SHIBA INU Coin was in the news lately with its 300% rise over the weekend. However, the SHIB coin is pointless in terms of utility.
The cryptocurrency market is notorious for being unpredictable. Many coin projects appear on the horizon as promising but ultimately vanish into thin air. As people become more aware of the cryptocurrency world, they can now understand what makes a coin project an ultimate success.
SHIBA INU coin or SHIB is an ERC-20 token based on the Ethereum blockchain. It was created in August 2020, following the hype around Dogecoin in the crypto market. According to the SHIB website, their coin is the “DOGECOIN KIller”.
The developer behind this dog-inspired coin project is anonymous with the Pseudonym of ‘Ryoshi‘.
SHIBA INU rose in price this week after a “mysterious whale” bought a massive amount of coins in recent days as per Yahoo Finance. Many small traders flocked to purchase SHIB and take advantage of the sudden pump.
SHIB, just like DOGE, has no concrete purpose for growth. According to its WoofPaper, there are three reasons why the developmental team created SHIB:
“We started from zero, with zero.”
“The brilliant minds behind Shib had never collaborated before.”
“We love Shiba Inu Dogs.”
Why SHIBA INU is Pointless?
For the success of a coin, it either has to have a real-world utility or there must be a team of competent developers. SHIBA INU has neither of these. The coin secured a spot as the 12th biggest currency on Coin Market Cap upon its rise. However, it has lost value ever since dropping to the 18th number.
At the time of this writing, SHIBA is trading at $0.00002835. The price is down by 9.60% in the last 24 hours.
SHIBA’as development team may introduce new features in the project in the coming years. Nonetheless, the coin is just another shitcoin in its current shape and form.
Also Read: Forget Dogecoin and Invest in these Altcoins