In this article, we will learn about Shiba Inu, one of the major meme coins, and Why is Shiba Inu going up in the market.
What is Shiba Inu?
Shiba Inu is an Ethereum based meme coin that has Japanese dog breed Shiba Inu as its mascot. It was created under the anonymous name Ryoshi. What differentiates a token from a coin is that coins have their own blockchains, while tokens are created on top of existing blockchains. With Shiba Inu, it doesn’t have its own blockchain. It is a token built on the Ethereum blockchain, whereas popular crypto coins like DOGE and BTC have their own blockchains and hence are called coins. Shiba Inu grew popular in the year 2021 and increased in market capitalization. It is considered the largest cryptocurrency based on the market cap. Originally conceived as a Dogecoin killer is now one of the fastest-growing meme coins of the year. Now let us understand Why is Shiba Inu going up.
Why is Shiba Inu going up?
A crypto market is always an unpredictable place and often, for no particular reason, many crypto coins get pumped up. Shiba Inu coin is one such token whose value skyrocketed super fast as Elon Musk the Tesla CEO shared a picture of his new pet dog named “Floki”.Musk also tweeted another image of his pup with the caption” Floki Frunkpuppy” which caused a sudden jump in the Shiba Inu coins prices creating widespread interest from crypto users and mainstream audiences alike.
SHIB coins’ popularity can be correlated with the success of Dogecoin as many people were drawn towards Shib’s lower prices. Both Dogecoins and Shiba Inu coins prices seem to be correlated. The major factor contributing to the Shiba Inu coin’s success is its affordability compared to other crypto coins. All for a fraction of the cost of a single Bitcoin, it will be tempting for the users to own millions of Shiba tokens and that is the main reason Why is Shiba Inu going up.
Investors who are planning to invest in SHIB coins should consider the following points and always do proper self-research before the investment.
- Does SHIB have a competitive advantage and whether the coins have any utility and or unique value or are they just about the hype?.
- Crypto assets are subjected to fluctuations based on speculations so proper educated research needs to be done before the investment.
- You need to make sure that the token platform is fully secure and is not vulnerable to any kind of susceptibility of exploits. Proper investigations of the meme tokens and their platforms need to be done before jumping into the trend.
What Is ShibaSwap?
Shiba Swap is a decentralized exchange that allows the investors to trade the Shiba Inu coins without the help of any intermediaries. Users will also have access to the veritable Shiba verse of Dog-themed features. Also similar to the coin swap features, here the users on ShibaSwap can swap one token for another. Users can also take part in liquidity mining to earn BONE token rewards and influence governance decisions.
Even Though we believe that SHIB coins are popular because of their hype and sentiments, they actually support many useful utilities like NFTs and a Defi platform in ShibaSwap providing a secure environment for decentralized crypto trading.
Despite the presence of several meme coins in the market, Why is Shiba Inu going up is the main question in the market however, very few can match the growth of Shiba coins in the past few months. Shiba Inu coins are on the rise and it has caused awe and admiration in crypto savvy users and retail audiences alike. Whether this cryptocurrency will sustain its popularity is the question for another day, but now the investors can make hay while the sun shines.