What Is Shiba Inu Coin: Important Things to Know About Dogecoin Killer 2021

Currently, the cryptocurrency market is experiencing its best times. Bitcoin has reached its historical maximum of $66.9K. The decision of the US Securities and Exchange Commission to approve the Bitcoin ETF also added a sense of optimism.

Traditionally, the rise of the largest cryptocurrency leads to an increase in altcoins value. For example, on October 27, Shiba Inu reached a peak in its value of $0.00008845.  What is SHIB coin? Who is behind it? Is it actually able to kill Dogecoin? Today, we will try to find out!

What Is SHIB Coin: Key Things to Know

What is Shiba Inu? Shiba Inu (SHIB) cryptocurrency appeared in August 2020. An anonymous user under the pseudonym Ryoshi created it. The coin positions itself as a Dogecoin killer, and its logo is a Shiba Inu dog, which is also depicted on DOGE coins.

The company has a so-called woofpaper, a parody of white paper, but with a woof. It, in turn, states the mission of the cryptocurrency. So, what is SHIB main idea?

The goal of ShibaSwap is to provide a safe place to trade your valuable crypto while remaining decentralized. We are loyal to our holders, and that gives us the means to grow exponentially. We will constantly scale this Ecosystem so it may bring ever increasing interested parties to the ShibaSwap platform.

The community of this cryptocurrency calls itself the Shiba Inu army. There are more than 120 thousand people in it. The woofpaper states that the project started from scratch and that developers, designers, marketers, and other team members had never worked together before. Obviously, the entire community of this coin loves Shiba Inu dogs.

What is SHIB cryptocurrency based on? Shiba Inu is based on the Ethereum blockchain because it has already proven itself and helped many developers create successful crypto projects. ShibaSwap strives to become the most popular cryptocurrency exchange focusing on ETH. 

What Is SHIB Cryptocurrency: How to Buy Shiba Inu?

What is Shiba Inu and how to buy it? SHIB is listed on ShibaSwap, Binance, OKEx, FTX, Kucoin, CoinBene, Probit Global, CoinDCX, WazirX, Crypto.com, and Huobi. Now its rate is $0.00007984.

David Xiao, head of the Block Journal cryptocurrency industry magazine, says that the rise in the Shiba Inu Coin rate is associated with the growth of DOGE.

Yet analysts agree that Shiba Inu is as volatile as other meme coins or stocks like DOGE or GameStop. Ben Caselin, head of research and strategy at the AAX crypto exchange, says:

The hype around meme coins such as Shiba … is not a financial, but a social phenomenon

Let’s recall that back on May 7, the price of Shiba Inu coin was minimal — 0.000001478 per coin. And on May 11, it cost $0.00003641 at its peak. Over the week, Shiba Inu increased by 2260%. To date, the market cap of the coin is estimated at $8.4 billion.

What Is Shiba Inu: Price Prediction

On October 23, 2021, the coin increased from $0.00002821 to $0.00003404. The bullish trend has continued to this day.

7 Day SHIB Price Chart

Optimistic forecasts show that the Shiba Inu cryptocurrency will be able to grow by about 36% in a year. And by the end of 2025, it will grow to $0.0001859.

CoinCodex also indicates that the market is now bullish, and the coin will continue to rise.

At the same time, no matter how optimistic the fans of the meme coin may be, reaching a value of $1 is almost impossible, says Don Guo, head of Broctagon fintech company:

In order for SHIB to reach a dollar, it requires a market capitalization of one quadrillion U.S dollars. In comparison, the entirety of the U.S. National Debt is $23.3 trillion – and even that staggering sum constitutes less than three percent of the amount required for SHIB to reach that price point. Given current trends, it is more likely that Shiba will remain within its ballpark of less than a fraction of a cent.

In any case, before investing money in cryptocurrency, do your own research on the asset. Invest only as much as you can afford to lose.

Shiba Inu Vs. Dogecoin: Which Coin Is Better?

What is SHIB cryptocurrency? Why is it usually compared with DOGE? Joe Weisenthal, Bloomberg TV presenter and podcast author, is confident that the Shiba Inu token has advantages over the famous Dogecoin. 

According to the journalist, it is incorrect to call Shiba Inu a clone of Dogecoin since the altcoin has a full-fledged ecosystem with its own DEX as well as the ability to create non-fungible tokens (NFTs), and smart contracts.

Weisenthal recalled that Shiba Inu took 11th place in the list of the largest cryptocurrencies by capitalization ($24.6 billion), according to Coinmarketcap. The token has moved closer to Dogecoin, ranked 10th on the list ($31.3 billion). 

The journalist also predicted that the capitalization of Shiba Inu might exceed the market value of Dogecoin in the future.

Conclusion

Well, what is SHIB? Shiba Inu is a coin experiencing its best times today! On October 27, the price of the SHIB token renewed its all-time high to $0.00008845. Over the day, the altcoin has grown by 33%. Monthly growth was 770%.

What is SHIB coin? What other interesting facts about DOGE killer do you know? Feel free to share your knowledge in the comments below!

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