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Shiba Inu coin could be viewed as a highly speculative digital currency. It was highly popularized as a meme coin and an alternative to the famous meme coin Doge. This year in 2022, Shiba has hitten some massive price falls due to its speculative nature. But this current price fall is more correlated with the downfall of the overall crypto market.
Inflation has beaten up the price. The fall of one of the largest crypto exchanges FTX has beaten up the price. The overall state of the economy has beaten up the price. But with all this baggage Shiba coin remains as one of the world’s most popular digital currencies.
Shiba Coin is just like any other digital currency. It runs on a decentralized network operating on a digital ledger also known as Blockchain technology. This blockchain keeps track and manages each transaction of the digital currency and records it by creating a block on the blockchain. Shiba Inu does run on the Ethereum blockchain providing stability for the coin.
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Right now, Shiba is trading for fractions of a penny, meaning you could get a Shiba Inu Coin for less than a penny. As of this time of writing, the coin is trading at .0000093.
What does Shiba Inu do?
Shiba Inu was originally created as just a meme coin meaning the only value of this currency was that it was hyped up on a meme. Today, Shiba Inu Coin has, and is, creating functionality for the coin. For instance, the Shiba developers have created a mobile game ran on the blockchain.
They’re also creating Shibarium, which would run on a layer 2 blockchain on Ethereum, enabling higher transactions per second, faster transactions, less fees, and higher security for the coin. Also, they are heavily involved in the metaverse, hopefully creating a metaverse game in the future.
Shiba Inu coin is showing the world that it could be more than a meme coin. If Shiba Inu keeps creating utilities for the coin, like the metaverse, layer 2, and Shibarium you could see this coin change from being a meme coin and highly speculative asset to an asset that provides utility for everyone on the Shiba Inu network.