Price forecast for Shiba Inu Coin: What experts believe will happen to the meme cryptocurrency and why buying it is a risk
Shiba Inu Coin was trading at $0.000072 on Friday afternoon, after reaching a high of $0.000077 earlier in the day.
Shiba Inu Coin, a Dogecoin rival based on the same breed of dog, continues to rise in value.
It is now worth $0.000072 as of Friday afternoon, after reaching a high of $0.000077 earlier in the day.
Over the previous year, the meme cryptocurrency has increased by a staggering 60,000,000%.
It currently has a market capitalization of $38.5 billion, surpassing HP and Nokia.
But what is it that makes it so popular, and can it be predicted if it will continue to grow? Here’s all you need to know.
What is Shiba Inu Coin?
Shiba Inu Coin describes itself as “an experiment in decentralized spontaneous community creation” on its website.
It was introduced in August 2020 and is traded on ShibaSwap, a decentralized exchange.
Shiba Tokens have a total quantity of one quadrillion (1,000,000,000,000,000) and a 100% circulating supply, according to Binance.
According to the Shiba Token website, Uniswap, a decentralized finance system that permits automatic transactions between cryptocurrency tokens on the Ethereum blockchain, has been assigned 50% of the entire supply.
The remaining 50% was given to Vitalik Buterin, the co-founder of Ethereum.
“Everyone must buy on the open market,” according to the website, “ensuring a fair and full distribution where programmers do not possess team tokens they may dump on the community.”
However, according to Binance, “the top no 1, no 2, and no 5 wallets, respectively, own 50.5 percent, 7%, and 3% of total supply.”
The shiba inu dog, which also represents Dogecoin, is the coin’s mascot. It has also earned the moniker “Dogecoin Killer.”
Why is Shiba Inu rising?
Shiba Inu coins appeal to certain investors because they provide the chance for rapid returns. You can, however, lose…