Why Did Shiba Inu Cryptocurrency Suddenly Rise to Prominence?

Why Did Shiba Inu Cryptocurrency Suddenly Rise to Prominence?

Introduction to Shiba Inu

Shiba Inu (SHIB) is among the newly-released crypto coins that have produced a sensation among crypto savvies tremendously. Its popularity and demand has turned around rapidly and its market capitalization has enhanced so much that it has been listed among the top 20 largest cryptocurrencies of the world. At present, many people speculate that this coin will take over Dogecoin (DOGE) only to become the most widely circulated cryptocurrency in the world.

As of early 2021, Dogecoin is looked on as a goldmine in the crypto market after being endorsed by high-status investors, for example, Tesla CEO Elon Musk and Dallas Mavericks owner Mark Cuban.

The coin was originally launched as a joke but recently it exploded to such an extent that in a very short time it today ranks as the 4th largest cryptocurrency with a market capitalization of over $70 billion. Even the developers disapproved of it and considered it as a costly joke when its market capitalization hit $70 billion.

In any case, Shiba Inu is among the most foremost meme coins or crypto coins in the world and it is currently rising to attain a much higher level of success.

How Does Shiba Inu Work?

Shiba Inu, not to be confused with Dogecoin, bearing a similar dog theme, is popular very much among crypto buffs. Shiba Inu is also sometimes dubbed as a “Dogecoin killer”, as it is purposely designed to overtake dogecoin.

Similar to a variety of other cryptocurrencies in the market, Shiba Inu functions on a decentralized computer network running on a database known as blockchain. By the bye, Shiba Inu fundamentally works on the ETH blockchain having the same features, functionality and security. This blockchain database monitors and handles the cryptocurrency, affirms all transactions and registers all transactions taking place with it. 

What to Expect From Shiba Inu in 2022?

There has been an intermittent inflation in the value of Shiba Inu in 2021, nevertheless, the meme and crypto coin has plummeted by over 60% compared to its ATH or All Time High in October in the year 2021. Whatever it is, CryptoNewsZ’s professionals are of the conviction that the cryptocurrency gives bullish cues for the current year 2022 and, as per the Shiba Inu predictions, may even hit its past All-Time High.

Several key investors of the world have lately bought SHIB coins, making the most of the depreciation in its price. The interest of coin holders may point out an appreciation in its price in the future.

Why Did Shiba Inu Cryptocurrency Suddenly Rise To Prominence?

Shiba Inu is the creation of a mysterious and anonymous Russian individual(s) named “Ryoshi” sometime in August 2020. However, the innovative creation of currency remained in the dark until a few months until Elon Musk introduced the Shiba Inu dog in one of his cryptic tweets. In those tweets, Mush informs investors that he was switching from Dogecoin to Shiba Inu in terms of giving support. Moreover, a web petition created on the website www.Change.org, asking for Shiba Inu to be listed on Robinhood trading platform, has earned great support. As of late, it launched a sequence of non-fungible tokens referred to as “shiboshis”.

All these aspects altogether seem to contribute to appreciating Shiba Inu’s value over 10-fold in October, once furnishing it with an improved market capitalization compared to its major competitor Dogecoin. The coin is today listed amidst the top 10 cryptocurrencies of the world.

Will SHIB Rise Further?

SHIB coins can increase in value as there are few coins in them making every Shiba Inu coin rare and unique. The price of the SHIB coin has fluctuated massively in recent weeks, rising from a low of $0.00000809 to a high of $0.00001198. Analysts and commentators say they expect prices to continue falling.

Finally, SHIB should be seen as the thousands of other joke coins that have popped up in recent months as traders turn their attention to meme-based cryptocurrencies instead of coins that work with the technology. out-of-the-box comes with many of the same basic use cases as Ethereum. 

Final Thought

While Shiba Inu made its entry into the world of crypto currency as a “meme” token, many of its holders and supporters are of the conviction that its worth is even more than what it is today. The plan has developed into something more than just a token subject to pump & dump and substantial market management, as was originally observed. Functionalities, for example, DEX and DAO hint that its developers want to promote an improved SHIBA ecosystem for everyone who stakes on the project.

However, it is important to note that Shiba Inu is today not only a great “meme token” but also it has become a crypto of great value for every crypto savvy. Last but not the least, when it comes to the future of Shiba Inu, it will be largely decided by its community, its SHIBArmy, and the entire whole crypto community.

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