Do you remember Shiba Inu? Yes, the breed of hunting dog from Japan, and the face of Dogecoin, is ruling the internet. However, it appears there’s an alternative to the popular meme cryptocurrency dogecoin—it’s none other than, Shiba Inu Coin. Nicknamed as the ‘Dogecoin Killer,’ it has been garnering attention ever since the recent dip in Dogecoin after Tesla CEO Elon Musk’s appearance in the Saturday Night Live. The interest in Shiba Inu Coin grew more among investors and social media users after Vitalik Buterin, a cryptocurrency billionaire and co-founder of Ethereum transferred 500 ETH and over 50 trillion SHIB (Shiba Inu), reportedly worth around $1.14 billion, to the India COVID-Crypto Relief Fund. So, what is Shiba Inu Coin? Is it just another meme coin? Can you buy it in India? In this article, we bring you all we know so far about the latest crypto fad.
What is Shiba Inu Coin?
Little is known about Shiba Inu Coin, which has been around since August 2020 but is being talked about only off-late. The coin is built of Ethereum—the second-largest cryptocurrency by market capitalisation after Bitcoin. Though built around similar Doge memes, Shiba Inu coins are said to have much larger token supplies. The coin features the same hunting dog from Japan.
Is Shiba Inu a ‘Doge Killer’ or Another Meme Coin?
Shiba Inu is built around the same concept as Doge, featuring Japan’s hunting dog breed in the coin. According to reports, nicknamed as Doge Killer, Shiba Inu is valued at $13 billion, as compared to Doge which is valued at $61 billion. One of the major differences between the two cryptocurrencies is that while Dogecoin is a coin, Shiba Inu is a token. The difference between the two is that cryptocurrencies have their own blockchains, whereas crypto tokens are built on an existing blockchain—the Shiba Inu coin is sold as SHIB tokens.
Can You Buy Shiba Inu Coin in India?
No, the SHIB token is not listed on major Indian crypto trading platforms like WazirX and Coinswitch Kuber. But one can use platforms such as CoinDCX, Binance, and Coinbase for now to make the purchase.
There isn’t any clear answer about the future of Shiba Inu cryptocurrency. The hype around meme coins has increased in the past days, but whether it’s sustainable or not, or if the Shiba Inu coin will fizzle out as another joke currency is yet to be seen.
(The above story first appeared on LatestLY on May 13, 2021 02:50 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).