Shiba Inu – a funny parody or an underestimated asset

SHIBA INU, not to be confused with Dogecoin, is a cryptocurrency that invites dog-inspired artists from around the world to develop what the creators call the “Shiba Art Movement” by bringing out the SHIBA community INU to the non-fungible token market (NFT).

Shiba Inu is a particularly risky investment. It was created as a parody of Dogecoin (which itself was created as a parody of Bitcoin), and its popularity is mainly driven by retail investors who buy cryptocurrency en masse to boost its price and make money fast.

Shiba Inu has also gained in popularity as investors turn to online broker Robinhood Markets for a token for trading. The increased media attention prompted more investors to buy the cryptocurrency, further pushing up its price.

While there is little chance that Shiba Inu can thrive in the long run thanks to its loyal fans, it is not a strong investment right now. If you are a risk averse investor, this cryptocurrency may not be for you.

SHIBA INU is one of the most popular cryptocurrency tokens with the following key features and benefits:

  • SHIB, the native SHIBA INU token, has a Japanese dog breed, just like and Dogecoin, and while the two tokens have some similarities beyond the mascot, SHIBA INU has declared itself an improved version of Dogecoin, and has also claimed the title of “Dogecoin Killer”.
  • Dogecoin was released in 2013 with the intention of being a joke and has no real value or utility, which makes it nothing more than a vehicle for speculation. This means SHIBA INU should provide an improved speculative coin.
  • SHIBA INU coin was released in August 2020 and created by an anonymous developer named Ryoshi. At the time of its launch, SHIB was priced well below 0.01 ZAR, and with 1 quadrillion minted tokens, it has remained at that price for quite some time.

Despite a nonexistent start, the value of SHIB has risen as interest in Dogecoin has begun to grow.

How it all began

In a document prepared by Reoshi, the SHIBA INU project was started with a simple question, namely, what would happen if the cryptocurrency project was 100% community driven. The question of this is not yet known, and all that is known is that SHIBA INU is an interesting project that is gradually attracting more and more investors and traders.

The SHIBA INU community has over 300,000 members and has begun to create a buzz in the crypto community.

On May 14, after falling by 50% from its all-time high, the SHIB token rose by more than 1,200,000%. There are no other coins in the world that have such a return, and this raises the question of whether the SHIB token deserves your attention after such a significant increase in price.