Is Shiba Inu the new Dogecoin? Why a random memecoin skyrocketed +1000%

A number of DOGE look-alikes have thrived riding on the coattails of the Shiba Inu-themed coin. These include SHIB, a new cryptocurrency that soared more than 1000% in less then a week this early May. SHIB’s future is uncertain, and experts caution that it may already be too late to get in on the action. 🐕
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Shiba Inu, also known as Shiba Token, is a decentralized cryptocurrency created in August 2020 by an anonymous person known as "Ryoshi". The token, dubbed the "DOGE killer", has now a market capitalization of over $3 billion (29th biggest crypto in the world). 📊
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Ryoshi has promoted the coin’s “Dogecoin killer” nickname, arguing that SHIB’s technology is more “community-driven” than its counterpart. Ryoshi has also heralded its minuscule worth. “We have the ability to outpace the value of Dogecoin, exponentially, without ever crossing the $0.01 mark" the founder wrote in a SHIB “woofpaper". 😂