Shiba Inu (SHIB) has been a hot topic in many crypto spaces in the last year, so it’s not surprising it was recorded as the “most viewed” cryptocurrency of 2021.
Why is SHIB so popular? It is one of the standout trends of 2021: meme coins. Dogecoin, launched in 2013 was the first meme coin. The trend started as a fan joke but, in 2020, Dogecoin’s value skyrocketed, making its early investors millionaires and encouraging other developers to create more meme coins. In the last 2 years, over 200 meme coins have launched, SHIB is one of the more popular ones.
Key facts about meme coins:
- Compared to mainstream cryptos like Bitcoin and Ethereum, meme coins are created without any specific use or value.
- Because they are built entirely on trends, meme coin prices are highly volatile and easily influenced by social activity. In the first week of October 2021, the price of Shiba Inu rose by 200% in a week after the sale of 6 billion SHIB tokens.
- The popularity of meme coins is mostly linked to social media support and hype created by influencers like Tesla CEO and meme coin fanboy, Elon Musk.
As they become more popular, meme coins are finding other use cases. For instance, Elon Musk announced last December that Tesla will begin accepting Dogecoin as a form of payment.
What to remember: Regardless of how much talk you hear of any asset, it is important to do your own research and pay attention to who created them, why they were created and if they are listed on trusted crypto exchanges like Binance and Coinbase.
