There are many cryptocurrencies that have an unbelievable higher unit price. However, the masterpiece, Bitcoin still dominates the crypto market. Though the scenarios of cryptocurrency seem very formal, there are some tokens that are subjected to memes. During the past couple of months, Dodge, the meme coin, has been a topic among certain crypto interested parties. However, inspired by the dodge coin, there is a secondary meme token in the market that gains extra attention. Let’s talk about the Doge killer, Shiba Inu, which is often known as SHIB.
Shiba Inu (SHIBUSD) is a coin that is based on Ethereum, using the Shiba Inu as its identification icon, a Japanese hunting dog breed. Moreover, Shiba Inu is commonly regarded as a Dogecoin alternative. In fact, it’s dubbed as “The Dogecoin Killer.”
Meme coins, such as Shiba Inu and Dogecoin, are cryptocurrencies that are connected with a specific theme. When considering the case of Shiba Inu and Dogecoin, the Shiba Inu dog is frequently created as inside humour rather than as a digital commodity with genuine use. After the famous Dogecoin was established in the year 2013, Ryoshi, an unidentified individual or group, invented Shiba Inu in August 2020.
Though the origin was created to generate humour, Shiba Inu’s value more than tenfold in October 2021, giving it a market capitalization of $35 billion (as of October 31, 2021) and placing it tenth among all cryptocurrencies by this metric, Shiba Inu’s price spike in October 2021 nearly caught up to Dogecoin’s market value of $36.9 billion (as of October 31, 2021), after temporarily stopping it.
Things to consider when investing in SHIB
Because of their tremendous volatility and lack of regulation, investing in cryptocurrencies is already a bit risky. Because of the lack of uniqueness and the fact that the majority of their value is dependent on frantic trading by their obsessive supporters, investing in the altcoin/meme coin area provides an extra hurdle. Here are some things to think about if you’re thinking about investing in Shiba Inu.
Low price: Even with its recent advances, Shiba Inu (SHIB) costs a fraction of a penny, meaning that a few hundred dollars may buy millions of SHIB tokens. $100 will get you almost 1.5 million SHIB tokens at the current price of $0.00006485 (as of November 1, 2021).
Limited use and utility: Despite the fact that Shiba Inu-based NFTs are now accessible and its Ethereum basis may provide smart-contracting capabilities in the future.
Shiba Inu has fulfilled its creator Ryoshi’s goal of generating something from nothing in spades, thanks to that eye-popping return. However, such increases might have been propelled by speculative fervour spurred by social media as cryptocurrency fans search for the next great thing. Retail investors who bought at the top of the market may be left carrying the bag if the bubble collapses.
- The above discussion is neither financial advice nor financial recommendation. It is a basic study on cryptocurrency which is done based on resource sources. Therefore, our team accepts no responsibility or liability for any predictions/decisions you make in the industry.