Shiba Inu (code: SHIB), also known as Shiba Token, is a decentralized cryptocurrency created in August 2020 by an anonymous person named “Ryoshi”.
Shiba Inu is an ERC-20 token on the Ethereum blockchain, and is based on Dogecoin; It brands itself a “Dogecoin killer”.
Also, Check out What is Crypto Token?
Shiba Inu Coin: The Dogecoin killer!
Since exponential growth is popular among newly launched cryptocurrencies, the boom should not come as a surprise and should be the only reason to invest in this coin.
This is because they have little monetary value. According to CoinMarketCap, the Shiba Inu is currently valued at $0.00000163, relative to $0.0000006 in mid-April.
A key difference between the two currencies is that Dogecoin is a coin, whereas Shiba Inu is a token. Cryptocurrencies have their own blockchain, whereas crypto tokens are designed on top of an established network.
SHIB tokens are used to purchase Shiba Inu coins. The Shiba Inu dubbed the “Dogecoin killer”, is rapidly gaining popularity among Chinese cryptocurrency traders.
SHIB, according to its creators, will develop its own ecosystem. Shiba Swap, a decentralized exchange on the Ethereum network where group members can trade, buy, sell, and HODL for rewards, is bringing this to reality.
Shiba Inu Coin Price Prediction
The two-hour chart shows that the SHIB price has been under a lot of pressure over the past few weeks. The coin has fallen more than 82% from its all-time high on record.
It has broken below the 25-day and 15-day moving averages. Additionally, it is hovering near the important support level of $0.0000064.
Therefore, in the near term, I suspect the coin will continue to fall as the bears target this support level. On the other hand, a jump above $0.000091 would invalidate the trend.
Also, Check out What are Altcoins?
When Will Shiba Inu Arrive $!?
It is expected that the self-proclaimed Doge killer Shiba Inu could reach $0.0000085 by the end of June 2021.
If it continues to rise we can say that in January 2022 the cost will be $0.0003. By calculations, there is a very small chance that it will reach $1 by 2025.
What is the Difference Between Dogecoin and Dogecoin Killer?
As of now, it is based on Ethereum and has little or no inherent use cases or values. Since the token is very new to the market, not much is known about it yet.
Dogecoin is a cryptocurrency that was created using the same technology as Bitcoin. Ethereum is used to power the Shiba Inu token.
Non-fungible tokens (NFTs) use the Ethereum platform’s ERC-721 token standard, while alternative tokens such as the Shiba Inu use the ERC-20 token standard.