Shiba Inu’s recent surge in price is likely due to the hype over SHIB being listed on Coinbase more than anything else. Although ShibaSwap offers some interesting products, the protocol doesn’t have many clear advantages over other projects, like Uniswap or SushiSwap. Shiba tokens are necessary for mining Shibaswap’s Bone tokens, so if you’re interested in Bone, then you’ll need to buy Shiba Inu. If you’re into dubious speculation, Shiba Inu may be for you.
Cryptocurrencies that share an incredibly cute Shiba Inu mascot have taken center stage in the realm of meme coins. Dogecoin (DOGE) was the pioneer of doggy cryptos, released as a joke in 2013 when both Bitcoin and the Shiba Inu “doge” meme were all the rage. To the astonishment of the creators, Doge became quite popular soon after its release. However, many of its users eventually lost interest in the project until it was reintroduced into the popular consciousness by Elon Musk and users on a cryptocurrency forum on Reddit called SatoshiStreetBets.
Shiba Inu (SHIB) launched in August 2020 with the mission of overtaking Dogecoin. Shiba was dubbed the “Doge Killer”. On October 27th, Shiba Inu flipped Dogecoin’s market cap to become the alpha pup. However, since then Dogecoin has reclaimed the spot as the most valuable meme coin. The Shiba Inu team recently launched a decentralized exchange (DEX) called ShibaSwap where users can stake their Shiba tokens to earn interest.