As of today, Dogecoin, which launched in 2013 as a joke, ranks No. 10 with a market value of over $35 billion, according to CoinGecko. It’s currently trading at around 26 cents. Shiba Inu, which was launched in 2020 to become a parody of Dogecoin, now ranks No. 9 with a market value of over $38 billion. Shiba Inu hit an all-time high of $0.00008616 earlier last week and now is trading around $0.000051.

Since last Wednesday, both Dogecoin and Shiba Inu have frequently swapped places in the rankings, competing in somewhat of a rivalry. Some critics refer to Shiba Inu as the token invented to become the “dogecoin killer.” But in reality, as we know, there is much more peaceful coexistence in the crypto world than many think. On top of that, Shiba Inu’s recent gains are being driven in part by a petition to get the cryptocurrency listed on popular online trading platform Robinhood (HOOD). Right now it’s unclear whether HOOD is really keen on doing so, but the spirit is there.

The Shiba Inu coin is so far up over 7 million percent (cannot print it by digits) since its debut in August 2020. In what has been dubbed the greatest single deal of all time, the crypto investor turned about $8,000 into about $5.7 billion by buying trillions of Shiba Inu coins shortly after their debut. The series of trades began in August 2020 when an investor bought about 70 trillion Shiba Inu coins.

Comparison of DOGE vs. SHIBA INU Performances

Thereafter the investor took notice of that day and made his first Shiba Inu purchase, having bought about 70 billion coins. Around the time the investor bought $8,000, Shiba Inu coins were trading at about $0.000000000189. Was he an insider? He probably was, but, unlike in the classic securities industry, that didn’t matter because he was risking a big way no matter what. Today, the cryptocurrency is trading at around $0.00007941, representing a rapid 14-month gain of over 7 million percent.

According to CoinMarketCap, the said crypto wallet now owns over 13% of the total supply of Shiba Inu coins, with a total of 549 trillion coins in circulation. The unlikely rise of the Shiba Inu saw the meme-inspired cryptocurrency grow to a total market cap of nearly $ 45 billion, surpassing Dogcoin and becoming the ninth most valuable cryptocurrency as of Thursday morning.

Whether the owner of the 70 trillion Shiba Inu coins will be able to sell their coins without lowering the price remains to be seen, but so far he holds them.

Shiba Inu whitepaper says that “Shiba Inu was the answer to a simple question: What would happen if a cryptocurrency project was 100% run by its community? Shiba’s founder Ryoshi said of this of our beginnings “We are an experiment in decentralized spontaneous community building”.

Skeptics would argue that this is simply another MLM scheme. Are they right? “In a world ruled by a commodification of time, community-based projects are more than just a change of pace, they are a way to practice the radical acceptance of others”. That means Shiba Inu is more than another speculative MLM project. Instead, according to its white paper, Shiba Inu endeavors to monetize the Power of Communities, something that companies pay tens of billions of dollars for as part of their promo and marketing efforts.

First of all, critics don’t understand Shiba’s true life declaration. Imagine a cashier constantly burning dollar bills whenever a buyer buys something in his store and pays him? It’s nearly impossible to imagine in the real world, however, it doesn’t do harm to the cashier’s wealth when we speak about the crypto world.

Interestingly, the total supply of SHIB was set from the start at one quadrillion. At that point, 50% of these tokens were sent to Uniswap, a cryptocurrency exchange, while the other 50% were sent as a “gift/tribute” to Ethereum’s founder, Vitalik Buterin. What’s interesting is that Vitalik burned (destroyed) 90% of the SHIBA he was sent, and the other 10% was donated to the Indian Covid Relief Fund. Furthermore, SHIBA, can’t be mined, and part of it also gets burned every time someone buys the coin.

That makes it very different from majority of other coins, so it attracted much attention for a reason, rather than simply out of hype.

Speaking about Shiba’s Reddit community, unlike it frequently happens in similar stock communities, there has never been the “pump-and-dump” spirit or attitude. Rather, admittedly, the reason for the rapidly increasing attraction of Shiba Inu derived from urgency and importance of emphasizing the “power of millions” thesis. It happened with MANA (Decentraland) coin later on in the wake of Facebook’s decision to change its name to Meta. Launched in 2017, MANA has been the native digital token of Decentraland, a self-proclaimed metaverse platform.

Key Shiba Inu Key Analytics Metrics by Intotheblock

Meanwhile, most recently Shiba Inu saw a 23% drop. This happened due to several mutually reinforcing factors, but the main one was the withdrawal of coins by a cryptocurrency whale. Unknown transferred almost $ 3 billion to SHIB to new wallets without further redirection. We will stay tuned.