Some cryptocurrencies are launched not for the purpose of making money, but simply as a trend, and the Shiba Inu token is a perfect example of this. This digital asset was inspired by a Japanese dog breed of the same name, which sparked a viral meme trend in 2013 and later served as the model for another well-known cryptocurrency, Dogecoin, emerged as the inspiration for this digital asset. Here we will take a look at the reasons behind the popularity of the Shiba Inu meme and its prospects in the cryptocurrency market, based on a buidlbee coverage report.
The SHIB token is based on Ethereum, just like many other digital coins. The Japanese dog became the subject of many memes in 2013 and thus inspired the creation of SHIB and Dogecoin virtual coins. For this reason, they are generally referred to as meme coins. The token was launched in 2020 by an anonymous user nicknamed “RYOSHI”.
The intention of the project’s creators was to issue the token at a low price so that any user could purchase millions of coins. Developers intentionally set its value well below one cent and the declared strategy aims to price the altcoin to $0.01 and thereby making it profitable for first-time investors. Another purpose of the project was to draw attention to the field of cryptocurrencies, and since the Shiba Inu is a cute dog symbol, cryptocurrencies can be associated with something pleasant as well. The ecosystem’s service token, SHIB, is exchangeable for other cryptocurrencies, can be used as a means of paying commissions and also allows for donations to dog rescue.
On August 20, Rayoshi wrote an article on his website where he described the coin as a great experiment in creating a decentralized currency. By doing that, he outlined three rules for the creation of Shiba inu cryptocurrency, that already made it unique as a coin:
One should be aware that the rate is influenced by a huge number of factors. While some analysts expect the value of the coin to surge upwards, others say its growth will be more stable, thus leading them to exclude the token from their investment portfolios. However, after analyzing Shiba Inu prices in the previous years, it is estimated that in 2023 the minimum exchange rate of Shiba Inu will only be about USD 0.00001.
The emergence of Shiba Inu was very well timed, since many investors were fearful of missing out on the success of Doge Koin and trying to win it back with a new meme project, with each new listing pushing the price of the coin even higher. The coin was created as an alternative to another speculative token, DOGE. In contrast, however, SHIB is not backed by the celebrity endorsers that back it. SHIB could experience a boom in the cryptocurrency market in the coming months, just like any other altcoin, however, provided that bitcoin continues to rise.
Tokens can be stored on an exchange, which is convenient because you can also sell them there as a profit, though if you prefer to store tokens in your account, then any wallet that supports Ethereum tokens will work.
Therefore, the cryptocurrency community is still getting its eyes on SHIB, yet the token has definitely grown into something bigger and more promising than a simple meme-coin. Shiba Inu has as close-knit and active a fan community as Dogecoin, but significantly differs in its creation history as well as in its future development prospects.
