Other Technology | October 13, 2023
The frenzy for cryptocurrencies and NFTs is no longer at the peak it experienced just two years ago. Investors who saw this sector as a good field for speculation and quick money are becoming fewer, but there are still a large number of digital currencies. In recent days, many people have been wondering what Shiba Inu is, how much it’s worth, and why it’s becoming as famous as Bitcoin, which remains the reference cryptocurrency today.
Although they bear some resemblance, the cryptocurrency Shiba Inu should not be confused with Dogecoin, the coin that saw a surge in popularity a few months ago when Elon Musk changed the logo of the former Twitter (now X) to the ‘Doge’ symbol. In this case, Shiba Inu is a different cryptocurrency founded in 2020 by two internet users using the pseudonyms Ryoshi and Shytoshi Kusama, and it takes its image from this breed of dog common in Japan.
Among the biggest supporters of Shiba Inu is Vitalik Buterin, one of the co-founders of Ethereum and a prominent figure in the crypto space, who made significant donations with this digital currency. In any case, Shiba Inu does share something in common with Dogecoin, and that is that both are considered ‘meme coins,’ characterized by their extremely high volatility. It’s an element of high-risk investment where both price increases and decreases are very pronounced and heavily based on speculation.
As of today, the value of Shiba Inu is quite nominal, as one unit of this cryptocurrency is equivalent to only $0.0000069 according to CoinMarketCap, and it has remained stable in recent days. Beyond its value, what’s striking is that there has been significant activity around Shiba Inu in the crypto market recently. The level of exchanges involving large amounts of this coin increased by 353%, leading to an increase in the number of major holders of the currency, popularly known as whales.
This has caused the whales to go from accumulating 169 trillion Shiba Inu tokens to 2.98 quadrillion in just one day between October 7 and 8, representing an increase of over 1,700%. The movements of these investors who move large sums of money in one cryptocurrency or another are often interpreted as a signal of where to invest for potentially higher short-term gains.
For now, the movements of the whales have attracted attention and inevitably placed the spotlight on Shiba Inu, which is even making more headlines than Bitcoin, which remains the primary reference among the many active cryptocurrencies in the market. Additionally, some specialized websites that analyze and predict the behavior of cryptocurrencies consider Shiba Inu as one of the more interesting alternatives for the remainder of the year and in the years to come.
Currently, the current price of Shiba Inu remains stable, but that doesn’t deter small investors seeking short-term profits from keeping an eye on the movements of the whales, despite the volatility and risks associated with investing in this meme coin.
