Despite having a low current value, the Shiba Inu Coin has gained popularity for a variety of reasons. Still, the coin is dominating quite a portion of the cryptocurrency market and is proving to be a great option for crypto investors. So the Shiba Inu coin– what is it, and how did it enter the cryptocurrency scene? Is it worthwhile to invest in? Let’s investigate.
How was the Shiba Inu coin created?
Ryoshi is the unidentified creator who invented the Shiba Inu coin in August 2020 and who prefers to remain unidentified. It is unsure what the true identity of the creator is, just like with Bitcoin and Satoshi Nakamoto. Ryoshi could not just be a single person, but rather a collection of persons for all we know.
Shiba Inu is an alternative cryptocurrency to Bitcoin and Dogecoin. It was given the Shiba Inu breed of Japanese dog as its name. Through its following crowds, memes, perseverance, and gorgeous puppy, it is already incredibly famous among major crypto exchanges.
What is Shiba Inu Coin?
Shiba Inu Coin is a decentralized cryptocurrency that fosters community interaction, created by the Shiba Inu Ecosystem. It’s built on top of the Ethereum Blockchain Network, like many other currencies.
It is a meme coin that was introduced as “Doge-Killer”, or Dogecoin’s competitor.
Shiba Inu coin has already supplanted several Dogecoin marketplaces and is becoming a well-liked option among cryptocurrency investors.
What is the Shiba Inu Ecosystem?
The Shiba Inu ecosystem is an open-source ecosystem of protocols, platforms, and decentralized applications (DApps) that enables the development of smart contracts and DApps on the Ethereum blockchain. The Shiba Inu token lives in the Shiba Inu ecosystem (SHIB). SHIB, an ERC-20 token, was created as a parody of the popular cryptocurrency Dogecoin (DOGE). Shiba Inu tokens are utilized to make purchases of goods and services inside the ecosystem.
Discussions on Shiba Inu adoration can take place in the Shiba Inu ecosystem. The community is made up of a wide range of people, from those who just enjoy the species to those who have dedicated their entire life to raising and displaying them. It is a place where individuals may congregate to exchange knowledge, gain from one another, and aid one another in their goals.
How did Shiba Inu Coin become successful?
Shiba INU’s website claims that SHIB is the “DOGECOIN KILLER” and that it is listed on their own ShibaSwap, a DEX. Ryoshi, a fictitious persona, invented the Shiba Inu currency in August 2020. Ryoshi claims that he is a nobody and an unimportant person and that any attempts to reveal his identity—even if successful—would be disappointing.
This meme coin acquired popularity and value swiftly as a community of investors was pulled in by its adorable appeal and headlines and tweets from notable individuals like Elon Musk and Vitalik Buterin. Vitalik Buterin, who was long thought to be the creator of the Shiba Inu, refuted such claims in June 2021 on the Lex Fridman podcast.
Shiba Inu intends to be an Ethereum alternative for the Srypt-based algorithm Dogecoin. Dog-themed cryptocurrencies like Baby Dogecoin (BabyDoge), Dogecoin (DOGE), JINDO INU (JIND), Alaska Inu (LAS), and Alaskan Malamute Token exist, along with Shiba Inu and the SHIB token (LASM). Investors who missed the Dogecoin surge, as it went from 0.0002 to over 0.75 USD, have shown incredible interest in these lower-valued currencies.
Shiba’s groundbreaking work led to the emergence of a plethora of replicas, including BitShiba, Shiba Fantom, Shibalana, King Shiba, SHIBAVAX, Captain Shibarrow, SHIBA2K22, SpookyShiba, and a lot of others. Shiba Inu copies may number more than 100, and the quantity keeps growing.
Shiba Inu was added to Coinbase’s platform, the biggest cryptocurrency exchange in the United States, in September 2021. Shiba Inu prices shot up to almost 40% in the two days that followed this revelation, resurfacing the meme dog token.
Since then, Shiba Inus experienced a surge in attention from other exchanges. Bitso, the main cryptocurrency exchange in Mexico, declared that SHIB will begin trading there. Giottus, which is an Indian cryptocurrency exchange, also made the same announcement. The largest cryptocurrency exchange in Europe, Bitstamp, declared that Shiba Inus would be listed for trade from the start of 2022. The South Korean exchange Korbit became the very first crypto exchange in the nation to list the SHIB currency in 2021.
What is the current Shiba Inu Price?
With a 24-hour trading volume of $84,385,238 USD, the current Shiba Inu price is $0.000009 USD as of December 2022. SHIB is continuously updated to USD pricing. Shiba Inu has increased by 0.39% during 24 hours. With a live market cap of $5,032,678,749 USD, CoinMarketCap now ranks 16th. There are 549,063,278,876,302 SHIB coins in circulation, and the maximum supply is not known.
The main cryptocurrency exchanges for trading Shiba Inu stock at the moment are Binance, BTCEX, MEXC, OKX, and Bitrue if you’re interested in finding out where to buy Shiba Inu at the current price.
