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SHIB coin, also called the Shiba Inu coin, might look awfully familiar to another cryptocurrency currently making waves: Dogecoin.
Dogecoin's mascot is a Shiba Inu dog from a popular Internet meme. SHIB coin takes it one step farther, making the whole coin's aesthetic revolve around the Shiba Inu.
Created in August 2020, the coin is almost certainly meant to ride the coattails of Dogecoin's renewed popularity.
That helped send SHIB prices soaring from near $0.0000245 per coin on May 7 to a peak near $0.000357 on May 11. Considering Dogecoin has also rocketed over 900% higher between April and May, cryptocurrency investors are taking a close look at SHIB as a potential buy.
But after the creator of Ethereum got involved last week, the coin took a dip even as it got even more global attention.
Vitalik Buterin donated $1 billion worth of SHIB to fight COVID-19 in India last week.
With cryptocurrency prices falling, crypto investors might be looking for some new buying opportunities.
Let's see if SHIB makes the cut...
What Is Shiba Inu Coin?
The Shiba token bills itself an ecosystem of decentralized meme tokens.
The creators' first token is the Shiba coin we've been talking about, which can be traded on their ShibaSwap exchange, which is set to launch soon. They also highlight Leash, originally meant to be pegged to Dogecoin, and Bone, the next token expected to be traded on ShibaSwap.
As you can tell, the creators of SHIB are all in on the dog theme. They're even calling their whitepaper a "woofpaper."
What distinguishes the Shiba Inu coin from Dogecoin is SHIB leans into the new NFT boom by encouraging artists to create work around the Shiba Inu and sell it as NFTs. The creators are also encouraging donations to Shiba Inu rescues.
They also claim their Shib token can trade for less than a penny and still outpace the growth of Dogecoin. The idea here is that you can buy a lot more Shib coin than Dogecoin, meaning it will remain affordable for investors.
Of course, with Dogecoin created as a joke about the rise of altcoins, Shib coin's hype as the Dogecoin killer and lighthearted naming conventions makes you think it might be a joke too. In fact, it appears to fully embrace the "meme coin" moniker.
In short, the token was created with a similar joke in mind, but unlike Doge, this is a "joke" coin the creators hope to make profitable. With the attempt to tie in NFTs, build a community, and use the coin for good, there might be some traction here.
Of course, this is an incredibly speculative coin to own. It might be fun, and it might even make you some cash, but it's way too risky to do more than that.
Shiba Inu Coin Price Predictions
The Shiba Inu coin is very new and still in early adoption phase, so it's hard to make a prediction about where its price is headed. But a few analysts have put their forecasts in ink, and we're going to let you know what they're saying.
|Source||Shib Coin Price Prediction||Prediction Year||% Change|
You can see the forecasts vary dramatically, but more analysts than not are predicting a crash for the coin.
If you want to buy this one, then make sure it's money you can afford to lose.
And if you want a better strategy for making money in crypto, make sure you check out what our experts are saying...
Two High-Octane Crypto Opportunities
Bitcoin's making daily headlines... NFTs are taking off... it seems crypto's on everyone's radar right now.
We're keeping things nice and simple with two coins on our watch list and an easy, three-step process to show folks how to exploit them.