About SHIBA INU
Shiba Inu coin is an Ethereum-based decentralized cryptocurrency and an alternate token to the famous meme coin, Dogecoin.
Shiba Inu has abundant supply in the market, amounting to one quadrillion compared to cryptocurrency, which has limited supply. Shiba Inu surfaced in the market as a meme coin in August 2020 and competed with Dogecoin to rank among the top twenty cryptocurrencies. It was created by an anonymous group or an individual named “Ryoshi.”
The Shiba Inu ecosystem fueled the rise of Shibaswap, a decentralized exchange system where users can earn rewards and interests by staking, swapping, or depositing the Shiba Inu ecosystem tokens; Shib, Bone, and Leash.
The price of Shiba Inu is highly volatile, and its price fluctuates to extremes, sometimes resulting in enormous profits and sometimes resulting in considerable losses to the investors.
Growth of SHIBA INU
Shiba Inu saw a potential rise after Elon Musk supported the meme coin, Dogecoin. It brought back cryptocurrency in the finance market and propelled its usage, making it popular. This popularity attracted attention to Shiba Inu, which is named after a Japanese breed of dogs that is the same breed as indicated on the symbol of Dogecoin. Shiba Inu has been giving Dogecoin tough competition since then.
Shiba Inu remained in the background until recently when Musk made cryptic tweets about the breed of dogs that gave Shiba Inu its name. It made it clear to investors that Musk was shifting his support from Dogecoin to Shiba Inu. A petition for enlisting Shiba Inu on the Robinhood trading platform was held online on Change.org, which got tremendous support.
This contributed to an enormous market capitalization more significant than its competitor Dogecoin. Shiba Inu’s value rose 10 times in October, and Shiba Inu also came in the top 10 cryptocurrency list ahead of Dogecoin.
Endorsement by Celebrities
Elon Musk has been very vocal and supportive about cryptocurrencies, making cryptocurrency gain popularity. The tweets by the billionaire entrepreneur led to a significant rise in the value of Shibu Inu, and it left behind its foremost enemy Dogecoin, another meme currency, behind in the top cryptocurrency ranking list. The digital currency market fluctuates a lot, and if an influential person tweets in support, it’s seen that it has an enormous impact on the value of the currency.
Shiba Inu has made many millionaires overnight, and the token also enjoys the support of celebrities like Nick Carter, a member of the famous band Backstreet Boys. Shiba Inu also came to be backed by Floridan NFL star, Antonio Brown who tweeted Shiba Inu to be the “next Dogecoin.”
Shiba Inu has been the talk of social media, and its value has risen by a thousand folds since its launch in August 2020.
Future Prediction of Shiba Inu
Shiba Inu is considered an excellent long-term investment lending out significant profits. As per the SHIB Coin predictions, Its value is predicted to rise in the years to come. But considering the high volatility associated with cryptocurrencies, it cannot be claimed that the value will increase definitely, and one should prepare for the risks associated with investing in cryptocurrency before doing so. The risk of another new coin emergence can not be eliminated too.
Users can buy Shiba Inu coins from cryptocurrency exchanges like Uniswap, Huobi, and Binance and transfer them to crypto wallets for security. The rise of Shiba Inu brought back cryptocurrency in the mainstream, with more people using it on a huge scale for several purposes. The increase in the value of Shiba Inu further depends on the activity in the digital currency market and how people adopt the meme currency.