The Japanese Shiba Inu breed is known for its intelligence, vibrant personality, and speed. In some ways, the Shiba Inu coin reflects the traits of this beloved breed.
That said, the Shiba Inu coin is a meme-based cryptocurrency that is potentially volatile despite its continued successes. So what does this mean for you and your crypto wallet? Let’s find out!
Origin of the SHIB Coin
The Shiba Inu (SHIB) coin debuted in 2020 as a response to Dogecoin. It was created by an enigmatic individual that goes by the username Ryoshi.
The SHIB coin’s icon is that of a stylized cartoon Shiba Inu face against a red background. The slightly aggressive appearance of the pup on the coin’s face is representative of the SHIB coin’s initial objective: Destroy Dogecoin.
Rise of the Shiba Inu Coin
The SHIB coin debuted with a value of $0.0000000001 and held that value until January of 2021. SHIB slowly rose in value from that point, seeing occasional spikes in investment in April and May of 2021.
In October of 2021, the Shiba Inu price rose to an all-time high. This price increase was the result of a single massive purchase. The investor in question immediately became the largest holder of SHIB coins.
This purchase drove the value of the SHIB coin to about $0.000049. While this increase may lure more investors into investing in SHIB coins, this digital currency’s future isn’t set in stone.
Future of the SHIB Coin
Not everyone is a fan of the Shiba Inu coin. Investors that own a large number of Dogecoins tend to speak poorly of SHIB. In this way, the Shiba Inu coin has established itself as a worthy competitor to Dogecoin.
But celebrity investors can sway the cryptocurrency market, making it volatile and challenging to predict. Elon Musk is one of the most notable celebrities that consistently influences the value of various cryptocurrencies.
Depending on the types of messages he posts to his Twitter account, the value for Dogecoin or SHIB coins can dramatically rise or fall. Unfortunately, there are few ways to control or prevent this type of influence.
As such, the future of the Shiba Inu coin is unknowable. But, if it’s any consolation, the same can be said for almost any other cryptocurrency currently available.
The only general exception to this rule may be Bitcoin. This cryptocurrency is the strongest option available to investors, as it has slowly appreciated over time and has become the most valuable virtual currency.
Buying Cryptocurrencies 101
The Shiba Inu coin is just one of many cryptocurrencies, and its future is uncertain. That said, buying a few Shiba Inu coins could make for a laugh and a worthwhile investment. But you could also end up losing money.
Buying cryptocurrencies is relatively easy. But buying the right cryptocurrencies is a little trickier. Still, learning the basics of crypto trading could be a smart move–and absolutely meme-tastic.
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