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There are several must Know things about Shiba Inu Coin if you want to become an investor. Since its launch in 2020, the coin continues to grow with the progress both in price and the number of investors.
Some of the key things you need to know about the coin include;
Shiba Inu Coin Started as a Meme Coin
Despite the advancements we have seen with the coin recently, it was initially a meme coin with no real-life uses.
Meme coins are also known as joke coins due to their lack of any utilization. They are primarily used for comic reasons. Other such coins include Dogecoin.
Also known as the Dogecoin Killer, Shiba was meant to compete with DOGE so much so that they share similar naming with both adopting Japanese Dog names.
In the market, some investors tend to stay away from these coins as they refer to them as Ponzi schemes. Most argue that lack of real-life uses exposes them to the ultimate failure.
However, the Shiba Inu coin continues to advance in utilization in the race to drop the meme coin tag. This is evident with the launch of various solutions such as Non-fungible tokens.
It is the 14th Largest Cryptocurrency in the Market
Shiba coin ranks as the 14th largest cryptocurrency in the market with a valuation of 15 billion dollars. At some point, the coin was in the top 10 list after a huge rally last year. During this rally, its market valuation exceeded that of Dogecoin for the first time.
This growth has made the coin among the major currencies helping it attract more investors in the process. It also recently hit the 1 Million investors threshold despite being in the market for less than 2 years.
Data from some of the social media channels show the coin is among the top 3 most famous cryptocurrencies in the market. It has also recorded market leadership in trading volumes during rallies.
Shiba Gaming Metaverse
Shiba is in the process of developing its gaming industry known as Shiboshi. This will be based on the fast-growing metaverse technology.
The announcement of this undertaking was made public late last year coinciding with the hiring of David Volk to lead the project.
Shiboshi games will be based on the already existing Shiboshis non-fungible tokens that were launched last year. Shiboshis is a group of 10,000 Images that Shiba took online last year.
The development of the Gaming metaverse will make Shiba among the few groups of Cryptocurrencies with such capabilities. There is no given launch date. However, most analysts speculate the games could be ready this year.
This is a 2nd layer blockchain Shiba is developing on top of the current existing layer 1 Ethereum blockchain.
Having its blockchain will bring flexibility and scalability to the coin. It will also enable handling some of the challenges associated with using Ethereum blockchain such as high gas fees.
The development is not yet complete but analysts predict it could also be ready this year. This will make Shiba among the only few coins with its own blockchain.