Shiba Inu (SHIB) coin is name on a Japanese dog breed that has exploded in popularity. Before you invest, here is what you should know about it.
In December 2013, DOGECOIN was initiated as a joke but who knew it would become so significant in the crypto space and is now a trending cryptocurrency that is quickly gaining a critical spot in the crypto world moreover, it is also used by retailers to accept payments.
It has reached $70 billion in market capitalization to become the fourth largest cryptocurrency by market capitalization. This was made possible by a slew of individual investors, a slew of Reddit forums, and, of course, Elon Musk, one of Dogecoin’s most ardent supporters. However, this sparked the development of a slew of clone coins, the majority of which are heavily influenced by DOGE.
Shib As A Hottest Cryptocurrency
For the time being, Dogecoin has encouraged many to build tokens with similar characteristics as it has become perhaps the most debated and common cryptocurrency. They all have one thing in common that they are all named after a dog breed, the majority of which are Shiba Inu. Despite its claims to be exclusive, the Shiba Inu (SHIB) is an obvious example. The Shiba Inu dog breed’s logo appears on Dogecoin, and SHIB uses it directly.
Under light of this, we have decided to put together a concise guide aimed at giving insight into the cryptocurrency that has taken the market by storm in just a few days and SHIB, has quickly become one of the most common cryptocurrencies. This became possible after the price of Dogecoin (DOGE) risen and reached $0.7 in May 2021. SHIB, LEASH, and BONE are the three tokens that make up the whole Shiba Inu ecosystem.
SHIBA INU is ranked 20th cryptocurrency. Currently, the price of its native token SHIB is $0.00002894 with the change of 8.52% along with trading volume of $7,979,263,890 in the last 24 hours. At the time of writing token’s market cap is $11,481,556,612 and its circulating supply is 394,796.00B SHIB.
Things To Think Before Investing In Shib
While the SHIB cryptocurrency has one of the fastest-growing groups with hundreds of thousands of followers across various social media platforms. When planning the project here are several points to keep in mind. Such as, the total supply is one quadrillion tokens, which is a large number that’s mean it is very much enough information for investors to invest.
On the other side, according to CoinMarketCap the SHIB token had already increased by more than 18,000 percent in the last few months, earning it a ranking among the top 20 largest cryptocurrencies with a market cap of $12 billion.
SHIB can currently be traded on Huobi, OKEx, and KuCoin with Binance being the most convenient choice. SHIB/USDT and SHIB/BUSD are the two SHIB markets in which users can participate on the spot exchange of Binance. The Shiba Inu group has been gaining traction as result of the weekend deposits and we are excited to see how it develops.
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