"Shiba has posted incredible gains on speculation that it will rival or replace the concept of dogecoin and its utility," said Chris Kline, co-founder of Bitcoin IRA.īut while shiba inu has attracted new investors to the market, its lack of any real use case makes its sky-high valuation tough to justify, said Jack McDonald, CEO of PolySign, a digital asset custody solutions firm for institutional investors. 10 Metaverse Crypto coins to watch out for Metaverse is a 3D virtual reality and augmented universe Metaverse-related related tokens FB, AXS, MANA, SAND, ENJ. "Get rich quick is a very powerful motivator."Įxpectations of more mainstream acceptance was also driving gains with talk the meme-based cryptocurrency could be traded on a major retail brokerage. Shiba Inu (SHIB) also known as Shiba Token is a decentralized cryptocurrency and dog meme token on the Ethereum network ERC-20 token standard, based on the popular cryptocurrency Dogecoin and named after the Japanese breed of dog Shiba Inu (). "People are always looking for 'the next Bitcoin'," said Mati Greenspan, founder of crypto analysis and advisory firm Quantum Economics. Others said crypto-specialist market makers were trading large volumes of the token. Its website calls it "a decentralised meme token that has evolved into a vibrant ecosystem".ĭriving the gains, analysts said, is the promise of quick gains - a key factor behind the broader explosion of cryptocurrencies during the COVID-19 pandemic. Known as "shib" to a growing army of retail investors, shiba inu coins are worth a fraction of a cent. In case you wanted more zeroes in your life, that number translates to 0.00000653. The platform will list upcoming new tokens that are launched or in its early stage. At this writing, the Shiba Inu coin traded for. Bitcoin, the biggest cryptocurrency with a market cap of $1.2 trillion, was up around 4%, but below its record high from last week. Shiba Watch is a multi-functional platform that aims to provide a safe space for investors to invest in.
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