Shiba Inu Coin
The cryptocurrency has made news recently after Vitalik Buterin donated 50 trillion to the relief fund for India, and the Shiba Inu team is gaining popularity with its community and use cases. This new altcoin is a bit different than its most famous rival because of its community driven design. While it does not have sophisticated use cases, it is a bit different from the rest of the crypto universe.
While the value of SHIB has risen and fallen in recent months, the price of this cryptocurrency has consistently been making headlines. Its popularity stems from its association with Dogecoin, which has received massive public support from Elon Musk. After Musk tweeted that he didn’t own any SHIB coins, the value plummeted 20%. But when he posted a picture of his puppy, the price of SHIB spiked.
The price of Shiba Inu Coin is relatively low, which has made them a popular choice among investors. This cryptocurrency has a total supply of 250 million BONE tokens. While they are not a fungible asset, they are a great option for people who want to get involved in decentralized finance. But keep in mind that a Shiba Inu isn’t for everyone. A good investment isn’t necessarily a good investment for you.
What Is Shiba Inu Coin?
The company behind the Shiba Inu coin says the new cryptocurrency is an experiment in decentralized spontaneous community building. The token is slated to launch on Uniswap in August 2020 and is already listed on the decentralized exchange. The website also claims that 50% of the supply is locked into Uniswap, a platform that facilitates automated cryptocurrency transactions on the Ethereum blockchain. As such, investors are encouraged to consider it as an investment if they want to earn big profits.
The Shiba Inu cryptocurrency was created under the pseudonym Ryoshi. He could be a single person or a group of people. The coin’s ecosystem includes three distinct tokens: the Shiba Inu Coin and the Yoji Token. Both are used for lending and staking. The Yoji Token is also used for transactions. Moreover, the Shiba Inu has a good reputation in the market and can be easily bought and sold.
While the Shiba Inu coin is a meme, its value is purely based on speculative frenzy. The price of Shiba Inu coins is a fraction of a cent, but the average investor holds it for just 11 days and views it as a lottery ticket. Its users have viewed it as a fun and unique currency that is not suitable for investment in the long run.