It has not been easy for investors to cope with the volatility of the cryptocurrency marketplace. Prices of old coins/tokens have been rising or plunging without any warning. Then again, several new tokens/coins have entered the cryptocurrency arena. They offer their own high and low spots. As a result, investors have become very confused about what digital assets they should adopt and assets which they should avoid. If you want to invest in bitcoins then you can visit online trading platforms like Bitcoin Sprint.
Fortunately for them, there is one token that has held on steadily, despite the bearish and bullish runs. It is Shiba Inu (SHIB). Earlier, it was renowned as the Dogecoin killer. Today, it has acquired another label, too – Dogecoin’s little brother.
All About SHIB
The meme coin started as a joke in August 2020. It was based on a dog breed found in Japan. However, the coin began to gather numerous fans, soon after its launch. The group supported it very strongly and in a very lively manner.
It went all out to popularize it, and inspire cryptocurrency enthusiasts to accept Shiba Inu. After all, it did have certain features in its favor. The coin was affordable, or rather, inexpensive. It promised excellent liquidity. Finally, it was easily accessible, especially via Bitcoin smart, an intelligent trading and investment platform.
The blockchain-based meme coin operates on a decentralized platform. Maybe, investors found the dog-inspired coin irresistible! Maybe, they wanted to experiment with a new entry. Whatever the reason, within a span of a few years, Shibu Inu has been able to achieve a market capitalization worth $7.5 billion. It should suffice to convince investors that this token will not fade away so easily, regardless of marketplace difficulties.
Reasons for Shiba Inu’s Surge in Popularity
When it first arrived on the crypto landscape, Shiba Inu captured the imagination of the public. It seemed to be different from other digital currencies, because of its central theme. The biggest fans were from the younger group, for they were eternally seeking something new and fresh. It helped that this group were avid browsers of the Internet. Some of them just became part of a supportive community. Others began to invest in the new meme-coin, with its novel design. Hitherto, they had only come across very official-looking cryptocurrencies.
Shiba Inu has another distinctive feature – its economic model. It has a fixed supply of coins in place – 50 quadrillion. Many digital currencies cannot boast of supplies that match demands. In this case, Shiba Inu has also gone in for a unique action. Most coins are stashed away in a burn vault. The idea is to lessen the overall supply, albeit spread over a period. For now, SHIB is always available. Therefore, investors are eager to get their hands on the meme coin. Rising demand has led to a rise in price. Currently, it is $0.000915.
Shiba Inu’s Burn Vault
The vault has a name – ShibBurn. It came into being on April 23, 2022. The team of developers created the coin-burning mechanism for investors to earn a passive income. Whenever users burn Shiba Inu coins, they gain rewards. The rewards are in the form of other tokens/coins. The idea caught on so quickly that around 20 billion coins found their way to the vault, within five days of launching.
Whenever someone desires to burn some of the meme coins, the selected quantity is sent to a zero address or a burn address. It refers to a dead wallet. When the coins reach this wallet, they are deemed as being out of circulation, and no longer usable. No one may retrieve burned offerings, for the burn vault has a special private key that opens it. Only the company knows it, and no one else. Thus, as the supply decreases, and demand increases, the price of the meme coin rises.
Shiba Inu’s developers store records about the transactions on the company’s server. They are ready to share the data with users at any time. Currently, the organization is focused on merging with the Metaverse.
Such plans suggest that both, the developers, and the community believe that Shiba Inu has a very bright future. In contrast, experts prefer to wait and watch, for there is no saying what will happen next in the volatile, global marketplace.