Launched in 2020 and built on top of the Ethereum blockchain network, the Shiba Inu coin is a relatively new cryptocurrency. The founder of the Shiba Inu coin is yet to be discovered. The founder could be a single person or a group of like-minded individuals.
The Shiba Inu is a meme coin, which is essentially a coin created without any specific utility. Besides being a digital currency that can be bought or sold, meme coins are just that. Many people recognize SHIB as the main competitor to Dogecoin, which is also known as the most popular cryptocurrency in the “meme” category.
Currently, the coin has a total market cap of $6.8 billion, according to CoinMarketCap, which makes it the 15th largest crypto and the 2nd largest meme coin.
So, Why Has Shiba Inu Coin Remained So Popular
There are multiple positives attracting investors to SHIB coin. For starters, Tesla founder Elon Musk, has brought attention to the coin, giving SHIB enough exposure to gain a solid following.
Another reason could be that its concept is extremely similar to Dogecoin. Both coins have an image of a Shiba Inu dog as their logo. The Shiba Inu cryptocurrency may have taken advantage of that association and has since established a loyal investor community.
Although the coin started as a meme coin, it seems that it has evolved to have more additional use cases since its inception. For example, the Shiba Inu crypto coin team launched its own decentralized exchange called ShibaSwap. This cryptocurrency exchange allows users to trade their crypto tokens for other types of tokens. Since then, the team has expanded into the rapidly growing NFT industry, where investors can purchase NFTs of Shiba Inu dogs.
With all of these additional use cases, the coin has come far from its humble beginnings. SHIBA is slowly becoming more than just a “meme-coin”. Today, Shiba Inu continues to get considerable attention from the crypto community. Moreover, it remains a popular choice due to high-profile investors endorsing it on social media.
However, investors of Shiba Inu should still consider exercising caution because it is a high-risk investment choice. It’s unclear how long the Shiba Inu coin will retain its position as the 15th largest crypto by market cap. Still, it seems its popularity isn’t going away anytime soon!
Looking to add SHIB to your cryptocurrency portfolio?
Choose Byte Federal. Go Bank, Yourself.