SHIB is a highly popular meme-inspired cryptocurrency with a high number of supporters that has arrived in Mexico.
This is what the Shiba Inu project said about the BitPay news last month when it announced in a blog post that $SHIB fans would finally be able to “buy, store, swap and spend with this Ethereum ERC-20 token directly in the BitPay app.
“Anonymously created in August 2020, the decentralized meme token is another token inspired by the Japanese dog breed Shiba Inu. The token has recorded the greatest increase in value and popularity in 2021 of all the cryptocurrencies thanks to its community of supporters, the SHIBArmy.”
“Unlike other cryptocurrencies, SHIB was built with a total supply of one quadrillion, so investors of SHIB can hold up to trillions in their wallets. The token has evolved into the Shiba Inu ecosystem called ShibaSwap, a decentralized exchange on the Ethereum network. SHIB has two sibling tokens, Leash and Bone.“
Bitso, which launched in 2014, was the first cryptocurrency exchange in Mexico, and today it is one of the leading crypto exchanges in Latin America. It is also a key exchange partner of Californian financial technology firm Ripple.
It’s worth noting that on January 6, Bitso blogged about the pros and cons of investing in meme-based cryptocurrencies.
These were the key take aways:
- Memecoin investments provide huge potential for huge gains, but there’s a high risk of huge losses.
- Memecoins offer a sense of belonging through their lively and inviting online communities.
- Given the lack of regulation and the speed at which these projects pop up, scams are very common and there are few protections in place to protect investors.
- Please be advised that users are urged to invest in memecoins with extreme caution as this is a high-risk activity.
According to data by CryptoCompare, $SHIB is currently (as of 6:30 a.m. UTC on January 12) trading around $0.00002861, up 6.75% in the past 24-hour period.
Featured photo source pixabay.com