The crypto market experienced one of its historical bullish cycles in 2021. Bitcoin reached an all-time high of $69,000, and the rest of the market followed to max out at a cumulative $3 trillion market cap. While there were multiple factors that contributed to this incredible growth of crypto, meme coins took a big part in this.
The success of Dogecoin due to the endorsement from Elon Musk drove mainstream investors to the market. People bought and mined DOGE using the top 5 best dogecoin mining pols to make incredible profits. This growth in popularity gave birth to dozens of copycats, with the Shiba-Inu cryptocurrency clearly standing out from the crowd.
In this article, we explore the details of the Shiba-Inu ecosystem, as well as its pros and cons. Additionally, we take an in-depth look at the earning opportunities of this project.
Explaining Shiba Inu Ecosystem Fundamentals
Shiba-Inu became popular because of its resemblance to the original meme coin, DOGE. However, it aims at becoming a better version of its predecessor. So, where Dogecoin has a unique use case of serving as a currency, the SHIB token proposes an added value through its decentralized swap ecosystem.
Moreover, unlike DOGE, the SHIB token has a finite total supply of 589 trillion tokens, all pre-mined before launch. Originally, 1 quadrillion tokens were released, but dashboard broker burned just shy of half of that number. The team behind Shiba-Inu sent 500 trillion tokens to the creator of Ethereum as a publicity stunt. The eminent blockchain developer didn’t find this amusing. He donated a portion of these tokens to charity, whilst destroying a good chunk of them.
The Shibaswap DEX is an essential part of the ecosystem. It provides users with Ethereum-based token swaps, but also various earning methods based on three different tokens.
- SHIB is the main ERC-20 token of the platform. It can be staked on the platform to make passive income in the form of BONE tokens.
- LEASH is a limited issuance token with only 107,647 LEASH in circulation. It’s the store-of-value token of Shibaswap and provides additional rewards to users staking it.
- BONE is the primary reward token obtained through staking tokens on the platform. It also provides the most annual percentage yield (APY) when used in liquidity pools of all three.
All in all, Shiba Inu offers a great all-in-one package for beginner investors that wish to learn more about cryptocurrency and start making profits. You can buy the
SHIB token anonymously using the Godex exchange.
Top Meme Coin Gains
Shiba Inu skyrocketed in the top 20 cryptocurrencies by market cap during the 2021 bull run, making 100,000% gains for holders. This incredible growth motivated hundred of developers to release their own meme coin and hop on the popularity bandwagon. Some of the most noteworthy forex brokerage setup in this niche were:
Floki Inu
The $FLOKI cryptocurrency got its name from Elon Musk’s dog, a Shiba Inu puppy. It doesn’t offer as many earning opportunities as SHIB but has managed to get into the spotlight through a viral ad campaign in the London underground.
Dogelon Mars
$ELON is another Shiba Inu spinoff that managed to reach the top 150 cryptocurrencies by market cap. The token capitalized on the popularity of meme coins by plastering ELON ads all over the Dubai airport. And while its fundamentals are weaker than those of Shiba Inu, Dogelon Mars still performed admirably for investors, surpassing a market cap of $1 billion at one point.
Baby Doge Coin
Is the best performer in the meme coin category in recent months. Released in the summer of 2021, its value has been increasing steadily, unlike other tokens on our list. When the rest of the cryptocurrency market was suffering due to bearish sentiment, BABYDOGE managed to outperform and reach a market cap of over $1 billion in February 2022. The success of this coin is the result of its deflationary nature and the increased utility (debit card, transaction fees redistribution to holders, etc.)
What to Expect from Shiba Inu Ecosystem?
While the market hasn’t been too kind to meme coins in the past months, Shiba Inu hasn’t said its last words just yet. It has managed to hold on to its top 20 ranking, and active addresses are still growing. Its ecosystem offers a complete package for beginner crypto investors, with triple-figure potential gains. Once the crypto markets take a more positive turn, meme coins like SHIB should once again be in the spotlight.
