TL;DR Breakdown
- Ryoshi, a group of developers, founded Shiba Inu in August 2020.
- By using smart contracts and other advanced features, it will support DeFi.
Shiba Inu is again one of the trending tokens in 2022 as the market gains new value. The rise in the value of the coin has been great news to those who want to make an investment in crypto for long-term profits.
Shiba Inu has performed better in comparison to many coins in the market. It is in the good books of Elon Musk which adds further to its value. The recent announcement from SHIB for joining hands with Welly’s will promote it further. As the gains of this token increase, so will the profits of investors who have put their capital in it.
Shiba Inu has remained the most popular token, and it is expected to continue at the same pace in 2022.
Here is a brief overview of Shiba Inu and what you need to know about it in 2022.
Shiba Inu – Ethereum-based token
Shiba Inu is an Ethereum based token that uses ‘Shiba Inu,’ the popular Japanese dog, as its mascot. It has given a tough time to Dogecoin, and many of its supports think that it will eventually kill the value of Doge.
Like Dogecoin, Shiba Inu resulted from the memes and jokes created on social media. In contrast to other coins, these weren’t there in the market for some business purpose. Later, the situation changed, and they found their place as tokens of significance. Shiba Inu was founded by a group of developers called Ryoshi in August 2020.
Since then, it has made significant gains and continues to be amongst the top-leading tokens in the market.
Things you need to know about SHIB in 2022
As the market for Shiba Inu is growing, there is a growing curiosity about it. We have collected some basic facts about it that the readers need to know in 2022.
Here is a brief overview of them.
Anonymous Founder
Shiba Inu has an anonymous founder like bitcoin and is called Ryoshi. There has been no information about the developer as it hasn’t been confirmed whether it is an individual or a group.
The development of this token from creation by a pseudonymous developer to a multi-billion-dollar project is enormous.
Threat for Dogecoin
Its supports call it Dogecoin-killer because of its potential to give Dogecoin a tough time. It has attracted investments because of its ability to perform smart contracts and other on-chain features. For this reason, it has posed challenges to the thriving of Dogecoin.
Support for DeFi
Decentralized finance is one of the developing ideas that will have a central place in Web 3.0.
Shiba Inu supports DeFi using its smart contracts and other advanced features. This way, it can gain further value in 2022 because of the developing DeFi and Web 3.0 projects. It will earn passive fees from the transactions that it processes.
Utility-driven ecosystem
The ecosystem for Shiba Inu is utility-driven, which means that it supports utilities like DeFi (ShibaSwap), NFTs, and other projects. Thus, it is no longer just a meme coin and can generate revenue.
Using these features helps with the promotion of a decentralized system for cryptocurrency.
Token, not a coin
So far, it has no blockchain system, which makes it a token, not a coin. Coins have their blockchain systems. It is based on the Ethereum blockchain system, and there are chances that it will have its blockchain system soon.
Possibility of growth
The possibility of growth of this token is greater because of the new projects that it has launched. These include its partnering with Welly’s and other prospective programs. The estimated views of Shiba Inu in 2021 were more than 43 million, and 2022 can be even good for it.
So, it has the chance to grow at a swift speed in comparison to other tokens.
Final thoughts
Shiba Inu is becoming one of the mainstream tokens. 2022 is expected to bring more fame and gains as new deals are signed. The new developmental and real projects will help Shiba Inu increase profits and new investors to the system. If the progress for its growth continues, it has the chance to challenge other major coins in the coming few years.
