While Cardano (ADA) is called an “Ethereum killer”, Shiba Inu (SHIB) was claimed to be a “Dogecoin killer”. The asset was engineered on top of the Ethereum blockchain.
The same as with Dogecoin, Shiba crypto is pictured as a Japanese dog breed, and the same as DOGE, it is a meme coin.
Memecoins are usually meant to add humor to the crypto market while having nothing special behind them. It means that as a digital product, it does not have any semantic or technological load.
Cryptocurrency Shiba Inu coin price is zero as well as the market cap. Cryptocurrency prices of meme coins are always low.
They may sometimes be pushed by hype, for example, when Elon Musk paid attention to DOGE and made a couple of posts about this project on his Twitter page.
However, they always roll back to low prices since there’s nothing but hype over these assets. And we all know that crypto assets are valuable exactly for their technological load, use cases, and market cap.
Every day hundreds of cryptocurrencies enter the money market. And this is the right time. You should first know what Shiba crypto is and how it performs.
What Is Shiba Crypto?
Shiba crypto is an Ethereum-based altcoin. This is another type of cryptocurrency other than bitcoin. But many crypto experts keep saying this cryptocurrency is similar to dog coins. And these coins are the ultimate selections as a replacement for the Dog coins.
The regular popular name of Shiba crypto is Shiba Inu. In December 2013, these cryptocurrencies were first introduced.
The group of people who invented this crypto is anonymous individuals, or even groups are also possible. We all know them by the name of Ryoshi.
Key Points About SHIB
Shiba Inu is a decentralized community building. This is an experiment that is developed by the Shiba Inu Ecosystem. They are built up on top of the Ethereum Blockchain Network. But nature-wise, this coin is similar to the other types of cryptocurrencies.
Shortly about the main characteristics of the Shiba Inu crypto coin:
- Ethereum-based asset;
- Developed as an alternative to DOGE;
- Has SHIBArmy – 500,000 supporters of the asset;
- The slogan of the project creation was to make something good from nothing;
- The total emission of SHOP reaches trillions of pieces.
- There are other tokens – LEASH and BONE circulating in the network.
Shiba Cryptocurrency Price
Since cryptocurrency prices are volatile, it is always a risk. When thinking about crypto investments, you should always analyze projects, assess their value and application scope, cooperations and partnerships, investors, etc.
However, when it comes to such crypto as SHIB or DOGE, it is especially risky because they have no technological load behind them, and all their possible trade volume is made by their fans only.
Cryptocurrency Shiba Inu coin price boosted in 2021, and its market cap then crossed $41 billion. Again, it was an artificial growth due to Elon Musk’s tweets, which are claimed to be a DOGE-father.
Is Shiba Inu A Good Investment?
Shiba Inu is a high-potential cryptocurrency that you can buy. Shiba has hype and also gives you high growth aspects. This cryptocurrency is individual. So there is no chance of taking it over by bitcoin. So there is no chance of the market overtaking.
The network’s functions are entirely dependent on the Ethereum network. Till august 16, the SHIB/USD is trading close at 80% below. The decisions of the trading or inverters depend on the goals of the cryptocurrencies, which are higher risk associated.
The portfolio size and the cryptocurrencies are all associated with the high-risk investment. Some of the meme coins also depend on the risk tolerance rates. Still, now, the developers are working on cutting off the dependencies with the Ethereum network. But the facts are this does not happen till now.
Wrapping It Up:
If you want to invest in the Shiba crypto you must know what types of crypto are going to be profitable for you. Every type of crypto investment is risk associated.
So always keep this point in your mind before starting to invest in cryptocurrencies. What types of crypto are you investing in 2022? Do not forget to share your opinion abt Shiba Inu through the comment section.