While Bitcoin and most other top coins take a bath, Shiba Inu is still leg-humping its way up the crypto charts, now surpassing DOGE. Meanwhile, Aussie-dog-themed ASS coin is having a crack, and FLOKI is being flogged on the London Underground.
Bitcoin (BTC), Ethereum (ETH) and most other cryptos are having a dog of a day so far, so what’s with Shiba Inu (SHIB) and why is it up 57 per cent since this time yesterday, when it was already pumping like crazy?
In fact, the surging dog meme coin hit a fresh all time high a few hours ago, amid the market dump. And it’s up 100 per cent over the past week, 936 per cent over the past month, and… um… 87 MILLION per cent over the past 12 months.
If you invested $1000 in $SHIB 11 months ago, you would now have $1.2 BILLION FCKNG USD.
This is just nuts.
— Simon Dedic (@scoinaldo) October 27, 2021
SHIB still seems to be riding on fervent speculation it has an imminent listing on the popular Robinhood trading exchange. It’s now number 9 on the CoinGecko market-cap leaderboard, with a valuation of US$32.5 billion – more than Afterpay and Fox Corporation, and just now surpassing Deutsche Bank. Ridiculous? Hell yeah. But, woof… welcome to crypto.
Shiba Inu hits a new record as a petition asking Robinhood to list the coin gets over 300,000 signatures https://t.co/5aafBt3psY
— FORTUNE (@FortuneMagazine) October 27, 2021
As Fortune reports, a petition on Change.org is requesting Robinhood list SHIB — and it now has more than 326,000 signatures. On the company’s Tuesday earnings call, Robinhood CEO Vlad Tenev said the exchange is “carefully” considering adding new coins to its offerings.
“We feel very, very good about the coins that we’re currently listing on our platform and any new coins that we add we want to feel equally, if not more good,” Tenev said, making a slight dog’s breakfast of his sentence.
Is Shiba Inu ‘pointless’?
Shiba Inu – it’s just a complete joke coin for foolhardy speculators who don’t understand market cap and think it can hit one US dollar… right? Yes, and no.
Despite Michael “Big Short” Burry dismissing the coin as “pointless” just recently, a quick look at its website reveals the project does actually appear to have a bit more to it than first memes the eye.
As the YouTuber Altcoin Daily recently admitted, the thing actually has some surprising utility and an ecosystem built around decentralised finance tenets. These include liquidity provision through ShibaSwap to earn yield in a sub-token called BONE; staking options (“burying” BONE); an upcoming layer 2 scaling solution, and more. It even has its own NFT marketplace.
$SHIB is a meme coin with a functional DEX, staking and liquidity pools, NFT marketplace, upcoming layer 2 blockchain shibarium and many more planned utilities. 🐶#SHIBARMY #Crypto https://t.co/ljk4WhtZMm
— Shib Keeper (@shib_keeper) October 22, 2021
So, yep, it’s a meme coin, but as Altcoin Daily points out in a video essentially apologising to the “SHIB Army”, it’s clearly developed into something quite a bit more.
More canine coins on heat: ASS exploding
A quick scan of some other pooch-powered tokens humping and pumping today, and we can see an Aussie-themed mongrel doing pretty damn well, too.
Australian Safe Shepherd, which goes by the ticker ASS, is up 116 per cent since this time yesterday.
While this reporter is certainly more of a dog fan than cat fan, he remains cautious about all this. That said, lovers of ASS certainly believe it’s going to “explode”.
— SuperMind (@diamond_a55) October 26, 2021
Australian Safe Shepherd appears to be building some expansive DeFi utility around its ASS token, too, as well as having numerous other community-driven activities on its roadmap.
As for some other hounds in the crypto pack today, Dogecoin (DOGE) – “the Bitcoin” of meme coins – needs to stock up on its worming tablets. It’s currently down about 10 per cent over the past 24 hours.
And, in breaking news as we update this story… DOGE has just dropped out of the top 10 by market cap and has been surpassed by Shiba Inu! The doggy upstart now moves up to no. 9, while DOGE slips down to no.11, just behind USDC. Quick, Elon, tweet something…
Others posting ridiculously healthy gains, though, include Kuma Inu (KUMA), +98%; Dogelon Mars (ELON) +22%; Safemoon Inu (SMI), +20%; and Baby Doge Coin (BABYDOGE), +18%.
Had enough of dogs for one afternoon? Don’t blame you. But check this out. Floki Inu (FLOKI) is on a marketing rampage in London right now…
#FLOKI now live in London Underground!
This is indicative of our plan to make the $FLOKI brand one of the most familiar brands in London and the UK!
FLOKI ads will also be going live on 300 buses in London soon! pic.twitter.com/sjyVYi8edo
— Floki Inu (@RealFlokiInu) October 6, 2021
Everyone has their 👀 on it!@RealFlokiInu will take many by surprise!
— S0L1D.Ξ (@SolidCrypt0) October 22, 2021
As the London-based news outlet City A.M. reports, Floki, which is named after Elon Musk’s dog, has rolled out hundreds of adverts in England’s capital.
The crypto project is apparently calling it “a full-out assault of the London public transportation system”, while City A.M. says it “raises questions as to who is responsible for high-risk investments being advertised so widely.”
At the time of writing, FLOKI is up 66 per cent since this time yesterday. Not “best in show” just yet, but not too shabby.