As the first-ever meme coin, Dogecoin has been doing quite a good business in the crypto industry in recent years. It has been encouraging investors to invest in other meme coins of the like in the hope of earning huge profits. This demand from the investors, together with the huge success of Dogecoin in the cryptocurrency market, led the creators to think of other alternatives, which gave rise to SHIBA INU, the ultimate meme coin having the potential to disrupt Dogecoin.
SHIBA INU is a cryptocurrency inspired by a meme or a joke derived from the internet, and thus it is also called a ‘meme coin.’ SHIBA INU or SHIB that derives its name from the Japanese dog SHIBA INU is an Ethereum based cryptocurrency. The SHIBA INU coin has all the features of its ancestor Dogecoin and is also called a “Dogecoin Killer” because of its ability to overtake Dogecoin’s market. Dogecoin uses the same breed of dog as its Mascot, so investors are often confused between the two.
About Founder
SHIBA INU came into existence in August 2020 founded by an anonymous person called Ryoshi, which means Fisherman. No more information is available about the founder of SHIBA INU, but the coin has been excelling in the crypto market since its inception and giving tough competition to Dogecoin.
The rapid success of the SHIB tokens urged the developer to launch an NFT (non-fungible token) on the Ethereum blockchain called Shiboshi, along with its decentralized exchange called the ShibaSwap and the SHIBA INU incubator. Apart from these, three more tokens were released by the developer on the SHIBA INU ecosystem, namely SHIB, which is the main currency of SHUBA INU, along with the other two tokens, namely LEASH and BONE.
How Is Shiba Coin Created?
SHIBA INU was created as an ERC-20 altcoin on the Ethereum blockchain network. The Ethereum network, an established network, provided a secure platform for the SHIB tokens and allowed them to stay decentralized. Like other cryptocurrencies, the SHIB tokens also run on the innovative blockchain technology that manages and tracks the crypto coin, verifies transactions, and records them in the blockchain ledger as soon as they occur.
Price History of SHIBA Coin
The exchange price of the SHIBA Inu Coin remarkably surged by 240% over a week in early October 2021. Since the early of November 2021, the price of SHIB continued to fall over the month, thereby losing approximately 55% of its current value. It has been one of the best performing cryptocurrencies in the world in 2021, and it added over 500% of its value in the past 3 months.
Market Stats of SHIBA
SHIB tokens do not trade much, as such, it trades only in fractions of a dollar; as of November 2021, one SHIBA INU coin traded for less than $0.00005. Despite its low price, the value of all SHIB coins was over $20 billion in 2021, equal to approximately 550 trillion authorized SHIB coins in circulation. More than 41% of the coins in circulation were irrevocably “burned” by Vitalik Buterin, the co-founder of Ethereum, meaning that those coins will be left unused forever.
SHIBA Price Prediction
After the rally that caused the price of SHIB to spike by thousands of percentages, the SHIB tokens were listed on the top crypto exchange, Coinbase. As a result, a lot of investors started investing in the coin, thereby causing the price to hit new highs in the days to come. SHIB Coin price prediction by experts believes that it will touch new heights.
Experts’ View on Shiba Inu
The cryptocurrency market is extremely volatile and thus, cannot be predicted accurately. Despite the rapid rise in the value of SHIB, the investors are advised to invest wisely because the price may fall drastically over a short time.
Conclusion
SHIBA INU has evolved to be among the 20 top cryptocurrencies of the world. Being an ERC-20 token, SHIB is compatible with various Ethereum ecosystems and can be stored in all wallets that support Ethereum tokens. Since its inception, SHIB rallied by thousands of percentages and quickly outperformed Dogecoin and other numerous cryptocurrencies.