Shiba Inu or SHIBUSD altcoin based on the Ethereum technology. Shina Inu logo and branding is the Shiba Inua Japanese hunting dog breed.
Dogecoin was introduced in December, but Ryoshi, a mysterious person or organization, introduced Shiba Inu in August of the following year.
According to Ryoshi, the Shiba Inu ecosystem was built on Ethereum because it was already safe, reliable, and permitted the project to remain decentralized.
Cryptocurrency investments are already quite dangerous due to their extreme volatility and lack of regulation. The value of altcoins like Shiba Inu and meme coins is dependent on volatile trading, investing in this market poses an extra hurdle. Here are some factors to think about while investing in Shiba Inus.
The maximum number of SHIB is 589,735,030,408,323. More over 549,000,000,000,000 have been mined as of mid-2022. That indicates that fewer than 7% of SHIB is still available for mining.
During October 2021, SHIB's price increased more than tenfold, placing it among the top 10 cryptocurrencies. As a result, it sparked a lot of interest among traders and received extensive media coverage. In the first week of October, Elon Musk, the founder of Tesla, posted a photo of his brand-new Shiba Inu puppy named Floki, which led to a huge increase in retail investment in the meme coin. Additionally, the release of Shiba Inu NFTs and unverified speculations that SHIB will be listed on well-known stock and cryptocurrency trading app Robinhood excited cryptocurrency enthusiasts.
Shiba Inu is a highly speculative and dangerous investment. Due to the tremendous volatility of cryptocurrencies, SHIB may be at risk of a major decline given its recent gains. Shiba Inu is not a major cryptocoin, and its price is based on market sentiment.