Shiba Inu (SHIB), the meme coin, has had a spectacular week, rallying 150 percent and surpassing dogecoin, another cryptocurrency with a beautiful puppy mascot.
Despite the fact that both currencies began as jokes, according to CoinMarketCap, they are currently among the top ten largest digital assets in terms of market capitalization. And if cryptocurrencies continue to rise, this might be a portent of things to come.
“They’re part of the evolution of digital finance in their own unique way,” Chris Kline, co-founder of Bitcoin IRA.
READ MORE: Tesla (TSLA) to accept Shiba Inu (SHIB) on it’s platform
The shiba inu and dogecoin examples demonstrate fundamental characteristics of meme currencies. Shiba inu was created in August 2020 to break free from “rigid societal structures and archaic beliefs.” In December 2013, Dogecoin was launched with the goal of becoming the “fun and friendly online money.”
The community behind these meme currencies is one thing they all have in common, according to Kline. Many crypto investors may be divided into two groups.
First, there are those who want to take down traditional financial establishments. The coronavirus pandemic exacerbated the widening disparity of the country’s rich and poor. A decade earlier, the Occupy Wall Street movement emerged to protest against economic inequality.
Kline draws a throughline between the two events. “Crypto actually came to being right around that,” he said, referring to bitcoin’s creation in October 2008.
SHIB’s power move could start on Monday
The SHIB price chart seems to be consolidating between the $0.000060 and $0.000070 level with a big move pending in either direction, I expect a big move upwards on either Monday or Tuesday.
