Shiba Inu (SHIB) is a crypto-token that follows Ethereum design standards and is an alternative to Dogecoin (DOGE). SHIB’s abundant supply of 1 quadrillion coins makes it pretty affordable. The Shiba Inu ecosystem stands out for projects like NFT art and decentralized exchange (DEX). The cryptocurrency market has been on a challenging ride from 2021 to 2022.
However, the sluggish environment has proved favorable for Shiba Inu coin investors. The coin grabbed attention for several reasons, even though it has not been in great shape since the market fell. But it is still creating a buzz in the crypto space. Let’s learn about it a little more.
The origin of the Shiba Inu Coin
Someone called Ryoshi developed these coins in 2020. The developer’s identity is as much a mystery as it has been in the case of Bitcoin. Nevertheless, there is a guess that Ryoshi can represent a single person or a group. This Dogecoin altcoin gets its name from Japan’s Shiba Inu dog breed. People already love this for its memes and resilience. Like other coins, this decentralized cryptocurrency also uses Ethereum Blockchain Network.
The Main Reasons for Popularity of Shiba Inu Coin
Two main factors influenced its popularity among interested investors. One of them includes a tweet by billionaire entrepreneur Elon Musk that read he wants to own a Shiba pup. This one message increased the price of the coin by nearly 300 percent. However, the price dropped when Vitalik Buterin of Ethereum Blockchain Network gave away 50 trillion coins to a relief fund during COVID times. From this, you can sense the crypto’s volatility, and it is not just about this specific coin. Others can also go up or down based on newsmakers’ influence.
Someone interested in investing in this type of altcoin can check crypto exchange platforms and wallets. If you own Ethereum, you can trade it for SHIB coins. Do you wonder if this makes a good investment decision? Track Shiba Inu price prediction before acting on it.
The future of Shiba Inu
The meme coin has been a buzzword since its introduction in the market—people like it for different reasons. While the coin price has taken a drastic hit, some platforms predict a strong comeback for it. The positive attitude toward this can result from the market’s limited supply of this token.
Although it trades in large volumes, the overall number is still finite. Its market cap is between USD $6 and 7 billion USD. In July, the highest transaction volume stood at USD $8.49K over one-week, averaging USD $7.19K and hitting a low of USD $6.18K. Besides that, it also attracted a positive response from slightly more than 34% of the audiences in the social space. Negative views accounted for only a bit more than 3%. And this has been the trend so far.
If you are considering this meme coin after researching a bit more, you may also think it’s the best time to put your money into it. While it makes sense, you must remember that the crypto market tends to be volatile, where anything unpredictable can happen for good or worse. So, don’t lose your focus.