Shiba Inu is a cryptocurrency based on the Ethereum blockchain. The coin started as a meme coin launched as a joke or a parody rather than based on actual utilities, to “create something out of nothing” with more than 500,000 community members.
Shiba Inu is an ERC20 token based on the Ethereum blockchain. The founders chose to base the token on Ethereum because of its reliable security protocols and well-established network.
The name ‘Shiba Inu’ is based on a Japanese breed of dog originating in the Chūbu region, the same dog breed depicted in the Dogecoin (DOGE) logo.
Here are some features of the Shiba Inu ecosystem:
Shiba Inu is one of the hottest cryptocurrencies out there. Reaching its peak back in October 2021, the coin has seen a massive surge in community membership ever since. Although the coin does not boast too many functional advantages in terms of security, network efficiency, or technology, it does have a loyal social following.
Shiba Inu is a very cheap cryptocurrency with one token valued at a fraction of a rupee. As of late December 2021, investors can buy more than 1 million tokens at approximately ₹2300 only.
Another thing to consider is that at a market cap of more than $18 billion, it is already a top #20 cryptocurrency on CoinMarketCap. The coin has returned more than 14,000,000% of its value in 15 months! That’s far bigger than a return on any mainstream cryptocurrency, not to mention any other investment class.
While Shiba Inu does seem to be promising in the long term, investors are sceptical of its insanely high volatility index, even by the standards of the cryptocurrency market. With more functional developments and a growing community, there is a solid chance that even meme coins like Shiba Inu could prove to be beneficial in the long run.
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Cryptocurrencies have emerged as an attractive investment option in recent years, capturing the imagination of investors despite their high volatility.
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Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
Shiba Inu is a meme coin that features the same Japanese dog breed as Dogecoin (DOGE). While Shiba started as a joke, it is now one of the top #20 cryptocurrencies by market cap.
5,49,06,328 Cr. SHIB
65% Buy 35% Sell
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