Shiba Inu’s enthusiasm may have cooled after the October bombshell, but Dogecoin’s main rival has just joined another exchange.
Dogecoin’s (DOGE) popular meme token and top challenger Shiba Inu (SHIB) may be below the peak of its recent meteoric rise in value, but the 11th largest cryptocurrency by market capitalization is still spreading. And now you can buy and sell on Gemini, the New York-based exchange founded by Cameron and Tyler Winklevoss.
Today, the cryptocurrency exchange announced that it has enabled SHIB trading on its platform along with a number of other currencies and tokens. Other notable additions include the stablecoin USDC, the AUDIO token from the Audius music streaming platform, and the RARE token from the NFT SuperRare art platform.
Shiba Inu saw a significant increase in value when Coinbase listed it in mid-September, but so far the Ethereum-based token has only seen a modest increase in value today: it has risen about 2% in the last 24 hours, according to the data in CoinGecko, at a current price of $0.00005400.
Dogecoin is the original dog-inspired cryptocurrency meme and saw a considerable rise in value earlier this year, jumping from about half a cent a coin to a high above $0.73 in May. However, at a current price of around $0.26, DOGE is down about 65% from its peak price.
Last month, SHIB’s price accelerated rapidly: at its peak, the currency rose 800% for the month, reaching a new all-time high of $0.00008616 on October 26th.
On a few occasions over the past month, Shiba Inu has actually led Dogecoin in terms of total market capitalization in CoinGecko’s overall ranking.
However, SHIB is currently 37% below its late-October peak, and its $29.7 billion market capitalization is now slightly below DOGE’s at $34.2 billion. Even now, however, SHIB’s price has risen 113% in the past 30 days.
Many meme currencies boomed in October, while DOGE saw less bullish price action than more recent rivals like SAMO and ELON, along with FLOKI and of course SHIB.
Meme currencies are notoriously volatile, however, and some of those gains were short-lived — but, like Dogecoin before them, they’ve boomed hard and fast thanks in part to the push of social media.