There are few crypto assets that are able to outperform bitcoin across all segments. On the other hand, Shiba INU was able to accomplish the impossible. With 43 million more views than Bitcoin, Shiba Inu was the most popular cryptocurrency in 2021. In 2021, Shiba Inu 'barked' the most, becoming the alpha among the dog-themed cryptos.
If you're unfamiliar with Shiba Inu, it's an Ethereum-based altcoin or meme coin whose mascot is the Japanese dog breed Shiba Inu. In 2021, the Shiba Inu became a household name, with its price more than tenfolding in October of that year. More crypto exchanges began to accept SHIB for listing as its popularity and market capitalization expanded.
What makes this young pup token so special in comparison to pioneers like bitcoin? To answer all of these questions, here are seven things you should know about Shiba Inus (SHIB):
Speculative Asset (Shiba Inu)
Shiba Inu was created as a joke to compete directly with Dogecoin. Shiba Inu and Dogecoin both fall into the meme coin category. The meme coin was inspired by a 2013 meme showcasing the same-named Japanese breed dog. What started as a community-driven meme token has grown into a multi-billion dollar crypto enterprise.
The Shiba Inu is a symbol rather than a coin.
The difference between a token and a coin is that coins have their own blockchains, while tokens are constructed on top of existing blockchains. Shiba Inu, on the other hand, has no blockchain of its own.
Instead, it's an Ethereum-based coin. Coins, such as DOGE and BTC, are referred to as such since they have their own blockchains. BAT, Tether, USD Coin, Binance USD, and other prominent currencies that follow the concept may all be found at CoinSwitch Kuber.
SHIB has been listed on Shiba Inu's official web portal as a Dogecoin killer for some time. Shia Inu, like Floki Inu, Doge Dash, and Dogelon Mars, is a dog-themed cryptocurrency, however Shib is the only one to challenge Dogecoin so far.
Since Dogecoin's creation, Shiba Inu has been following its rival. Because Dogecoin is identical to bitcoin, its on-chains functions, such as smart contracts are limited. SHIB is a Dogecoin competitor/killer that is built on Ethereum and has smart contract capabilities.
Apart from the fact that he is the founder of Bitcoin, no one knows who Satoshi Nakamoto is. Shiba Inu was established under the alias Ryoshi, just like Bitcoin. The minds behind this setting, meanwhile, remain unknown to the rest of the world. Ryoshi could be a man or a group, for all we know.
Shiba Inu (SHIB), Leash (LEASH), and Bone (BONE) make up the Shiba Inu ecosystem (BONE). The Shiba Inu ecosystem's most significant component is the SHIB token.
Despite the widespread notion that a meme coin like SHIB is driven exclusively by hype and sentiment, the ShibaSwap ecosystem really supports a variety of practical services, like NFTs and a Defi-platform. ShibaSwap's objective is to provide a secure cryptocurrency trading environment that is also decentralised.
Volatile penny cryptocurrency
Because of the volatile nature of the market and the lack of regulation, investing in cryptocurrencies is dangerous. Alternative currency, such as meme coins, add to the difficulty. Even marketplaces that list meme cryptocurrencies include a disclaimer. Despite the viable use cases, the near-550 trillion total supply, and a market valuation well above $19 billion, Shiba Inu is still a speculative crypto asset with a deflationary lineage.
Is it Possible to Make a Lot of Money by Purchasing Shiba Inus?
Given the price of Shiba Inu soared over 700 percent in October, a 99.0 percent increase seemed possible. Getting in on current levels of $0.000035 per coin and holding until a price of $0.0037 might be one method to hit $1 million on your Shiba Inu investment if you had $10,000.00 cash on hand.
Is it worthwhile to invest in a Shiba Inu?
In the year 2021, Shiba Inu was one of the most popular digital currencies. In terms of market value, it is still among the top 15 most valuable cryptocurrencies. When compared to a Bitgert, however, it has underperformed as the best crypto investment in a number of areas.
What crypto Will Make me Rich?
In 2022, there are 5 altcoins that can make you a millionaire. Now is the time to buy these before they become exorbitantly expensive.
- Ethereum (ETH)
- Cardano (ADA)
- Polkadot (DOT)
- Chainlink (LINK)
- Cosmos (ATOM)
Is Shiba Inu a good long term investment?
SHIB is highly speculative, and anyone looking to invest would be better suited purchasing utility-oriented projects. Furthermore, it is most likely too late to invest in Shiba Inu. People aren't as interested in SHIB these days, thus it's unlikely to replicate its 2021 success.
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With Shiba Inu's year of 2021, we could go on and on about the technical and use-case-specific characteristics of this coin. Keeping in mind that the Shiba Inu is a relatively new breed, these are the ten pointers that you should be aware of in order to grasp the risks, rewards, and other pertinent information.