What is Shiba Inu Coin?
A lot of people are talking about cryptocurrencies today because they are the future of technology. In spite of the Shiba Inu Coins not having a high value at the moment, the coin has gained a great deal of attention. Despite the fact that the Shiba Inu coin has dominated the crypto market and is confirmed to be an excellent investment, what is it and how did it get into the cryptocurrency world?
Shiba Inu (SHIB) launched in August 2020 with the mission of overtaking Dogecoin. Shiba was dubbed the “Doge Killer”. On October 27th, Shiba Inu flipped Dogecoin’s market cap to become the alpha pup. However, since then Dogecoin has reclaimed the spot as the most valuable meme coin. The Shiba Inu team launched a decentralized exchange (DEX) called ShibaSwap where users can stake their Shiba tokens to earn interest. More recently, the team has announced its plans to enter the layer-2 space with its own network focused on scalability.
Shiba Inu Coins (SHIB) was developed to answer a simple question: What would happen if a cryptocurrency project was 100 percent run by its community? SHIB is a token designed to be an Ethereum-compatible alternative to Dogecoin (DOGE). Like DOGE, SHIB is intentionally abundant — with an initial circulating supply of one quadrillion coins. The Shiba Inu ecosystem also supports projects such as an NFT art incubator and a decentralized exchange called Shibaswap.
Who Created the Shiba Inu coin?
Launched in August 2020 by a developer named Ryoshi, SHIB started with a supply of one quadrillion tokens, a truly impressive amount.
Is It Safe to Invest in Shiba Inu Coins?
Shiba Inu is a safe investment by any traditional standards. While massive gains are possible if ShibaSwap rises in popularity, Shiba doesn’t add anything novel to the decentralized finance (Defi) ecosystem. It can still have more use cases than other cryptocurrencies because it’s on the Ethereum network, But you need to make sure that this is a bit volatile so, Invest your money wisely.
Is It a good investment?
With its 2,500% run this May, Shiba Inu Coins proved that it can surprise investors with amazing returns, despite not being a sure or safe investment. It is extremely risky to invest in Shiba, but with the right amount of luck and liquidity, it could skyrocket again. However, the recent cryptocurrency market crash and Buterin’s donation have made it unlikely another such move will occur any time soon.
There is a distinct difference between traditional investments and cryptocurrencies in that they are backed by assets and cash flow. Stocks are an investment in a business, and if the business does well, you can expect your investment to do well over time. And you have a legal claim against that company as well. So, if we talk about the investment, it is definitely a good investment because it is an asset class with a bright future, and we all know how awesome it is. While investing in Shiba Inu coin or any cryptocurrency, make sure that you invest only a small amount of money that you can bear the loss so, before investing think twice and thrice, then invest into this asset class.
What are the Advantages of Shiba Inu Coin?
- Investors can earn through staking their crypto and generate a good amount of revenue with the help of staking.
The ecosystem of SHIB, despite an assumption that it is driven just by hype and sentiment, includes various useful features, including a Defi-platform and a number of NFTs.
You can easily use it as a medium of exchange, even if the liquidity of this coin is very high, so you can easily trade.
Elon Musk and his tweets can be pivotal to the success or failure of a cryptocurrency if they promote it. A cryptocurrency with the support of Elon Musk is like getting the blue tick.
The passionate community of investors behind Shiba Inu has been calling on Robinhood, a prominent cryptocurrency platform, to list the cryptocurrencies to its shortlist of tradable cryptocurrencies. Investors have begun petitions to convince Robinhood to include SHIB.
Conclusion: It is a cryptocurrency that we have explained in detail and we have shown its advantages. Also, we have shared the technology behind this cryptocurrency, which can actually give you a better understanding of its future and let you decide whether or not this is a good investment option for you.
However, you should understand that cryptocurrency is a volatile asset that fluctuates widely when you invest in it. It is therefore crucial that you only invest a small amount of money in cryptocurrency so that, if it goes down, you will be able to cope with it easily and not be concerned about your crypto investments. It is easy to invest once you know the game.
Most frequent questions and answers
A major difference between Shiba Inu and Dogecoin is that it runs on the Ethereum network (CRYPTO: ETH) and can be used with decentralized applications through smart contracts.
Approximately 549,063 billion Shiba Inu coins remain in circulation.
A limit of one quadrillion Shiba Inu tokens exists for the Shiba Inu coin. While this is a large number that could accommodate a large army of investors, it still remains a finite number, which may spark further speculation down the road.
While its market cap makes it seem valuable, its value is only derived from entertainment. With this in mind, you should not put too much of your money into the Shiba Inu cryptocurrency. It might make you a quick buck up front, but it is not a reliable investment.
The Shiba Inu coin has strong growth potential for the next few years according to the Shiba Inu price predictions we looked at.
Aside from the fact that Shiba Inu could be used in decentralized applications through smart contracts, it is also known as a Dogecoin alternative since it runs on Ethereum (CRYPTO: ETHEREUM).