Shiba Inu (SHIB) has existed for quite some time now, and it has repeatedly been known as one of the cryptocurrencies with vibrant community backing. The token is inspired by the Dogecoin crypto and has since become one of its major rivals. Since its launch, the cryptocurrency has grown immensely, and today, it is one of the top 20 cryptocurrencies ranked by its market capitalization.
Shiba Inu was initially listed on ShibaSwap, a decentralized exchange platform for Shiba Inu. The token, however, was created anonymously, just like Bitcoin, with the founder calling himself, Ryoshi. Shiba has since grown over time, and now the token is listed as one of the most popular cryptocurrencies in the world, with a stable ranking consistently above #20 on CoinMarket1cap.
Shiba Inu has an inherent relationship with other tokens, such as LEASH and BONE, used as governance tokens on Shiba Inu’s Decentralized Autonomous Organization. One famed investor bought $5,000 Shiba Inu in late 2020, which was worth over $5 billion at its peak. This being said, that same investor is now barely a billionaire –– Shiba Inu has depreciated nearly 75% from its all-time highs.
There are several broad aspects to consider when determining the application of a cryptocurrency. The meme coin, for instance, borrows several qualities from different cryptocurrencies, making it relatively similar to other meme coins. Although these tokens are often referred to as meme coins, it is evident that they sometimes offer value that can’t be found achieved when using mainstream tokens like Bitcoin and Ethereum.
Due to its relatively low transaction fees, the SHIB can essentially be used as an online currency – one of the main goals of developing Bitcoin, according to Satoshi’s Bitcoin Whitepaper.
– Shiba Inu has a large and vibrant following on social media, including crypto celebrities like Elon Musk and Vitalik Buterin. – The Shiba Inu ecosystem is rapidly expanding with a dedicated team of developers. Shiba Inu intends to grow into more than just a meme coin and provide real utility to the community. – SHIB has impressive cryptocurrency market listings and is accepted as a means of payment by many merchants.
Shroud of Mystery. The lead developer Shytoshi Kusama uses a pseudonym, and investors only learn of developments through sporadic articles on social media. There’s no centralized hub keeping track of announcements and developments – meaning we’re almost relying on the words of an anonymous source.
Unclear tokenomics. The BONE token expected to be used for governance and gas fees on Shibarium has a limited supply of 250 million tokens. How the tokens will be migrated to Shibarium and used for gas and governance is unclear.
There is stiff competition in the layer-2 blockchain, metaverse, and collectible play-to-earn gaming space. It is unclear how it will compete against these cryptocurrencies with a decentralized base and general anonymity among lead developers.
Shiba Inu is a good investment due to the support of its big, thriving community. Currently, the price of SHIB is around $0.00001016, with a market capitalization of $5.57 billion. There are also 549,063 billion SHIB tokens in circulation.