Shiba Inu coin is a meme token modeled after dogecoin to capture the interest of the blockchain investing community.
A coin subtly made to compete with dogecoin, the Shiba Inu coin outpaces it and does so quickly.
For this reason, Shiba Inu’s team of developers labeled it the dogecoin killer, and according to them, it is an experiment in decentralization.
The Shiba Inu coin was expected to have a challenging few weeks ahead due to spontaneous community building.
Even some were predicting the price would fall to its previous all-time low of May 19th, but Elon Musk’s recent tweet has caused the Shiba Inu price to spike significantly.
We’ll discuss this in this review.
Many investors are wondering whether Shiba Inu is beginning a bull market following the recent price surge?
Furthermore, we’ll explore Shiba Inu’s rival, Sanchu Inu, and Elon Musk’s interest in the Shiba Inu coin.
so stick around for that because today’s video will be fire.
what is sanshu inu?
Sanshu inu is a small cryptocurrency launched on May 12, 2021 which is very similar to dogecoin-based meme crypto.
While both sanshu and dogecoin operate on deflationary token models, they both have a 1 percent burn rate.
which means one percent of every transaction will be destroyed.
Similarly, there is an auto-staking rate of one percent, meaning that one percent of each transaction will be split among the holders of sanshu.
In a deflationary token, more and more are burned as time goes on, resulting in a steady fall in supply.
Based on basic economics, as supply goes down, prices will inevitably go up over a long enough period of time, making deflationary tokens more valuable.
Regardless, these coins’ biggest obstacle is the ability to survive or whether they will fade into obscurity.
Does Sanshu have what it takes?
Sanshu isn’t likely to reach the same heights as Shiba just yet.
It is unlikely that sanshu will replace Shiba Inu as the highest-ranked dog from this week.
sanshu is worth almost nothing at the moment.
one single sanshu coin is worth less than $0.00000001.
Market realists think that the same amount of money is worth one-millionth of a dollar in terms of whether sanshu will rise. According to InvestorPlace, this coin will join the ranks of Shiba inus, Jindo inus, and Alaska inus.
this means that while it’s new on the market, sanshu is not overwhelmingly unique.
investor-place rights currently sanshu inu is a very small token concerning many other cryptos out there.
Investors, however, have continued to pile into crypto options today due to their growth potential.
of late there aren’t plenty of predictions for sanshu out there.
By 2028, the digital coin price could rise to 300, either way. Investing in the coin could have some long-term benefits, but it’s unlikely to reach the cent mark anytime soon.
The increased alert pertaining to alt meme currencies allows Sanshu investors to rest easy for the time being.
things could change very quickly just as it did for doge and shib.
in addition, Shiba inu has hit a big slump recently as it fails to capitalize on any new enthusiasm or hype.
Market experts were quoted saying the market has managed to recover slightly as reported by fx-street, a company that monitors trends for stocks and crypto-assets.
but a five percent drop below the current price may push it lower.
but it seems the tides have changed after Elon musk has got involved with the Shiba inu coin.
Elon musk’s Shiba support meme coin.
In response to Elon Musk’s mention of Shiba Inu, Shiba Inu’s price rose briefly.
the crypto, a meme of a meme, was swinging in and out of the positive territory.
On Friday, musk made a joke about the acid, another new coin that resembled an animal but was launched just months ago.
many holders claimed that Elon musk was toying with the cryptocurrency community once again.
Tesla chief executive Elon Musk is sharing the love with Shiba inu fans while poking bitcoin crowd cryptocurrency investors.
know the influence that musk seemingly has on the direction of the market and many are trying to get in his good graces.
Elon Musk’s Floki Coin
In a recent tweet, musk declared that his Shiba inu would be named floki, which is exactly what the meme token has managed to do.
seemingly about the shipbuilder character on the series `Vikings.
As far as we can tell, the Shiba Inu team is building something.
This tweet drew nearly seventeen thousand replies in retweets.
the China-based cryptocurrency, Shiba inu which was modeled as fun crypto.
dogecoin has been drawing increasing attention among crypto enthusiasts.
With both dogecoin and Shiba riding on the next big thing, Shiba’s value has skyrocketed.
During the spring, investors sought new meme prospects, with one of the most popular being Kisha inu, which went public in the spring and was marketed as a community-oriented decentralized cryptocurrency with instant rewards.
The crypto called Kisha, which depicts a Shiba inu hunting dog, has now become the 28th-largest crypto
What is the next for Meme Coins?
dogecoin stands as the sixth largest according to coin market cap.
As of the last check, bitcoin was changing hands at thirty-two thousand one hundred ninety-two dollars on the coin desk, shib was trading around one percent higher according to the coin market cap, while it was down over eight percent on the coin desk.
As China’s ban on mining continues to pressurize the crypto complex, Shib has no obvious utility, but like dogecoin, it’s attracted a large fan base that eagerly hopes to help the coin’s value to soar.
its creators refer to the token as the dogecoin killer.
Vitalik Buterin and Shiba
last month one of the founders of ether and the etherium blockchain, vitalik buterin said he donated 50.7 trillion in Shiba inu gifted to him to pandemic charities in India.
Buterin’s move of seemingly backtracking from dogsecoin’s popularity may have unintentionally drawn even more attention to the coin, which is growing among those on the prowl for the next social-media-inspired asset.
Whether Musk’s mention of crypto on Friday was purely a joke is unclear.
but his social media mentions have tended to have an outsize influence on the price of digital assets.
Many customers sought Shiba instead of amp after Coinbase Global announced it would list an ethereum token earlier this week.
meme assets that trade on social media sentiment rather than fundamentals have been an unusual trend in markets.
Bullish Market for Crypto and Stock
This year, dogecoin and other digital assets as well as stocks such as GameStop and AMC entertainment holdings have seen tremendous returns.
but critics caution that such trends could end in tears for buyers.
In addition to posting a 5,000 percent gain this year, dogecoin registered a jump of nearly 2,000 percent at its peak. Shib also experienced an extremely strong percentage increase.
traditional assets are rising too. in a climate of easy money policies supported by the federal reserve to help the economy recover from the impact of the pandemic.
but are seeing more mundane gains crypto rivalries?
Cryptocurrency communities have long had rivalries between themselves.
but they tend to heat up.
with prices under pressure as investors become on edge.
Bitcoin’s value has nearly halved since its peak of $64,000. Those who are bullish on bitcoin see it as an opportunity to buy.
the Shiba inu price has been under pressure of late as well.
Shib has not been able to make it to the big exchanges to create liquidity and attention, despite attempts.
Perhaps musk can help in a similar manner to dogecoin, their larger rival.
are you still holding Shiba inu?
let me know down below if you want to
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