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.
SHIB is not alone regarding its recent pricing problems. The original meme coin, Dogecoin, is down 1.9 percent and upstart meme coin, Floki Inu is down 8.2 percent.
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.