Over the last many months, we’ve seen cryptocurrency investors across the world going all-in behind Dogecoin (DOGE) which initially began as a meme currency which was literally meant to be a joke. However, the price has gone from less than a cent per coin at the start of the year to a high of $0.7 per coin a week or more back. Now, we have yet another fresh coin doing the rounds called Shiba Inu (SHIB).
The Shiba Token has been around since August 2020 but it’s only recently that it’s doing the rounds, and is slowly been listed on cryptocurrency trading platforms around the world. Earlier today, we read reports of $7+ billion in trading volume just on this coin, trading at just around $0.00002099 per token at the time of us writing this.
SEE ALSO: List of the top sports betting websites
Now that’s quit e a low value but there’s immediate interest in this coin. It was earlier only available to trade on Binance but now, you can trade in Shiba Inu on WazirX as well, going live today, 13th May 2021. Currently, we have no expert advice on this coin and whether it will be the next best thing. There are extreme opinions on it – some say it’s purely a Dogecoin killer while some believe it’s worth none of your time or money.
What is Shiba Inu Coin?
Shiba Inu is a breed of hunting dogs in Japan and they would’ve imagined they’d be a part of a discussion on whether they should be purchased online or not. Based on Ethereum, the coin is said to have earned the tag of ‘Dogecoin Killer’ because of the ability to outpace the market value of Dogecoin. This too, without ever crossing the price of $0.01.
The founders of Shibu say that 1,000,000,000,000,000 crypto coins have already been minted and Ethereum co-founder Vitalik Buterin owns $15 billion worth of Shibu coins. It’s a decision taken by founders to avoid other investors bagging big amounts of the coin and thus, avoiding volatility in the price as well.
REGISTER: Crpto-currency trading platform WazirX
“The hype around meme coins such as Shiba is not a financial, but a social phenomenon,” said Ben Caselin, crypto exchange AAX head of research and strategy. “If you’re buying today, I don’t know where the future lies for you. But if you were in a few days ago, yes, you’re definitely making money,” said David Hsiao, crypto magazine Block Journal CEO.
For all updates on cryptocurrencies and on the Shiba Inu coin, stay tuned to ReadScoops.com…
Register on WazirX and start trading in cryptocurrency today
