There is a new dog meme coin called SHIB or Shiba Inu. If you have heard about this cryptocurrency before, and you’ve come to the right place. This article will explain what this currency is and why it’s a great addition to the newer wave of cryptocurrencies. I’m eager to learn more about this new currency! I’m especially intrigued by the price tag that is much lower than Dogecoin, another popular and affordable crypto coin.
Here are 4 fast facts about the new SHIB crypto coin.
1. It has high volatility
A recent report released by Zacks Investment Research suggests that investors should be wary of the Shiba Inu cryptocurrency. This coin is a meme token with little intrinsic value. Instead, it is been primarily about entertainment value. This makes it a potentially lousy investment for long-term investors. However, investors who’ve been holding on to this “Dogecoin killer” during the volatility now look like intelligent investors with the overall price growth. The HODL has paid off thus far for SHIB buyers.
The shiba inu’s project recognizes the potential of the virtual world and has launched its non-fungible tokens. It plans to tap into the Metaverse ecosystem through its SHIB token. Its primary goal is to use the SHIB token to facilitate the purchase of Shiba Lands, a set of NFTs and virtual real estate. The company has also started a community in the metaverse to facilitate the use of Shiba Inu in virtual worlds. The Shibarium, customizable card games, video games, partnerships, increased listing exchanges, and a variety of other projects along with increased should also add value to the former dog meme cryptocurrency in addition to growing adoption as a payment method.
2. Any asset or cash flow does not back it
The Shiba Inu cryptocurrency is an Ethereum-based token. Its creator, an anonymous figure who goes by the pseudonym “Ryoshi that just left the project in 2022,” has given it to Vitalik Buterin, a programmer and co-founder of Ethereum. Buterin has reportedly burnt 90% of his SHIB tokens and donated the remainder to a charity in India. While this is not the case, it’s not surprising, given his track record and the support of the crypto community. Currently SHIB owners are burning the cryptocurrency at record-breaking paces through a variety of means to help reduce circulation and raise prices.
To buy the Shiba Inu cryptocurrency, you need to find an exchange that offers it and a wallet for holding it. After that, it is possible to purchase it through various businesses. First, you’ll need to download a wallet and verify it to get started. After that, you’ll need to follow the instructions on loading your account. SHIB is also now available on Robinhood and other major investing platforms for easy buying and selling.
3. Is a newer wave of cryptocurrencies
The Shiba Inu cryptocurrency is one of the newest entrants to cryptocurrencies, riding the crest of interest in digital assets. However, while many altcoins are gaining popularity, you should know a few things before buying. First, because digital currencies are unregulated and highly volatile, you should never gamble with money you can’t afford to lose.
Shiba Inu is based on a decentralized computer network and a blockchain database like many cryptocurrencies. This decentralized database tracks and records transactions and acts as a permanent record of the cryptocurrency movement. Like Ethereum, the Shiba Inu is a fork of the Dogecoin blockchain, providing functionality and safety. It’s a promising development and a worthy one to keep an eye on.
The Shiba Inu cryptocurrency has a decentralized exchange (DEX) system called ShibaSwap. Its currency, the Shiba Inu, is the basis of all Shiba Inu transactions. The Shiba Inu is made up of two different tokens: Shiba (SHIB), which is the first token in the ShibaSwap, and Leash (LEASH), which is a reward for stakes. Bone (BONE) is the governance token that allows traders to vote on Doggy DAO-related proposals. The total supply of the Bone is 250 million units.
4. Is a Dogecoin competitor
A recent coin launched as a direct competitor to Dogecoin, the Shiba Inu cryptocurrency is a new digital currency that uses Ethereum blockchain technology. The Shiba Inu coin’s mysterious creator, known only as Ryoshi, says that the cryptocurrency can surpass the popularity of Dogecoin exponentially. Although it has yet to take on Dogecoin officially, it is trading for approximately $0.000012 at press time and is currently ranked in the top 15 cryptocurrencies worldwide. There have also been many recent projects, collaborations, and partners working with Shiba Inu along with SHIB coin burns to help boost the price back up.
Shiba Inu cryptocurrency is a meme token with a mascot of the Japanese Shiba Inu. The currency has gained market share by attracting whale investors. As a result, Shiba Inu’s market cap is higher than Dogecoin. This coin hasn’t done much to stifle Dogecoin’s popularity, but it may help it to get more attention. There are many SHIB coin owners that believe it has more value, applications, and upside than Dogecoin in 2023 and 2024, even without Elon Musk’s backing and the recent crypto crash.