Shiba Inu (SHIB) Is a Meme Coin That Could Be a Big Player

Shiba Inu (SHIB) Is a Meme Coin That Could Be a Big Player

Source: Adobe Stock

Meme coins are cryptocurrencies based on internet memes. The most famous among them is Dogecoin (DOGE).

The cryptocurrency, developed as a joke, turned out to be unexpectedly successful thanks to the technical genius Elon Musk. It was with Dogecoin that Musk began to manipulate the cryptocurrency market and succeeded in doing so. Even the term “Mask factor” has appeared after that. With his tweets, Elon Musk has influenced cryptocurrency quotes and even the market as a whole. Its manipulation often irritates the crypto community.

Tweets about Dogecoin (DOGE) have pushed up the price of this crypto asset, which serious analysts consider worthless. In addition, Musk dropped the price of bitcoin, claiming that the “dirty” electricity from coal thermal power plants was used for its mining. It was later proven that 56% of BTC mining uses green energy.

Musk’s persistent promotion of the DOGE token has caused the emergence of a family of meme coins, such as Baby Dogecoin (BabyDoge), JINDO INU (JIND), Alaska Inu (LAS), Alaskan Malamute Token (LASM). Some meme coins turned out to be a true scam, but not all. An analyst at the Coin Bureau crypto outlet, known by the nickname Guy, noticed that there is a serious development team behind the Shiba Inu (SHIB) meme coin.

The SHIB price has risen more than 53,000,000% since the beginning of the year, from $0.000000000073 to an all-time high of $0.0000388 on May 10. This is partly due to tweets by Elon Musk, but not only. Guy states that Shiba Inu is closely associated with the Ethereum ecosystem. The analyst emphasizes:

– DOGE is really just a meme and nothing more … By contrast, SHIB is close to becoming a big player in Ethereum’s ecosystem by overcoming the shortcomings of Dogecoin.

SHIB is listed by such solid exchanges as Huobi, Binance, Uniswap, OKEx, Gate.io. Coinbase also said it is ready to list SHIB. The Shiba Inu ecosystem also creates its own decentralized exchange Shibaswap. After all, the developer, or the development team, under the nickname Ryoshi, is popular in the crypto community.

The developers themselves call SHIB the “Dogecoin killer”. And they admit that the main reason they developed this meme token is their love for Shiba Inu dogs.

After a record gain in May, SHIB has corrected and is now trading at $0.0000088. The expert believes that this meme coin will continue to follow the bullish trend.