Business, Market Analysis

Public Interest Increases In Memecoins – Meme Coin Market Cap Already Over 165 Bln.

Leading Meme Coin, Shiba Inu (SHIB), currently more valuable than Adani Enterprises, Tata Steel, Tech Mahindra, and HDFC Life, among other significant Indian corporations.

Public Interest Increases In Memecoins - Meme Coin Market Cap Already Over 165 Bln.

When another decimal point is subtracted, the meme currency reaches a new high of $0.00007677 USD, and its entire market value surpasses $42 billion. By market capitalization, Shiba Inu is presently the world’s 9th largest cryptocurrency.

Public Interest Increases In Memecoins - Meme Coin Market Cap Already Over 165 Bln.

Shiba Inu Price Chart – Source: Coinmarketcap

Shiba Inu has been running the ‘moon’ for the entire month of October, dubbed ‘Uptober’ by the online community for various cryptocurrencies, including the world’s oldest cryptocurrency, Bitcoin, which is taking the brunt of the fallout. The token’s value has doubled in the previous week alone.

Shiba Inu continues to increase, despite the fact that Bitcoin has adjusted to just over $ 60,000 from its top of $ 67,000. An anonymous whale – people with vast sums of secret money – bought 276.6 billion SHIB tokens worth around $ 11.5 billion in the previous 24 hours, boosting cryptocurrencies by more than 40%.

When Elon Musk, the tech entrepreneur, bought a Shiba Inu puppy named Floki, a Shiba Inu coin was born. A application was created to token Robinhood. It used the success of Dogecoin in Robinhood to get its case listed.

Musk has stated that he has no SHIB token and only has Ether, Bitcoin, and Dogecoin.

Despite being well aware of the request, the NASDAQ-listed firm, valued at $ 33 billion, did not address the issue during its third-quarter earnings call on October 26, despite the fact that the application had more than 300,000 signatures.

“We are extremely happy with the currencies we are now counting in our area,” CEO Vlad Tenev said during the conference call. “Any additional currencies we add, we want to feel equal, if not, they are correct.”

After the company reported that revenue from the cryptocurrency sector of its business had dropped by 78 percent in the previous three months, its shares plummeted more than 8% in after-hours trading. Between July, August, and September, it only made $ 51 million, compared to $ 233 million in the previous three months.

Shibu Inu, also known as SHIB token, refers to himself as the ‘Dogecoin Killer.’ Simply said, it aspires to be the world’s largest meme coin. And it doesn’t appear that a monthly claim will immediately hike cryptocurrencies via rates.

A pseudonym known as ‘Ryoshi’ created the currency last year, in August 2020. Shiba Inu is based on the Ethereum blockchain, unlike Dogecoin, which is based on the original Bitcoin source code.

It is not, however, a meme coin that wishes to donate Dogecoin money. Baby Dogecoin, Baby Floki, Floki In, Baby Moon Floki, Shibavax, Doge Dash, and a slew of other popular dog-themed cryptocurrencies are among the most popular in the crypto industry.

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