Shiba Inu Token (SHIB)
Shiba Inu Token (SHIB) is a cryptocurrency token launched in 2021 by the creators of the popular Dogecoin, Billy Markus and Jackson Palmer. The token is based on Ethereum blockchain and follows an ERC-20 standard. It was created to be a joke version of Dogecoin, with the intention that it would not be taken seriously.
Despite this, SHIB has grown in popularity and value since its launch due to its low supply and high demand from investors who believe that it could become a major player in the cryptocurrency market. As of May 2021, SHIB had reached a peak price of $0.000035 USD per coin with over $10 billion USD worth of tokens circulating around the world. This makes it one of the most valuable non-fungible tokens (NFTs).
The Shiba Inu project also features several other products such as LEASH which allows users to trade their NFTs across different blockchains, BURNING which burns coins as they are moved between wallets, SWAP which lets users swap their SHIB for other cryptocurrencies or fiat money and DEFI which provides access to decentralized finance protocols such as Aave or Compound Finance. All these services create additional use cases for SHIB making it attractive for investors looking for exposure to DeFi markets while still benefiting from its low supply/high demand dynamics driving up prices quickly when compared with other more established currencies like Bitcoin or Etherium.
SHIB is still relatively new and therefore carries considerable risk associated with investing into any crypto asset so caution is recommended when considering buying some coins as prices can go both up or down drastically depending on market sentiment at any given time . Additionally there have been reports about certain bots manipulating trading activity related to this currency so always do your own research before investing into any crypto related asset
