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Shiba Inu (shib) Cryptocurrency price news information

What is a Shiba Inu Coin?

Shiba Inu was founded last year by an anonymous person named Ryoshi, and Coinage's website refers to it as "a decentralized meme token that has grown into a vibrant ecosystem." It appears to have been created in the vein of Dogecoin, a cryptocurrency that was created as a joke in 2013---along with the Shiba Inu meme--but has since become a popular token used by some sports teams for payments is done for, AMC Theater and others.

Shiba Inu (SHIB) is a token that aspires to be an Ethereum-based alternative to the popular Memecoin Dogecoin (DOGE). Unlike bitcoin, which is designed to be scarce, SHIB is intentionally abundant – with a circulating supply of a quadrillion. The Shiba Inu token ecosystem supports projects such as the NFT arts incubator and the development of a decentralized exchange called Shibaswap.


How Shiba Inu works?

Because Shiba Inu (SHIB) is issued as an Ethereum token, it is compatible with the vast Ethereum ecosystem. Benefits include compatibility with Ethereum wallets such as Coinbase Wallet or MetaMask, availability on decentralized exchanges (or DEXs) such as UniSwap, the ability to incorporate SHIB into ETH-based DeFi applications such as lending and savings products, and NFT marketplaces.

The Shiba Inu cryptocurrency is now the world's 20th largest by market cap and has more than tripled in the past week, partly inspired by Elon Musk's latest tweet about his puppy.


Is the Shiba Inu coin a Good Investment?

If you want to look into your digital wallet and see millions, billions or even trillions, you won't do much better than a Shiba Inu - but some experts would recommend it as a good investment strategy.

Crypto, in general, is bearish right now, especially Ethereum-based tokens such as Shiba Inu and Dogecoin. If that trend reverses course, it is perfectly logical to believe that the Shiba Inu will be picked up by the tide. In fact, on June 24, an expert writing for FXStreet used convincing logic to speculate that the Shiba Inu is due for an 80% price increase, and perhaps it is. But it is as easy to find experts who predict that the coin of the moment will soon be thrown into the dustbin of crypto history along with the rest of the fallen altcoins.


Why is the price of the Shiba Inu Coin rising?

The crypto market never fails to amaze its traders and investors in the network. This time around, Shiba Inu (SHIB) also known as the 'Doge Killer' is now back and setting the fire. In detail, the crypto has successfully achieved a growth rate of over +50% in the last 24 hours. In fact, this aggressive movement by crypto attracts the attention of investors from all over the world.

Over the past month, SHIB has been one of the digital assets that has taken the crypto world by storm. As a result, the crypto was able to climb as one of the top 50 crypto assets in CoinGecko. Furthermore, this reputation built by SHIB established crypto as one of the preferred digital assets in the crypto market.

With each passing day, the “dogfather” family is growing – and becoming harder for crypto analysts and creators to ignore.

On October 4, Tesla Motors CEO Elon Musk posted a photo of a Shiba Inu puppy sitting in the sun on a Tesla car. He captioned it "Floky Frankpuppy."


Shiba Inu  Cryptocurrency

Usual rumors swirled about: could Tesla soon accept Dogecoin or related dog-themed meme coins as payment? However, one thing was certain: many alt coins saw a jump in price.

The value of the meme cryptocurrency Shiba Inu coin soared nearly 45 percent on Monday — and the price jump is once again being attributed to Elon Musk.

According to Coinbase, the coin is still below a penny, and is currently trading at £0.00001776.

But it is above £0.0000570 on Sunday. The Shiba Inu coin has now risen nearly 8,000 percent over the past year.


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