Shiba Inu: How it became a prominent cryptocurrency

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Shiba Inu
Shiba Inu

Ever since Bitcoin came into being, the crypto world has evolved with the emergence of more new technologies and trends. Altcoins are one such example. Earlier Bitcoin garnered much attention from investors owing to its global popularity. But after the emergence of more and more alternate coins, the attention of investors got diverted to them from the foremost cryptocurrency. Some of the examples are Dogecoin and Shiba Inu. 

Dogecoin began its journey as a crypto meme joke intending to poke fun at Bitcoin during its launch in 2013. But it was hardly expected that it would rise to fame. And this all came true with a series of tweets by none other than Tesla Motors CEO and founder, Elon Musk. Getting support from a big celebrity like him, fuelled the rise of Dogecoin. After its success, it propelled a new spin-off sharing a similar Japanese dog breed meme, Shiba Inu. The people behind its creation even boasted it as a Dogecoin killer. 

Shiba Inu: When it was created?

The creation of another crypto meme currency happened two years ago in August by a mysterious group or individual named Ryoshi. But during that time, it did not gain much attention when Tesla founder and CEO, Elon Musk shared crypto tweets about the Shiba Inu breed canine. Those tweets indicated switching of support from Dogecoin to this new crypto meme coin. 

More about SHIB’s success

Shiba Inu also got massive support after an online petition was filed for listing the latter crypto coin to the Robinhood exchange. It even introduced a series of NFTs named Shiboshis. All these factors became the main reason behind the increase in the value of SHIB in October. Its market capitalization was more than DOGE. And this is how Shiba Inu made its place among the top ten cryptos and outshined the latter crypto meme currency.

However, uncertainty is a common factor in the crypto world. No one can speculate what can happen in the next hours. And it has happened when both crypto meme currencies Shiba Inu and Dogecoin lose their gains. However, compared to DOGE, it was a sharp fall for SHIB. Within a week, its market cap declined to $30 from $40 billion. 

In the case of DOGE, it too had a steep fall to $34 billion from $37 billion according to a crypto price tracking site. This prompted the SHIB to get pushed by Dogecoin from the top ten list of cryptocurrencies. The price of SHIb has also fallen up to 40 percent when a donation of 50 trillion SHIBs was given to India Covid Relief Fund, whose foundation was laid by a crypto entrepreneur from India. He is Sandeep Naiwal. 

Ever since SHIB made its entrance into the crypto space, it has risen at a remarkable rate. It has drawn the attention of crypto enthusiasts and investors. Moreover, it is impressive to note that this crypto meme currency has even surpassed the returns of big competitors – Bitcoin and Ethereum. Shiba Inu is known to have prized with 2,50,00,000% in the last 1 year. During this period, the investment made in this crypto meme token would have converted into Rs 25,00,00,000. 

One must also know that doing investment in cryptocurrencies is very risky, plus, it is also true that making money does not come with a guarantee. The crypto market is highly volatile in such a way that even a tweet from a well-known personality having a large number of social media followers, can have a massive impact on the market. The last 2 years have proved to be a roller coaster ride for cryptocurrencies, but for the Shiba Inu coin, it came with a good opportunity. 

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The reason why SHIB has garnered so much attention are many, although its present value is not so high. Still, this crypto meme coin has influenced the crypto market and has proved its importance among investors in becoming their top choice. Currently, it is priced at $0.0000108. The first two merchants that accept payments in SHIB are AMC Entertainment and Newegg. Another company Flexa also announced its acceptance of the Shiba Inu coin as a token for payment. 

Now while we are discussing Shiba Inu, one must be interested in knowing about the best Shiba wallets in 2022. Let’s take 2 major examples below.

Trezor Model-T wallet

Trezor Model-T wallet is one of the best Shiba Inu wallets of 2022. It underpins30 cryptocurrencies and is still in the process of adding new ones. Trezor comes with high-security protocols including a 12-word recovery phase, 2FA, and passphrase. 

Atomic wallet

Coming on the next is Atomic wallet, which is supportive of ERC-20 coins based on Ethereum. It is a suitable wallet for storing SHIB tokens. Atomic wallet is a superb wallet where users are allowed to exchange and stake crypto assets and that too without any extra costs fees. Plus, the validators give the rewards directly. Hence, if you are interested in buying Shiba Inu tokens, then you can refer to Atomic wallet. 

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