The Shiba Inu coin was created in August 2020 by an anonymous Indian named Ryoshi. It was conceived as a Dogecoin altcoin and released as a parody or joke rather than a useful digital product. This meme coin is named after the Japanese Shiba Inu breed. Crowds, memes, persistence, and dogs have made it insanely popular on significant cryptocurrency exchanges.
This coin is a community-based decentralized cryptocurrency developed in the Shiba Inu ecosystem and built on the Ethereum blockchain network. As it has already dominated some Dogecoin markets, it has been released as a meme coin as a competitor to Dogecoin, attracting much attention from cryptocurrency investors. Therefore, it is considered an alternative to Dogecoin.
As of May 12, 2021, the cryptocurrency was almost useless, i.e., $0.0000029. In less than a year, on October 28, 2021, the coin hits a new all-time high of $0.000072. Shiba Inu’s price increased more than tenfold in October 2021, reaching a market cap of $35 billion as of October 31, 2021, making it one of the top 10 cryptocurrencies by market capitalization. Shiba Inu’s dream became a reality after Vitalik Buterin, founder of Ethereum, the world’s second-largest cryptocurrency, donated nearly $1 billion of Shiba Inu coins to India’s Cryptocurrency Relief Fund.
Investors in Shiba Inu should consider several details of their investment:
- Affordable price
- Limited usability and use cases
- Soaring prices
Why is Shiba Inu Coin So Popular?
The cryptocurrency market is unpredictable and volatile, and currencies with no chance of coming on top suddenly soar in value. The cryptocurrency exchange rate rose sharply in early October 2021. Initially, rumors of introducing a decentralized exchange spread 55 years later, and its value continued to increase by 240% in a week.
Listed on WazirX, India, Shiba Inu is the largest cryptocurrency with a market cap of $32 billion. In October 2021, it grew 777% in just 30 days. As of October 28, 2021, Shiba Inu and Dogecoin’s combined value exceeded the market cap of 388 companies in the S&P 500. On August 1, 2020, SHIB traded at $0.00000000051. So, an astronomical 12,715,586% growth at the price of $0.00006485 as of October 31, 2021! This means that $1 invested in SHIB as of August 1, 2020, is $127,156 as of October 31, 2021.
On October 27, the value of the Shiba Inu cryptocurrency surged significantly, surpassing primary digital tokens as the market fell 6.46%. At the time, it was honored as the best player on Coinbase.
The surge could be due to rumors that Robinhood might consider listing the coin. Investors believe that a Robinhood listing can boost their coins a lot. There are two main reasons for the popularity of Shiba Inu Coin. First, crypto investor were encouraged by the launch of the NFT Shiba Inu and rumors that SHIB will be included in the popular stock and cryptocurrency trading app Robinhood.
Another was a tweet from Elon Musk, who said he wants to have a Sheba puppy that has blown up the crypto market, and its price has increased by 300%. On October 18, 2021, Musk tweeted a picture of the Shiba Inu, trading for $0.000026. His tweets increased the value of the coin. It traded for around $0.000027 over the weekend. The next day, it was close to 50%, soaring to $0.000044. Elon Musk is one of Dogecoin’s most famous proponents, so his tweets increase the volatility of the cryptocurrency space. The crypto market collapsed when Musk later announced that Tesla would no longer accept Bitcoin for products due to environmental concerns. We hope to see the Shiba Inu coin rise 29% on November 5, 2021, allowing Robinhood Markets to list the token on its trading platform.
The Shiba token, also known as SHIB with a market cap of $31 billion, currently sits an impressive $34 billion in Dogecoin, the title of Best Crypto Meme. SHIB recently traded at $0.00005708 in a 24-hour trading volume of $10.3 billion. This return marks Shiba Inu fulfilling founder Ryoshi’s goal of creating something out of nothing in bulk. These incidents were sparked by a speculative craze driven by social media.
Shiba Inu is a precarious, speculative investment. These cryptocurrencies are highly volatile, and Shiba Inu has minimal utility. The only reason for the spike in the value of this meme coin past year is the social media-fueled speculative frenzy. Initially, this coin had a lower weight, but suddenly its price spiked to such a level that it soared more than ten-fold in October 2021. As a result, it attracted a considerable number of traders, investors and gained significant media attention. It is gradually rising since there are rumors about the coin being listed and because of Elon Musk’s tweet.