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Dogecoin, the meme cryptocurrency that started as a joke, has gained massive popularity in the crypto community. The reason for dogecoin’s popularity is basically that it is much cheaper than other cryptocurrencies, making it easily accessible to a broader range of people. The price of dogecoin has skyrocketed, and it has been listed among the first 10 cryptocurrencies by market capitalization. Meme coins have been taking back seats to the larger market capitalization cryptocurrencies, but they started to rise following the “meme stock” trend can you earn bitcoins from mobile phones in 2020 of GameStop (GME) and AMC Entertainment (AMC) in 2021. In January 2021, a Reddit group named SatoshiStreetBets considered DOGE the crypto equivalent of GME and joked about pumping its price up. As DOGE price took off, traders have turned their attention to Shiba Inu and other meme coins, looking to achieve gains off the rally.
What is Shibarium and how does it relate to Shiba Inu coin?
A major reason for the surging price of SHIB was a continued effort by the SHIB community to build a utility for the Shiba Inu token and the subsequent emergence of an entire Shiba Inu ecosystem. It has been speculated that Vitalik Buterin was behind the initial liquidity that helped set up Shiba Inu’s liquidity on Uniswap. According to Ryoshi, he had “a fren” he met at Devcon in Osaka that sent him 10 ETH to set up the liquidity pair on Uniswap.
But that might not matter if this new wave of meme-drive retail investment turns out to be the future of finance, and not—as some caution—a herd-driven bubble akin to the tulip mania of the 1600s. “If people care enough about a joke,” the exec pointed out, “it becomes real.” There is a large number of users demanding it, to the point where we ran out of ETH deposit addresses due to SHIB today. Leading the pack is Shiba Inu (SHIB), which exploded onto the scene in 2021, jockeying for position with Dogecoin as top dog. Another crucial moment in the token’s history was when Buterin sold about 9% of his SHIB holdings, which he donated to help fight the devastating spread of COVID-19 in India. The Shiba Inu universe also consists of two other tokens, “LEASH” and “BONE” (see below).
Shiba Inu is one type of cryptocurrency, or digital currency, that is available only online. Its price soared in 2021, multiplying many times over, but still trades for tiny fractions of a cent. The year 2022 has been rough for Shiba Inu, with its price plummeting, but it still remains one of the world’s most popular cryptocurrencies, according to CoinMarketCap. But don’t get this coin confused with the Japanese dog breed that inspired its name.
MEME
- The guiding tenets of the Shiba Inu ecosystem are spelled out in a “woof paper” (presumably a play on the term “white paper”), available at the ShibaToken.com website.
- However, you should be cautious and DYOR before investing in cryptocurrencies, especially in meme coins.
- For pet-loving crypto traders, 2021 has been particularly exciting with the boom of dog-themed cryptocurrencies.
- SHIB’s meteoric rise has made some people very rich indeed; one wallet saw its holdings rise from around $8,000 to over $5 billion in 400 days.
If you want to trade cryptocurrencies — or any digital money — it’s critical that you understand what you’re getting into and what the dangers are. Because cryptocurrency is volatile and not often backed by any assets, you should avoid gambling money that you cannot afford to lose. Shiba Inu was created and tagged the Dogecoin Killer as a way of saying how to buy hive that it was going to displace the prime meme coin and take the center stage. However, Dogecoin (DOGE) and Shiba Inu coin (SHIB) have things in common and are both classified as meme coins. Shiba Inu coin has appeared whenever Dogecoin appears and this is proof that they are both siblings in the crypto family. And it also partnered with David Folk in November 2021, to develop a cryptocurrency gaming project.
Shiba Inu will need a large increase in popularity and other significant changes in appeal to investors to reach $1 by 2030 if its price history is any indication. Shiba Inu has a large following, but it is difficult to say whether the coin has the potential to continue developing and attracting users. You can purchase SHIB on several exchanges using their wallets, such as Binance, Coinbase, KuCoin, and Kraken, to name a few.
What Is the Shiba Inu Coin?
While the SHIB token has gained significant attention and popularity, it is important to conduct thorough research before committing funds. While the coin’s price may eventually reach the moon – the odds against it are astronomically high. Shiba Inu spiked in price during September 2021, when it was added to the Coinbase platform. Since then its price has fallen along with the broader rout in cryptocurrencies. Ryoshi’s intention for Shiba Inu has been to see if a perpetual decentralized organization could work with no central leadership. In mid-2021, Ryoshi kept to his promise and stepped away, leaving the token entirely in the community’s hands.
In 2020, in effort what is a wireframe guide with types benefits and tips to continue the series of dog meme coins, an anonymous person or group called Ryoshi created a token named after the Shiba from the famous doge meme. Frequently touted as the ‘Dogecoin killer’ by its followers, the SHIB coin gained popularity in 2021, leading the pack of other canine coins like Floki Inu, Akita Inu, and Dogelon Mars. Most meme coins are created with limited utility or use cases and are more short-lived than the mainstream cryptocurrencies like bitcoin (BTC) and ether (ETH). Therefore, a large number of meme coins cannot be traded on major trading platforms.
As the Shiba Inu ecosystem and community continue to grow, the development team is actively working on improving the token’s functionalities and exploring potential partnerships. As the crypto market evolves and new trends emerge, it will be interesting to see how Shiba Inu adapts and whether it can sustain its current level of popularity. Still, it’s important to keep in mind that cryptocurrency trading and investing carries high financial risk.