Some of the Dogecoin DOGE/USD and Shiba Inu SHIB/USD knockoffs are seeing strong gains as of Wednesday night after Dogecoin rose and Shiba Inu fell.
What Happened: GenshinShibInu GSHIB/USD is up 435.58% during the past 24 hours, trading at $0.0000001391. The cryptocurrency touched an all-time high of $0.0000001468 earlier on Wednesday, extending sharp gains from Tuesday.
The token has surged 432.49% against Bitcoin and also gained 422.38% against Ethereum.
Among the other knockoff coins, Shiba Lite SHIBLITE/USD has surged 423.4% during the past 24 hours to $0.00000006588 and FarmerDoge CROP/USD has risen 93.6% to $0.007812.
ShibaCorgi SHICO/USD has gained 73.4% over the past 24 hours to $0.0000000000001452.
See Also: How To Buy Dogecoin (DOGE)
For comparison, Dogecoin is up 1.2% during the past 24 hours, trading at $0.2399 at press time. Shiba Inu, the self-described “Dogecoin killer,” has lost 0.5% over the past 24 hours to $0.00004851.
Why It Matters: GenshinShibInu describes itself as an artificial intelligence (AI) rebase and reward token on the Binance Smart Chain (BSC) network that rewards holders with the Shiba Inu token.
The coin said on its website that it now has more than 10,000 token holders.
Shiba Lite says it is focused on faster transactions as well as lower fees than Shiba Inu and is developing a decentralized non fungible token (NFT) Lite Launchpad for all NFT creations.
The token took to Twitter to announce a coin burn on Wednesday and also said it is launching on the digital trading platform Coinstore on Friday, Nov. 19.
#Community voted, @ShibLite listened— Shiba Lite (@ShibLite) November 14, 2021
Coin Burn Announcement
17th November 2021
5pm Standard Eastern Time
Same time as our #NFT drop @scv_finance https://t.co/ywOgCEALZx#ShibaLite #ShibArmy #MoonShot pic.twitter.com/hsh1n8IT1l
FarmerDoge describes itself as the world’s first multi currency reflection token.
The altcoin said in a tweet that Coinstore withdrawals for the token are now open.
ShibaCorgi says on its website that it is an experimental token with two automated core functions to deliver passive yield income and increase positive transactional volume.
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