SHIB Token the Potential Dogecoin Killer Listed on WazirX

SHIB token is often referred to as a potential Dogecoin killer, as both are considered meme currencies that grew in popularity as a result of Musk. They are currently lacking in fundamentals, and there are few choices for directly investing in it.

Shiba Inu Stood First In WazirX

Exchange of Indian cryptocurrencies, WazirX is one of the first exchanges to list SHIB (Shiba Inu) tokens for trading in Indian rupees. SHIB is an ecosystem-based decentralized spontaneous community-building experiment. 

ShibaSwap is the project’s decentralized exchange cryptocurrency, where you can exchange other cryptocurrencies for SHIB or vice versa. Since it has yet to launch, the only options are third-party exchanges such as Binance and Kucoin.

Everything You Need To Know About Shiba Inu

SHIB, also known as Shiba Token, is a decentralized cryptocurrency developed in August 2020 by an anonymous individual known as “Ryoshi.”

It debuted less than a year ago and is named after the well-known Japanese dog breed Shiba Inu. The meme “Doge” was inspired by a photograph of Kabosu, a dog who lives in Japan with Atsuko Sato. The meme is now a driving force behind the development of SHIB and Dogecoin.

The volatility arose after Tesla CEO Elon Musk tweeted that he would like to buy a Shiba puppy. The crypto market was enthralled, and prices rose by 300 percent. SHIB is sometimes referred to as a satirical rip-off of Dogecoin.

SHIB made headlines once more when Vitalik Buterin, the creator of cryptocurrency ETH (Ethereum), announced a donation of nearly $1 billion (Rs 7,310 crore) to support India’s battle against a second Covid wave. The Covid Crypto Relief Fund in India got 500 ETH and 50 trillion SHIB. 

Why SHIB Is Referred As Potential Dogecoin Killer?

The SHIB token is often referred to as a potential Dogecoin killer, as both are meme currencies that rose in popularity as a result of Musk. They actually lack fundamentals, and there are few options for investing directly in it.

SHIB is based on Ethereum, while Dogecoin is based on Bitcoin’s technology. It’s a fungible token with a low value that can be multiplied by billions or trillions. Unfortunately, it has received almost no interest since its launch in August 2020. The token has lost nearly 40% of its value in the last week, and organic growth seems impossible.

Binance does warn that SHIB is a more volatile coin than many others and cautions anyone interested in participating that the coin’s value can fluctuate significantly.