- Regularly tweeting from Elon Musk stays to propel energy in Shiba Inu.
- SHIB’s status as an ERC-20 token gives users real utility potential.
- A strong community could succeed in this cryptocurrency becoming a viable long-term investment.
One of the meme coins that has got off lately, Shiba Inu has noticed some biblical increase this year. SHIB has more than increased over the past month and has been a 6-bagger over the past 3 months.
This variety of outsized importance in a given cryptocurrency is not unique. Various descriptive moves in a wide range of cryptocurrencies in current years have been noted. However, Shiba Inu’s rise to influence in such a short quantity of time is among the most effective.
This coin started trading in August of last year, at $0.0000000005 (that’s 9 zeros). Currently, investors can pick up SHIB Inu tokens for approximately $0.00005 at the time of writing (only four zeros).
Let’s dive into how this cryptocurrency has been ready to erase so many zeros so fast. After all, this token’s energy alone is a reason in and of itself investors will want to think owning SHIB tokens.
1.Elon Musk happens to be a fan
There’s no denying the influence various personalities can have on cryptocurrencies. Surely, this full crypto journey is reliant on opinion within the social media space.
For investors holding Shiba Inu, or any meme token, it’s essential to evaluate where the view is in the market at any provided point in time.
Last month, we described how Shiba Inu has seen a better boost from crypto-tweeting celebrity Elon Musk. Nearly immediately after posting Images of his “Floki Frankpuppy” dog, Shiba Inu instantly saw an intense surge in investor interest. This surge has remained since, pushing the SHIB coin to new all-time highs, before the current market sell-off we’ve seen this week.
Now, Mr. Musk does not have #SHIB. However, his help with this token via his tweets has been just for speculators.
Some may explain the fact that Elon Musk owns a Shiba Inu dog means about as much as what Elon Musk had for breakfast that morning. However, for crypto investors, this sort of free advertising and thought pump is what drives the energy in these tokens. The association doesn’t always have to make sense, as long as the heads are rolling in.
Accordingly, should this token reacquire its uncertain momentum, all bets are off concerning how high SHIB, or any meme token for that matter, could go.
2.SHIB is an ERC-20 token
Some investors may question why investors may prefer Shiba Inu over a different dog-themed token, Dogecoin (CRYPTO: DOGE), which provided rise to this meme Coin madness in the first place. After all, any may think Shiba Inu be finally riding the coattails of Dogecoin’s success.
One of the key differentiators of the two is SHIB’s situation as an ERC-20 token. This indicates that the Shiba Inu network runs on the Ethereum (CRYPTO: ETH) blockchain. There are benefits and drawbacks to this.
As an Ethereum-linked token, Shiba Inu can be a part of various decentralized finance (Defi) projects. This sort of functionality gives those on the Shiba Inu system more comprehensive utility and real-world applications for this cryptocurrency. While both the SHIB and DOGE coins can be considered stores of value, Shiba Inu arguably gives more convenience to its users. That’s a great thing.
However, unlike Dogecoin, Shiba Inu is taken hostage to the fees and execution time of its origin network. Dogecoin is known to be among the faster blockchain networks in the world of proof-of-work consent rules. Therefore, it’s a toss-up in values to which meme coin to own. They’re just different.
Those bullish on Shiba Inu will see that Ethereum’s intended move to a proof-of-stake model could be useful in this respect. Accordingly, there’s a lot to like about this token’s upside, in terms of how the Shiba Inu network is created.
3. Shiba Inu boasts a Strong Community
Among the parts many considering the SHIB token will point to as objects to own this cryptocurrency is the important community Shiba Inu has created. Despite more than 10,000 cryptocurrencies in reality as of May of this year, only a few are likely to endure as viable networks over the long term. The cryptocurrency tokens with the most powerful communities are commonly perceived to be safer than those without any sort of following.
Analyzing the social media influence of Shiba Inu, as well as the various support this coin has received (directly or indirectly) from prominent individuals, there’s an argument to be made that this is a token with the capability to stay relevant in the long run. The token was explicitly created as an experiment in community-powered cryptocurrencies, after all.