Shiba Inu coin had created as a meme token in 2020 to compete with dogecoin. Shiba Inu has recently been in the news due to multiple factors like Tesla CEO praising dogecoins and calling cryptocurrencies the future of the financial trading system. He continued to say that he would like to own a Shiba Inu puppy, which resulted in a 3X jump in prices of Shiba Inu cryptocurrency per token. Shiba Inu token got a lot of popularity, taking the hype on dogecoin as an advantage and Elon Musk’s tweets regarding cryptocurrency trade. Vitalik Buterin, the founder of Ethereum, decided on donating 50 trillion token values of Shiba Inu cryptocurrency to India amid the ongoing coronavirus pandemic.
The value of these tokens fell by 40%. After the donation, around half of the tokens were gifted to Vitalik as a gesture of respect and appreciation. Suddenly, it all was donated to the Indian government to tackle the pandemic with the help of cryptocurrency. The platform and model of Shiba Inu are almost similar to what dogecoin has to offer. The Shiba Inu tokens are powered by the ethereum blockchain platform.
Shiba tokens are the first in the cryptocurrency market, which allows its traders to own billions or even trillions of tokens to facilitate large-scale trade. Many platforms like Uniswap and CoinDCX have also listed Shiba Inu tokens in their cryptocurrency trade list recently, making them more desirable than ever. Since the ethereum founder donated such a large investment to India, Binance’s WazirX has also listed the Shiba Inu token as a valid cryptocurrency. WazirX is the first cryptocurrency exchange platform that allows trading of Shiba Tokens in Indian Rupees and using stablecoin tethering.
The cryptocurrency trade is booming worldwide, with a huge trader base arising throughout the globe. While Dogecoin is based on processes similar to bitcoin, the Shiba Inu coin works off ethereum. As per Shiba Inu’s dedicated web address, more features are being added to the cryptocurrency as it gets popular among traders. Uniswap is a decentralized platform that facilitates the sale and purchase of cryptocurrency tokens like Shiba Inu, Ether, and other tokens available to trade on ethereum’s network.
After Vitalik Buterin donated 50 trillion tokens to the India Covid Crypto Relief fund, run by a cryptocurrency entrepreneur Sandeep Nailwal, the currency fell in price immensely, with almost half of the stock tokens being donated as charity for the Coronavirus relief fund in India. It gained huge popularity in the recent past with the hype on Dogecoin. However, it could not hold up its value due to multiple factors like the increasing competition and lesser number of tradable tokens in the market.