Remember Shiba Inu? Yes, the dog that has its face on Dogecoin. It has its own cryptocurrency now, and it is ruling the internet, already. Seems like Dogecoin wasn’t the last meme cryptocurrency. Shiba Inu coin is built of Ethereum and is the highest growing cryptocurrency among the top 100 coins in terms of market capitalisation. Positioned as an alternative to Dogecoin, Shiba Inu coin has given 1,970.57 per cent returns (at the time of writing) in the last seven days.
The surge should not come as a surprise and should be the only reason to invest in this coin, as exponential growth is common among newly introduced cryptocurrencies. This is because of their comparatively lesser value. The value of Shiba Inu is currently sitting at $0.00000163, compared to a lower $0.0000006 in mid-April, according to CoinMarketCap.
It’s the market cap of this new coin which is drawing a lot of eyeballs. Shiba Inu is valued at a staggering $13 billion. In comparison, Dogecoin is valued at $61 billion. The latter had gone up till $90 billion but has fallen since, especially after Dogefather Elon Musk’s Saturday Night Live appearance.
One major difference between the two currencies is that while Dogecoin is a coin, Shiba Inu is a token. The difference between the two is that cryptocurrencies have their own blockchains, whereas crypto tokens are built on an existing blockchain. Shiba Inu coin is sold as SHIB tokens.
As mentioned before, it is based on Ethereum. And, at this moment, Ethereum’s founder Vitalik Buterin seems to be the biggest beneficiary of SHIB’s rise. The price surge has added a whopping $11 billion to his net worth. Buterin holds over 505 billion SHIB tokens representing 50% of its total supply.
Interestingly, he didn’t even buy them. He got them as part of a ‘give away’ from Shiba Inu’s creators. This was done to remove them from circulation and create an element of scarcity for the tokens.
“We sent over 50% of the TOTAL supply to Vitalik. There is no greatness without a vulnerable point and as long as VB doesn’t rug us, then SHIBA will grow and survive,” said the SHIB founder in company’s white paper.
Apart from this, not much is known about SHIB. According to its website, they’re cryptocurrency tokens and allow users to hold trillions of them.
Can you buy Shib Inu coin in India?
Not on the Indian trading platforms. The token is not listed on major Indian crypto trading platforms like WazirX, Coinswitch Kuber and CoinDCX GO. The interested investors will have to make purchase through CoinDCX, Binance, and Coinbase for now. However, if the trend continues and SHIB might soon be listed on Indian platforms as well.