1. What is Shiba Inu?
Shiba Inu coins are cryptocurrency meme tokens and allow users to hold trillions of them, according to its website.These tokens are listed and incentivized on ShibaSwap, its own decentralized exchange.
Its website claims to have locked 50% of its total supply to Uniswap, while the remaining has been burned to Ethereum founder Vitalik Buterin. The tokens feature the same Shiba Inu dog as Dogecoin, which has rocketed in popularity recently.
2. Why is Shiba Inu's price rising?
The value of Shiba Inu is currently sitting at $0.00003974, compared to a lower $0.0000006 in mid-April, according to CoinMarketCap.
At the time of writing, it’s down 5.32% in 24 hours.
However, the value of Shiba has skyrocketed by more than 430% in the past month. The rally was started by billionaire Elon Musk, who has a Shibu Inu puppy and posted a picture of it on Twitter.
But keep in mind that Shiba is trading fractional numbers - meaning rises might seem bigger.
In comparison, Dogecoin is currently worth $0.265938 - up from $0.005 at the beginning of the year.
A number of Dogecoin look-alikes have thrived thanks to the recent surging value of the Shiba Inu-themed coin.
3. Will Shiba Inu's rise and what will the price be in 2022?
It's tough to say where things will end up in a year from now because of the volatility cryptocurrencies are subject to.
The token hit its previous highest ever level at $0.00003641 on May 11, meaning it's up since then.
More recently, the trend has been favorable for Shiba.
Furthermore, some are bullish on Musk-touted cryptocurrency.
For example, crypto website Wallet Investor expects the value to reach $0.000053 in a year's time.
Meanwhile, Coin Price Forecast sees Shiba reaching $0.00008819 by mid-2022.
4. It aims to replicate the success of Dogecoin
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, previously told The Sun the token "appears to have been created" to give Dogecoin a run for its money.
She added: "It features the same dog which became a meme, and aims to replicate Dogecoin’s success of turning a joke into a money making machine."
The value of Dogecoin has surged thanks to celebrity backing, while a bunch of Reddit threads also called for it to hit a value of $1 per coin.
The Shiba token website said: "Nicknamed the DOGECOIN KILLER, this ERC-20 ONLY token can remain well under a penny and still outpace Dogecoin in a small amount of time (relatively speaking)."
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