Seven essential things to know about Shiba Inu!
Bitcoin is now standing at the top of the market valuation. However, every crypto coin is not a game to beat the market leader. There is no coin in the cryptocurrencies today that can beat the bitcoin in any segment, but Shiba Inu has made it possible. In 2021, Shiba got 43 million more users than bitcoins and hence got more popularity. We can undoubtedly say that Shiba Inu was the coin that barked the most in 2021 on the wealth matrix. It is considered the alpha coin for 2021, and therefore, a lot of cryptocurrency exchanges started to accept it for listing. If you do not know about it, let us tell you that it is a coin based on a dog’s face. It came from a Japanese dog breed, and now it is one of the most popular crypto coins worldwide. You can trade in this going on several popular cryptocurrency exchanges these days. However, further details about these coins are explained in this post. If you’re interested in knowing cities where you can buy houses with bitcoin click here for more information.
- Speculative asset
This coin was created back in 2013 as a competitor of theDOGE coin as a joke. Even though it has widespread popularity in every corner of the world these days, it was just a joke earlier. The founders of this coin are Japanese, and it is named after a Japanese dog breed. Earlier, it began as a community-driven token that represented a joke, but now it has grown into a multibillion-dollar project.
- Token, not a coin
Many people consider the Shiba Inu a cryptocurrency, but it must be cleared out that it is not a coin. On the contrary, Shiba Inu is a token, and it does not have its Blockchain system. The transactions that you do use the Shiba Inu are recorded on Ethereum, and hence, it can very well be considered a token. Still, it has been considered one of the most popular coins worldwide apart from bitcoin.
- Anonymous founder
The basic idea of creating bitcoin was of an anonymous person, and it is one of the most important reasons because of which it gained popularity. People only know that bitcoin was created by a person or a group named Satoshi Nakamoto. The same is the concept of Shiba Inu. It is also created under the anonymous name Ryoshi, and no one in the world knows who is the brain behind the whole ecosystem of Shiba Inu.
- Multi token ecosystem
You might think that it is just one token you can use under this ecosystem, but that is entirely wrong. The ecosystem has almost three tokens that you can use. The first one is at HIB. The second one is LEASH. And the third one is BONE. However, the first one is the most common and essential element of the whole ecosystem on which the Shiba Inu is running right now.
- Supports DEFI products
ETH was the first Blockchain system and network to facilitate smart contracts. It is one of the most important reasons because of which many crypto coins and tokens are using the Ethereum network for facilitating their transactions. You need to know that it is one of the most important reasons the Shiba Inu became popular. The Shiba Inu can facilitate intelligent transactions and contracts just because it works on the Ethereum network. Because of the facility of smart contracts, it is making a massive amount of recurring fees.
- Driven by Elon musk
When something has support from a global icon like Elon musk, it can certainly get a lot of hike in its prices. It also came to the Shiba Inu. Shiba Inu got many positive remarks from the people and a lot of investment just because Elon musk decided to support it. Elon musk keeps on making positive tweets about the Shiba Inu and says that he’s going to get a dog of the same breed, which leads to an increase in its prices.
- Utility driven system
You might be thinking that it is just a network that is operated with the help of hype in the market, but that is completely gone—these just fall sentiments of the bitcoins or other cryptocurrency enthusiasts. The Shiba Inu ecosystem can support a lot of different valuable utilities. With its capacity to make smart contracts, you can use different NFT and DEFI platforms if you know about ShibaSwap. It wants to make a secure environment for cryptocurrency trading.