There’s no other altcoin in existence that can beat Bitcoin is the general rule of thumb, to begin with! Enter Shiba Inu- and achieved the impossible in 2021…. with 43 million more views than the predominant Bitcoin.
With its raging popularity, Shiba Inu is now listed on all popular currency exchanges of 2022 and is definitely the crypto of choice as the best crypto signals provider for trading and sharing their trades with people.
If you’re thinking of investing in this meme coin that has beaten pioneers like Bitcoin, there are a few things you must know before you make a snap judgment-
Table of Contents
SHIB Isn’t A Coin, Rather A Token
Coins like Bitcoin and Doge have their own blockchain. on the contrary, tokens are built on an existing blockchain.
Shiba Inu is a token that is built on an Ethereum-based blockchain.
A Potential Doge Killer?
Launched as a joke to compete with Dogecoin, SHIB is an Ethereum-based meme token that soared in price more than tenfold in October last year. Shiba Inu’s official website claimed SHIB to be a Doge killer for a long time. Since its very existence, SHIB has been on top of its toes against the competition, Doge.
It is possible because, unlike other tokens, SHIB has smart contract capabilities- alike other coins such as Bitcoin and Doge. So, we can conclude that Shiba Inu is a Dogecoin killer/competitor.
Unknown Founder
The creator of the very first cryptocurrency a.k.a Bitcoin is Satoshi Nakamoto is still unknown to this day. Similar to Nakashi, an anonymous group or maybe an individual named Ryoshi is the brain behind Shiba Inu.
3 Token Ecosystem
Shiba Inu (SHIB), Leash (LEASH) & Bone (BONE) are the three distinct tokens in the Shiba Inu ecosystem. It’s a no-brainer that out of all, SHIB is the most prominent in the ecosystem.
DeFi Product Support
As we already know, Shiba Inu has the support of smart contracts. Owing to that, it allows users to lend and stake SHIB, which makes a good passive earning opportunity in form of recurring fees.
Elon Musk Influenced
One tweet from this man, and it can make or break a decentralized cryptocurrency. Fortunately, Shiba Inu was on Elon Musk’s good books and the meme token received a series of positive tweets from the same.
Elon’s one tweet about a Shiba Inu dog made the meme token reach its all-time high, i.e 300% gains to be exact. This shows that meme currencies are highly influence-driven.
Used Case Scenarios
Though it is widely believed that SHIB is a mere meme token, there’s much more than meets the eye. So, it’s not all about hype and sentiment-SHIB supports a stream of useful utilities. A couple of instances would be the inclusion of NFTs and a Defi platform in the Shibaswap ecosystem, whose aim is to provide a secure environment for crypto trading.
Lately, SHIB developers are working on a Layer-2 protocol for adding other utilities and reducing transaction fees.
The Vitalik Phenomenon
Ryoshi, the brain behind Shiba Inu, sent 50% of the total SHIB supply to Ethereum co-founder aka Vitalik Buterin. Buterin, in turn, donated about 50 Trillion SHIB tokens to India’s covid-relief fund.
Out of the remaining, he burned 90% of the remaining tokens permanently removing them from the circulating supply to an inaccessible wallet.
To Conclude
Well, that was everything you needed to know about the meme token Shiba Inu. Now, if you’re on the verge of making a move to invest in SHIB, we recommend you do a bit more research from your end before you come to a sturdy conclusion.
Do remember that crypto will always be a high-risk investment owing to its highly volatile traits.
