Get to know Shiba Inu, a crypto asset created to compete with Dogecoin

JAKARTA, KOMPAS.com – Besides dogecoin, now available cryptocurrency which also uses a logo in the form of a picture of a dog Shiba Inu. Its creators deliberately created crypto assets with the same logo as dogecoin. Because, shiba inu coins are a crypto asset that was created to be a competitor to Dogecoin.

Reporting from Fortunes, Friday (14/5/2021), coins shiba inu launched no a year ago. The price of the shiba inu coin or SHIB is almost worthless. Quoted from Coingecko, the price of shiba inu in today’s trading was in the range of US $ 0.00002094 per chip. This value is equivalent to IDR 0.30363 (exchange rate of IDR 14,500).

There are, however, trading volumes of coins that are claimed to be ‘Dogecoin The killers’ experienced a surge after trading on platforms like OKEx and Binance.

Also read: Apart from Bitcoin, Ethereum and Dogecoin Prices Also Dropped

In addition, Chinese traders also contributed to the jump in shiba inu prices through the crypto asset trading platform from China, Huobi.

The platform made the largest contribution to SHIB trading volume in recent days.

Coinmarketcap.com data shows that currently the total market capitalization of SHIB has reached US $ 8.30 billion or around Rp. 120.42 trillion. This number is an increase of 8.22 percent when compared to trading at the same time the previous day. The total volume of shiba inu trade also reached US $ 6.04 billion or around Rp.87.58 trillion.

Before finally being added to the trading platform this week, the SHIB trading volume was limited to US $ 500 million per day, and as of last January, the daily trading volume was less than US $ 1.

Until now, shiba inu is still classified as a meme or joke coin. The coin is considered to have no value that guarantees its price and is still unusable.

However, experts say that the increasing popularity of the shiba inu coin cannot be underestimated. Because, it reflects the behavior of traders or new investors who are growing crypto assets.

Also read: Want to Buy Dogecoin? Consider These 3 Things

“Rather than presenting the facts of the growing popularity (of shiba inu), it is more important to be aware of the massive movement of new traders driving crypto assets,” said AAX Head of Research and Strategy Ben Caselin.

Comparing Shiba Inu and Dogecoin

The shiba inu coin was created in August 2020. However, there is little information about its creator, who has the pseudonym Ryoshi.

Ryoshi from the beginning introduced Shiba Inu as ‘Dogecoin Killer’. According to him, the difference between Dogecoin and Shiba Inu the most striking is the SHIB technology, which tends to be more community driven.

From the start, Ryoshi has announced the value of the shiba inu which is much smaller than that of Dogecoin.

“We have the ability to exceed the value of Dogecoin exponentially, without having to exceed the $ 0.01 mark,” Ryoshi wrote in the SHIB woofpaper, or an introductory document created by crypto asset creators known as white papers.

Also read: Ethereum Creator Donates IDR 14.5 Trillion for Handling Covid-19 in India

To note, today’s Dogecoin price is in the range of US $ 0.5 per chip or around Rp. 7,250. This value skyrocketed 25.4 percent when compared to the same trading time the previous day.

However, the price of Dogecoin in the past week has corrected 9.8 percent. On the other hand, the price of shiba inu in the past week has skyrocketed to 1,239.8 percent, according to Coingecko’s data.

Difference between Dogecoin and Shiba Inu others, namely Shiba Inu has an ecosystem consisting of developers or developers, coin holders, and fans called the Shib Army. According to Ryoshi, the shiba inu coin is a ‘great dog’ besides, he also persuades people to make donations to the Shiba Inu Rescue Association.

Ryoshi also claimed that his party did not hold a dime of the Shiba Inu coin. He also gave as much as 50 percent of the available shiba inu coins to ethereum Vitalik Buterin after the coin was created.

Thus, in theory, Buterin has the ability to control the market and prices of the SHIB. However, Ryoshi said that he gave Buterin the shiba inu coins not without reason.

“(Shib Army) believes all kinds of success require fragility,” said David Hsiao, CEO of crypto asset management Block Journal.

Also read: 3 Differences Dogecoin and Bitcoin You Should Know

– .