Just when you thought you understand everything about the world of cryptocurrencies and know what currency is good to bet on, a parody coin named Shiba Inu has completely stunned everyone with its phenomenal growth as its prices went as high as 40,000% from late April to May of 2021. This is something that was never expected and witnessed before in the crypto world. The crypto pundits were speechless on the rise of this parody coin proving this industry to be even more unpredictable and volatile.
So you must be wondering a coin that describes itself as a “meme token” would be a good one to bet on? We will be discussing key things about this coin to give you enough knowledge to decide whether to invest or not.
What is Shiba Inu Coin?
Shiba Inu coin is a cryptocurrency that has selected Japanese dog from the Shiba Inu breed as their mascot for the coin. Yes, the coin is the exact copy of one of the other cryptocurrencies known as dogecoin. Dogecoin featured the same dog breed as their mascot.
Still, finding it difficult to digest? Let’s understand in detail.
The Dogecoin Meme
If you have been following the crypto world for quite some time, you must have heard about the cryptocurrency known as Dogecoin. This idea of parody cryptocurrency and logo was inspired by the internet most viral memes, created back in 2013 as a jest substitute to bitcoin. The idea of parody cryptocurrency gained immense popularity when the giant company Tesla and Space X owner Elon Musk started tweeting about this comedy crypto. Since then it has seen a phenomenal rise.
The Meta Joke that is Shiba Inu
If you think Dogecoin was considered to be the parody of bitcoin, the Shiba Inu goes even further as it is the exact copy of Dogecoin which makes it a “parody of parody”. Even both of the cryptocurrencies have selected the same dog Japenese breed as their mascot. Shiba Inu coin was launched in August 2020 and since then it has been a roller coaster ride for this cryptocurrency.
Is Shiba Inu a Useable Cryptocurrency?
The Shiba Inu coin creation is not just a coincidence or it came into existence to mock the other cryptocurrencies. It is equally the same as other popular cryptocurrencies based on the well known Ethereum Blockchain.
Pseudo name Ryoshi is an unidentified founder of Shiba Inu, He did not make this coin for fun purposes. He understood that the crypto industry is worth getting into and the creation of Shiba Inu is just an experiment to build a cryptocurrency with the help of a decentralized mechanism.
What makes Shiba Inu Standout from other Altcoins?
Even though Shiba Inu coin was perceived as an act of community building experiment or a copy of dogecoin some of the decisions that have been made by the decentralized team of Shiba Inu has shown glimpses of hope that this is more than just an experiment and it has capabilities to become a usable investment commodity in the times to come.
One of the decisions that were made by a team of Shiba Inu creators was quite shocking as well as inspiring at the same time when they gave almost half of the Shiba Inu coin available at the inauguration to the founder of Ethereum, Vitalik Buterin. This may seem a bad idea but they took this decision to avoid a big chunk of currency being held by just a few big investors, which could be decisive for it being usable in future.
Secondly, Shiba Inu was designed in a way to facilitate its investors to earn a huge amount of money right from its launch. The Shiba Inu project’s goal was to make an ERC-20 token.
An unidentified owner of Shiba Inu coin said that he believes this experiment is working so far as per plan and it could prove to be a Dogecoin killer.
Where Can I Purchase Shiba Inu coin?
Binance has recently started the listing of Shiba Inu coil for selling purposes which is an enormous deal in more than one way. Binance is a kind of platform which is acting as a home for so many cryptocurrencies and enjoying a great level of consumer trust.
Binance is currently giving alerts to its users that the Shiba Inu currency is a volatile type currency and subject to magnificent changes in value. So purchase at your own risk.
The Shibaswap Exchange
Shibaswap is a currency exchange for its cryptocurrency. This service has not been launched for its users. Once it starts working, the users will be able to trade their cryptos to get Shiba Inu coins.
What is the current Value of Shiba Inu coin?
Shiba Inu coin has seen phenomenal growth in a time of ten-day during May 2021. It rose in value from $0.00000001631 per coin to a peak of $0.00003640 per coin. The prices were gone down during the second half of May 2021 but the initial gain was more than enough to cover any kind of loss.
Should you invest in Shiba Inu coin?
The market for the parody coin is massively big right now. The credit must go to celebrities like Elon Musk for giving hype to currencies like Dogecoin for that matter. As per experts, there are a bunch of amateur investors searching for the next big thing.
It is a good option for the investors to invest in and it’s always recommended to invest in the crypto when the rate has been stable for quite some time, especially being on the lower side.
The Future of Shiba Inu coin
Shiba Inu coin has a market cap of over $10 billion. The platform has witnessed a massive gain in value over 3 months. It makes the coin incredibly more valuable since it has been launched. The future looks bright for the Shiba Inu.