SHIB Flips DOGE, Makes Coinbase Crash, Surpasses Nissan and LG Electronics in Valuation: Shiba Inu News Digest by U.Today
Shiba Inu has been making the news with its consecutive price records and other impressive achievements. Here are the top five SHIB news stories over the past day that deserve your attention.
Shiba Inu flips Dogecoin on Coinbase
SHIB has been crushing various altcoins this month, and yesterday, it finally got to Dogecoin. According to CoinGecko data, on Wednesday, Shiba Inu’s market cap reached $31.8 billion, which was $636 million higher than that of DOGE. After surpassing its rival, Shiba Inu has rightfully acquired the status of the biggest canine coin, pushing Elon Musk's favorite crypto out of the top 10.
However, today, Dogecoin is back to ninth place with a market cap of $40,269,409,893, getting ahead of Shiba Inu.
Coinbase crashes as SHIB goes ballistic after surpassing DOGE
The largest cryptocurrency exchange in the U.S., Coinbase, experienced a severe outage yesterday. Its website has been down for more than 15 minutes due to "connectivity issues." Fans of the meme-token Shiba Inu, however, speculate that the issue is attributed to unprecedented traffic ignited by the Shiba Inu frenzy after the canine coin surpassed its archrival, Dogecoin. The meme coin's trading volume dwarfed Bitcoin and Ether's numbers, surpassing $5 billion on Coinbase alone.
Shiba Inu is now valued higher than Nissan and LG Electronics
Another day, another testament to Shiba Inu's power: with the meme-coin's market cap reaching new highs, it is no surprise that it is surpassing major world-famous companies. As reported by U.Today, Shiba Inu now has a higher valuation than Japanese car manufacturer Nissan ($19.9 billion) and South Korean tech company LG Electronics ($19.88 billion).
Top Bloomberg journalist explains why SHIB could be better than DOGE
In his recent newsletter dedicated to Dogecoin, Joe Weisenthal, crypto critic from Bloomberg, has enumerated the major advantages of SHIB that Dogecoin does not have. In Weisenthal's opinion, DOGE has turned into a "boomer meme coin." Among the advantages listed there were SHIB's development in accordance with a fast-moving roadmap, having its own decentralized crypto exchange and advanced capabilities for smart contracts. The Bloomberg TV host also added that SHIB is a lot cheaper to buy than DOGE.
SHIB funding rates hit negative on numerous exchanges
While Shiba Inu meme-token is continuously shaking up the cryptocurrency industry, funding rates on numerous exchanges hit negative levels, which is, in fact, just a reflection of the current sentiment on the market. Positive funding means that most traders are bullish, and funding is mostly aimed at short traders. Negative funding implies that bears are funding long traders in order to open more positions. With funding rates hitting negative values yesterday, SHIB retraced by 10% within just four hours.Source