Updated: May 3
Inspired by a Japanese dog breed, Shiba Inu is a cryptocurrency that you can purchase at most decentralized exchanges, or online exchanges like Coinbase.com Shiba Inu was one of the most popular crypto coins in 2021 and has seen substantial gains throughout the year. It became synonymous with the adorable dog’s face that is the Shiba Inu coin logo.
It was initially released in August 2020, by its founder Ryoshi, who dubbed his creation the “Dogecoin killer.” Although the Shiba Inu platform isn’t backed by breakthrough technology, it’s got some interesting metrics, including the typical crypto volatility.
What Does Shiba Inu Do?
Like all cryptocurrencies, Shiba Inu runs on the decentralized Ethereum (ETH), blockchain platform. ALL the transactions are completed, and recorded, on a public ledger. The Shiba Inu ecosystem is broken down into several tokens that contribute to its overall functions as follows:
SHIB – The main token which can be sold and traded as a medium of exchange on the platform.
LEASH – Provides staking rewards for the lucky 107,646 of those holding these tokens. LEASH is the most valuable and scares of this cryptocurrency.
BONE – There are exactly 250,000,000 of these tokens available and they are used to validate ideas and changes to the blockchain platform.
Those who own and support Shiba Inu are referred to as the “Shib Army” which has grown exponentially the past year, or so. ShibaSwap is the decentralized network associated with Shibu Inu, which is where you can sell, or trade coins, and Shiboshis, a type of non-fungible token, or NFT’s.
Is Shib Inu a Good Investment in 2022?
In fact, the coin’s popularity is derived from the silly Japanese breed dog logo but has evolved since then, to at least have some real-world applications, that may push its value upwards in the coming years.
Some businesses are considering taking Shib Inu as payment for products and services. Travel Agency Travala recently announced that customers can pay with Shiba Inu tokens.
How Much is Shiba Inu?
November 2021 one coin traded for less than $0.00005, which meant that you would have bought 200 of them, to equal one penny! But with 549 trillion coins in circulation, the market cap was 26 billion. Not too bad for a meme coin with no backing. Since then, Ethereum co-founder Vitalik Buterin burned 40% of them and basically took them out of circulation forever.
Shiba Inu price spiked during 2021, when leading online crypto exchange CoinBase.com added it to their platform. Since then, Shiba Inu made people tons of money, provided they were invested near the beginning.
In November 2021, Shib Inu began losing ground, along with just about every other cryptocurrency. It's still a gamble if the price of Shiba Inu will recover, and still be worthy of investors attention. Only time will tell for sure...
Warnings About Shiba Inu Crypto Coins in 2022
Many people fall for FOMO, the fear of missing out on crypto coins that are making huge gains. That investment strategy almost never works out and you can lose all your Shiba Inu quickly. There aren’t too many positive signals that Shiba Inu will continue to be a good investment in 2022.
Other crypto coins offer more expanded blockchain platforms, with higher transactions completed, per second. Plus, Ethereum for example, provides the open-source code, that powers the entire De-fi universe of applications and DAPPS.
Shiba Inu is simply a meme coin based on a funny character and boosted by social media posts, and online exchange exposure.
Whenever investing in cryptocurrency, look at the white sheets, investors, and any future plans for the blockchain ecosystem. Shiba Inu doesn’t compete with Ethereum (ETH), Bitcoin (BTC), or other crypto coins, which provide a secure, fast, platform, to build other applications upon.
Still, a tweet, or two, from the right person, could skyrocket Shiba Inu’s price again, just like when Elon Musk tweeted about taking Dogecoin to the moon, literally.
Wrapping This Up!
December 19th price for Shiba Inu is at $0.00003088 according to CoinMarketCap.com and is currently ranked among the top 13 most popular crypto coins in 2021. If you decide to invest in Shiba Inu now, you might not see any gains for a long time, if at all.
However, as with crypto coins and tokens go, tomorrow might bring 10x, or 100x returns out of the blue, based on some viral social media buzz, and investor FOMO.
You should do your own research and determine which crypto assets you would like to invest your hard-earned money into. Anyone who just bought Shiba Inu runs the risk of the coin losing value and then depreciating their crypto portfolios. Do not allow that to happen to you via, emotional & impulsive crypto buys.