Is Shiba Inu a Meme Coin?

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Before diving into whether Shiba Inu is a meme coin, let us first touch on what a meme coin is and what makes a coin earn this title.

Simply put, a meme coin is a trendy cryptocurrency often paired with humorous images and supported by an enthusiastic online community. While these coins can be entertaining, they carry risks and may not hold actual value.

Characteristics of Meme Coins:

  • Cryptocurrencies with large online fan bases.
  • Typically associated with funny images.
  • Utilize blockchain technology, similar to other cryptocurrencies and NFTs.
  • Primarily for trading, unlike major cryptocurrencies like Bitcoin and Ethereum.

Is Shiba Inu a Meme Coin?

Launched in August 2020 on the Ethereum blockchain, Shiba Inu began as a “meme coin” designed for entertainment and not to be taken seriously.

Yet, Shiba Inu has since evolved beyond just being a meme token. Here’s a brief overview:

ShibaSwap: A platform where users can trade, including the $SHIB token, giving it practical utility.

Earning Opportunities: By staking $SHIB, users can receive returns. Additional tokens, like $LEASH and $BONE, provide further earning potential.

Community Influence: $SHIB owners can participate in shaping the coin’s direction through collective decision-making.

NFTs: The team launched “Shiboshis,” unique digital collectibles available on ShibaSwap.

Furthermore, Shiba Inu is on a mission to solidify its role in decentralized finance (DeFi).

Shiba Inu is transitioning from merely a meme coin to a significant contender in the decentralized finance (DeFi) space. It’s introducing innovations like digital identities and rolling out a new platform named Shibarium. These initiatives are building credibility and may lure serious investors and formal endorsements.

However, fundamentally, Shiba Inu still qualifies as a meme coin, given that it matches the criteria.

~Charu Taneja

Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions.

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