Shiba Inu cryptocurrency (SHIB) is what’s often known as a “meme coin,” or a cryptocurrency primarily based on a meme. A meme coin is a cryptocurrency or crypto token based mostly on a viral joke or cultural reference. Tasks constructed around meme coins rely closely on social media hype to attract new users/buyers. Shiba Inu (SHIB) was inspired by Dogecoin (DOGE), the unique meme coin created in 2014 that makes use of the picture of a Shiba Inu dog, and which we discussed above.

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Yet Bitcoin can also be very different from traditional currencies. Unlike dollars or pounds, Bitcoin is not backed by any government. It is a very decentralized form of cash. Bitcoin is not linked to any form of central banking system or issuing authority, and that is a big part of its attraction – instead of being swallowed into a system that’s typically sullied by human greed and manipulation, this foreign money exists in a web based world driven by arithmetic and clever encryption protocols.

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Altcoin

Altcoin is the time period used for any various digital forex to bitcoin. The most popular on this ecosystem is Ethereum – one of the quickest-growing cryptocurrencies out there. There can be a range of different altcoins in the market at this time akin to Luckyblock, Shiba Inu and Terra.