The Shiba Inu Coin (SHIB) has been trending in the crypto community over the past few days. Ever since the hype behind Dogecoin died down a bit, many new crypto enthusiasts are busy promoting the Shiba Inu Coin. The price of Shiba Inu has also skyrocketed in a very short period of time going from $0.000002 to about $0.00034, which is about a 1700 per cent jump. Read on to know why is Shiba Inu Coin going up?
Why is Shiba Inu Coin Going Up?
The crypto market is a very volatile and unpredictable one, and often cryptocurrencies that have no reason for being on top often get pumped up. As per the Shiba Inu website, the SHIB coin and network is an experiment in decentralised spontaneous community building. The creators of SHIB have major goals with the SHIB project and are currently working on marking an NFT network based on the Shiba Inu Network. The SHIB Token is an ERC-20 compatible with the Ethereum network. The Shiba Inu has been called ‘Dogecoin Killer’ by its community. This cryptocurrency has quickly gained worldwide attention, in part because of the rising popularity of Dogecoin.
Shiba Inu Coin Price
At the time of writing this article, the Shiba Inu Coin price stands at $0.00002884. Shiba Inu is being promoted online on websites like Twitter, Reddit and crypto forums and people who are looking to make quick profits are choosing to put their money into SHIB as the next Dogecoin. While Shiba Inu coins have gained a lot of popularity, the coin does not have any intrinsic function that other coins like Ethereum or VeChain. The coin has been made just to earn money, with no underlying value behind it. Such coins can lose their value very fast if the market loses trust in them. People should be wary before investing in coins like Shiba Inu, Safemoon etc, as these can bring quick profits but can also leave you with huge losses if they crash. However, if investors want to buy Shiba Inu Coin, it can be bought on Binance, Sushiswap and a few lesser-known crypto exchanges.
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