12 Best Cryptocurrencies to Invest in According to Reddit

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5) SHIBA INU (SHIB)

Market capitalization as of August 29: $8.2 billion

SHIBA INU (SHIB) is a token that aims to be an Ethereum-based alternative to Dogecoin (DOGE). Unlike Bitcoin, which has been designed to be scarce, SHIBA INU is intentionally abundant. As a result, it has a total supply of 1 quadrillion. Its network supports projects like an NFT art incubator and the development of a decentralized exchange called Shibaswap, where users are allowed to swap tokens, offer liquidity, and stake their holdings to get compensation.

Launched in late 2020, this Ethereum-based token is now a global phenomenon and is accepted at several locations in the form of payment, either directly or through third-party intermediaries.

Its ecosystem is not just limited to SHIB token, it also includes other tokens like LEASH and BONE. SHIBA INU operates on the Ethereum blockchain by using the power of smart contracts to facilitate transactions and other operations. What’s the difference between SHIB and Dogecoin? SHIB, unlike Dogecoin, is compatible with the Ethereum ecosystem, allowing the community to create crypto apps such as ShibaSwap. SHIBA INU managed to cultivate a sizable and devoted following that contributes to project growth and supports driving broad awareness.

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