Catching on to the hype of the NFT markets, the 10,000 Shiboshis sold out in under 35 minutes. One of the reasons for SHIB to stand out from its fellow puppy coins is its Shiboshi NFTs and game. As of November 2021, SHIB price has increased more than 60,000,000% since January.
SHIBA INU COIN BINANCE TV
After he publicly joked about Dogecoin on TV in May 2021 and made it slump in price, SHIB and other meme coins had taken advantage of the rising popularity of meme tokens. Some attribute SHIB’s popularity to social media influence, especially from Tesla CEO Elon Musk. As mentioned, the stock market saga has led to the rise of meme coins. Meme coins can be super volatile, so you should always DYOR and never invest what you cannot afford to lose.ĭuring the global pandemic in 2020, the cryptocurrency market crashed and then exploded as retail investors flocked to digital assets like bitcoin (BTC) and Ether (ETH) to hedge against inflation. Still, it’s important to keep in mind that cryptocurrency trading and investing carries high financial risk. DOGE price was driven up to an all-time high of 73 cents in May 2021, with over 2,000% increase in just five days. As DOGE price took off, traders have turned their attention to the DOGE and other meme coins, looking to achieve gains off the rally. In January 2021, a Reddit group named SatoshiStreetBets considered DOGE the crypto equivalent of GME and joked about pumping its price up. Meme coins have been taking back seats to the larger market capitalization cryptocurrencies, but they started to rise following the “meme stock” trend of GameStop (GME) and AMC Entertainment (AMC) in 2021. Even the popular ones like SHIB and DOGE only cost a fraction of a cent. Also, the price of meme coins is generally low due to their huge supply. Therefore, a large number of meme coins cannot be traded on major trading platforms. Most meme coins are created with limited utility or use cases and are more short-lived than the mainstream cryptocurrencies like bitcoin (BTC) and ether (ETH). For example, Dogecoin and Shiba Inu were inspired by memes of an adorable Shiba Inu dog, while PepeCoin (MEME) was inspired by Pepe the Frog, a popular anthropomorphic frog meme.
The fees will be burned (i.e., sent to the SHIB burn wallet).ĭogecoin and Shiba Inu, along with hundreds of other meme cryptocurrencies, are known as meme coins or meme tokens. Whenever the Shiboshi holders want to change the name of their NFTs, they need to pay a fee of USD 100 in SHIB. The announcement included a new token-burning mechanism as well. In October 2021, the SHIB team launched 10,000 “Shiboshi” NFTs on the Ethereum blockchain and announced an upcoming NFT game called Shiboshi Game. It invites fellow dog-inspired artists around the world to bring their Shiba Inus into the NFT market, featuring artworks like painting, photography, and digital rendering. Shiba Inu is also proposing a non-fungible token (NFT) art incubator called Shiba Artist Incubator.
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