The meme coin revolution certainly put several cryptocurrencies under the spotlight and Shiba Inu [SHIB] was among them. With several embracing meme coins, a few members of the crypto community remained loyal to the world’s first and largest cryptocurrency, Bitcoin. Just as maximalists of different communities battle it out, the Shib Army explained how the ethos of almost every cryptocurrency was the same.
The popularity of Shiba Inu was preceding almost every other coin be it big or small. Back in January, SHIB emerged as the most sought-after coin on CoinMarketCap. Even Bitcoin was overthrown by this meme coin.
Several members of the crypto community believe that the fervor around meme coins is what was luring people into its market. They pointed out that people were falling prey to ‘FOMO’ [Fear of missing out] and jumping onto the Shiba Inu bandwagon. However, the President at Shib Informer took to Twitter to clear out the air.
The tweet read,
The debate persisted in the comment section. While Shib Informer claimed that the Shiba Inu ecosystem was highly decentralized similar to Bitcoin, the community strongly disagreed. They suggested that the disparity in the decentral level on both these ecosystems was massive.
Additionally, a lot of them were suggesting that the decentralization of Bitcoin was nowhere close to Shiba Inu.
Shiba Inu shines in green as rest of the market perishes in red
SHIB’s journey has been impeccable. Despite its dainty value, the community and the Shiba Inu network were cruising strongly. The meme coin managed to shine over the last couple of days following its 50% surge in price.
At press time, the asset encountered a slight setback and was trading for $0.00003164. Nevertheless, the meme coin was well ahead of most of the other coins in the market as they began to drown in the red sea. Shiba Inu continued to witness a daily surge of 12%.
Furthermore, the altcoin’s market cap slipped back to $17 billion, but it persisted as the 13th largest cryptocurrency.