These days it’s difficult to keep track of cryptocurrencies as there are many of them. Well recently Shiba Inu has been in the news as one of the latest digital currency in the world of cryptocurrencies.
If you still don’t know this token, it is an Ethereum-based altcoin or meme coin that features the Japanese dog breed Shiba Inu as its mascot. The current price is $0.000032 and the present circulating supply is 549,063,278,876,301.94 SHIB.
Here are five things you should know about Shiba Inu as a cryptocurrency investor in 2022.
It’s a speculative asset
The crypto was started as a direct competitor of Dogecoin as a joke. Both Shiba Inu and Dogecoin come under the category of meme coin. The meme coin originated from a 2013 meme featuring the Japanese breed dog of the same name. What began as a community-driven token representing a meme grew into a multi-billion dollar crypto project.
Shiba Inu is a token, not a coin
The crypto is a token which means it does not have its own blockchain. It has to depend on others. This is a token created on top of Ethereum blockchain. Well known cryptocurrencies like DOGE and BTC have their own blockchains, and thus they are called coins.
Anonymous founder
Just like Bitcoin, the founder of this token is anonymous. It was created under the pseudonym Ryoshi. Similarly, the world doesn’t know the brains behind this ecosystem. For all we know, Ryoshi could be an individual or a group.
Multi-token ecosystem
This crypto ecosystem is made up of three tokens: Shiba Inu (SHIB), Leash (LEASH), and Bone (BONE). The SHIB token is the most prominent component of the Shiba Inu ecosystem.
Volatile penny cryptocurrency
Investing in cryptocurrencies is risky due to the volatile nature of the market and also the lack of regulation. And altcoins or meme coins present an additional challenge. Even exchanges that list meme coins list them with a hint of caution. This brings to the fact that despite the useful use cases, the near-550 trillion total supply, and a market cap well above $19 billion, SHIB remains a speculative crypto asset, though with a deflationary lineage.
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