5 Cryptocurrencies Redditors are Buying in April

3. Shiba Inu

Shiba Inu is a “meme” coin popular among Redditors. The coin is actually a token on the Ethereum network. Tokens are coins, and behave exactly like them, but are not the native coin of the blockchain. For example, the Ethereum blockchain uses the Ethereum coin for transactions on the network. Other coins created on the network are known as tokens. Shiba Inu is one of these tokens. The meme coin is named Shiba Inu after the popular dog breed. Images of Shiba Inu have been used with various meme coins, including Dogecoin. 

Shiba Inu was launched in 2020 and became popular after Elon Musk took to social media to share a picture of his dog. The dog was of the Shiba Inu breed. Since Musk is popular for hyping up meme coins, the Shiba Inu coin was one of the biggest benefactors of his tweets, with the price of the coin rocketing over 1,000% in a matter of weeks.