Ethereum fees skyrocket as a DOGE knock-off surges 32,500% in 30 days |

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The cryptocurrency community sat up and took notice this week when a new digital currency called DOGE coin soared more than 32,500% in 30 days and briefly overtook litecoin in market cap to become the fifth-largest cryptocurrency with an $8.5 billion market cap.   The platform behind DOGE coin is remarkably similar to litecoin, with a few key differences.   DOGE was launched back in 2013, and is a fork of another cryptocurrency, Luckycoin, which was itself a fork of bitcoin.

Ethereum is the second most valuable cryptocurrency in the world (after Bitcoin), but its fees have soared to over $1 per transaction. Meanwhile, a little known cryptocurrency called DOGE has surged more than 32,500% in a month and a half, and fees for sending money that’s pegged to DOGE are only $0.01.

The price of Shiba Inu (SHIB), a previously obscure token created to mimic the success of Dogecoin (DOGE), has risen a whopping 32,500% in the past 30 days, leading to a trading frenzy that yesterday overloaded the Ethereum (ETH) blockchain and pushed transaction fees to prohibitive levels.

According to Etherscan, the average commission per ETH was about $9 at the time of publication. To transfer ERC-20 tokens (the vast majority of non-ETH assets on the blockchain), users must pay an average of $28. Meanwhile, the cost of redeeming tokens on the decentralized Uniswap exchange exploded to $260 at one point yesterday.

Flavour of the month

One of the main factors contributing to Ethereum’s congestion could be the huge volume of SHIB trading, noted crypto analyst Larry Cermak.

Oh shit, here we go again, tweeted Cermak in response to the increase in transaction fees, adding: Is this happening because of the SHIB token? I often see this happen when gasoline prices are high. Dafuq, what is this?

Is the SHIB token the cause? I often see this happen when gasoline prices are high. Dafuque?

– Larry Cermak (@lawmaster) May 8, 2021

Looks like some clever TikTok influencer is pushing this through and it causes gasoline prices to skyrocket? I have no idea why it’s a billion dollars on Uniswap today, he said.

In fact, SHIB became the focus of traders’ attention when the price jumped more than 500% in just yesterday, reaching a new all-time high of $0.0000195, according to cryptocurrency platform CoinMarketCap. It is worth noting that just a month ago, the token was trading at $0.00000006, just 1/325 of its recent all-time high.

Blockchain data also showed that of the $2.4 billion in daily Uniswap volume yesterday, the SHIB-ETH pair accounted for about half. With an expected maximum total supply of 1,000,000,000,000 tokens, SHIB currently ranks 30th among major cryptocurrencies in terms of market capitalization.

Stroking the dog

It is not clear what may have caused SHIB’s sudden and explosive growth. Some users have cited a recent tweet from Tesla and SpaceX CEO Elon Musk, whose statements in the past have consistently driven up the price of dogecoin.

I’m looking for a shiba puppy! Musk responded on the 7th. May on a tweet about lifelike dogs.

I’m looking for a shiba puppy!

– Elon Musk (@elonmusk) May 7, 2021

Almost immediately, numerous SHIB-dedicated accounts pounced on Musk’s tweet like a pack of rabid dogs, trying to blow up the room by putting words in the Dogfather’s mouth. While some users pointed out that this was a cheap attempt to pump shitcoin, the subsequent rise showed how gullible people are.

Does he mean he’s looking for the $SHIB pump? He has a good habit of approaching things in an indirect way, one SHIB spammer suggested.

Remarkably, SHIB’s developers also pompously refer to their token as the Dogecoin killer on the project’s website.

The SHIB token allows users to own billions or even trillions. This unique ERC-20 token, dubbed DOGECOIN KILLER, can stay below the penny and overtake Dogecoin in a short time (relatively speaking), according to the SHIB developers.

Meanwhile, Musk admitted that Dogecoin itself is a bargain during his appearance on Saturday Night Live last night, leading to a 30% drop in the price of DOGE. So what about simple imitation?

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