From late April to early May 2021, a counterfeit currency known as Shiba INU made its way into the public and witnessed a 40,000 percent price increase in only two months. No, I don’t believe it’s a good investment. What is this mysterious new money that’s gaining popularity on the internet?
Elon Musk’s tweet boosted the value and volume of Shiba Inu. A surge in interest in the currency has occurred since it was listed on Coinbase in June.
As with any investment, there is an expectation that your money might be lost at any time, and this is especially true with cryptocurrencies. With cryptocurrencies, the value of your assets is very volatile, which means that they may increase or decrease at any time.
Shiba INU Coin
Shiba INU Coin ($SHIB) has a Shiba INU dog as its mascot. Dogecoin is a parody currency since it is based on the same Japanese dog breed as Dogecoin.
The Dogecoin meme
We can’t imagine anybody hasn’t heard about Dogecoin in the previous year (and considering how 2020 panned out, we wouldn’t blame you).
Musk was one of the primary proponents of the “funny” cryptocurrency, introduced as a “joke” alternative to Bitcoin in 2013 and named after one of the most famous internet memes. Even when Elon Musk, the CEO of Tesla and SpaceX, began tweeting about this amusing cryptocurrency, its popularity has surged.
The Meta joke that is Shiba INU
In the same way that Dogecoin was supposed to spoof Bitcoin, Shiba INU Coin is designed to mock itself.This is “such meta, incredibly joke,” to use the mascot’s own words. As Dogecoin’s inspiration, Shiba INU’s moniker is based on the Japanese dog breed depicted in the original joke.
Now, after so many years, people want cryptocurrencies since it has made its way towards the world’s most trusted online investment platforms.
Is Shiba INU A Viable Cryptocurrency?
Shiba INU doesn’t stand out as much from other cryptocurrencies in terms of security since it is built on the Ethereum network. Because this cryptocurrency was initially intended to be a joke and an object of speculation rather than real money, it has never been accepted as such. It seems more like a marketing brochure than a technical manual in the white paper for the coin (named the Woof paper!).
Shiba INU’s enigmatic developer Ryoshi, who goes under the moniker Ryoshi, wanted to build an entirely decentralized and community-created cryptocurrency, not just a fun experiment.
What Makes Shiba INU Different From Other Altcoins?
Because the cryptocurrency’s decentralized developers are experimenting with community-building and parodying Dogecoin, Shiba INU Coin has taken steps to prove that it has the potential to become an investment asset, despite its start as a joke.
Before launching, the Shiba INU team prioritized Vitalik Buterin to get half of all tokens available. Because of this, the team thought they could avoid substantial amounts of the money from being controlled by a few major investors, which might have had a detrimental impact on the currency’s future use.
The second reason is that Shiba INU was designed from the start-up to give investors more significant profit margins. For Shiba INU’s essential purpose was creating a low-cost token and ecosystem to let everyone acquire millions of tickets while remaining discounted was its primary goal.
A possible “Dogecoin killer,” Ryoshi claims, is Shiba INU, which “may rapidly exceed Dogecoin’s value without ever crossing the $0.01 threshold.”.”
Should You Invest In Shiba INU Coin?
There is a burgeoning “meme coin” market right now. Amateur investors are eager for the next great thing because of celebrities like Elon Musk’s endorsement of Dogecoin. Despite Shiba INU’s dramatic depreciation over the previous few weeks, most of that decline may be traced back to Ethereum co-founder Vitalik Buterin giving away the massive amounts of coins that had been delivered to his wallet upon introduction of the cryptocurrency.
The COVID-19 Relief Fund
Vitalik Buterin’s share of Ethereum’s initial coin supply was previously believed on behalf. Astonishingly, they chose this course of action because they expected Buterin to remain defiant in the long run. Despite Buterin’s noble intentions, the choice to burn the remaining 90% of COVID-19 tokens is primarily to blame for the coin’s steep decline following its first ascent.
Why is Shiba INU an alternative to Bitcoin?
The underlying technology distinguishes the Shiba INU from Bitcoin. Bitcoin, a digital currency, may be used as a currency. Instead of just holding digital cash on the blockchain of Ethereum, firms are using this platform to construct new apps. Meme-coin advocates see a better future ahead for cryptocurrency because of this.
ShibaSwap, a decentralized trading platform, is also available. Aside from trading, staking, and benefiting from the SHIB tokens, this platform offers a variety of other features.