Shiba Inu coin: New hype or a real player?
Doge coin, once started as a joke is now the real player for weeks but what made the currency growing exponentially started to fall. Is this, the threat posted by Elon Musk or the real reason is the new player in the market- Shiba Inu.
The Shiba-Inu coin, has been around since August 2020, based on Ethereum and named after a dog breed, is a crypto currency , trading as SHIB and is a self-declared 'Dogecoin killer'. In the whitepaper, the founders say that on the decentralized exchange ShibaSwap, there will be three flagship tokens: $SHIB for the Shiba Inu coins, $LEASH for the Leash Dogecoin Killer and $BONE for Bone. They say, “we earned the nickname DOGECOIN KILLER because we have the ability to outpace the value of Dogecoin, exponentially, without ever crossing the $0.01 mark”. This statement from the founders is hot and has been bothering those who have invested in Dogecoin and also those who are following Dogecoin. But this is not just the case, after Elon Musk's SNL appearance, Doge which was expected to touch $1 USD fell significantly from .70 to .42 and has been trying to rebound since.
On the other hand, 1 SHIB was worthless as of Wednesday but its trading soared up after it was added to almost all widely-used crypto trading platform like OKEx and Binance. Chinese traders who helped motivate the SHIB market with Chinese-founded exchange HUOBI have bought the largest shares of SHIB's trading volume.With this, SHIB's 24-hour trading volume crossed over $8 billion, and reached a market capitalization of over $11 billion, according to CoinMarketCap.com. But before it was added to the famous exchanges, its trading volume was around 500 million in a day and before Jan its trading volume was lower than a $1.
But what is making SHIB so interesting amongst buyers, is it fear of missing out (FOMO), the hope of mega returns or something else? There is no way to know for sure! The crowd will trend in many ways, some will make complete sense, some will not. The answer will be for the future. At 7pm Tuesday May 18, 2021 SHIBA INU was reported at $0.00001591 with UD$1,764,681,345 trading in just 24 hours (yes 1.7 Billion US dollars). If you are running to buy SHIBA, I hope you all the best - Always remember do not invest what you can not lose! Not to say do not buy SHIBA just use care with all investment.
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