You’ve heard of the popular meme coin Dogecoin. Now, prepare yourself for another adorable addition to the crypto coin collection: Shiba Inu cryptocurrency or SHIB. Though only created recently, this altcoin had the last ‘bark’ in 2021 as the most popular coin in the crypto community, even defeating the first crypto itself! Discover more about Shiba Inu below and see if it’s a worthy investment for you.
About Shiba Inu and its rise to popularity
Shiba Inu is an Ethereum-based altcoin based on the Shiba Inu meme. This coin was first created in August 2020 by an anonymous developer who called themselves Ryoshi. Despite being made in 2020, Shiba Inu quickly rose to popularity in 2021 after Elon Musk decided to share some cryptic tweets about the said altcoin.
Musk’s tweets suggested that he is moving forward from Dogecoin to Shiba Inu. Since he has a great influence in the crypto community, Elon Musk’s tweet quickly drew traction to Shiba Inu and thousands of crypto users decided to invest in the seemingly unknown coin.
Another factor that led to the rise of Shiba Inu to the top is the online petition posted on Change.org, which called for Shiba Inu to be listed on the Robinhood trading platform where ETF, option trades and free stock commissions are offered. This petition gained massive support from the crypto community, which resulted in the release of several NFTs called Shiboshis.
All of these factors that contributed to Shiba Inu’s popularity helped increase its value by tenfold by October 2021. It even gained a higher market capitalisation than its main rival, Dogecoin.
How does Shiba Inu work and where can you use it?
The Shiba Inu network has multiple uses and is made up of three tokens that have specific uses. Take a look at all of their functions below and see if they’re worth your investment:
- SHIB – This token is the foundational Shiba Inu currency. Just like every other cryptocurrency, it can be used for trades and as a medium of exchange in multiple platforms that accept crypto.
- LEASH – The leash token in the Shiba Inu ecosystem is limited to only 107,646 units, making it one of the rarest coins in the ecosystem. You can use this token to stake rewards when you validate your cryptocurrency transactions.
- BONE – This token can be used by Shiba Inu investors when voting for a proposal. There are 250 million units of BONE in existence as of now.
Both LEASH and BONE are designed to work specifically in Shiba Inu’s decentralised crypto exchange (DEX) platform known as ShibaSwap. This platform doesn’t have a central governing body, which eliminates the use of third party organisations in the transaction.
Here, traders can swap their crypto tokens with another coin directly from their wallets even without registering for an account. You won’t be asked to share any vital or personal information during the process, making it completely anonymous and private.
Since ShibaSwap is built in the Ethereum blockchain, you can trade ERC-20 tokens on this platform with other coins made in the same blockchain. Aside from this, you can also deposit or stake some of your crypto tokens in the exchange platform’s liquidity pools to receive crypto rewards in exchange for your stake.
Barking on the wrong tree or making the right investment?
Crypto trading is all about finding the right coins to invest in. Let’s see if Shiba Inu is the perfect investment for you this 2022. Allow us to show you some of the reasons why you should take part in the Shiba Inu trend in the crypto market below:
Elon Musk supports Shiba Inu
Whatever Elon Musk invests in, the crypto community follows. This seems to be the rule ever since the billionaire jumped on the crypto hype. And as an investor, you should always consider the sentiment that the market gives on a token and how much traction it is gaining in the public.
Since Shiba Inu is supported by a popular figure like Elon Musk, it is safe to say that the public’s attention is also on this crypto token. This surge in the popularity of Shiba Inu skyrocketed its value in the market since October 2021. The more it grows popular, the higher its price would be, making it a valuable asset to have in the future.
SHIB is an ERC-20 token
Some people might see Shiba Inu as a token that only rides the coattails of the popular meme coin Dogecoin. However, the two currencies are different from each other and the difference lies in the fact that SHIB is an ERC-20 token, which means it is made in the Ethereum blockchain network.
Consequently, you can use it on multiple Ethereum-based DeFi projects. This makes Shiba Inu a greater utility compared to Dogecoin. The real-world application for SHIB also proves to be better than its main competitor since you can use Shiba Inu to vote for other projects in the Ethereum blockchain. This is not possible for Dogecoin since it is initially derived from Litecoin.
Shiba Inu has a strong community of users
Elon Musk might have been the one to draw the crowd in, but Shiba Inu has always had a strong community that maintains the coin’s steady traction. Shiba Inu has a strong social media prominence allowing it to stay relevant to the crypto community despite the existence of thousands of other tokens.
Should you take a bite of the Shiba Inu trend?
Crypto investments will always be a hit or miss with a thrilling risk provided by the market’s highly volatile nature. There is no doubt that meme tokens like SHIB are increasing in popularity throughout the crypto-sphere for their community-powered relevance. However, its wild momentum swings during rather speculative catalysts could come down as too risky for beginner investors.
But, if you consider how far Shiba Inu has come ever since it gained traction and how its users maintained its relevance in the community, SHIB can present a positive outlook for its users when it comes to long-term investment.
Shiba Inu’s growing ecosystem and number of uses are also a plus since these provide investors with more ways to further their investments. If the Shiba Inu community continues on an upward trail, there is no doubt that the Shiba Inu token would take a permanent spot on the top along with the most popular cryptocurrencies in the future!
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