Meme coins have trended in the crypto industry over the last year. Dogecoin’s popularity prompted many canine-themed coins as market players explore various ways to earn from the digital world.
Dogecoin increased by nearly 7,000% at the start of this year, attracting more enthusiasts to the crypto space. The impressive price moves by Dogecoin had investors focusing on other themed cryptos, looking to earn the returns DOGE trader accumulated.
One of the assets in the mem coin markets, Shiba Inu (SHIB), designed as a Dogecoin-killer, saw upswings, overtaking Dogecoin by market value at some point. However, here is what you may want to know about this meme cryptocurrency.
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What is SHIB?
SHIB is an ETH-based digital asset themed after the Shiba Inu dog. Most market participants have referred to SHIB as a DOGE alternative. Keep in mind that the creator designed it to be the DOGE-Killer. Meme coins usually join the market as a joke and not a digital financial product with utility. Though DOGE has been in the space since 2013, an anonymous group or individual called Ryoshi launched SHIB in 2020 August.
How Shiba Inu Works
Shiba Inu is an online token based on Ethereum, meaning that it does not have compatibility problems with various Ethereum networks. Its developer said that they selected Ethereum since it was well-established, secure, and allowed project decentralization.
Is Shiba Inu Legit?
It might be challenging when looking at SHIB as real cash. The crypto market has upgraded in the past years, incorporating stablecoins, digital tokens with their values tied to fiat money. Stablecoins are somewhat like real cash.
Also, coins like DASH, BTC, and LTC serve as currency and have received acceptance in different areas of the globe. Meanwhile, SHIB is a meme asset, making it challenging to refer to it as real cash. The meme asset has seen a remarkable rally so far this year. SHIB trades 500% high in the last 90 days. It managed to overcome DOGE by market cap before retracing.
Shiba Inu (SHIB) is among the top 20 digital coins by market capitalization designed as the Doge-killer. The crypto saw impressive price movements since this year started, outperforming several cryptos in that process.