Different cryptocurrencies often face a lot of backlash from the general public. And yet, there is one token, which has been getting a lot of attention. That is the Shiba Inu (SHIB) coin. The altcoin is an ERC-20 token that was built on top of the Ethereum blockchain network in August 2020 by an anonymous person or group under the alias of “Ryoshi”.
The coin’s maximum supply is 1,000,000,000,000,000 coins.
The altcoin was created in order to “kill off” the famous (thanks to Elon Musk) Dogecoin (DOGE) but so far it hasn’t reached the same level of media craze as DOGE has, although it did take over some Dogecoin markets.
The Shiba Inu website offers support to any artist interested in dogs with a so-called Shiba Inu Incubator. Shiba’s creators attach the utmost importance to the non-fungible token (NFT) market; thus, they are trying to enter it as soon as possible.
Using Amazon Smile, which was established to collect and donate a percentage of Shiba holders’ Amazon purchases to the Shiba Inu Rescue Association.
SHIB’s creators are also working on their own decentralised finance (DeFi) platform called ShibaSwap.
Although SHIB did ride the wave of DOGE’s popularity, it doesn’t mean that traders should avoid investing in it. There was a time when Dogecoin was in the same position — look at it now. According to InvestingCube.com, the token is predicted to rise again just like it did when Elon Musk tweeted that he would love to get a shiba inu pup. It did, however, fall in value a little bit on 13th May, when Vitalik Buterin donated more than 50 trillion SHIB to the India COVID-Crypto Relief Fund.
Due to its popularity, Shiba Inu could have a significant influence over large investors in the crypto market.
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