The Meme Coin Shiba Inu is hitting multiple new high records lately in less than its one year of creation. The coin already has a market value of more than $3.8 billion as of early June 2021, making it the 31st-largest cryptocurrency by market capitalization. According to Roqqu the price of Shiba Inu has surged 37% to $0.00007922 in the past 24 hours.
Shiba Inu coin has gained a lot of support recently. Also, it’s been added to cryptocurrency trading platforms like Binance, Roqqu, and Coinbase. This is one of the obvious reasons that makes it attractive for new cryptocurrency investors, especially when well-established crypto coins like Bitcoin costs more than $38,000 for a single token. Though this doesn’t mean it’s an easy investment you should all your savings in.
Obvious Things to know About Shiba Inu
Buying into Shiba Inu coin might seem like the best decision nowadays when comes to investment, but you need to know that cryptocurrencies are highly volatile in which the value of the assets drop rapidly if you’re not careful. You need to know that Dogecoin which is something a predecessor to Shiba coin has once risen hit high records earlier this year before going down.
Though Shiba Inu has an excellent development team, they have not set the coin apart in terms of functionality. Ultimately, purchasing something with no inherent fundamental value is not a prudent financial decision. Thus, this is why we have listed some obvious things you need to know about Shiba Inu.
1. What Is Shiba Inu?
Shiba Inu Coin (SHIB) is a meme cryptocurrency token that exists on the Ethereum blockchain with a cap supply of 1 quadrillion – for Shiba Inu units. It was launched recently and features a dog mascot of the Japanese Shiba Inu breed, which is an obvious copy of Dogecoin. The coin is driven by Elon Musk (Tesla and SpaceX CEO), which began to gain more popularity as well as an increase in value after Musk began Tweeting frequently about it.
Both Shiba Inu and Dogecoin, like other meme investments, have gained in value as investors discuss their perceived merits online and are driven by social media buzz. The coin has the same dog as Dogecoin, which has increased in popularity recently, but yet to be accepted as a means of payment for goods and services.
2. Should I Invest In Shiba Inu Coin?
Shiba Inu coin comes from the desire for passive income from staking and the fear of missing out from those who weren’t part of the Dogecoin gold rush. The ripple effect from Dogecoin’s rise in price has helped other meme tokens including Shiba Inu, creating the potential for short-term gains.
Though many see meme tokens such as Dogecoin and Shiba Inu as projects that are nothing more than a joke. But it has acted as the first step for many crypto newcomers, who are likely to invest in other projects. Which in the long term is likely to see further growth and interest.
With the help of Tesla and SpaceX CEO Elon Musk who’s pushing cryptocurrencies like Dogecoin and Shiba Inu, the market for so-called “meme coins” is pretty huge right now. With Shiba Inu’s low price, investors can get in while risking what amounts to the cost of a fast-food lunch. So for those who want to dabble in cryptocurrencies, Shiba Inu provides a low-cost avenue.
Although Shiba Inu Coin was conceived as both a community-building experiment and a parody of Dogecoin. Decisions made by its decentralized team aim the cryptocurrency as having the potential to become a usable investment commodity in its own right.
3. Where Can I Buy Shiba Inu?
Shiba Inu coin is listed with coin exchanges under the symbol SHIB. Though the coin is a volatile coin and could be subject to rapid changes in value, Big crypto platforms like Binance, Coinbase, Roqqu has recently begun listing the currency for sale, which is a fairly big deal, as the platform is home to a number of well-known cryptocurrencies and enjoys high levels of consumer confidence.
The coin was created in such a way as to provide its investors with greater earning potential from launch. The Shiba Inu project’s aim was to create an ERC-20 token and supporting ecosystem that was priced so low that anyone could own millions of tokens whilst they were still undervalued.
The ShibaSwap Exchange
Shibaswap is Shiba Inu’s very own cryptocurrency exchange. Although the service hasn’t launched yet, it’s intended to act as a decentralized exchange. In which one will be able to trade in your other cryptos for Shiba Inu coins. With a huge surge in growth during May 2021, rising in value from $0.0000001631. Shiba Inu peak to about $0.00003640 per coin just ten days later.
The cryptocurrency dropped fairly sharply through the second half of May 2021. But in a few weeks, it gains about 1500%, which created a huge buzz that’s still largely intact. A number of Dogecoin look-alikes have thrived thanks to the recent surging value of the Shiba Inu-themed coin. But keep in mind that Shiba is trading fractional numbers – meaning rises might seem bigger.
4. What Will Shiba Inu be In the Nearest Future?
The meme coin has a market cap of over $13 billion at the time of research. The platform has seen an increase in value of 40,000% over a 30 day period. Amidst everything, the coin is still massively more valuable than it was at launch. The value of Shiba has skyrocketed by more than 430% in the past month.
In comparison, Dogecoin is currently worth $0.265938 – up from $0.005 at the beginning of the year. At the time of writing, it’s down 5.32% in 24 hours. The speed at which major exchanges like Binance and Coinbase accept Shiba Inu encourages the rise in price. It also gives it a degree of confidence and stability.
The value of Shiba Inu is currently sitting at $0.00003974, compared to a lower $0.0000006 in mid-April. But keep in mind that Shiba is trading fractional numbers – meaning rises might seem bigger. It’s tough to say where things will end up in a year from now because of cryptocurrencies volatility. Meanwhile, Coin Price Forecast sees Shiba reaching $0.00008819 by mid-2022. So despite warning about its likely volatility, we believe that there’s a bright future ahead for this novelty cryptocurrency.
5. Is their Risks in Holding the Coin?
It’s important to remember that all cryptocurrencies are risky assets. Speculative altcoins such as Shiba Inu tend to carry even more risk. It’s only worth considering for investors with a high tolerance for risk. With Shiba Inu, and as with other cryptocurrencies, volatility seems to be the most apparent risk.
Many believe meme token frenzy isn’t likely to last long, which makes some potential investors lose interest in it. Dogecoin’s recent dip is a good example, as its price plummeted immediately after Elon Musk frequently tweets about it.
Shiba Inu’s price could certainly go higher, but it could just as easily come down, bringing many investors with it, but while it may sound boring, doing your homework is one the best ways to hedge against holding to a cryptocurrency. With adequate research, you can decide on investing in any cryptocurrency and holding on to it.
Making adequate research means checking coin supply and reading white papers, gathering sentiment from many different sources.
Shiba Inu is a token which exists on the Ethereum blockchain, that was named after the dog breed that’s the same as Dogecoin – a crypto asset that started as a joke but has become popular with the “meme” crowd. In less than a year, Shiba Inu (SHIB) already has a market value of over $3.8 billion. Making it the 31st-largest cryptocurrency by market capitalization.
The coin is quite small as its token is only worth $0.000009677. That makes it attractive for new investors, especially when coins like Bitcoin cost more than $38,000 for a single token. But it is advisable not to invest to get rich quickly. You should invest in things you believe will be successful in the long run.