Shiba Inu coin is one of the largest cryptocurrencies today. Shiba’s meteoric rise since it was created has made it one of the tokens to look out for in the crypto industry.
According to data from Etheruem blockchain explorer Etherscan, there are currently 912, 290 ETH wallets with Shiba Inu coins in them.
In this article, we’ll focus on the things you need to know about the Shiba Inu token.
What is Shiba Inu Coin?
Shiba Inu Token (symbol SHIB) is a decentralized cryptocurrency created in August 2020 by an anonymous person or persons known as ”Ryoshi”.
Named after the Shiba Inu, a Japanese breed of dog, this token is characterized as a ”meme coin”. It has the same dog symbol as Dogecoin, which itself is created as a joke based on the Doge meme.
Shiba is therefore a meme of the earlier created meme coin, Dogecoin, popularized by the billionaire, Elon Musk. Call it a ‘parody of parody’, you’re not wrong, Shiba Inu coin is gradually taking a center stage in the crypto market.
What Does Shiba Inu Coin Have In Common With Other Cryptos?
Bitcoin, Ethereum, and Tether (USDT) remain the top three cryptocurrencies but other small tokens like the Shiba Inu coin are also making waves.
SHIB is created to rival Dogecoin as it was claimed to be a Dogecoin killer. It has several things in common with the Elon Musk-popularized Dogecoin.
In and of itself, Shiba isn’t all that different from a bunch of the cryptos. It is based on the trusty Ethereum blockchain.
It was created not only as a fun project but also as an experiment to build a cryptocurrency using a 100% decentralized & spontaneous community.
Shiba Inu tokens are powered by Ethereum. Fungible tokens like Shiba Inu are ERC-20 tokens and non-fungible tokens use the ERC-721 token standard of the ETH platform.
Why is Shiba Inu Coin Becoming a Popular Cryptocurrency?
Although investing in cryptocurrencies is a huge risk, the Shiba Inu coin, despite its volatility in price has been gaining ground. The value of Shiba has skyrocketed in recent times.
Its rise has been attributed to billionaire, Elon Musk’s influence. Just like Dogecoin, Elon Musk has posted a message on his Twitter platform. The token became more popular when he posted a picture of his Shiba Inu puppy on his verified Twitter page.
This got several crypto investors to try out this Dogecoin’s meme. Today, there are over 900,000 Shiba Inu holders.
Shiba is currently ranked as the 11th cryptocurrency in the world. It has a live market cap of $30, 670, 630, 675 USD. It has a circulating supply of 549, 095, 509, 738, 355 SHIB coins.
Investing in cryptocurrencies are a very high risk and speculative investment. Risk takers have however taken the opportunity to earn big with these digital assets.
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