How Did The Euro Shiba Inu Take The Crypto World By Storm? And Where Does It Stand Now?

Euro Shiba Inu

What was once known as the little-known Spanish crypto token has taken the world of cryptocurrency by storm in just a few short days.

On December 3, 2021, data from Coinmarketcap indicated that Euro Shiba Inu had surged over 25,000% over just 24 hours. The Euro Shiba Inu (ESHIB) hit a high of $0.000000000076 from $0.000000000003. At its highest, the Euro Shiba Inu was valued at approximately $230,000,000.

What Is Euro Shiba Inu?

According to Coinmarketcap, ESHIB was  aimed to improve the quality of life and raise awareness about climate change. 

Its successor, the Shiba Inu token, was itself based on the doge meme, indicating that the Spanish version was designed to be a play on the power of the internet. 

ESHIB claims to reward its owners with 5% of each transaction, all of which goes to donations for environmental disasters and developing ecological research. Coinciding with the COP26 conference in Glasgow, the token can be seen as a performative act – one that was quickly overshadowed by the surge in value.

Founder of itsblockchain.com, Hitesh Malviya, is of the belief that ESHIB “doesn’t offer anty fundamentals for long-term growth,” discouraging investors from partaking in the coin. 

As the second offshoot of the Dogecoin, ESHIB is merely another meme token with not much more than an impressive display of community unification. 

Why The Sudden Increase In Value?

The ESHIB token’s surge can, in part, be attributed to tech billionaire Elon Musk. On October 18, Musk tweeted an image of the Shiba coin on the moon, referring to the currency as likely to take off in the near future. 

The sway of the internet and viral content can be the basis for the wild value swings of lesser-known cryptocurrencies, as evidenced by the sharp drop in the value of tokens that share their name with both the Netflix series Squid Game and the new COVID-19 variant, Omicron.

So far, there is no evidence of ESHIB having any malicious intent, unlike the ‘SQUID’ token, where investors were quickly devastated by the sudden loss of millions of dollars as the value of the token plummeted. 

Vishnu Gupta, founder and Director of Nonceblox Blockchain Studio, is of the belief that ESHIB is heavily controlled by Shiba whales, making it “easier to manipulate the market” as investors pay close attention. 

What Happens Next?

As unreliable as these more obscure tokens are, there isn’t much stopping investors from being attracted to them. Unpredictability, it seems, is thrilling for those who can afford to funnel thousands into an unstable monetary system. 

Suppose the Euro Shiba Inu is serious about primarily raising awareness. In that case, it is understandable that people would be attracted to a token that is transparent about its desire to enhance environmental research.  

Despite having started out as a joke-of-a-joke, ESHIB’s apparent dedication to spreading awareness about ecology makes it worth investing in. However, it remains to be seen whether the recent price momentum can sustain the 5% scheme. 

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