Things you should know about Shiba Inu coin
One of the most notable trends seen in the crypto market is the popular doge-meme, Shiba Inu, a coin that was built off of internet trends, ideas, or memes that appealed to a tiny group of traders and investors. The popularity of such coins has resulted in the creation of many other meme tokens as traders have found it quite exciting, leading to the occasional fortune.
However, when Dogecoin was brought in Shiba Inu’s place with more than 7000 percent practically overnight, investors moved to invest their funds in other under-priced cryptocurrencies with the hope that they would strike a much higher point in the future. The Shiba Inu coin was designed to kill Dogecoin.
What Is Shiba Inu?
Shiba Inu (SHIB) coin is an ERC-20 Ethereum-based crypto token that has gained tremendous popularity in recent years owing to its doge-themed ecosystem, strong investor engagement, and speculation on the price of SHIB by retail investors. For instance, SHIB’s official Twitter account has more than 2.3 million followers, overtaking other leading cryptocurrencies like Kraken, Solana, and Cardano. Still the founder of SHIB coin is unknown. According to the sources, a person named Ryoshi or a group of people invented it.
The SHIB digital currency was inspired by a Japanese dog breed named Shiba Inu that led to the viral Dog-meme in 2013 and consequently sparked the creation of the not-so-popular dogecoin crypto coins. Shiba Inu and Dogecoin, along with other thousands of pet-inspired digital assets, are now collectively called meme-coins in the crypto industry.
A meme coin offers users little or no additional utility, unlike other more established crypto coins like Bitcoin and Ethereum. However, there is most likely a legitimate attempt by the Shiba Inu developer team to offer additional value to the SHIB token holders.
The desire to offer additional utility to SHIB token holders saw the doge killer take the position of the second-most famous meme token in the crypto market. Although the market cap of DOGE is almost 3 times that of SHIB at present, the underdog project has been able to build a huge community in just two years or even less.
Why is Shiba Inu’s price rising?
The price of Shiba Inu is presently fixed at $0.00003974 unlike its mid-April lower value of $0.0000006, as stated by CoinMarketCap. The price of SHIB has hit the roof by over 430 percent in the last quarter, a rally that began because of the popular and SHIB influencer billionaire Elon Musk. The SHB skyrocketed in price due to Musk’s Shiba Inu puppy, a picture of which he posted on Twitter.
However, it is important to note that SHIB is trading in fractional numbers, which means the rises may seem higher than in reality.
Compared to SHIB, Dogecoin’s current worth is $0.265938, which rose from $0.005 at the start of the year.
Quite a few Dogecoin duplicates have thrived in this market due to the latest surging price of the SHIB themed coins.
Price prediction 2022
It is not easy to predict how things will shape in the coming years since cryptocurrencies tend to be extremely volatile in nature. The Shiba Inu token has hit its earlier highest level in May, capped at $0.00003641 and it has been up since then. More recently, the market trend has been inclined towards the growth of SHIB. In addition, some are bullish on the Musk-powered cryptocurrency. For instance, Wallet Investor, a popular cryptocurrency site, predicted the value of SHIB to hit $0.000053 in a year or so. In the meantime, Coin Price Forecast’s SHIB Coin price forecast has predicted that SHIB will reach $0.00008819 by June 2022.
Rival of Dogecoin?
Some experts believe that the Shiba Inu token is simply a knockoff of Dogecoin. Though SHIB was inspired by Dogecoin and the creator supports its label – Dogecoin Killer – it is, in fact, more intricate than it seems.
Essentially, Dogecoin is a fourth-generation Bitcoin (from Lucky coin that came from Litecoin, which in turn came from Bitcoin). It is created with the same PoW or proof-of-work mining system, similar to Bitcoin.
On the other hand, the Shiba Inu token is an ERC-20 Ethereum-based blockchain token with a PoS or proof-of-stake mechanism instead of PoW. Hence, Dogecoin is a digital asset that comes with its blockchain, whereas Shiba Inu is an Ethereum blockchain-based ERC-20 token.
SHIB is not a simple meme token. It has a complete ecosystem with three tokens: BONE, LEASH and SHIB, ShibaSwap, and DEX (Decentralized Exchange).
Investorplace.com recently conducted a deep examination into the functioning of SHIB coins and it revealed a few notable features. The predictions of the value of SHIB have been increasing owing to the substantial gains of the crypto coin. Nevertheless, it was observed that investors are not rushing to invest their funds in this new digital currency. Investorplace.com also carried out many other predictions relating to Shiba Inu. It was discovered that WalletInvestor recommended that the SHIB coin is not a suitable investment, especially in the long run. It has also estimated a prediction in which the SHIB value would witness a downswing by the end of 2022 and dip to a value as low as USD 0.000016. However, according to DigitalCoinPrice, the predictions are slightly different. They have predicted a rise in the crypto coin’s value with a sudden jump during the end of 2021 to almost USD 0.000044. In contrast, Gov Capital predicted that the SHIB coin would observe a substantial dip falling to over USD 0.000006.
To sum up, buying decentralized finance currencies and cryptocurrencies such as Dogecoin and Shiba Inu is quite risky. Investments do not give guaranteed returns; hence, it is important to ensure that investors are fully aware of the risks and uncertainties linked with a particular digital asset or any other form of investment. They must also have enough funds to afford to lose some if the price of a particular asset suddenly drops.
Note that cryptocurrencies are extremely volatile. Hence, the value of such assets rises or drops rapidly. So, be careful while investing in them. Avoid crypto investments if there is a lack of knowledge of how assets work and their market trends.
Story by Cyndy Lane