SHIB (Shiba Inu), one of the more questionable cryptocurrencies had a massive pump on October 4 following an Elon Musk tweet.
SHIB the Trouble Maker
Some call it a memecoin, others call it a shitcoin. Elon Musk however, is having so much fun with this specific coin.
The Ethereum-based SHIB, is as the anonymous creators call it a “decentralized meme token that evolved into a vibrant ecosystem”. To be honest, in terms of utility, Shiba does not bring a lot to the table. Being a part of the ERC20 network, the transaction fees are high and scalability is not as good as the competition. Furthermore, we do not know much about the creators as they have kept their identity a secret. We did an extensive job introducing and explaining Shiba Inu.
Recently, Coinbase added SHIB to their list of supported cryptocurrencies.
Floki Frunkpuppy
As a surprise to no one, Elon Musk got a Shiba Inu puppy and posted a cute picture on twitter. At that point, it was only natural for the fans to purchase Shiba Inu coin to show support.
Subsequently, the massive pump resulted in a 112% rise in value for SHIB before a price correction bringing the profits down to 87%. Furthermore, this was happening at the same time Bitcoin was having a good bull run pushing it above the infamous $50k resistance level.
Following the initial breakout, Shiba was down in the slumps at $0.00000692 last week. The latest breakout managed to remove a zero and push the price to reach $0.00002374 according to CoinMarketCap.
ShibaSwap
The Decentralized Finance (DeFi) platform ShibaSwap launched on July. It gave users the ability to earn passive income, stake, swap and provide liquidity using SHIB. This platform can be beneficial in long-term for holders. Also, being listed on Coinbase, one of the few exchanges active in the US will also provide better accessibility an ease of inflows for the memecoin at hand.
HiExchange
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