Shiba Inu is an example of what is wrong with the crypto-market. It has been called by some as a meme coin and making the transaction of everyday crypto-investor something akin to that of a joke. Regardless, as joke, it has still has been able to garner attention and has certified its name in the market; in no small part thanks to Elon Musk.
Speaking about the Shiba token, it seems that it is preparing to become the antithesis of Bitcoin, which sounds absolutely ridiculous if you think about it. Based on an Ethereum-based alternative to Dogecoin (DOGE), the SHIB (the coin for Shiba Inu) is intentionally trying to be abundant, with a circulating supply of one quadrillion. This might the reason by, despite its popularity, it doesn’t have that much of a value. At the time of writing of this article, the coin is valued at $0.00002832.
As far the technical of this coin goes, the white paper of the coin (or the “woof paper” as the developers would have you say) a revolution by being the pioneers in the decentralized spontaneous community building. As already mentioned, Shiba Inu is based on the Ethereum blockchain which Shiba Inu purport to be safe and reliant but the problem of scalability is real for Ethereum as it crashed when faced with the data overlord subjected to it by the first ever Non-fungible token (NFT). But Shiba Inu believes that ETH v.2 is going to come and be the game-changer as it will make transactions faster and more efficient.
Shiba Inu aim is mainly humanitarian. And they’ve also made tangible efforts on this front as well. India was facing a humanitarian crisis on the other side of the world a few months back, with more than 300,000 positive cases of covid every day and more than 35,000 deaths every day. The creator of Shiba, Ryoshi, donated $1,000,000,000 (one billion USD) of Shib to the India Covid Relief Fund. Although this was the moral thing to do, the response wasn’t that positive from the investors which subjected the Shiba Inu coin to FUD. After a week of this donation, 40% of its total supply was taken out of the market. This was done in order to truly help the poor of India.
Elon Musk and Shiba
In recent news, Elon Musk is once again at play with the feelings of crypto-investors. Just today, he tweeted a shibainu dog grabbing a rocket ship. One of his popular rallying cries “to the moon” was also used. This lead to a mild increase in the value of SHIB. But in the end, it is a meme coin. And it is difficult to predict what its future is going to be. Wallet Investor predicts it is going to have a positive growth with its value $0.000040 USD in a year’s time and $0.000089 USD in five years’ time. Pretty good considering it has the backing of Mr. Musk.