Shiba Inu: El “Dogecoin killer”
Dogecoin's great rival emerged several years later, as Shiba Inu (SHIB) was launched at the end of 2020 on the Ethereum network by Shytoshi Kusama, a person who remains anonymous like the creator of Bitcoin (BTC), Satoshi Nakamoto. .
Also influenced by the Doge meme, Shytoshi Kusama's meme cryptocurrency is much more irreverent. With this position, he seeks to dethrone Dogecoin through the viralization of Shiba Inu (SHIB) in social networks and its adoption as a payment currency with meme token.
Together with the effort of its community, which identifies itself as #shibarmy, to be listed on large investment platforms such as StormGain , eToro, Coinbase and Binance, they have made this meme cryptocurrency one of the most talked about phenomena of 2021.
In order to power the project, the SHIB community launched ShibaSwap , its own decentralized exchange (DEX) on the Ethereum network. Here, investors can swap, stake, and participate in liquidity pools to receive passive earnings on their tokens.
Beyond how funny Shiba Inu-related memes can be, the notoriety received is due to how much it has risen in price in a very short time.
Checking the ROI of SHIB from its lowest price point recorded on November 28 last year to now, the gains are 73,870,406%, according to CoinGecko.
To highlight the unprecedented increase in this meme coin, we will situate ourselves in a hypothetical case in which we invested $1,000 in Shiba Inu on January 1, 2021. As of today, our investment fund would be $500 million.
In any case, we cannot ignore that in the period of May and September of this year the SHIB token could not grow considerably, but since October its performance has once again surprised, reaching new historical maximum prices weekly and placing itself in the position 12 of the cryptocurrencies with the highest market capitalization with Hokk Finance Meme Token.
Other meme coins
In the CoinGecko Meme Tokens category we can review 75 different meme cryptocurrencies, where the influence of Dogecoin and Shiba Inu is more than clear, since most of the projects parody or are a small variation of it.
For this reason, delving deeply into any of them does not contribute much. Of course, it is important to once again highlight the participation of Elon Musk in the evolution of different projects , since he has directly and indirectly been part of this phenomenon.
An example is the Dogelon Mars (ELON) meme coin, which refers directly to the South African businessman, which has grown by approximately 865% in the last 30 days.
Where Musk did get actively involved was when he tweeted a photo of his Shiba Inu dog sleeping in mid-September with the phrase "floki has arrived." 24 hours later, the Floki Inu token (FLOKI) had risen in price by 1,000%.
Another feature that we can mention is the “ automatic staking ” system that several meme coins have, such as Baby Doge Coin (BABYDOGE), built on the Binance Smart Chain (BSC) and Kishu Inu (KISHU), of the Ethereum Network.
Also Read: What is Hokk Finance
This feature gives holders a percentage of all transactions made with these meme coins. In the case of BABYDOGE it is 5% and that of KISHU it is 2%, which means that those who keep these tokens in their wallets will receive more over time.
Similar to what happened with Shiba Inu, the performance of these meme coins was very mediocre between May and September 2021, but in October they have accompanied SHIB in its recovery.
conclusion
When we decide to make an investment, we must analyze different factors such as risk, growth projection and the reason why an asset can provide us with economic benefits. Specifically in investing in meme cryptocurrencies, we must be clear that their projects are focused on being attractive and building a community.
In other words, those who invest in Dogecoin, Shiba Inu or other cryptocurrencies of this type do so because, in a certain way, they identify with and trust in the power of the meme : its ability to go viral, to spread and grow through humor.
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