Shiba Inu Coin:
Shiba Inu Coin has caught a lot of attention in the cryptocurrency world. The history of the Shiba Inu coin and its creator Ryoshi will be discussed in this article.
Shiba Inu coin: what is it
A cryptocurrency known as the Shiba Inu coin was developed in August 2020 by Ryoshi. Ryoshi is a mysterious person or organization. Shiba Inu is a well-known dog breed. That also served as the model for the more well-known Dogecoin which is the basis for the coin.
Shiba Inu coin like Dogecoin was invented as a joke but grew to be well-known and had a sizable fanbase. It is referred to as the "DOGECOIN KILLER" on the coin's website. Which also characterizes it as an experiment in decentralized spontaneous community building.
So who is Ryoshi?
Ryoshi is the alias used by the creator(s) of Shiba Inu Coin. They are thought to be based in Asia, yet nothing is known about them. Since developing the coin, Ryoshi has kept a low profile and kept their identity a secret.
Despite his anonymity, Ryoshi has developed a following in the world of cryptocurrencies. Even jokes and artwork featuring Ryoshi as a hero have been produced by investors.
How did Ryoshi create Shiba Inu Coin?
Shiba Inu Coin was made by Ryoshi using an unknown procedure. They allegedly followed a method that was similar to that of Dogecoin's developers. The digital currency known as Dogecoin was developed as a joke by two software programmers named Billy Markus and Jackson Palmer.
Shiba Inu Coin was developed as a playful experiment, much like Dogecoin, and its developers had no idea it would become as well-known as it has. There was no pre-mine or initial coin offering (ICO) when the token was introduced as a decentralized experiment.
Working process of Shiva Inu Coin
Shiba Inu uses the same technology as Ethereum. Because it is based on the Ethereum blockchain. It is a decentralized cryptocurrency. This means that no single entity like a bank or government has power over it.
One of the most important features of Shiba Inu coins is their large supply. Its supply is 1 quadrillion.
Shiba Inu coin value increase
Since its launch, the value of Shiba Inu Coin has grown in an unexpected way. The coin's value reached an all-time high of $0.000036 in May 2021. It is compared to Dogecoin. Which played an important role in its rise.
Many investors grabbed Shiba Inu Coin because they considered it a more affordable alternative to Dogecoin. Although the coin's value has since declined it is still one of the most widely used cryptocurrencies available.
Is Shiba Inu coin a good investment?
Several meme coins have had tremendous returns, and Shiba Inu is one of them. Shiba Inu, which markets itself as a Dogecoin killer, has ushered in the era of meme coins. While many investors wondered if Shiba Inu is a good investment, the coin experienced a massive bull run while most altcoins stagnated.
Shiba Inu (SHIB) is essentially a meme Coin and has little utility. SHIB's most powerful weapon is marketing.
The coin surged in October 2021, when most altcoins were consolidating. The reason for its epic bull run was that it took advantage of the hype Dogecoin generated during the meme coin era and marketed itself as a better alternative. Investors were looking for another meme coin after Dogecoin peaked, and SHIB positioned itself in the right place at the right time.
Even before SHIB took off in 2021, many investors doubted its usefulness. But it was speculation that led many investors to buy the coin, which led to a significant increase in its price.
Shiba Inu Coin has good potential when there is a bull market and when combined with effective market strategies.
Shiba Inu Coin Market Trend & Price Analysis
As seen on the SHIBUSDT chart, the 123 price pattern was broken on March 23 and the down trend was confirmed.
Shiba Inu is currently priced at 0.00000885. The price may come down further. 0.00000781- 0.00000719 This level has a strong support level. A price reversal may occur from this level. But if the price breaks this level, the price can go to Shiba Inu's all-time low.