In the last blog we talked about how shiba inu ignored Bitcoin and instead followed its own path. In today’s blog we are going to talk deeply about the meme coin and see if it’s different from other shitcoins.
Since its creation shiba inu has been a topic of controversy as people think of it as a meme coin that is used to make a quick profit and it will die as soon as the creators decide to pull the rug, unexpectedly its fame spread like wildfire on dry grass and is now one of the most traded coins in the cryptomarket.
What is shiba inu?
Shiba Inu is a token created by an anonymous person or a group of people just like Bitcoin, the creator or creators are known as Ryoshi, it is built upon the Ethereum blockchain and has the face of a Japanese dog breed.
It was created in august of 2020 as an experiment and not a meme unlike what people think, if you take the time to go on their website to read their white paper (they call it the woof paper) you will find that the developer has created it to get an answer for the question “what would happen if a project is run by the community”.
Ryoshi has stated in his white paper why he chose Ethereum, in a nutshell he said that the Ethereum blockchain was already well established and secure enough for him to build his project on top of it, and it allowed the project to stay decentralized.
Should I invest in Shiba Inu?
Short answer is that SHIB is good for scalping and not long term investing as it’s just an experiment project as we previously mentioned and it is run by the community and has no safety net so it might just die out one day and you might lose all your money, which is the case for all shitcoins.