WHAT IS SHIBA INU: A New Competitor Coin on the Market

After the dizzying growth of the DogeCoin cryptocurrency, in the last week, another coin has recorded great growth and threatens to endanger our favorite crypto-dog. Shiba Inu is a new cryptocurrency that has recently been listed on OKEx and Binance exchange offices and is recording dizzying growth.

WHAT IS SHIBA INU: A New Competitor Coin on the Market

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DogeCoin started as a joke, a meme cryptocurrency that surpassed Bitcoin in a short time. Unlike the most popular cryptocurrencies, which, in addition to supply and demand, base their value on the number of miners who dig them, but also on their use, DogeCoin depends exclusively on popularity, which means that its price is very unpredictable. If we tell you that it jumped from 6 to 71 cents a few weeks ago, it is clear to you that it is huge growth.

Elon Musk is a big supporter of DogeCoin cryptocurrency, and recently, our favorite dog got a new competition in the so-called Shiba Ina coin, named after the dog breed to which DogeCoin also belongs. Shiba Inu was introduced about a year ago, and currently, it is traded under the name SHIB, and is considered by many to be the "killer of DogeCoin coins". One Shiba Inu coin is almost worthless, with a price of 0.00001759 dollars at the time of writing, but it has recorded a huge increase in the last seven days when the price jumped 30 times and the value exploded to 13 billion dollars

The dizzying growth started with the two large exchange offices OKEx and Binance announcing that they will include Shiba Inu among the coins they trade with. It should be noted that DogeCoin and Shiba Inu are working on the Ethereum blockchain and that their popularity is very pleasing to the second-largest cryptocurrency of all time. Add to that the fact that one of the founders of Ethereum, Vitalik Buterin, donated a billion dollars of Shiba Inu coins to the fund for the fight against the Covid-19 pandemic in India.

The founder of Shiba Inu Coins has the idea that popularity comes with time with the development of the community. This includes the ShibSwap exchange, the Shib development team, coin owners, and fans, who contribute to the development of the community and thus the popularity of coins. That it is really a meme coin is clear to you when you read the official manifesto, the so-called "whitepaper", which is called "woofpaper", letting it be known that meme coins reject any kind of protocol, restrictions, and formalizations.

Ryoshi claims that he gave half of the coins to Vitalik Buterin when he created the cryptocurrency, which is a little intimidating because if Buterin really has 50% of all coins, he can manage the value of this cryptocurrency at his discretion. Ryoshi also claims to have consciously given half of the coin to one of the most prominent figures in the cryptocurrency world, because the whole blockchain is based on trust, so why would Shiba Inu be different.

Haste Makes Waste

If you haven't invested a coin in Shiba Ina so far, maybe it's not bad to wait a little longer, because the big growth has already passed, so the value has dropped from the mentioned 0.000034 by double. The purchase of coins pays off before listing on the stock exchanges because then the volume of transactions that automatically pumps value begins to grow.

Shiba Inu has potential, but it is not much bigger than other meme coins, so it is clear that a large number of people will lose their money in the process because it is inevitable. On the other hand, nothing prevents Shiba Inu from growing drastically, making those who invested at the right time even richer.

By: NItza - Gossip Whispers