"Cry Havoc!", and let slip the dogs of crypto war...
Dogecoin copycats are driving up Ethereum fees and vexing parts of the crypto community
marketwatch.com
If imitation is the most sincere form of flattery, then recent efforts to mimic dogecoin represent a genuine appreciation for the surge in demand for the meme assets. However, some market participants are concerned that a proliferation of dogecoin copycats might end badly for digital-asset investors.
One virtual, China-based cryptocurrency, Shiba Inu, which was minted recently and modeled as a “fun” crypto a la dogecoin DOGEUSD, -1.58%, has seen its value surge in recent weeks along with dogecoin and some complain that it is having a negative effect on the broader crypto market.
The coin, which is sometimes described as an alternative, if not a rival, to dogecoin, has surged more than 1,500% in the past seven days. Even with this rally it was last changing hands at $0.00003296, according to crypto data site CoinMarketCap. com. The coin, which is sometimes described as an alternative, if not a rival, to dogecoin, has surged more than 1,500% in the past seven days. Even with this rally it was last changing hands at $0.00003296, according to crypto data site CoinMarketCap. com.
SHIB, which presumably derives its name from the fact that dogecoin is pegged to the image of a Shiba Inu dog, is now the 19th largest crypto in the world. Dogecoin stands as the fourth largest crypto, according to CoinMarketCap.com.
Creators of SHIB describe it “as an experiment in decentralized spontaneous community building,” and have dubbed it a “DOGECOIN KILLER,” on the website. The creators are also trying to market two other cryptos loosely pegged to SHIB known as Leash and Bone. |
