2020 and 2021 have been a roller coaster ride for cryptocurrencies, but this situation proved as an opportunity for the Shiba Inu Coin.
The Shiba Inu Coin has been in the limelight for some reason or the other, though its value is not very high right now. But it is taking over a lot of the crypto market and proving itself an excellent choice for investors. But What is Shiba Inu Coin? And how did it come into the picture?
Origin of Shiba Inu Coin
The Shiba Inu Coin was created in August 2020 by an anonymous person named Ryoshi, an Indian.
- It is an altcoin of Dogecoin, which itself is an altcoin of Bitcoin.
- It has been named after the Japanese Dog breed, Shiba Inu.
- It is already insanely popular among major crypto exchanges through its following crowds, memes, persistence – and a cute dog.
What is the Shiba Inu Coin?
Shiba Inu Coin is a decentralized, community-building cryptocurrency that is “an experiment” developed within the Shiba Inu Ecosystem.
- They built it on top of the Ethereum Blockchain Network, like many other coins
- It is a meme coin launched as a rival of Dogecoin or “Doge-Killer”.
- Shiba Inu coin has already taken over some Dogecoin markets and is rising as a popular choice among investors of Crypto-Market.
Difference Between Shiba Inu Coin and Dogecoin
Shiba Inu Coin |
Dogecoin |
|
| Development | They are built on and powered by the Ethereum Network. | They have developed it using the same Bitcoin Technology. |
| Use-Cases | It is still working upon price more because of its hyped popularity than its utility. | It has already established itself as a medium of online payments to some extent. |
| Value | $0.000007378 | $0.261711 |
| Availability | 394 Million | 130 Billion |
Why is Shiba Inu Coin So Popular?
Shiba Inu Coin is primarily popular due to two reasons-
- Tesla founder Elon Musk once tweeted expressing his interest in owning up a Shiba pup that hyped the crypto market which led its prices to rise by 300%.
- Its prices fell up to 40% when after the founder of Ethereum Blockchain Network, Vitalik Buterin donated 50 Trillion Shiba Inu Coins to India, Covid Relief Fund of an Indian crypto entrepreneur Sandeep Naiwal.
Where to Buy Shiba Inu Coins?
- There are several crypto exchange platforms where you can buy Shiba Inu Coins like Binance, Crypto.com, Atomic Wallet, and KuCoin.
- You can also buy Shib Coin on Uniswap (via Trust Wallet), in which you can exchange Ethereum for Shiba Coins.
The Future of Shiba Inu Coin
Though Shib Coin or Shiba Inu Coin is only known as a meme coin, its increasing popularity and people’s interest in participating in it is pointing towards a different but dazzling future.
- According to InvestingCube.com, they predict the Shiba Inu coin to rise again.
- Although there isn’t much movement among this token and its value, active buyers could help its value rise.
- The value could rise to $0.00001040 in a more active buyer’s market.
- Although it may not appear to be a significant amount, due to its popularity, in the future, it can have a significant influence over large investors in the crypto market.
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