The wait was long, but better late than never! Starting today, you can trade Shiba Inu (SHIB) on the BLOX cryptocurrency trading app. Shiba Inu became especially popular after October 2021, when the value of the cryptocurrency increased by 830% in less than a month. But what is Shiba Inu and what can you do with it?
What is Shiba Inu?
Shiba Inu was created in 2020 by someone named “Ryoshi”. As expected, the name comes from the Shiba Inu breed of the same name. It is often mentioned in the same breath as other meme coins such as Dogecoin, while Shiba was actually conceived as a “dogecoin killer”. At the moment, the two Shiba coins coexist peacefully, but that could change with the next bull run.
What Does Shiba Inu Do?
Like many other cryptocurrencies, Shiba Inu runs on the Ethereum blockchain and provides the security and functionality of that network. In addition, the coin is part of a larger Shiba Inu ecosystem that has gained a huge following in recent years.
The SHIBA INU community even NFT the dogs, and the project has started a fundraiser as well. And no, not for investors, but for saving the real Shiba Inu with the Shiba Inu Rescue Association. So memes can really do you good!
How much is the SHIB worth?
SHIB had a huge stock, meaning it trades for fractions of a cent ($0.0000092 at the time of writing). Despite this low price, the combined value of all Shiba Inu coins is over $5 billion, according to CoinMarketCap.
After all, almost 1 quadrillion coins have been issued, which keeps that number so low. About 40% of these coins were “burned” by Ethereum co-founder Vitalik Buterin. This effectively destroys them and renders them useless. This benefited the value of the coin.
Invest in Shiba Inu with BLOX
BLOX is the all-in-one cryptocurrency app for your smartphone and laptop! Trade the most popular cryptocurrencies at lightning speed, including big names like Bitcoin, XRP, and Ethereum, as well as smaller coins like Dogecoin, VeChain, and Polkadot. Whether you can buy for one euro or lose a thousand euros, you decide your investment yourself.
Source: Btc Direct
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Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
