Shiba Inu is a breed of hunting dog from Japan, but cryptocurrency enthusiasts know the creature more as the face of a new digital currency. This week, Shiba Inu emerged as one of the most traded tokens, outperforming Dogecoin and making significant gains after unconfirmed speculation that Robinhood might be preparing to list it. The value of the Shiba Inu coin has risen 19.8 percent in the past 24 hours, according to CoinMarketCap. SHIB is currently ranked ninth on CoinMarketCap, with many cryptocurrency experts attributing the surge in enthusiasm for the digital currency to recent social media interest.
Tatibouet added that Elon Musk's Shiba Inu picture was one of the main drivers of the meme-based digital currency's price rise. He added that if the currency continued to rise in value, there would be more arguments for larger-scale adoption of meme currencies at the government and regulator level. According to the expert, Shiba Inu has grown by more than 8,000n in the past year, but its future performance is "susceptible to extreme volatility and therefore investors should be cautious". Over the past two years, dozens of closely watched cryptocurrencies have outperformed the broader market many times.
Leading that charge is the ultra-popular meme currency, Shiba Inu (SHIB 23.98%). For something completely off the radar, Nano (NANO 3.77%) could completely outperform Shiba Inu over the long term. Last but not least, Cardano (ADA -0.61%) looks to have a much brighter future than Shiba Inu. David Hsiao, CEO of the popular cryptocurrency magazine Block Journal, offers a more negative view of Shiba Inu.
Some retailers are considering or even adopting the Shiba Inu coin as a means of payment, but others view the project with sceptical eyes. It is difficult to predict how the price of Shiba Inu will change in the future due to a wide number of factors affecting it. According to The Sun, experts they spoke to said that Shiba Inu has intrinsic value, which makes it incredibly difficult to try to predict the price it will fetch in the future. That said, people are still actively asking whether the price of the Shiba Inu coin could continue to eat zeros and reach the one cent figure.
Eventually, Shiba Inu entered the list of top cryptocurrencies and pushed Dogecoin to become the top meme coin. The app supports 1.000s of cryptocurrencies including Bitcoin, Ethereum, Dogecoin, Shiba Inu and all ERC-20 tokens. Since Shiba Inu is built on the Ethereum blockchain, it has more use cases than Dogecoin which is merged with Litecoin. It is not even the only successful cryptocurrency to have adopted its inspiration from the Japanese dog breed Shiba Inu (Dogecoin did too).
Even as a cryptocurrency sceptic, I see much more potential and a brighter future for five digital currencies relative to Shiba Inu. He points out that Shiba Inu's success is almost entirely due to its partnership with Dogecoin. Shiba Inu has recently surpassed Uniswap in market capitalisation and is currently among the top 10 most valuable cryptocurrencies. Tokens bear the same dog as Dogecoin which has become one of the most popular cryptocurrencies this year.