The hype behind the other "dog" on the loose
There's a new coin in the house and no matter what news you read or follow, it is believed that this coin might be the next big thing in the trading world!
Started
its journey in less than a year ago-August 2020 into the Cryptomarket as a
meme, Shiba Inu has now grown into one of the most trading Crypto Coins.
"The
hype around meme coins such as Shiba...is not a financial, but a social
phenomenon." - Fortune.com
"Honoured" as the "Dogecoin Killer", Shiba Inu Coin has
grown 1,051.16% over last week, 37,929% since April and up 2,081,399% since
2020 up against its rival Dogecoin.
"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." -
News18
The Crypto Token is
represented as "SHIB", and users
can hold billions or trillions of them. Shiba Inu's market value percentage has
skyrocketed in the first few days of May 2021 and since May 11th its
worth has recorded to $0.00001896r with a large number of crypto coins already been
minted according to CoinMarketCap and Coinbase.
Until SHIB was introduced to
trading platforms in the first 10 days of May, its trading
volume peaked at just over $500million in one day, where its daily trading
volume was less than $1 recently in January.
As we speak, it is the most trending and talked about Cryptocurrency and has
manage to capture investor's interest. Shiba Inu Coin is a decentralized digital
asset designed for interest, which cannot be controlled by the government or
any other central authority (i.e: bank), allowing also traders to buy/sell Shiba Inu and other crypto coins.
Shiba Inu not only features the same breed of meme dog as Dogecoin, but it also
seems to be using a continuous gag as its way to reaching the crowded market.
As in the case for most emerging cryptocurrencies, there's not much information about Shiba Inu at the moment, apart from its recent surge in popularity and market value. Actually, there really isn't a clear answer yet about the future of the Shiba Inu cryptocurrency, thus many analysts have classified its future and price as "volatile" and "uncertain".
According to Digital Coin Price, Shiba Inu Coin's peak price might reach
$0.00004607 by the end of 2025, but Wall Street Investor expects the coin's
price to plummet between $0.000029 to $0.000016 by 2022.
Still, experts say that its popularity should not be overlooked
because it reflects the behaviour of a new and expanding class of Crypto
Traders.
Can Shiba Inu surpass Dogecoin in the coming weeks or even in the future, or will it fizzle out as another joke currency?
Sources:
-https://fortune.com/2021/05/12/shiba-inu-coin-price-shib-dogecoin-killer/
-https://coinmarketcap.com/currencies/shiba-inu/
-https://www.republicworld.com/technology-news/other-tech-news/shiba-inu-coin-price-prediction-how-high-will-the-price-of-the-dogecoin-killer-go.html
