’.
Stablecoins are currencies that have steady prices and are expected to have “low price volatility“, with prices that are pegged. If Dogecoin hits the $1 mark, then it becomes a solid currency in the eyes of traders and investors. Therefore, the price is unlikely to take a sudden dip. However, this also means it won’t be rising past the $1 mark any time soon.
Mark Cuban, the American Billionaire entrepreneur says about Dogecoin “I kind of think that it might level off at $1 and become somewhat like a stablecoin-“. This doesn’t by any means indicate that the cryptocurrency is a failure or not worth investing in. If anything, if it becomes a ‘Stablecoin’ then the currency will always have a place in the trading market as a fall back for investors when the market is too volatile.
If the Shiba Inu coin does somehow follow suit of Dogecoin, then we can expect the same type of yield in its growth. People are expecting big things from the joke coin and Shiba Inu may just be riding on its coattails but could still make waves. Though, as it stands, the chances of this seem low.
Shiba Inu coin: Value and market cap explained
The value of Shiba Inu today (10th May 2021) has been fluctuating between a 24 hour low of $0.00001260 and a high of $0.00003137, at the time of writing.
While Dogecoin has been on a steady incline since the beginning of 2021. The currency has yet to hit the $1. As it stands Dogecoin has hit an all-time high of $0.74 at the time of writing.
The current market cap for Shiba Inu (SHIB) is $11.7 billion at the time of writing whereas, for Dogecoin the market cap for the currency is $67.24 Billion, which is a slight dip from where Forbes had placed it in early May 2021, at $69 Billion.
Dogecoin place as the fourth most popular currency on the market has not yet changed, as it sits behind Bitcoin, Ethereum and Binance Coin. Whereas, its up and coming competitor Shiba Inu coin has ranked within the top 20 cryptocurrencies on CoinMarketCap. You can see the value of cryptocurrencies on trading sites such as Coindesk, which shows the real-time value of cryptocurrencies.
Please note: Market Caps and value of any kind are done in real-time, therefore could be subject to change.
Where to buy Dogecoin and Shiba Inu coin
According to Republicworld, the Shiba Inu coin is only available to buy through decentralised exchange sites by using Ethereum. They state “investors will have to create digital crypto wallets and connect them to the Uniswap platform”.
Dogecoin is available to buy from trading sites such as Binance and Kraken which have proved reliable and secure in the past. However, at this moment in time, Dogecoin is not available to buy with GBP. Trading sites should tell you which currencies the Shiba Inu coin will accept, so check with them before investing.
Please note: Our publications do not offer investment advice and nothing in them should be construed as investment advice. … The information contained in our publications is not, and should not be read as, an offer or recommendation to buy or sell or a solicitation of an offer or recommendation to buy or sell any securities.