What Is Shiba Inu?

People believe that an anonymous group known as Ryoshi created Shiba Inu, a decentralized cryptocurrency. Shiba Inu emerged as a meme token and has now evolved into a vibrant ecosystem. People often confuse it with Dogecoin as both feature the canine-themed dog as their mascot. Some refer to it as the “Dogecoin Killer”.

Supply & Demand

According to CoinMarketCap, there were 549 trillion Shiba Inu coins. The price of one token was so less that about 200 of them cost 1 cent. That many counts of token lead to a decrease in the cryptos market capitalization. So, Vitalik Buterin, the co-founder of Ethereum, decided to burn 40% of the total coins. The current market cap of th is $19,532,335,696.

In September 2021, Coinbase added Shiba Inu to its platform. And then it saw a huge spike in price. 

What Does Shiba Inu Do?

Shiba Inu is divided into multiple tokens to help the entire cryptocurrency ecosystem function.

  • SHIB – It is the foundational Shiba Inu currency. It is traded and used as a medium of exchange.
  • LEASH – The supply to this token is limited to 107,646 units, making it the most limited of the coins. It provides staking rewards to users for validating transactions in the cryptocurrency.
  • BONE – This token has a total of 250 million units. It allows holders of this token to vote on various proposals of the coin.

Other aspects of the token include ShibaSwap, their decentralized platform for trading coins, and Shiboshis, a type of NFT.

Should You Invest?

Shiba Inu is a meme token that got popularity on social media as a meme. And if we look at history, anything that got popular on the internet gets a lot of attention for some time, and then people forget about it. Also, there is no underline asset, cash flow, or technology that backs the token. Generally, many cryptocurrencies don’t have any underlying business, and Shiba Inu is one of them. 

The FOMO(Fear Of Missing Out) and tweets from famous personalities like Elon Musk highly affect the price of the coin. People expect the price of this token to reach as high as the moon. It may happen, or it may not. But if you look from the fundamental point of view, it has no underlying value. And due to this reason, it is not a worthy investment. But you can invest some amount in the token that you’re willing to lose to see if the price skyrockets to the moon.

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