Shiba Inu coin (SHIB) — a new meme-based cryptocurrency centered around the Shiba Inu dog breed — has been outperforming Dogecoin, another cryptocurrency based off the Shiba Inu dog breed, in recent days.
Why did SHIB coin rise?
In fact, there have been a number of cryptos booming recently related to dogs, including Kishu Inu (KISHU), UnderDog (DOG) and renDOGE (RENDOGE) all booming in recent days.
- “While meme coins are back in the green, investors would do well to exercise caution — especially while exposing themselves to coins with high circulating supply and low market capitalization,” according to Benzinga.
Did SHIB coin drop recently?
SHIB coin dropped along with other cryptocurrencies, including Ethereum, Bitcoin and Dogecoin in recent weeks, as I wrote for the Deseret News. The drops in value happened after a finance watchdog group in China said institutions should avoid offering services related to cryptocurrencies, according to Reuters. Chinese investors dipped out soon after.
SHIB coin dropped after Cryptocurrency Ethereum co-founder Vitalik Buterin decided to burn his SHIB coins because he didn’t want to have control over the cryptocurrency markets.
- Burning coins “refers to the act of sending a token to an unusable account and removing it from circulation, which diminishes supply and increases its scarcity,” according to Benzinga.