Currently, digital tokens are going through a period of significant losses. Prior to that, however, the crypto market posted record price gains. Its latest dramatic rise took almost all crypto assets to new record heights, including "experimental projects".
One of such projects is a Shiba Inu-themed cryptocurrency (SHIB) launched in response to Dogecoin’s success. The digital currency has advanced 205 times over a month. Its weekly gains have reached 700%. Moreover, the SHIB-ETH trading pair accounts for roughly half of $2.4 billion daily volume on Uniswap. The result is stunning, particularly given that even the coin’s developers call it "an experiment in decentralized spontaneous community building".
"Nicknamed the DOGECOIN KILLER, this ERC-20 ONLY token can remain well under a penny and still outpace Dogecoin in a small amount of time (relatively speaking). Popular worldwide, and already up thousands of percent, Shiba token ($Shib) is the first cryptocurrency token to be listed and incentivized on ShibaSwap, our decentralized exchange," the authors of the project wrote.
Sometimes the enormous profits generated by these meme-based coins exceed the original's gains, in particular DOGE. However, the period of growth is not everlasting. Thus, WRAFT INU, a recent DOGE-inspired fork on BSC, has dropped by more than 95% from its highs. As practice shows, without an original product, solid underlying fundamentals, and valid use cases, the value of most of these coins will end up near zero.
