Shiba Inu and Dogecoin have always been at loggerheads after Elon Musk took over the Doge mantle by investing and tweeting about the meme currency. Shiba Inu rebranded itself as the 'Dogecoin killer' early this year and stayed true to its tagline by outperforming Doge in every financial aspect up until July 2021.
In a recent study published by Research 24/7, which closely follows and monitors the return on investment (ROI) of every cryptocurrency, shows that Shiba Inu rewarded its investors ''with a quarterly return of 11,566,501%'' (for early investors only) and cut straight through Dogecoin's ROI from January to July 2021.
However, the sudden yet drastic slump in Shiba Inu's trade came after Ethereum founder Vitalik Buterin pulled out a large stake from the coin that came close to 50 trillion Shiba Inu's and donated $1.5 billion in cryptocurrency to help India's battle against Covid-19 pandemic during its second wave in May.
Shiba Inu fell 35% after Vitalik's donation and was later caught in the crossfire of Elon Musk's tweet where he said Tesla would no longer accept Bitcoin as payment for not being environment friendly. Bitcoin crashed to 40% after the tweet dragging every coin along with it making SHIB fall another 45% in its trade.
Despite Shiba Inu facing its nose-diving moment since May 2021, the coin has managed to remain stable at around $0.00000700 and has been sending mixed signals of both 'green and red' trades in July.
The feather in the cap for SHIB came during the first week of July after it launched Shiba Swap. For the uninitiated, Shiba Swap is the coins own decentralized cryptocurrency exchange platform that allows investors to trade between Shiba Inu and other crypto coins and not depend on third-party apps for transactions such as Pancake Swap among others.
While Dogecoin is aiming to reach the $1 mark, Shiba Inu is aiming to reach the 1 cent mark. Who would reach their respective milestone first is now a wait and watch game in the crypto world.
At the time of publishing, Shiba Inu was trading at $0.00000668 and is down -5.11% in the days trade and Dogecoin was trading at $0.18 and is down -6.52%.