Shiba Inu, a cryptocurrency on the Ethereum platform, was initially introduced as an alternative to Dogecoin. To move beyond its meme coin origins and gain more utility, the Shiba Inu community has embarked on a slew of projects. This includes Shiba Eternity, a gaming initiative; Shibaverse, a work-in-progress metaverse; Shibarium, a newly launched Layer-2 blockchain; and Shibaswap, a decentralized exchange. Moreover, the coin has gained a fair amount of commercial acceptance, with 766 merchants now recognizing SHIB as a payment method. Let’s first take a quick look at what “pump and dump” means in the crypto world. A “pump and dump” is when someone talks up a crypto they own, and once its value goes up because everyone’s buying, they sell their share for a profit. Pump and dump is a scam: “Pump-and-dump” schemes have existed since markets began. In these scams, a person or group buys a low-priced asset, then spreads fake positive news about it. This lures other investors to buy, pushing the price up. Once the price is high enough, the initial scammers sell their tokens, causing the price to plummet and leaving other investors with a worthless asset. Talking about the Shiba Inu; it is working to be more than just a trending topic. In July, they launched ShibaSwap, a platform where SHIB owners can earn interest by holding onto their coins. Shiba Inu Overview Performance Overview: Shiba Inu saw a huge growth in 2021 but dropped by nearly half in 2022. 2021 Growth: Its value jumped massively, increasing 3371 times from February to December. 2022 Decline: The token’s value decreased by about 50%. Efforts for Efficiency: To tackle high transaction fees, the team is building a Layer-2 blockchain. Gaming Popularity: The Shiba Eternity game has over 100k downloads with a 4.3 rating on the Playstore. Metaverse Move: The introduction of Shibaverse to the metaverse could be a growth opportunity. Shiba Inu has launched Shibarium recently which is: Fast and Affordable: Designed for quicker, cheaper transactions. Strong Community: Supported by a large, dedicated Shiba Inu community. Bridge to Ethereum: It connects the Ethereum Network, ensuring swift and secure transfers. Token Benefits: Users can stake their tokens on Shibarium to get rewards. Overall, it’s hard to see Shiba Inu as just another “pump and dump” crypto. Also Read: Shia Inu price Prediction 2023-2030 Is Shiba Inu worth Buying? Is Shiba Inu a Shitcoin? Is Shiba Inu a Meme Coin? 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. Follow us on Twitter
Is Shiba Inu a Pump and Dump?
