Dogecoin ‘is pure speculation and will end badly’ says Yusko
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Shiba Inu has risen to new heights in the market recently. Based on the logo of meme coin DOGE, the Shiba Inu Japanese dog breed adorns the coin. Last week saw a crypto market crash as currencies saw a downward fall in value. Shiba was no exception and saw losses alongside DOGE, bitcoin and ethereum. Bitcoin and ethereum have already lost half of their value since they reached an all-time high in early April this year.
Will Shiba Inu go up?
As of May 27, SHIB is selling at $0.000009157, up from its low of $0.00000852 last night, but still less than a high of $0.00000958 in the last 24 hours.
The Shiba price is attempting to bounce back after crashing to a low of $0.000085 overnight on Monday, May 25.
SHIB jumped to $0.000090 on Wednesday, bringing it to 5.45 percent above the lowest overnight level.
According to CoinMarketCap, SHIB has a market cap of more than $3.4billion, making it bigger than coins like bitcoin SV and algorand, among others.
While SHIB could go up, some analysts say it’s highly unlikely SHIB will ever reach the $1 mark as it hasn’t shown as much growth as rival coin DOGE.
Instead, Shiba Inu is expected to become a ‘stable coin’ while DOGE will likely reach $1 in value.
Stablecoins are currencies that have steady prices and are expected to have ‘low price volatility’ with prices that are pegged.
If the SHIB coin does, somehow, follow in the steps of DOGE, then the same kind of yield in growth can be expected later down the line.
People have been expecting big things from DOGE – especially with big-name endorsements like Elon Musk and Mark Cuban – and SHIB could just be riding on its coattails but making waves on the market nonetheless.
Three things to know about Shiba Inu
SHIB is a token
Shiba Inu coins are cryptocurrency meme tokens that enable investors to hold trillions of them, according to the crypto’s website.
These tokens are listed and incentivised on ShibaSwap, its own decentralised exchange platform.
The website claims to have locked 50 percent of the total SHIB supply to Uniswap, while the remaining amount has been burned by Ethereum founder Vitalik Buterin – an estimated $6billion stash.
The tokens feature the same Shiba Inu Japanese dog breed as Doge, which has seen unprecedented highs in recent months.
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SHIB aims to replicate Dogecoin’s success
Susannah Streeter, senior investment and markets analyst for Hargreaves Lansdown said the token “appears to have been created” to give DOGE a run for its money.
Ms Strreeter added: “It features the same dog which became a meme and aims to replicate DOGE’s success of turning a joke into a money-making machine.”
The Shiba Inu website reads: “Nicknamed the Dogecoin killer, this ERC-20 ONLY token can remain well under a penny and still outpace Dogecoin in a small amount of time (relatively speaking).”
The value of DOGE skyrocketed after celeb city backing, while numerous Reddit users called for the coin’s value to smash the $1 mark.
Shiba Inu’s legitimacy remains in question
As it stands, it’s not exactly clear whether or not SHIB tokens are legitimate as very little is known about the crypto coin.
This means investors are at a much higher risk of losing their money, especially when coupled with the already volatile nature of the market.
Cryptocurrency firms are decentralised, meaning they aren’t regulated in the same way other financial institutions are, consequently leaving investors with zero protection if things go pear-shaped.
In January, the Financial Conduct Authority sent a stark warning that Brits risk losing all their money when investing in crypto, while China recently moved to ban bitcoin.
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