Is Shiba Inu a Valuable Coin?
Although subjective, Shiba Inu is regarded as one of the ”Shitcoins” yet it has a lot of crypto investors. Today, there are over 900, 000 holders of this meme coin.
Shitcoins are cryptocurrencies that have little or no value, or a digital currency that has no immediate discernible purpose. Shiba Inu was designed to rival another crypto coin, Dogecoin and has become one of the most popular tokens today.
Since it is regarded as a Shitcoin, some crypto enthusiasts have asked if this dubbed ”Dogecoin Killer” is valuable.
In this article, we’ll be discussing the Shiba Inu coin’s value and its sudden rise.
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What Makes Shiba Inu Valuable?
As of today, Shiba Inu is the 11th-biggest cryptocurrency by market value. This means that this coin created in August 2020 by an anonymous person or a group of persons known as “Ryoshi” has seen a meteoric rise.
Shiba Inu was even able to briefly surge ahead of Dogecoin, its apparent progenitor. And the coin’s value remains higher than those of blockchain networks with lots of development, like Avalanche, Terra and Polygon.
SHIB has been able to survive its publicity stunt where the creators sent trillions of the coins to Ethereum founder, Vitalik Buterin. The founder in turn donated tokens worth about $1 billion to Covid-19 relief efforts in India.
The price tanked after Buterin’s donation as he sold coins, but SHIB’s notoriety persisted. By October, its value had surged into the tens of billions.
The influence of Tesla’s CEO, Elon Musk also paved way for more investors. There’s also the really, really low price. You can buy a lot for not very much money—making it more fun and low-stakes than comparable bets.
Shiba Inu has also created popular non-fungible tokens, or NFTs, further bolstering its place in the crypto consciousness. Nevertheless, this token is clearly ridiculous.
Of course, SHIB holders are not valued investors, and the coin’s price is unstable. The market value is still off its October highs after it fell about 25% in one day.
While both Shiba Inu and Dogecoin have lost their gains since the fall is sharper for Shiba Inu. Its market capitalisation has dwindled from $40 billion to $30 billion within a week. Dogecoin has come down from $37 billion to $34 billion, according to CoinMarketCap.
Although, investing in cryptocurrency is risky and making money is never guaranteed business. There’s a reason to see Shiba Inu has a valuable coin.
Memes such as Dogecoin and Shiba Inu have value and have been an investible thesis in 2021.
Also Read: Top 5 Shitcoins To Invest In 2021
You should also check out the following:
Is Shiba Inu Coin A Dogecoin Killer?
What You Need To Know About Shiba Inu Coin
Top 5 Reasons Why You Should Buy Dogecoin Over Shiba Inu in 2022