There are different types of digital assets in the market. One of them that creates a lot of hype around is meme crypto. What is a meme coin? They are usually created with the purpose of raising interest around the cryptocurrency market with the addition of humour. Memecoins do not have any serious technology that would bring the industry any groundbreaking effect. Memes do not carry any technological load. They rather work to create hype. The brightest examples of meme coins are Shiba Inu and Dogecoin.
Probably everyone remembers how the DOGE rate boosted after Elon Musk claimed it was his favourite crypto. News background and hype drive cryptocurrency prices.
What is Shiba Inu?
Crypto enthusiasts call this crypto a “Dogecoin killer”. Similarly to Dogecoin, Shiba Inu illustrates a Japanese dog. The asset was created based on the Ethereum network. Like all crypto memes, Shiba does not carry any technological content and does not bring anything useful to the industry. However, it brings attention to the industry and creates hype.
Shiba cryptocurrency price is $0,00001109, which means it is always around zero. Like all other meme cryptos, the Shiba crypto price may increase against the hype background, but with no valuable technology, it again drops over time.
Some facts about Shiba Inu:
- There are around 500,000 fans of the Shiba crypto.
- The crypto is based on the Ethereum blockchain.
- Shiba was created as an alternative to Dogecoin.
- Other tokens on the Shiba network – LEASH and BONE.
What Affects Shiba Inu Crypto Price?
Investments in cryptocurrencies are always connected with high risks. Especially when it comes to such meme coins because all the trade volume they may have is created artificially by their fans. Moreover, meme coins do not carry any technology. Even though the hype around memes can boost the price, it will roll back to the previous level in a while. So we recommend thinking twice before buying meme coins.
