Tesla CEO Elon Musk has once again created the buzz in the internet meme token zone with people now talking about Shiba Inu (SHIB) coins. This digital coin went up to an all-time high, becoming the 11th biggest crypto by market value.
The meme cryptocurrency, Shiba Inu, soared to a record high. It was up to 50% in 24 hours. On 24 October, the made-for-fun crypto reached $0.00003995 with a 24-hour trading volume of above $8 billion.
Undoubtedly, there’s always something exciting to look forward to in the cryptocurrency space. These days as you sit with the newspaper, it is rare to find headlines without mentioning cryptocurrency-its rising popularity, rules, and regulations.
Everyone is talking about cryptocurrency, a digital currency designed to work as a medium of exchange. Here, the money isn’t tied or tracked by the government or banks. Buyers can simply use the money to buy assets and exchange them online for goods and services.
Bitcoin is the first major currency to hit the market with its debut in 2009, but now several others have gained popularity, if not as large as the original.
The Ethereum-based token, Shiba Inu, picked up steam largely due to the dog theme. The Shib Twitter profile has more than 1.3 million followers. The digital asset was influenced by the Japanese breed, going by the same name.
In 2013, this led to a viral meme trend and created Dogecoin cryptocurrency. SHIB and other numerous pet-inspired digital coins came to be known as “meme coins” in the industry.
Shiba Inu was launched in 2020 as a competitor of Dogecoin by Ryoshi. At the press time, it was trading for $0.00002831, yet it has managed to reach a third of Dogecoin’s market cap.
Shiba Inu didn’t have much traction with the launch, and it all began when the tech billionaire Elon Musk took an interest in Dogecoin. He hinted to mention Dogecoin in one of his shows, which fuelled the Dogecoin price, further boosting SHIB’s value by 2,200% within a matter of five days.
The market crash sparked after Musk announced Tesla no longer accepting Bitcoin in the form of payment. Musk shared a picture on his Twitter handle of his puppy, Shiba Inu, and SHIB’s price jumped over 27,000,000% from January to October.
Both Dogecoin and Shiba Inu could be volatile since the market value of the former is about $33 billion, and the latter’s $21 billion. And that’s why investing in cryptocurrency can be volatile because the coin prices rise and drop in the blink of an eye.
Do you want to learn about digital currency? It’s time to familiarize yourself quickly. Keep reading to know the top cryptocurrencies you can invest in.
Here is a list of profitable cryptocurrencies that you can start investing in:
Bitcoin is still what most people generally refer to while talking about digital currency. A mysterious creator under the pseudonym Satoshi Nakamoto created Bitcoin in 2009, and it has since been on a roller coaster ride.
Bitcoin enables you to make transparent peer-to-peer transactions using blockchain technology. A couple of years ago, Bitcoin was about $500, and now the price is above $60,000.
Sitting next to Bitcoin, Ethereum has also seen tremendous growth with its sharp rise in value since its creation. It is an open-source blockchain and one of the favorites of program developers to build apps and other cryptocurrencies.
Cardano, created by the co-founder of Ethereum, is a secure method and one that helps keep track of the transaction. It uses smart contracts, allowing identity management.
4. Dogecoin
To poke fun at Bitcoin, Dogecoin was launched in 2013. Undoubtedly, the currency caught people’s attention, and a good amount of investment followed. A tweet in 2019 from the business magnate Elon Musk showed his positive view towards Dogecoin.
Thanks to the dedicated internet community that Dogecoin became rapidly famous. It takes its name from the meme featuring a Shiba Inu dog.
Dogecoin puts no limit on the number of coins, and this digital currency is used for sending money and making payments.
Now that you understand how unpredictable the crypto market can be, it is always best to take professional help if you are thinking of investing in cryptocurrency. The trusted and experienced experts at Bane Crypto can help you make informed decisions, and help you get started in no time!
One of the major obstacles that the crypto industry has faced in India is that,…
A tiny cryptocurrency named Omicron (OMIC) spiked up to more than 900 percent in two…
Twitter has introduced a new feature called Bitcoin Tips. Cryptocurrency transactions are slowly and steadily…
A healthy way to achieve personal financial goals is through creating passive income modes. What…