I believe most of you guys heard of DOGE coin which is a meme. But do you know SHIB coin.? What is SHIB coin and is SHIB a meme? Leading the pack is Shiba Inu (SHIB), which exploded in 2021, vying with Dogecoin for the lead.
What is SHIB coin?
Shiba Inu (SHIBUSD) is an Ethereum-based altcoin (a cryptocurrency other than Bitcoin) whose mascot is the Japanese hunting dog Shiba Inu. Shiba Inu is widely regarded as a Dogecoin alternative; in fact, Shiba Inu proponents tout it as a “Dogecoin killer.” Shiba Inu was created in August 2020 by a person or group named Ryoshi.
Like many other cryptocurrencies, Shiba Inu operates on a decentralized network of computers that runs a database called the blockchain. This blockchain database tracks and manages cryptocurrencies verifies transactions and records every transaction associated with it.
Shiba Inu is trading at a fraction of a penny. In September 2022, one coin is trading at about $0.000012, so about 800 of those coins are equal to 1 cent. Despite the minuscule price, all Shiba Inu coins are worth nearly $6.8 billion due to a circulating supply of around 549 trillion, according to CoinMarketCap. It holds nearly 1 trillion authorized coins.
Is SHIB a meme?
For this question, the answer is “YES”. Shiba Inu and Dogecoin are meme coins that are cryptocurrencies related to certain themes - like Shiba Inu dogs in the case of Shiba Inu and Dogecoin - but have some utility in launching usually as parodies or inside jokes rather than as digital products.
So now you know about what is SHIB coin and whether is SHIB a meme or not. Shiba Inu is one of a new wave of cryptocurrencies that has seen a surge in interest in digital assets.
