Understanding Shiba Inu: Is The Popular Meme Coin Worth It?

Crypto stocks have been on a roller-coaster ride lately. In the second quarter of 2022, the stocks, especially those of Bitcoin, tanked to levels seen last in 2020.

Bitcoin, the well-known crypto, has dropped considerably, going against some wild predictions that it could finally hit the 100K mark, which became apparent when it hit its apex somewhere in November 2021. However, beyond Bitcoin, Shiba Inu is also a crypto coin whose entire existence follows a popular meme.

Many people in the crypto domain might already know Doge, the popular crypto that Elon Musk promotes openly on his Twitter handle, with his last tweet about it even hinting that he will continue to support the coin amid falling crypto stocks. That said, understanding what is gold trading in PrimeXBT can help investors move into safer assets to diversify their portfolios dominated by crypto in the bearish market runs.

What is Shiba Inu?

Shiba Inu is in the class of a meme coin whose growth arises from its zeal to outdo Dogecoin in the crypto space.  It is generally referred to as the Dogecoin Killer. The crypto coin’s name is a dog breed originating from Japan, whose popularity created Dogecoin. In 2020, the coin started spreading wildly after its developers took advantage of Doge’s reputation to develop something similar.

Is Shiba Inu A Challenger to Dogecoin

Twitter wars are synonymous with investors in the crypto domain. In particular, a fight between Doge and Shiba holders has erupted before. While such wars are devoid of any real data surrounding crypto coins. The two meme coins are neck-to-neck when it comes to the number of people following their Twitter pages.

In the popularity contest, Elon Musk has done a good job to make Doge well known in the Twitter space.

Shiba has seen wild growth since its launch in 2020, though it has failed to hit the $1 mark. While the crypto stocks were on a downward trajectory in the majority of 2022, Shiba’s Twitter community grew to match that of Doge—at least for some time. The crypto coin has a community of about 3.4 million, which includes about 700,000 people that started following the coin in 2022 alone.

When the Twitter stats of Shiba stood at 3.4 million, those of Doge were also at the same point.

How Do The Number Of Investors in Shiba Compare to Those Of Doge?

Twitter numbers do not mean more people prefer one crypto to the other. The Bitcoin blockchain on Twitter has about 5 million followers. The number does not tally with the over 50 million Bitcoin traders worldwide.

Shiba and Doge have large communities on Twitter that actively trade the coin. Shiba has about a million users who hold it in various wallets. Doge towers over the number with over 4 million active wallets. The latter is a clear winner on the trader front.

What Is Shiba Inu’s Market Performance?

Crypto stocks have dipped a lot since their impressive run in 2021 that saw Bitcoin hit over $66K. Shiba has lately experienced a dip to record a low of $0.000007—a figure highlighted in PrimeXBT’s trading terminal.

Compared to Bitcoin, the drop is a pittance, since the largest coin by market cap has shed over 50 percent, returning it to trade at a price last seen in 2020.

Shiba has a good reputation in the crypto domain, with up to a 90 percent confidence rate from a poll conducted by Rain, a crypto exchange site in the Middle East.

What Is the Future of Shiba Inu

Shytoshi Kusama is a popular figure in Shiba’s ecosystem. The person is a developer that created a way for the coin to become popular since its inception in 2020. The developer seeks new ways to grow the coin by finding new investors outside the community to help it grow much further. Amid the massive sell-off that helped crypto assets shed some points, the developer thanked the community for standing with the coin during the turbulent times.