This is extremely promising for Shiba Inu’s future and is proof that the team wants it to go beyond the status of just a meme coin.Īlthough the technology is certainly promising, it doesn’t mean that Shiba Inu is guaranteed to be worth a lot of money in the future. In addition, they have also announced plans to enter the Layer-2 space with its own network focused on scalability. They have launched a decentralized exchange called ShibaSwap that was created for users to stake their SHIB tokens in exchange for interest. Thankfully, the team at Shiba Inu hasn’t forgotten about this. After all, the value of a coin needs to be relative to its real-world use and not just the fact it has a cute dog as a symbol. The Technology Behind the Shiba Inu Coin Cryptocurrency is Starting to GrowĬryptocurrencies need to keep up in terms of technology if they want to appeal to a larger audience. But should you invest in Shiba Inu, or is it doomed to forever be a meme coin with no real value? No one can tell you that for sure, but here, we’ll examine some of the reasons you might want to start investing in this coin now. It has a well-known mascot and is starting to build a large and loyal following. Shiba Inu is currently growing in popularity as a meme coin.

Why Should You Buy Shiba Inu Cryptocurrency? This is what happened with Dogecoin and could easily happen to Shiba Inu. Memecoins are typically made as, well, memes, but with widespread adoption from reputable influencers, they can quickly take on a life of their own and begin growing out of raw popularity. In January 2022, he even made an announcement that some Tesla products could be purchased with Dogecoin.

Although it originally started as a joke, the coin has been given a lot of publicity thanks to Elon Musk: It would jump in value every time the Tesla founder tweeted about it. The highest it has reached was $0.64 on May 7, 2021. The first popular meme coin was Dogecoin, which currently sits at $0.08. However, they do share the status of meme coins. While both coins are themed around the popular Shiba Inu breed, Shiba Inu and Dogecoin (DOGE) are completely separate projects. Shiba Inu runs on the Ethereum blockchain because it’s well-established and allows it to remain independent. This prevents it from being monopolized and gives more power to regular individuals who want to buy, trade, or use the currency. Decentralization is one of the biggest selling points of cryptocurrency, giving it the ability to function without being impeded by authoritative institutions such as banks and government bodies. Shiba Inu was created with the purpose of preserving decentralization. It’s currently unknown whether this is a group or an individual. This essentially means that it runs on the Ethereum blockchain, hence why it’s known as an Ethereum-based cryptocurrency. Shiba Inu is also known as an ERC-20 token. Since the value of a meme coin can fluctuate wildly, many investors find it hard to build a large position in the coin because the value could change drastically over a couple of years. While this famous Japanese dog breed itself isn’t a meme, it has been featured in many iconic internet pictures.Īs a result of its status as a meme coin, many investors and cryptocurrency enthusiasts have deemed it unworthy of serious consideration. In this case, the theme is the popular Shiba Inu dog. It’s also known as a meme coin, meaning that it was originally conceived as a result of an internet meme. It’s known as an altcoin, which is basically a name for any cryptocurrency that isn’t Bitcoin. Shiba Inu is an Ethereum-based cryptocurrency. With so many new tokens coming out, what makes the Shiba Inu token (SHIB) a coin to start investing in? As of 2022, there are approximately 10,000 types of cryptocurrency coins, up from just a handful back in 2013. The world of cryptocurrency is constantly growing and changing with new technologies.

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