Elon Musk, the billionaire entrepreneur, backed Dogecoin earlier this year, a meme currency launched in 2013 as a joke on the rise of Bitcoin. The backing catapulted the once-obscure cryptocurrency into the mainstream, and it went on to have one of the best runs of its life.
This surge fuelled interest in another cryptocurrency based on the same Japanese breed dog meme that Dogecoin had stolen previously. Shiba Inu’s creators have dubbed it the “Dogecoin killer.” Shiba Inu was created by an anonymous individual or group of individuals known as “Ryoshi” in August 2020.
However, it went virtually undetected until a few months ago, when Elon Musk sent cryptic tweets about the Shiba Inu dog. Those tweets alerted investors to the fact that he was shifting his support from Dogecoin to Shiba Inu.
In addition, an online petition on Change.org seeking Shiba Inu to be included on the Robinhood trading platform has received a lot of attention. It just released a set of nonfungible tokens known as “shiboshis.” All of these factors combined to increase Shiba Inu’s worth more than tenfold in October, giving it a market price greater than that of its main competitor Dogecoin.
The emergence of open-source, decentralized’meme’ cryptocurrencies has broken records and overtaken some of the most established ‘utility’ cryptocurrencies. Memes and cryptocurrencies have captivated the public’s attention and built a large following. Dogecoin and Shiba Inu already have a combined market worth greater than that of several of the top fifteen cryptocurrencies in the world.
One key difficulty, however, is their inability to ever transcend their “meme” status. Most of these tokens lack more defined use cases, and many lose traction as the hype fades. Experienced investors often avoid these coins.
HUH has provided Elon Musk’s Foundation 20% of its tokens to be used for its core goals, which are: – Renewable energy research and campaigning
– Research and advocacy for human space travel.
– Paediatric studies.
– Education in science and engineering
– The creation of safe artificial intelligence for the benefit of humanity.
Doctors without Borders is one of the international humanitarian non-profits that has received funds from the Musk Foundation. HUH recognises that this is an attention-seeking approach, and they are open about it; nonetheless, regardless of the decision, the final aim will assist support society and individuals on Earth. Elon’s reaction is anxiously awaited by HUH.