Shiba Inu has shown great improvement in the past few days, unlike Dogecoin, which has dropped in prices. The meme coin has increased by over one hundred and eighty-nine percent. The big question however is,” is it possible for the ERC-20 altcoin to hit the one Dollar mark?”
A pseudonymous founder, named Ryoshi, founded Shiba Inu(SHIB) in August 2020, which he cast from Dogecoin.
Alot of beginning investors opted for Shiba Inu(SHIB), leading to its rapid increase. As a result, many cryptocurrency enthusiasts and critics are rushing to decide whether the altcoin will reach the dollar mark.
The Shiba Inu (SHIB) coin, which was launched last year, dropped by a 3rd. In the middle of this week however, it turned out to be on the list of most valuable cryptocurrencies.
Despite Shiba Inu having gained that much attention, it remains unclear if it will appear in Robinhood’s list.
Shiba Inu could owe this week’s success to Elon Musk’s recent tweet. The billionaire, who also doubles up as the CEO of Tesla, posted a picture of a dog of the Shiba Inu breed (Floki).
Unless you’re living under a rock you know that Musk’s tweets have the power to control the digital market. Take the example of Bitcoin. Around March; the billionaire announced that Tesla will accept Bitcoin as a mode of payment. As a result, the price of Bitcoin shot up.
Less than two months later, he reversed the acceptance. He claimed that it was due to climate change concerns, hence the bitcoin price reduced drastically. So it is not a shock that Shiba Inu could be seeing a chilling success because of Tesla’s Chief Executive Officer.
After Musk’s tweet, people have rushed to follow Shiba on their Twitter account and other social media accounts like Telegram and Reddit. The meme coin’s community has plans to provide DAO-based governance & Non-Fungible Tokens platforms for the Shiba Inu ecosystem.
What is Shiba Inu?
This ERC-20 altcoin, created by a pseudonymous person called Ryoshi, gets housed on the Ethereum blockchain. Shiba (SHIB) has a total circulating supply of nearly 400,000,000,000 and a maximum of 1000000000000000 tokens.
In addition, this altcoin is commonly referred to as ” the dogecoin killer.” Ryoshi made an ecosystem of 3 currencies ( SHIB, BONES & LEASH). Afterwards, he sent half of the token supply to Vitalik Buterin, Ethereum’s founder. Afterwards, Vitalik gave out and burned all he held in May, reducing the price of the altcoin.
The decentralized meme token focuses on building an ecosystem with different supply’s hence the three tokens ( SHIB, BONES & LEASH). The ERC-20 meme token is listed on different platforms, including coin base, OKEx, and gate.io.
Final Thoughts
Altcoins are taking over the digital market. And the basis of a successful meme coin depends on a strong community that is investing in it. And also how popular the coin is at the time.
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