Shiba Inu, a spinoff to Dogecoin, has been creating a lot of buzz and tweets via Twitter for a month now. Its popularity is said to have dominated around 22% of Twitter discussions on cryptocurrencies beating Bitcoin, Ethereum, and Dogecoin.
Shiba Inu, a meme-inspired cryptocurrency is rocking it and is said to be at an all-time high when it comes down to market value. Shiba Inu is red-hot sizzling in the crypto space, that’s for sure. So, is this a sign to take that detour and switch to Shiba Inu? Read on to find out.
What is Shiba Inu (SHIB)?
It’s hard to ignore Shiba Inu, an Ethereum-based cryptocurrency, with that dog meme design. The fast-rising Dogecoin rival has been shattering glass ceilings as it continues to soar in market prices.
The mascot of this popular coin is the Shiba Inu dog which happens to be the same breed as that of Dogecoin.
Created and launched in August 2020 by founder Ryoshi, Shiba Inu is a dog-themed experimental meme which is dubbed to be the “Dogecoin killer”. Success with meme coins or stocks would usually be short-lived or have this flash-in-the-pan nature but Shiba Inu is different with its cult-like following and it becomes a total abomination of this belief.
More Than Just a Publicity Stunt
SHIB or Shiba Inu has its clever publicity stunt to thank for the popularity it’s enjoying at the moment. Ryoshi is said to have donated half of Shiba Inu supply to Vitalik Buterin, co-founder of Ethereum.
Buterin also happens to be one of the most prominent and well-respected people in the crypto space. So, when Ryoshi sent him a massive amount of SHIB supply, Buterin was shocked or astonished with the gesture. He then donated SHIB tokens worth $1 billion to their COVID-19 relief operations in India.
With this move, Shiba Inu has already claimed success as it is said to have sealed the deal when it comes to SHIB’s stability for long-term. SHIB prices went up and it scaled to incredibly heights even after the hype was over. To date, the coin is now worth tens of billions. The market movement has been ridiculously amazing.
Yes, SHIB coin price is pretty unstable. In fact, its value would go up and down like any other contemporary coins out there. Like what happened when a Shiba Inu whale seemed to be selling a large portion of their supplies, SHIB value also went down by 25% in just one day.
Shiba Inu Variants
Meme coins have so much value especially for millennials because this generation loves comic and crazy trends. It becomes more durable and investible especially for 2021 and beyond. Shiba Inu or SHIB has three variants that you can choose from:
- SHIB – this is the basic option which also functions as a medium of exchange.
- LEASH – this has a limited count with only 107,646 tokens available to date. This is primarily used as staking rewards for users who validate the currency.
- BONE – This one has over 250 million coins. This allows Shiba Inu users to vote on varied proposals in line with the management of SHIB; and the like.
Shiba Inu also has this fun feature in the community called ShibaSwap which is a decentralized platform or community where users can freely and securely trade coins.
Shiba Inu describes its coin on their website as “an experiment in decentralized spontaneous community building”. Around 50% of the total supply of Shiba Inu coin is locked to Uniswap which refers to a decentralized finance protocol that allows automation of transactions between different cryotocurrency tokens that are using the Ethereum blockchain. The other 50% was given to Vitalik Buterin, co-founder of Ethereum.
The Popularity of Shiba Inu Coin
It was the fever-pitch response following that move from Buterin and also a couple of other factors like the fact that Shibu Inu prices are really lower compared to other coins so you can buy so much more for a low price. The fun and cringey cult element attached to Shiba Inu has also made them massively popular especially to the young crypto investors and traders.
This generation seems to be attracted to the absurdity and revolting nature of SHIB. It also helped that Shiba Inu has created NFTs as well which made them a household brand for many crypto enthusiasts pushing further the market valuations to incredible heights.
A lot of crypto investors and enthusiasts find Shiba Inu an attractive investment because it gives them an opportunity to make quick gains for a low price. On the other hand, you can also lose your money fast. More so, the market has also been persuaded by ongoing rumors that the coin will soon be a part of Robinhood, a popular crypto trading platform.
Many people have signed for a petition for Shiba Inu coin to be included to the platform but Vladimir Tenev, CEO, said that they would yet have to evaluate whether they could safely add new coins that are in consonance with regulations.
Shiba Inu’s market value and prices went up with a tweet of Elon Musk bearing a photo of his puppy. However, Elon Musk clarified that he does not really own a Shiba Inu coin but has Dogecoin, Ethereum, and Bitcoin.
There are different and opposing speculations when it comes to Shiba Inu coin, some are bullish while there are those who believe that the coin popularity is all hype and should die down or stabilize after some time.
Should You Invest in Shiba Inu Coin?
SHIB is now worth more than $30 billion at a short span of time. If that’s not enough reason to jump in and invest then you won’t have to look further because SHIB coin is everywhere.
On the flipside, experts rally that crypto investments are risky as it is, that’s a given fact. However, meme coins like Shiba Inu are known to be more volatile which means you could be in for a quick buck but you could also lose your investments in an instant.
There is always a layer of uncertainty which makes Shiba Inu coin risky and yet irresistible to investors. Crypto enthusiast can see so much untapped potential in this coin and you would be a fool not to invest in it right now.
A Cult Following to Beat!
The official Shiba Inu Twitter account now has over 1.9 million followers as compared to that of Ethereum with 1.8 million followers.
With those numbers, it’s clear that Shiba Inu coin has a cult following and loyal fan base that makes the market value and price go higher than normal for a new meme coin. In fact, a lot of SHIB supporters have been airing their support for the coin such as in Twitter wherein they have been using hashtags like #SHIB, #ShibaInu, #SHIBARMY, and the like.
Shiba Inu coin is hip and young which also makes it enticing for young investors who don’t have a lot of money but are deeply passionate and have an incredibly large risk appetite. This alone makes this coin a good investment for long-term. These young investors want to push the prices higher by supporting and buying more SHIB coins.
Overall, the Financial Conduct Authority or FCA still asks crypto investors to proceed with caution when investing with any coin such as Shiba Inu. It may be one of the biggest cryptocurrencies at the moment but market volatility can change the tide at any given time. Still, investing in meme coins like Shiba Inu can be worth it as long as you’re prepared for the worst scenarios and are primed for success.