The Shiba Inu (SHIB) coin is one of the top gainers of the past week. It has rapidly risen from nothing to a $2.5 million market cap in only three days! What’s so interesting about this token? Is it just a scam? We will take an in-depth look at this token and explain why it attracts so much attention.
Shiba Inu (SHIB) is a decentralized cryptocurrency based on Ethereum.
Shiba Inu is a smart contract, which means it’s an application. It is also a decentralized application (DApp), unlike regular programs. Click here if you want more information regarding the benefits of decentralized currency. It runs on the Ethereum network instead of on your computer. This makes Shiba Inu much more powerful than regular apps because it allows for features like:
- The ability to transfer money without a middleman.
- Transparency and trustworthiness of transactions
- Ease of use
Where does the name “Shiba Inu” (SHIB) come from?
When you hear the name “Shiba Inu,” you may think of its cute looks, but several other factors make this dog special. It is a breed of dog known for its beauty and intelligence. It also has an interesting origin story.
The Shiba Inu is a Japanese breed of dog originally bred to hunt small game such as deer and boar. The first Shiba Inu in Japan was called Tsushin; she was bred by Mr. Kimura in 1936 when he crossed a male Akita with a female Kai Ken
Scam token or not, what’s so interesting about Shiba Inu (SHIB)?
The SHIB token was created by an anonymous developer who claimed to have purchased a Shiba Inu dog for $10,000 and sold it for $2 million. This would suggest that the market cap of SHIB tokens has been bid up by people buying into this story to make money off those who believe that there might be truth in what they’re hearing, a phenomenon known as ‘scam coin.’
However, we can’t say for sure yet whether or not this is true; some people have pointed out that while they haven’t seen any evidence supporting these claims of increased value, neither have they seen evidence of there being anything fraudulent going on here either.
How much marketing did SHIB do to become the top gainer of the past week?
As a dog lover and crypto enthusiast, you might have come across some of these Shiba Inus:
- The meme that is synonymous with the cryptocurrency industry.
- A dog breed recently listed as one of the world’s most popular dogs.
- A crypto asset has gained over 2700% in value since last year.
And now, it is also a token you can buy and sell on open markets like Binance or Kucoin!
Why did the ETH network fee skyrocket during the recent Shiba Inu craze?
You’re probably wondering: why did the Ethereum network fees skyrocket during this time? The answer is quite simple. It’s because of a phenomenon called FOMO. Due to this, people rushed to register their Shiba Inu tokens on the blockchain before it was too late, and someone else registered their token first. This created a huge demand for ETH tokens, which led to higher fees on the network as more Ethereum miners had to be paid by users who wanted their transactions confirmed quickly.
What is the future of Shiba Inu (SHIB)?
The truth is that SHIB is a long way from reaching $1 and becoming an established cryptocurrency. When the price rises, people get excited and start buying more coins in hopes of getting rich quickly. But when the price goes down, they panic because they believe their investment has been lost forever.
Shiba Inu will take time to become popularized among investors due to its low market cap relative to other cryptocurrencies on CoinMarketCap at less than USD 1M compared with bitcoin $141B, Litecoin $2B, IOTA $2B, Ethereum $30B.
Final Words
We can say that Shiba Inu will continue to grow and evolve in the coming years. The bitcoin trading software has become a popular way to invest in digital currency. If you want to invest in cryptocurrency then this is the best choice. We hope this article has helped you understand the project better and provided some insight into what makes it so special.