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As the crypto market is beginning to mature, investors can see the launch of many new altcoins. While very few altcoins have the potential to beat Bitcoin, the #1 cryptocurrency globally, a relatively new crypto asset seems to have already created a dent. Shiba Inu is the latest meme coin on the block whose views have skyrocketed in the last calendar year, surpassing the views of even Bitcoin.
In 2021, the Shiba Inu coin reportedly amassed 43 million more views than Bitcoin, attracting the attention of both retail and institutional investors. If you don’t keep up much with the latest crypto news and are unaware of this new coin, let us help you out. The Shiba Inu coin is an Ethereum-based meme coin featuring Shiba Inu, the Japanese dog breed, as its mascot.
Its sudden popularity resulted in the token’s price soaring sky-high, giving its investors as much as ten-fold returns. Even the market capitalization soared, resulting in many top crypto exchanges listing the token as a supported cryptocurrency on their platform. Ever since Shiba Inu became popular, many started believing that it could kill Dogecoin over a period. But can it really? To see if Shiba Inu can really beat Dogecoin or not, you’ll have to be aware of the following seven points about this new promising meme token.
1. Shiba Inu has an Anonymous Founder
The token Shiba Inu was launched by an anonymous founder who preferred to remain veiled under the name “Ryoshi.” While some say it can be a negative point for this coin’s growth, others argue that it won’t matter since people still don’t know who Bitcoin’s founder, Satoshi Nakamoto, really is. But the prices, popularity, and demand of Bitcoin are still sky-high. The same can happen with Shiba Inu too.
2. Utility-Driven Ecosystem Offering Various Relevant Utilities
Contrary to the popular belief that meme coins don’t serve a real purpose and are driven mainly by hype, Shiba Inu offers a range of useful utilities. Similar to Ethereum, even its platform called ShibaSwap’s offers a secure environment to facilitate cryptocurrency trading run NFTs, Defi’s, and more. Though the platform is in its nascent stage, it can add more utilities to its list as it matures and grows with time.
3. The Vitalik Connection Not Many Know About
If news published on various reputed outlets is to be believed, Shiba Inu’s anonymous founder sent approximately 50% of Shiba tokens to Ethereum’s co-founder, Vitalik Buterin. Though people are speculating if the transfer was a marketing gimmick or a safekeeping fund, the truth is yet to be out. It is also said that Vitalik sent around 50 trillion Shiba Inu coins to a COVID-19 relief fund in India, post which he burned around 90% of the balance coin supply by transferring it to an inaccessible wallet.
4. Shiba Inu Supports Specific Defi Products
Shiba Inu uses the power of smart contracts to run some Defi projects. It has helped people lend and stake them in a secure environment, giving the platform an added opportunity to earn recurring fees from its users. Though its smart contracts are not yet too advanced, one can expect good things and more updates in the future, which will ultimately result in high prices and market capitalization.
5. Is Shiba Inu Really a Dogecoin Killer?
If you visit Shiba Inu’s official website, you will see SHIB being directly listed as a Dogecoin killer. Though Dogelon Mars, Floki Inu, and Doge Dash also use the peculiarly similar dog branding for marketing the coin, none but Shiba Inu came forward directly challenging Dogecoin. Ever since the coin was launched, it is giving a rough time to Dogecoin.
As Dogecoin is pretty much similar to Bitcoin but lacks features like smart contracts, Shiba Inu has taken advantage here. Shiba Inu fills this gap by being a meme coin that offers smart contracts, which can very much be said to be a Dogecoin killer. This feature alone has also resulted in severe Dogecoin price fluctuations, making Shiba Inu a winner in the race.
6.’Coin is in the Good Books of Elon Musk
We all know how much the price, popularity, and demand of a cryptocurrency can increase if it receives word of support from a blue tick verified social media handle, especially Elon Musk. Luckily, Shiba Inu is in the good books of Elon Musk, and he even tweeted that he is going to invest in it. This tweet alone resulted in Shiba Inu’s value going as high as 300%.
7. Shiba Inu (SHIB) is a Highly Volatile Currency
The highly speculative nature of the cryptocurrency market is not hidden from anyone. And when it comes to altcoins or meme coins, they possess an additional challenge. In many crypto exchanges, these currencies are listed with a word of caution, which can turn away certain investors. However, the good part for Shiba Inu enthusiasts is that it doesn’t seem to create even the slightest dent in the purchase requests of this token.
In fact, people purchased record high Shiba Inu (SHIB) last calendar year, and the more the demand, the more the value of cryptocurrency. However, despite all these positive things, one should not casually invest in Shiba Inu or any other cryptocurrency, for that matter of fact, as the markets are risky and price swings are wild. It is certainly not for the faint-hearted.
What Next?
While 2021 was undoubtedly the year of Shiba Inu, we will have to wait a few weeks into this year to see what this coin has in store for its investors. If you’re willing to invest in some Shiba Inu tokens, make sure to do thorough research before buying any. It will keep you and your investments relatively safer than most.