Last week, Shiba Inu (SHIB) – the fiery fighting fido nipping at Dogecoin’s heels – reached a major adoption milestone of 1 million wallet holders of its dog-themed meme coin. According to the official Certik audit posted on the Shiba token web site, total holders of the digital asset have surpassed 1 million wallets.
Despite this significant adoption achievement, the so-called “Dogecoin killer” has had a tough go of it lately. In fact, at the time of writing, SHIB was trading at $0.0000448 – a 51 percent decline from its all-time high of $0.0000879 posted on Oct. 27. Per the chart from CoinMarktCap below, we see that SHIB is down 5.21 percent over the past 24 hours.
On The Flipside
- Despite there being more than 1 million holders of Shiba and a $24.7 billion market capitalization (ranked #12 overall, two spots behind Dogecoin) SHIB has issues as well.
- Shiba Inu has a very limited use case and its development roadmap is virtually non-existent, per its own white paper titled WoofPaperv2.
Why You Should Care
While there are better investments than meme coins within the crypto-space, meme coins are raising awareness, providing some crypto education, creating community, and providing affordable entry points into cryptocurrency.
