Since its launch in August 2020, Shiba Inu (SHIB) has attracted public attention. In 2021, SHIB will become the most popular crypto asset with 43 million searches more than Bitcoin (BTC). Now, the crypto community is looking at SHIB again. Investors who are planning to buy SHIB should understand the following points about this meme's crypto asset as quoted from the News Room Post.
First, SHIB is not a coin, it's a token. It is important to know SHIB is not on top of the blockchain itself. SHIB uses the Ethereum blockchain, hence it is called a token.However, the Shiba Inu team plans to create their own layer-2 blockchain called Shibarium which will be released in the near future.
Second, SHIB is referred to as a competitor to another meme crypto, namely Dogecoin (DOGE). The Shiba Inu site calls itself the “killer of Dogecoin” and is the only competitor to overtake DOGE. Other competitors in this memecoin category include Floki Inu (FLOKI), Doge Dash and Dogelon Mars. Third, the founder of SHIB is an anonymous team. Shiba Inu is similar to Bitcoin in that no one knows the identity of its creator. However, it is suspected that Ryoshi is the developer and the Shiba Inu logo is a dog from Japan.
Fourth, SHIB is indirectly supported by Elon Musk. Tweets from Tesla CEO Elon Musk often go viral around the world. After he tweeted about adopting a Shiba Inu animal, the SHIB token skyrocketed to high prices.
Fifth, SHIB is a speculative asset. The SHIB token was launched as a joke and a competitor to DOGE. Despite this, the cryptocurrency has managed to achieve widespread popularity due to its meme-driven nature. Sixth, SHIB is volatile. All cryptocurrencies tend to experience volatile prices because they are classified as new asset classes, especially the cryptocurrency memecoin. Therefore, crypto exchanges are careful when opening trades for the memecoin group. The Burn Shiba Inu (SHIB) Mechanism is Coming The new SHIB token burn mechanism is arriving soon. This new method offers transparency and is more systematic, but does not guarantee that prices will be pushed up.
“The SHIB extermination portal is currently being worked on by the development team. No exact release date yet but testing has started with more details to be announced," said the SHIB developer. The SHIB team added, destroying SHIBs is a core aspect of the SHIB ecosystem and they are always looking for new options to destroy SHIBs through a number of uses.
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