Following Bitcoin and DogeCoin, Shiba Inu Coin has surged in popularity, even gaining a second place among virtual currency hot topics. SHIB Coin, sometimes referred to as Shiba Inu cryptocurrency, was launched in August 2020.
Along with earlier DOGE, ELON, and AKITA currencies, it is a “copycat currency” that views itself as an experiment in establishing a decentralized spontaneous community.
Naturally, the meteoric rise of Shiba Inu Coin cannot be separated from Elon Musk’s KOL status on Twitter.
Tesla’s independent director, Hiromichi Mizuno, stated on Twitter on May 7th, “It’s great if investors want to trade Shiba coins in the short run, but don’t even consider it with Shiba dogs.” Musk quickly answered, “I’m searching for a Shiba puppy!” Following the publication of this tweet, the unit price of Shiba Inu Coin increased by more than 1400 percent versus the previous unit price during the next three days, reaching more than 200,000 times the issue price.
Numerous investors in China have also joined this virtual currency speculation boom, however, the explosive growth of SHIB Coin cannot be disregarded in light of China’s governmental stance toward cryptocurrencies.
Cryptocurrency – The Importance in Market
A cryptocurrency, also referred to as a “Token,” was developed by “Satoshi Nakamoto” under the Bitcoin moniker. By utilizing blockchain technology (“distributed ledger”) as the foundational technology, a decentralized accounting system is established in which each user may retain a record of all transactions done since the cryptocurrency’s inception on his or her computer.
Each user maintains a fair and open record that cannot be tampered with or seized. Although it is referred to as a “copycat currency,” SHIB Token was created using the same blockchain technology as Bitcoin, and so falls under the definition of Cryptocurrency.
While Elon Musk was preparing to host Saturday Night Live, the Dogecoin ($DOGE) frenzy resulted in a huge price spike. He shared his favorite dog-themed cryptocurrency in a comedy with his mum.
However, do you recall the classic Shiba Inu meme? The dog that served as Dogecoin’s mascot. Now, it has its cryptocurrency and continues to dominate the internet game.
Dogecoin no longer appears to be the sole meme cryptocurrency. Shiba Inu is a cryptocurrency built on Ethereum and is currently the fastest growing cryptocurrency in the top 100 by market value. Shiba Inu coin, which is positioned as a Dogecoin substitute, has recovered 1,970.57 percent during the previous seven days.
Due to the fact that Dogecoin’s mascot is a Shiba Inu dog, the current cryptocurrency SHIB has blatantly plagiarized the joke currency in order to capitalize on its popularity.
The Increasing Popularity
Given the popularity of exponential growth among freshly created cryptocurrencies, the increase should come as no surprise and should serve as the sole justification for investing in this currency. This is because their monetary value is reduced. Shiba Inu’s value is present $0.00000163, down from $0.0000006 in mid-April, according to CoinMarketCap.
The Shiba Inu dubbed the “Dogecoin Killer,” is gaining traction among Chinese cryptocurrency dealers.
According to its designers, SHIB will cultivate its environment. ShibaSwap, a decentralized Ethereum network exchange where group members may trade, purchase, sell, and HODL for prizes, have the potential to make this a reality.
Additionally, it is marketed as an incubator for artists, indicating that non-fungible tokens (NFTs) may play a significant part in the ecosystem.
Apart from that, little more is known about SHIBA. According to the company’s website, these are cryptocurrency tokens that enable customers to carry trillions of them. Shiba Inu’s fame has soared as a result of Dogecoin’s current recognition and enthusiasm.
It was a complete rip-off of Dogecoin’s success. It has grown in popularity to the point where it is now listed on Binance and FTX, in addition to OKEx, KuCoin, and Poloniex.
However, the Chinese government’s present regulatory stance toward cryptocurrency transactions between people, particularly those on offshore platforms, remains uncertain, while not ruling out the potential of future tougher regulation.
Additionally, given the inherent high risks associated with Cryptocurrencies (such as hacking, money laundering, over-issuance, and non-withdrawal, among others), it is prudent for investors to exercise caution with cryptocurrencies, make rational investments, manage investment risks prudently, and maintain the security of their assets. As Bank of England Governor Andrew Bailey put it, “If you want to acquire cryptocurrency, you should be prepared to lose everything.”