Shiba Inu is a cryptocurrency launched in August 2020 and developed by an anonymous founder named Ryoshi, believed to be sourcing from China. It is established and originated from the doge meme that became famous during 2013 when it first surfaced on the internet with a Shiba Inu dog and misspelled words to make it appear funny.
According to a survey, people declared dogs as their favorite meme animal around the year 2010 and then the cryptocurrency Dogecoin was introduced based on a similar concept in 2013. The exchange price of this cryptocurrency notably experienced an upsurge in early 2021.
Its value increased as high as 240% over a single week, Shiba Inu coin price
The founder of Shiba Inu comes from the thought attributes of ‘Experiment in decentralized spontaneous community building.’ According to Ryoshi, collective decentralization can create something substantial that a centralized team can never match.
Shiba Inu was a project that started from nothing and with nothing in the hope of creating something entirely from scratch. Even after the recent success of Shiba Inu and all the gains, it still costs only a fraction of a cent.
This aspect makes it very easy for investors to buy millions of SHIB tokens only in a few hundred dollars. Still, the cryptocurrency does not have much utility currently.
Shiba Inu Frenzy and 5-Week Winning Trend
Shiba Inu had been trading at a low rate before the sudden peak in popularity. It became a popular alternative against many well-known and established cryptocurrencies like bitcoin and Ethereum. After Its victory enshrouded Dogecoin launched in 2013, it proclaimed itself the dogecoin killer.
Up to November 2, last week, the all-time high price increased six-folds, approximately 116,560 of the number of addresses that acquired the cryptocurrency, according to sources from Into he Block .There was a noticeable rush to buy the cryptocurrency near the lifetime high price was witnessed among investors in fear of missing out, often seen in the last leg of the bull market.
This past trend of the cryptocurrencies record does not guarantee its future performance nor its imminent crash in retrospect with the events in May. But this indicates the degree of speculative action and instability taking place. The dogecoin killer fell about 15% in the past week after its rise breaking its five-week all-kill, which witnessed prices rising by 10 folds.
Current Price of Shiba Inu Token
The price of the baby Shiba Inu coin is around $0.000000008817 currently.
Token Price Trend
The price of the cryptocurrency dropped on the 21st; there was a crash in other cryptocurrencies after the price of bitcoin fell below the current value of $40,000. The fluctuating prices of cryptocurrencies, including Shiba Inu, are sometimes influenced by the controversial statements regarding cryptocurrency by the Tesla founder, Elon Musk.
Baby Shiba Inu Token Track Record
Shiba Inu was one of the most popular cryptocurrencies in 2021. Shibu Inu is not a coin but a token of the Ethereum blockchain. It was first launched as a community joke against Dogecoin but became a billion-dollar crypto project competing against bitcoin.
The Shiba Inu ecosystem consists of three overall tokens that are Shiba Inu (SHIB), leash (LEASH) and bone (BONE). Currently, the Shiba Inu coin is the most prominent among them all.
Shiba Inu was recently listed on Coinbase for the first time in mid-September 2021, and it has also become a part of the cryptocurrencies available in Coin switch Kuber, a famous Indian digital currency exchange and trading platform. The Ethereum co-founder Vitalik Buterin burned about 40% of this cryptocurrency, and they are out of circulation and cannot be reused.
Shiba Inu coins are generally available on the well-known and prominent shot trading and exchanges like Coinbase and Binance as they are not widely available as it is a comparative newcomer and all the other altcoins in the shadows of Bitcoin and Ethereum.
Investment Risk and Benefits
Apart from all the hype of this cryptocurrency, there are many valuable utilities offered by ShibaSwap, including NFTs and Defi-platform. Generally, investing in cryptocurrency is considered risky and rightly so due to the market’s instability and volatile nature.
Investing in decentralized and unregulated by regular banks and other joint and well-known financial regulators comes with risks. While investing in cryptocurrencies, we all need to research and find out if they are backed by the assets and the cash flow of underlying businesses.
This aspect is one of the essential things that differentiates or separates traditional investments from cryptocurrency. Since Assets and Businesses do not support Shiba Inu, optimism and speculations are the only things the investors rely on.
The sudden frenzy of Shiba Inu may have had eye-popping returns, but these were driven mainly by social media hype as cryptocurrency enthusiasts are generally in search of something new and exciting.
Apart from all these aspects, the volatile nature of the trade might one day burst the bubble, which would lead to high retail investors who got the longer end of the stick with an empty bag and nothing else. So, time and time, we are reminded to be very careful and do our research repeatedly.