5 min reading
Learn all about Shiba, a second meme cryptocurrency.
According to the findings of a Bacancy Technology study, the meme cryptocurrency Shiba Inu has the chance to become one of the most popular in the world by 2021. According to Google searches, this digital currency is among the leaders, and the asset’s value is increasing rapidly. The article will tell you about Shiba Inu (SHIB) and explain its phenomenon.
What is Shiba Inu
Shiba Inu (SHIB) is a crypto coin based on the Ethereum blockchain. It benefits from the complete security and support of the Ethereum ecosystem as an ERC-20 token. By the way, Ethereum is now the world’s largest decentralized Dapp and token ecosystem. Nowadays, the platform supports more than 200,000 coins and thousands of networks. SHIB is a Shiba Inu platform native token that can be used for commission payments, rewards, exchanging, and trading much like any other cryptocurrency. At first, the total number of SHIB tokens issued was limited to 100 billion.
Ryoshi, a Japanese developer, designed Shiba Inu last year. According to its description, it is “a decentralized meme token that has grown into a dynamic ecosystem.” Ryoshi appears to have been inspired by another meme cryptocurrency, Dogecoin, which was founded in 2013 as a joke. Ryoshi, according to his claims, did not pre-mine and did not own any SHIB coins. A one-of-a-kind token launched through the IEO Uniswap. In the Uniswap pool, the developers banned 50% of the project’s liquidity.
Then, the project’s developers gave up their part of the coins. They sent half of the issue to the decentralized exchange Uniswap and the other half to Vitalik Buterin, one of Ethereum’s creators. However, Vitalik Buterin soon donated the cryptocurrency to the Covid relief fund established by Sandeep Nailwal, a New Delhi-based cryptocurrency entrepreneur. As a result, SHIB rates fall greatly. Despite Shibain’s decline, investors show interest in cryptocurrency and have continued to seek its inclusion on big digital asset exchanges.
First of all, SHIB has quickly risen to prominence as one of the most popular crypto coins. This became conceivable after Dogecoin (DOGE) experienced phenomenal growth and surpassed $0.7 in May 2021. Moreover, the artist incubator is another unique component of the Shiba Inu initiative. The network encourages the creation of one-of-a-kind NFTs to foster a meme and enthusiasm around the project. The website welcomes artists from all around the world to submit their work for consideration for inclusion in the NFT marketplace. Moreover, the project strives for charity goals and takes part in Amazon Smile integration. This facilitates the preservation of the lives of genuine Shiba Inus dogs.
Shiba Inu priced $0.0000497 on 23 October, breaking even another record. According to CoinDesk, the price of the digital asset was $0.000047 just a day earlier, representing a 14.1 % daily increase. It climbed by 72 % during the week. If we evaluate Shiba Inu’s dynamics throughout 30 days, the conclusion is even more amazing – the cryptocurrency’s price increased by 579 % during the month! As a result, Shiba Inu’s entire market capitalization reached $18.7 billion, making it the eleventh largest cryptocurrency in terms of capitalization. SHIBA INU’s creators refer to the cryptocurrency as the “killer” of Dogecoin. SHIB is expected to outperform Elon Musk’s favorite coin in terms of capitalization, according to project representatives.
However, the coin is currently setting new value records, and the market is largely bullish. Some researchers, however, argue that SHIB is merely a speculative tool with little substance. Anyway, we recommend you do your research before investing in cryptocurrencies. Invest no more than you can afford to lose.