Shiba Inu (SHIB) is one of the most sought-after coins on the market. This is evidenced by its dynamic rallies and global interest. But does it deserve so much attention?
Young age does not hinder anything
The crypto market is quite young by nature. However, there are projects appearing on it almost out of nowhere that cause astonishing increases, in an extremely short period of time. One of them is Shiba Inu (SHIB).
The popular Shiba was created in August 2020. Behind it is a creator, or a group of creators called “Ryoshi”. It is not clear if and what idea guided the creation of the coin. However, we know that it is a continuation of the fashion started by Dogecoin, for the so-called meme coins, that is, cryptocurrencies with no particular fundamental value.
What encourages some market participants to buy a SHIB coin is often the desire for speculative play, based on potential statements from well-known figures such as Elon Musk and Vitalik Buterin, which can cause a dynamic movement in the value of the meme coin.
Shiba Inu also follows current trends. A decentralized ShibaSwap exchange was created based on its environment, as well as an art space for NFT, based on the idea of the Shiba Inu dog that inspired the creation of the coin.
Shiba Inu in numbers
Dogecoin Killer, as it is called by the creators of the project their coin, at the time of writing this article boasts a market capitalization of more than $10 billion. The total supply of tokens in circulation is less than 395 trillion pieces. However, the maximum possible value is not fully confirmed, but the market predicts that it will be as much as 1 trillion.
Shiba Inu Price Action (SHIB)
The lowest price at which Shiba Inu (SHIB) was traded, in its short but intensive life span was $0.000000000056. It was established on November 28, 2020. Since then, the popular coin has climbed as high as $0.00005. This took place on May 10, 2021, and resulted in a gigantic percentage multi-million dollar increase in the price of the cryptocurrency. Considering that this rally lasted only 6 months, one can admit that it is almost unparalleled. At the time of writing this article, SHIB is after a deep, almost 90% drop in value, and a consolidation held for the next few months. We are also seeing an attempt to attack the new ATH, which only needs a doubling of the coin’s value to level off. Knowing its track record, this seems to be just a matter of time.
Is it worth adding Shiba Inu (SHIB) to your portfolio?
This is a question we are not used to asking in crypto project descriptions. However, our mission centered around presenting valuable content tells us to give you a clear picture of what we’re dealing with here. First of all, keep in mind that Shiba Inu (SHIB) is a meme coin that will likely forever remain one. In other words, it is a project with no foundation or deeper idea that can contribute to the blockchain sector or other aspects of life. Such crypto assets are characterized by very high price volatility, causing not only dynamic increases but also deep, unjustified declines. Shiba Inu is a cryptocurrency created for fun, so it can only be recommended to people who are looking for this kind of entertainment.