Shiba Inu (SHIB): 10 things investors should know in 2023
As a joke, Shiba Inu was introduced as Dogecoin’s main rival. Shiba Inu and Dogecoin are both considered meme coins. The 2013 meme featuring the same-named Japanese dog breed inspired the meme coin. A multibillion-dollar cryptocurrency initiative evolved out of what started as a community-driven token that represented a meme.
Shiba Inu is not a coin; it is a token. It is a coin created on the Ethereum blockchain instead. They are known as coins because well-known cryptocurrencies like DOGE and BTC have their blockchains. BAT, Tether, USD Coin, Binance USD, and other well-known tokens that adhere to the principle are all available at CoinSwitch Kuber.
SHIB was mentioned as a Dogecoin killer on Shiba Inu’s official website for a while. Since its launch, Shiba Inu has been chasing after its rival, Dogecoin. Dogecoin’s on-chain features, like smart contracts, are still restricted because of its proximity to Bitcoin. SHIB is a Dogecoin rival and potential replacement since it is an Ethereum-based cryptocurrency with smart contract functionality.
A Mysterious Founder. Apart from the fact that he invented Bitcoin, Satoshi Nakamoto is still an enigma to the world. Shiba Inu was thus anonymously developed under the alias Ryoshi, much like Bitcoin. Similarly, people have yet to learn who controls this ecosystem. Ryoshi can be a man or a group, for all we know.
An ecosystem with many tokens, Shiba Inu (SHIB), Leash (LEASH), and Bone (BONE) are the three tokens that make up the Shiba Inu ecosystem. The Shiba Inu ecosystem’s most noticeable element is the SHIB token.
Certain Defi products are supported. Shiba Inu supports smart contracts, enabling users to lend and stake them while receiving recurring fees as passive income.
Elon Musk-inspired. Elon Musk’s endorsement of a cryptocurrency is equivalent to receiving the official blue tick. Elon Musk’s tweets have the enormous power to make or ruin a cryptocurrency. Thankfully, Shiba Inu is mentioned in Elon Musk’s supportive tweets. He also tweeted about buying a Shiba Inu puppy, which gave the SHIB token its first significant boost and helped it rise by around 300%.
When picking crypto assets like SHIB and others, reputable exchanges like CoinSwitch Kuber advise against mindlessly following exuberant tweets or conducting your research.
Contrary to common assumption, an ecosystem supporting a variety of useful utilities, such as NFTs and a Defi-platform in ShibaSwap, make a meme coin like SHIB operate. ShibaSwap aims to maintain decentralization while offering a secure environment for Bitcoin trading.
Due to market volatility and a lack of regulation, investing in cryptocurrencies is dangerous. Additionally, cryptocurrencies and meme coins pose new difficulties. Even meme coin exchanges list them with a degree of caution. This highlights that Shiba Inu is still a speculative crypto asset with a deflationary history despite the practical use cases, the close to 550 trillion total supply, and the market worth well above $19 billion. So, before trading or making investments in this high-risk asset, DYOR.
Regarding SHIB, it is still a volatile cryptocurrency asset that calls for a thorough comprehension of meme currencies, risk analysis, and other guidelines for you to proceed. We advise conducting extensive research before buying in Shiba Inu (SHIB). All coins, tokens, and other crypto assets should heed this advice: act with care and thorough investigation.
