SHIB Becomes ETH’s 3rd Largest Consumer

Shiba Inu (SHIB) token is now the third-largest consumer of gas on the Ethereum network due to the launch of ShibaSwap earlier today. The current network activity and consumption of gas surrounding Shiba Inu (SHIB) has been captured by Etherscan as highlighted in the following screenshot courtesy of the tracking website.

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SHIB Becomes ETH’s 3rd Largest Consumer of Gas as ShibaSwap Goes Live 17

ShibaSwap Goes Live
As earlier mentioned, the high consumption of Ethereum gas fees by transactions in the Shiba Inu ecosystem is due to the launch of ShibaSwap earlier today. The team behind the Shiba Inu project announced the launch of ShibaSwap through the following tweet.

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Three Tokens at the Core of ShibaSwap: SHIB, LEASH and BONE
According to the Shiba Inu Whitepaper, ShibaSwap ‘is a decentralized ecosystem enriched by its own decentralized exchange’.

At the core of ShibaSwap are the three tokens of SHIB, LEASH and BONE. Each of these tokens can be staked (BURIED) to earn xSHIB, xLEASH and tBONE respectively. Holders of the three tokens can also provide liquidity (DIGGING) to receive SSLP tokens.

A quick glance at the ShibaSwap website reveals that the protocol already has $221.39 million in total value locked. Additionally, the value of SHIB, LEASH and BONE currently stands at $0.000008844251, $2,465 and $18.84 as highlighted in the following screenshot.

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SHIB Becomes ETH’s 3rd Largest Consumer of Gas as ShibaSwap Goes Live 18

Also from the above screenshot, it can be observed that ShibaSwap has a total of six functions as explained below.

DIG – Providing liquidity to earn BONE
FETCH – Migrating UNI V2-LP or SLP tokens to earn BONE
BURY – staking tokens to earn returns
SWAP – exchange Ethereum tokens through ShibaSwap
BONEFOLIO – a way to track your individual portfolio in the Shiba Inu ecosystem
WOOF – yield farming involving various Ethereum based tokens

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Ethereum’s maximum price could lie between $75k and $175k
This peak value could be reached in the next 15 to 20 years
The analysis of Ethereum’s maximum value and timeframe assumes that ETH is a technology that follows a diffusion function represented by a Gompertz Curve
As with all models, the price of Ethereum may be affected by unpredictable events in the future
The number two digital asset of Ethereum (ETH) could reach a maximum price within the range of $75,000 and $175,000. This is according to a research note shared by Timothy Peterson of Cane Island Alternative Advisors where he also pointed out that such a peak value could occur in the next 15 to 20 years.

Methodology Used to Estimate Ethereum’s Peak Value of $75k to $175k
In the research note, Mr. Peterson goes on to explain that the aforementioned peak value of Ethereum is calculated on the assumption that ETH ‘is a technology that follows a diffusion function represented by a Gompertz curve’. He goes on to provide the following equation and parameters for the estimated Gompertz Curve for Ethereum.

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Source, Cane Island Alternative Advisors
A Wide ETH Estimate of $75k to $175k is Due to A Large Margin of Error
Mr. Peterson also points out that his methodology has a large margin of error hence the wide range of $75k to $175k within a fifteen to twenty-year period. He explains this fact through the following statement and accompanying chart.

The margin of error is quite large and so the estimated saturation value for Ethereum ranges between $75,000- $175,000 in about 15-20 years (Figure 3 below).

Based on an initial price of $2,000 and a 15-20-year horizon, Ethereum’s average annual rate of return would range between 20% and 35%. It should be noted these are conservative estimates.

Shiba Inu Strengthens

Meme coin Shiba Inu is apparently looking to secure its own future rather than depending on the whims of the market. The project has a couple of catalysts that are helping to catapult the SHIB price higher by more than 6% in the last 24-hour period.

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These involve the launch of its much-anticipated decentralized exchange (DEX), ShibaSwap, and the integration of the SHIB token on a retail platform where consumers shop.

ShibaSwap DEX
ShibaSwap, a DEX on which several dog-related coins are set to be traded, is now live. Investors have been counting down the days for this event as the Shiba Inu team went through audits to test the mettle of the platform. The two coins that appear to be fueling the DEX are the native

SHIB token as well as one called LEASH. According to the project’s website, a new token called BONE will be available soon. There are also non-fungible tokens (NFTs) in ShibaSwap’s future.

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Source: ShibaSwap
After connecting with the relevant wallet, such as MetaMask, WalletConnect or Coinbase Wallet, there are a number of ways in which users can or will be able to engage with the ShibaSwap DEX. These include:

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Dig — Provide liquidity and earn BONE.
Fetch — Migrate tokens to earn BONE.
Bury — Stake tokens to generate returns.
Swap — Swap current tokens for different ones.
Bonefolio — Check your holdings.
Woof — Stake SSLP and claim returns.
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Crypto Retail Push
Shiba Inu has also been integrated into the Shopping.io platform, which already supports more than 100 other cryptocurrencies as well. Now holders of the SHIB token can use their crypto to buy things on the Shopping.io platform at places such as e-commerce giant Amazon, eBay and big-box retailer Walmart. This development strengthens Shiba Inu’s use case as a payment method.

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The Shiba Inu team appears set on moving this project forward as the roadmap plays out. In addition, SHIB investors appear loyal and celebrate every milestone. While it is unclear whether SHIB will be the next Binance Coin, or whether or not it even wants to be, its use cases are strengthening, which could create more demand for the Shiba token and lead to more of a runway for gains.

SHIB Receives a Boost From Shopping

Shiba Inu (SHIB) is making small gains into Tuesday and looks set to cross a key level and make its way higher towards $0.000010, as we have been forecasting since the beginning of the current week. At the time of writing, SHIB/USDT is trading around $$0.0000087.

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After testing and rising back up from a key support level over the past few sessions, it looks like buyer confidence in the memecoin is building up as its price gets ready to breakout to the higher side. However, such a move can only sustain so long as the market sentiment towards cryptocurrencies in general remains positive as it has done in the recent sessions.

The uptrend in Shiba Inu has been supported by a sense of optimism among crypto investors today as the leading digital currency, Bitcoin, takes another shot at the key $35,000 level. Although its price has slipped below $34,000, there is some hope that the bear run in the space could be coming to an end.

The Shiba Inu coin could also be boosted by Shopping.io’s recent announcement that it will now accept payments in SHIB for users to shop online on leading retailers, Amazon, eBay and Walmart. The announcement also drove SHIB to become the most trending cryptocurrency on Twitter through the previous session.

Key Levels to Watch
We can see on the H4 chart of SHIB/USDT that most of the moving averages are suggesting a bullish bias. However, the momentum indicator is signaling some bearish pressure as well.

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Shiba Inu’s price is holding right above the pivot point which sits at $0.86. Buyers will now face resistance at $0.97 as they attempt to take the Doge killer higher in the near-term. The next resistance they are likely to encounter sits right on the key level at $0.000010.

On the other hand, if Shiba Inu fails to breach through the 50% Fibonacci retracement level at $0.00000870, it will signal weakness among buyers.

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Such a development will push SHIB down to the support barrier at $0.00000811, and if the selling pressure continues to increase, the foothold at $0.00000739 might be tagged.

A breakdown of the demand floor at $0.00000700 will invalidate the bullish outlook and trigger a 10% sell-off to $0.00000625.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.

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You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Shiba Inu price consolidates to continue its 38% advance

Shiba Inu price is bouncing off a crucial support level at $0.00000811.
A decisive close above the 50% Fibonacci retracement level at $0.00000870 will confirm the start of an upswing.
If SHIB slices through the demand zone at $0.00000700, it will end the bullish thesis.

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Shiba Inu price bounced off a support level thrice over the past five days. This consolidation is likely to lead to a massive uptrend that slices through immediate barriers in an attempt to tag the range high.

Shiba Inu price prepares to launch
Shiba Inu price sliced through the 50% Fibonacci retracement level at $0.00000811 on June 29 and pierced the subsequent resistance ceilings. However, a failure to sustain above it pushed the meme coin back to the support level at $0.00000811, which has been tested thrice over the past five days.

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A potential spike in buying pressure that shatters the midpoint of the range will confirm the start of an uptrend.

In such a case, SHIB will face ceilings at $0.00000954, $0.00001010 and $0.00001070, representing the 62%, 70.5% and 79% Fibonacci retracement levels, respectively. These barriers are high probability reversal zones, so the bulls need to slice through this area and tag the resistance barrier at $$0.00001120, roughly a 38% advance from $0.00000811.

In a highly bullish case, Shiba Inu price might even tag the local high at $0.00001220, signaling an attempt to move out of the current range or set up a new one.

SHIB/USDT 4-hour chart

SHIB/USDT 4-hour chart

On the other hand, if Shiba Inu fails to breach through the 50% Fibonacci retracement level at $0.00000870, it will signal weakness among buyers.

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Such a development will push SHIB down to the support barrier at $0.00000811, and if the selling pressure continues to increase, the foothold at $0.00000739 might be tagged.

A breakdown of the demand floor at $0.00000700 will invalidate the bullish outlook and trigger a 10% sell-off to $0.00000625.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.

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You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Stellar Lumens and Shiba Inu – European Wrap 5 July

Ethereum Weekly Forecast: Social media giants give away ETH-based NFTs as bulls set stage for $3,000
Ethereum price seems to have hit a local top for its recent slow but steady uptrend. A minor retracement into a demand zone is likely and necessary for the upswing that the bulls have been waiting for.

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ETH/USDT 1-day chart

XLM Price Prediction: Stellar kick-starts a 12% descent
XLM price has been trying to slice through a critical resistance level over five times in the past ten days but has failed to do so. The recent pullback is a result of rejection at the same barrier.

XLM/USDT 4-hour chart

Shiba Inu price respects Fibonacci levels, SHIB ready for test to the downside
Shiba Inu price made an impressive jump this past weekend, together with most other cryptocurrencies. But it looks like profit-taking is already in full gear this morning for SHIB.

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stment advice.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.

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You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature.

Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

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FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Shiba Inu price respects Fibonacci levels

Shiba Inu price broke an essential trendline during the Asian session this morning.
Overall, major cryptocurrencies like Bitcoin and Ethereum are in negative territory on Monday.
A redip to $0.000008 would present the right buying opportunity for SHIB.
Shiba Inu price made an impressive jump this past weekend, together with most other cryptocurrencies. But it looks like profit-taking is already in full gear this morning for SHIB.

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Shiba Inu bulls prepare to buy the dip
Over the weekend, the cryptocurrency was very much in the green across the board. Higher cap tokens were leading the way, with Bitcoin up almost 5%. But during the Asian session on Monday morning, profit-taking took over. Sentiment turned sour and made other cryptocurrencies like Shiba Inu dip lower.

The spike in profit-taking this morning saw Shiba Inu price drop from $0.00000895, erasing almost all the profits made since Saturday morning. Although SHIB had a bounce off the black ascending trend line toward $0.00000878 over the weekend, this support level got broken and prices dipped lower toward $0.00000837, where it started Saturday morning.

Shiba Inu price managed to stay above that level for now. But the question is, “For how long?”. With the top cryptocurrencies not pairing their losses, a false breakout looks like it is in the making.

Next to that, the general sentiment in the markets this morning was not positive. With the US markets closed for the holiday, US equity futures are all in the red this morning. With low volume, no natural recovery is expected today.

SHIB can thus still go another leg lower with buyers on the sidelines. On the downside, we already discussed $0.00000837, which matches the 61.8% Fibonacci level. A test of the 78.6% level would be interesting as this is where buyers stepped in on Friday night.

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SHIB/USD 4-hour chart

SHIB/USD 4-hour chart

To the upside, a retest of the 23.6% Fibonacci level at $0.00000873 would be proof that more upside is yet to come.

Shiba Inu price will certainly pair losses as, overall, nothing has changed the risk sentiment. It is just crucial to wait for the right approach as buyers step in. As said, either $0.00000820 or $0.00000837 are the two key levels to watch for a long.

Should more downward pressure and more selling be coming in today, expect a complete retrace of the move toward $0.0000080 before buyers enter in full.

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Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.

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It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

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If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Analysts Taking Shiba Inu (SHIB)

Shiba Inu (SHIB) is trading on a slightly bearish track into Monday, down by over 2% since the previous session, amid a cautious mood in the overall crypto market which is weighing on investor sentiment. At the time of writing, SHIB/USDT is trading around $0.0000083.

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The rising popularity of the memecoin among the online community has led several analysts and observers to take closer notice of the Shiba Inu coin lately, just a few months after dismissing it as a joke. The digital asset has been gaining further attention lately not only on the back of increased interest in Dogecoin (DOGE) but also recent interest from Tesla CEO Elon Musk, which has convinced fans that it could soon become the next hot cryptocurrency for Musk.

Recently, a crypto analyst and influencer who goes under the pseudonym Coin Bureau shared his reasons for turning bullish about SHIB’s prospects via a video on his YouTube channel which has over 1.1 million subscribers. He talked about how Shiba Inu has more applications beyond being a method to transfer payments digitally, unlike Dogecoin.

The SHIB powered DEX ShibaSwap is currently under audit by CertiK ahead of its upcoming launch. The launch of the decentralized exchange is likely to drive interest and adoption of the coin higher soon, especially as it has a team of prominent developers working on it.

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According to Coin Bureau, “Where Shiba Inu and Dogecoin differ are the connections they have to the crypto community. DOGE is really just a meme and nothing more… By contrast, SHIB is close to becoming a big player in Ethereum’s ecosystem by overcoming the shortcomings of Dogecoin. As community-driven as Shiba Inu is, there definitely seem to be some seriously prolific people behind the project.“

Key Levels to Watch
On the H4 chart of SHIB/USDT, we can see that most of the smaller moving averages as well as leading technical indicators MACD and momentum are exhibiting a bearish bias at the moment. However, the presence of buyers on the horizon cannot be dismissed, especially with the larger timeframe MAs flashing buying signals.

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For now, Shiba Insu’s price has slid below the pivot point at $0.0000086, so it would make sense to keep a close eye on the immediate support which sits at $0.0000076. However, a reversal of the market sentiment could propel more buying interest and send the price back above the pivot and towards resistance at $0.0000097, before it can break past the key $0.000010 level.

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Influencers have always featured prominently in cryptocurrency culture, but never more so than recently. When Elon Musk threw his weight behind the original meme cryptocurrency, Dogecoin, it sparked a wave of imitators, promoted by influencers on social media platforms such as TikTok.

Some call investing in meme coins insanity, others think of it as a cheap bet with the potential to realize 1000% profits. Whoever’s right, interest in meme coins or tokens has surged in recent months. Here’s the lowdown.

What are meme coins and tokens?
Typically, a meme coin has no inherent value, and often no utility. As the name implies, these cryptocurrencies are often—but not exclusively—themed around Internet memes: jokes and images shared on social media.

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The original meme coin, Dogecoin (DOGE), is based on the long-running Doge meme, which originated with a picture of a Shibu Inu dog. It runs on its own blockchain, and as such is distinguishable from meme tokens, which run atop an existing blockchain.

Two of the most popular meme tokens are Doge-imitator Shibu Inu (SHIB), an ERC-20 token built atop Ethereum, and SafeMoon (SAFEMOON), which runs on Binance Smart Chain. But there are dozens more.

How have meme tokens become so popular?
Since Dogecoin was launched in 2013, it’s become much easier to create a cryptocurrency, and meme tokens can be launched rapidly on the back of events, or become popular due to their associations with influencers.

Meme Coin Pack Flocks to Baby Doge

New meme coin Baby Doge (BABYDOGE) is enjoying a bumper week after a tweet by Tesla CEO Elon Musk—but its meteoric rise hasn’t been mirrored by other meme-themed cryptocurrencies, with Dogecoin (DOGE), SafeMoon and Shiba Inu (SHIB) slowly going down with the rest of the crypto ship today.

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Dogecoin
What are Meme Coins and Tokens?
Influencers have always featured prominently in cryptocurrency culture, but never more so than recently. When Elon Musk threw his weight behind the original meme cryptocurrency, Dogecoin, it s…

Learn
The Landscape
Adriana Hamacher
Jun 22, 2021
7 min read 
Last Friday, the CEO of Tesla and SpaceX drew the general public’s attention to Baby Doge, yet another Dogecoin knockoff, by tweeting about it. Whether or not he intended to reference the cryptocurrency, or was just making a Doge-themed joke about the famous Baby Shark song, his “endorsement” saw Baby Doge pump by roughly 130% from the get-go.

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At press time, Baby Doge is still way ahead of the crypto curve in terms of gains. The coin is trading at around $0.000000005584, up 57.4% over the past 24 hours and over 300% in the past week, according to crypto metrics platform CoinGecko. At the same time, Baby Doge’s daily trading volume has topped $150 million.

Of course, all of these meme-inspired tokens are high-risk assets and Decrypt is not dispensing investment advice. Retail investors should only ever put in what they can afford to lose.

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Doge Day Afternoon
Baby Doge’s success hasn’t been mirrored by other meme coins. Dogecoin (DOGE), the granddaddy of them all, is currently trading at $0.244862 and is down 2.1% on the day. Similarly, both SafeMoon (-6.5%) and Shiba Inu Coin (SHIB) (-2.3%) are sliding, trading at $0.00000300 and $0.00000865, respectively.

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DOGE
-12.15%
$0.2184
24H
7D
1M
1Y
MAX
DOGE Price

That doesn’t seem to have deterred crypto developers eager to cash in on the latest craze. Just yesterday, someone launched a knockoff of a knockoff in the form of Baby Doge Cash. It’s already surged by 432%, proving if nothing else that the appetite for meme coins is insatiable right now.

DISCLAIMER
THE VIEWS AND OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATIONAL PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT, OR OTHER ADVICE

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Influencers have always featured prominently in cryptocurrency culture, but never more so than recently. When Elon Musk threw his weight behind the original meme cryptocurrency, Dogecoin, it sparked a wave of imitators, promoted by influencers on social media platforms such as TikTok.

Some call investing in meme coins insanity, others think of it as a cheap bet with the potential to realize 1000% profits. Whoever’s right, interest in meme coins or tokens has surged in recent months. Here’s the lowdown.

What are meme coins and tokens?
Typically, a meme coin has no inherent value, and often no utility. As the name implies, these cryptocurrencies are often—but not exclusively—themed around Internet memes: jokes and images shared on social media.

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The original meme coin, Dogecoin (DOGE), is based on the long-running Doge meme, which originated with a picture of a Shibu Inu dog. It runs on its own blockchain, and as such is distinguishable from meme tokens, which run atop an existing blockchain.

Two of the most popular meme tokens are Doge-imitator Shibu Inu (SHIB), an ERC-20 token built atop Ethereum, and SafeMoon (SAFEMOON), which runs on Binance Smart Chain. But there are dozens more.

How have meme tokens become so popular?
Since Dogecoin was launched in 2013, it’s become much easier to create a cryptocurrency, and meme tokens can be launched rapidly on the back of events, or become popular due to their associations with influencers.

Doge Killer and Shiba Inu

While BTC and ETH rank 6th and 10th, CoinMarketCap data outlined Shiba Inu, Doge Killer, and other meme coins as the highest-trending tokens in the US.

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Although Dogecoin’s popularity might be declining lately, other copycats continue to garner people’s attention, especially in the USA. CoinMarketCap’s stats show that tokens like Doge Killer, Baby Doge Coin, and Shiba Inu were among the most trending ones last week in the States, while Bitcoin and Ethereum were down the list.

What Do Americans Look For?
Ever since the start of the year, meme coins have caught the attention of cryptocurrency insiders and outsiders. The trend had a clear leader, or at least until recently – Dogecoin.

Launched in 2013, the token reached popularity heights after multiple engagements from Elon Musk, followed by other celebrities and global brands.

Somewhat expectedly, the ever-creative crypto community was quick to capitalize on DOGE’s craze as numerous copycats started to emerge almost daily.

While some failed to attract attention, others simply took off. Shiba Inu was among those whose total market capitalization at one point placed the coin in the top 20 largest cryptocurrencies.

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Although it has declined in value since its ATH, the interest towards the asset still seems to be present. According to CoinMarketCap data tracking the trends in the industry, Shiba Inu was the 4th top trending token in the US last week.

Interestingly, the highest-ranked coin was another one inspired by Dogecoin – Doge Killer (LEASH). According to a recent post, it was “originally set to be a rebase token pegged to the price of Dogecoin.” However, “it has been unleased and will not rebase.” It’s also worth noting that LEASH is a part of the Shiba Inu (SHIB) ecosystem.

Furthermore, the post indicated a circulation supply of only 100,000 tokens, which is radically different than most Dogecoin copycats having multi-billion and even trillion coins.

What About BTC and ETH?
When looking at any cryptocurrency data aggregator, Bitcoin (BTC) and Ethereum (ETH) are the clear leaders in terms of the largest digital assets by market cap. However, this doesn’t seem enough for Americans, as CoinMarketCap’s data showed.

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The primary cryptocurrency takes the 6th spot, also trailing to SafeMoon, Sashimi, and GreenTrust. Moreover, ETH has barely made it in the top ten as it’s behind Coco Swap, Baby Doge Coin, and Jindo Inu.

It’s worth noting that Baby Doge Coin’s high position is somewhat understandable as it also received social media recognition by one of the most influential people today – Elon Musk.

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The cryptocurrency market has become a wild show in recent months, perhaps led by Dogecoin’s emergence to the grand scene. The meme coin that started as a joke in 2013, whose founder sold its stack to buy an old Honda Civic back in the day, has been among the best performers eight years after its birth.

Publicly supported by some of the most popular and influential celebrities, such as Elon Musk, Snoop Dogg, Mark Cuban, and more, the DOGE token grabbed people’s attention and skyrocketed in price and fame.

With its ROI of a five-digit percentage in less than half a year, it was somewhat expected that others would try to follow. And this is what indeed transpired. The ever-creative crypto community has dug deep, and copycats started to pop up left and right.

While some of them have roots dating months ago, their popularity blossomed in the past few weeks – led by Dogecoin itself. Today, we will look at some of the DOGE clones on the market.

Shiba Inu (SHIB): The Dogecoin Killer
It wouldn’t be a proper article related to DOGE-wannabes without SHIBA INU. The self-proclaimed “decentralized meme token” describing itself as the “Dogecoin KILLER” is not an invention per se.

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Its 22-page ‘Woofpaper’ (yes, the whitepaper is called that) promises that the meme coin is 100% decentralized, which is what the founder – Ryoshi – has vouched the project to be.

Although there’s no pre-set date yet, the project said it’s “dedicated to building the best Decentralized Ecosystem (DECO) on the planet.” Basically, it means the developers are working on a decentralized exchange, which, when (if) ever sees the light of day, will be called ShibaSwap.

The Woofpaper explained the DEX will highlight three “flagship tokens” coming from ShibaSwap – SHIB, LEASH, and BONE. This is what the paper says (it really says that):

“On ShibaSwap, your Shibs will DIG for BONES, or even BURY their tokens. The best trainers even teach their Shibas to SWAP, which allows the pup to exchange one token for another token.”

Is Shiba Inu (SHIB) Getting Ready to Breakout Towards $0.000010?

The Shiba Inu (SHIB) price is off to a slow climb upwards in early trading on Sunday, strengthening by more than 3.5% over the past 24 hours and by almost 17% over the past week. At the time of writing, SHIB/USDT is trading at around $0.0000086.

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A potential competitor for Dogecoin, this memecoin enjoys the support of an active fanbase online which keeps its price from collapsing even when the sentiment towards the wider crypto market suffers a setback. However, analysts remain unconvinced about its long term prospects in an age when most of the leading digital assets are finding numerous applications beyond being used for payment transfer, especially in the DeFi and dApps space.

The lack of backing from different projects and institutional investors makes SHIB more volatile than other currencies, however. As a result, market sentiment is a key driver dictating price action in the Shiba Inu coin. Although, lately, it seems to be relishing support from Tesla CEO Elon Musk’s attention.

In the absence of significant fundamental developments, Shiba Inu’s price moves could be dictated by technical trends. Lately, its price appears to be undergoing somewhat of a consolidation within the range of $0.0000080 to $0.0000085, and could potentially be gearing up for a breakout.

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Key Levels to Watch
On the 4-hour chart of SHIB/USDT, most of the moving averages and the MACD indicator are signaling a bullish bias, giving some hope that the breakout could be towards the upside. However, the 200 EMA and the momentum indicator are suggesting signs of bearish moves as well.

The price sits comfortably above the pivot point at $0.0000073 and it looks like buyers are getting ready to test resistance at the key $0.0000090 level. Once this level is broken, we can see Shiba Inu’s price make a way to test $0.000010 where it could encounter some more resistance in the near-term.

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While BTC and ETH rank 6th and 10th, CoinMarketCap data outlined Shiba Inu, Doge Killer, and other meme coins as the highest-trending tokens in the US.

Although Dogecoin’s popularity might be declining lately, other copycats continue to garner people’s attention, especially in the USA. CoinMarketCap’s stats show that tokens like Doge Killer, Baby Doge Coin, and Shiba Inu were among the most trending ones last week in the States, while Bitcoin and Ethereum were down the list.

What Do Americans Look For?
Ever since the start of the year, meme coins have caught the attention of cryptocurrency insiders and outsiders. The trend had a clear leader, or at least until recently – Dogecoin.

Launched in 2013, the token reached popularity heights after multiple engagements from Elon Musk, followed by other celebrities and global brands.

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Somewhat expectedly, the ever-creative crypto community was quick to capitalize on DOGE’s craze as numerous copycats started to emerge almost daily.

While some failed to attract attention, others simply took off. Shiba Inu was among those whose total market capitalization at one point placed the coin in the top 20 largest cryptocurrencies.

Although it has declined in value since its ATH, the interest towards the asset still seems to be present. According to CoinMarketCap data tracking the trends in the industry, Shiba Inu was the 4th top trending token in the US last week.

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Interestingly, the highest-ranked coin was another one inspired by Dogecoin – Doge Killer (LEASH). According to a recent post, it was “originally set to be a rebase token pegged to the price of Dogecoin.” However, “it has been unleased and will not rebase.” It’s also worth noting that LEASH is a part of the Shiba Inu (SHIB) ecosystem.

Furthermore, the post indicated a circulation supply of only 100,000 tokens, which is radically different than most Dogecoin copycats having multi-billion and even trillion coins.