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Spend a Penny, Earn Millions. Does Shiba Inu Have Potential?
We’re all familiar with Dogecoin at this point. Now, its predecessor has followed in its footsteps as a meme-based coin and it looks to be riding the recent wave of cryptocurrency success.
Those who bought into Shiba Inu early became multi-millionaires in a matter of weeks, with its market cap reaching $12 billion almost overnight, being the 12th largest cryptocurrency traded for only 0.00002633 cents each.
Even though Shiba Inu has a 10 month ROI of 590,000%, it’s still in its infancy. The dog-based crypto was conceived during the reign of Dogecoin, which was invented back in 2013. It started as a joke between creators to create a meme-based crypto with the goal of making it much, much more inviting for newcomers.
Just like Dogecoin, Shiba Inu is based on the “doge” meme. In any case, neither the creators of Dogecoin or Shiba Inu had any idea they were going to gain this much traction. But just as memes do, they went viral and gained a cult-like following.
The success of Dogecoin, in particular, occurred when a TikTok video encouraging people to participate in the “Dogecoin challenge” went viral. All 800 million TikTok users were encouraged to invest at least $25 in the cryptocurrency in order to drive up the value — earning them all a profit.