Home
News
•The SHIB token aims to eradicate the usage of Dogecoin.
•The famous joke crypto has given rise to other similar and useless cryptos.
•SHIB to launch their very own cryptocurrency
The famous joke cryptocurrency, Dogecoin, has given rise to the inception of many other joke tokens. As per Cryptopolitan, Dogecoin has caused the Shiba Inu (SHIB) token to grow by almost 500% since the last week.
SHIB Token Boasts of Massive Supply
The Shibu Ino token, which is merely a fork of the infamous Dogecoin, aims to eradicate the latter token. The token boasts of its massive supply and promises the customers to buy millions, even trillions of them. Back in 2017, the crypto community saw a similar instance where a handful of cryptos with small-cap rose to fame for no reason. Generally, they were fork of each other and promised better features from the other. But it usually seemed that what drove them to fame was barely hype, and most of the time, they failed to deliver what they promised.
Rise of Dogecoin has Give Way too Many Such Joke Crypto
Analysts believe that a similar thing may happen to the Shibu token as it rose to fame because of Dogecoin. The SHIB token gained a 500% appreciation in its value without any significant support or products. The only thing that drove its price is the community hype and are purchasing the tokens in a massive quantity. The DOGE fork is also about to launch its very own decentralized exchange, Shibu Swap.
Previous events suggest that a huge number of cryptocurrencies that experience a similar growth often end up nowhere. A few days back, WRATH INU, a fork of Dogecoin on Binance Smart Chain, fell down by a whopping 95% after seeing such immediate exponential growth. However, Dogecoin, which now has a market capitalization of $100 billion, has made it quite clear that something which doesn’t even have any real usage can skyrocket just because of hype.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
