Shiba Inu (SHIB): Should You Invest?
The saying “Every dog has its day” is particularly true about Shiba Inus. The cryptocurrency based on this dog breed has gone from strength to strength since it was introduced to the crypto world, drawing attention from investors and enthusiasts.
In October 2021, the Shib price increased by 173% in just a week. Even though this type of crypto is highly volatile, it’s important to remember that it’s still a long-term investment.
Here’s a guide to the volatility of Shiba Inus, their future potential and everything you need to know about their current price.
Defining Shiba Inu (SHIB)
Shiba Inu is an Ethereum-based cryptocurrency that has grown by leaps and bounds since its inception as a Dogecoin alternative.
Taking on the leading meme coin in the crypto market, Shiba Inu was initially started as a joke but has evolved into a serious project aiming for true decentralization and becoming 100% community owned.
The Shiba meme token and the Shiba ecosystem have attracted a loyal fan base called the Shib Army.
The Worth of Shiba Inu Coin
While many experts have written off cryptocurrency meme coins, Shiba Inu’s rise to the top of market caps makes it impossible not to see. With their trading volume and total value proving these claims wrong, there is no doubt that this currency will continue rising!
As of August 12, Shiba in crypto is worth $0.00001256. Currently, the coin has a market cap of $6,894,551,695 and ranks 15th in CoinMarketCap’s list of top cryptocurrencies. In comparison, the SHIB/USDT is 0.00001 USD as of the moment.
How Does It Work?
The Shiba Inu, a breed of Japanese dog known for its playful and comic nature, will soon have its own currency.
SHIB is the Dogecoin Killer, and it intends to dominate in the DeFi space. With its decentralized exchange and artist incubator, SHIB will allow artists to use Ethereum’s network for auctioning off non-fungible tokens with smart contracts. The NFT market will remove the need for third parties, making it an easy way to buy and sell collectibles. SHIB will also provide artists a means to easily sell their creations through an artist incubator that uses smart contracts to create a decentralized crowdfunding platform.
SHIB will launch on the Ethereum mainnet in late 2019 and will be an ERC-20 token. However, its original purpose was as a Zcash fork, where users can send shielded transactions (transactions that are private). The team has since dropped plans to fork Zcash but still maintains its ability to send private transactions by using zkSNARKs.
How Safe Is It?
The security of a cryptocurrency depends on its structure and utility. Shib is an altcoin, which means it’s community-based—and therefore totally dependent on its growth.
Considering the riskiness of cryptocurrencies before you invest is essential because all investments come with risks.
When bitcoin was created, its creators had a specific goal: to create a decentralized currency that would be useful both for peer-to-peer payments and as an asset. However, they didn’t want to build a system that required too much trust or was overly complex.
To create this system, they carefully designed the blockchain and created a limited supply of bitcoin, giving every bitcoin a unique identity and value.
Due to this feature, bitcoin could become widely accepted as a digital currency in the future. Regardless, the same cannot be said for Shiba in cryptocurrency. It is not safe to invest in it.
Is Shiba Inu a Good Investment?
ShibaSwap, the upcoming game, and its metaverse will increase the price among cryptocurrencies. It could make the cryptocurrency more attractive to investors who want to buy into an asset with a solid long-term value.
In Baltimore, a Porsche dealership has begun accepting shib as payment for its cars. However, an 2022 Cayenne SUV would cost about 3.8 billion SHIB coins, or about 2% of all the SHIB coins currently in circulation.
ShibaSwap has partnered with a Hollywood studio called The Third Floor to create a Shiba Inu Metaverse, according to Watcher Guru. This virtual world will be built on Ethereum, bitcoin, and other cryptocurrencies, which have been more viable than Shiba Inu regarding risk-reward profile.
Where To Buy Shiba Inu (SHIB)
You can buy Shiba Inu coins on many crypto exchange platforms, including Binance, Crypto.com, and Atomic Wallet. You can also purchase Shiba Inu coins on Uniswap (via Trust Wallet), where you can trade ETH for SHIB.
Not only that, but you can also use KuCoin to buy SHIB just by following these steps:
- For newbies, register your account with KuCoin and complete the KYC process to avail yourself of all features that KuCoin offers.
- Add funds to your trading account by converting your capital from fiat to crypto through KuCoin’s Fast Buy service or using Third Party Sellers.
- You can also send your existing crypto to KuCoin.
- Then, you can start buying SHIB/USDT on KuCoin. Just visit the KuCoin Spot Trading section to buy Shiba In Coins and select the SHIB/USDT trading pair from the list. Afterward, enter the amount of USDT you want to exchange for SHIB.
- Lastly, don’t forget to store your newly received Shibu Inu coins securely.
Bottomline
Investments in the stock market or cryptocurrency carry a certain amount of risk. There is no guarantee about the outcome.
Although Shiba Inu has made some people rich, it can also lead to substantial losses. Invest wisely and choose coins that have intrinsic value and utility.
