A new cryptocurrency has taken the internet by storm and it’s called Shiba Inu Coin. This coin is a bit of a mystery as not much is known about it, but that hasn’t stopped people from investing in it. So, what is Shiba Inu Coin and should you invest in it?
Ever since 2021, savvy investors have descended on dog-inspired cryptocurrencies. Shiba Inu received a lot of attention for being a crypto coin on the rise. Dubbed the Doge killer, the coin became popular among crypto enthusiasts, led by a lively social media following.
What Is Shiba Inu?
Shiba Inu (SHIBUSD) is a cryptocurrency that has the Shiba Inu—a Japanese breed of hunting dog—as its mascot. Many people believe that Shiba Inu could replace Dogecoin; in fact, some even call it “the Dogecoin killer.”
A real, community-building Shiba Inu Coin cryptocurrency is an experiment built within the Shiba Inu Ecosystem. The Shiba Inu, created by Ryoshi, was created in August 2020.
- It was created on top of the Ethereum Blockchain Network, like many other cryptocoins.
- It is a meme coin designed to compete with Dogecoin and Doge-Killer.
- Shiba Inu coins have courier serviced some Dogecoin markets, and they have become increasingly popular with investors from Crypto-Market.
The shiba inu, also known as the “Japanese fox dog,” is a small, spitz-type dog that was originally bred for hunting in Japan. Shiba inu are friendly and outgoing animals that make good family pets. They are also known for being intelligent and easy to train.
Why is Shiba Inu Coin So Popular?
Shiba Inu coins are popular for two main reasons.
- Tesla founder Elon Musk once tweeted about his desire to own a Shiba puppy, which in turn stoked the cryptocurrency market and led to its prices to increase by 300 percent.
- After ETH founder Vitalik Buterin donated 50 trillion Shiba Inu Coins to the Indian crypto entrepreneur Sandeep Naiwal’s blockchain-based fund for fighting the coronavirus pandemic, the prices of Ethereum’s digital tokens fell to 40 percent.
Where Do You Buy Shiba Inu Coins?
You can purchase Shiba Inu coins using popular exchange platforms such as:
You can also use Uniswap to conduct an Ethereum to asset exchange for Shiba Coins.
The Future of Shiba Inu Coin
Although Shiba Inu Coin are only a meme currency, its increasing popularity and reach indicate that it has great potential in other areas, perhaps even for bright uses.
- InvestingCube.com expects the Shiba Inu coin to rise once again.
- Since there isn’t much movement between this token and its value, active buyers can help its valuation.
- Though it may not seem to bring much value today, it can have a big impact on major players in the crypto-market blockchains later.
Is Shiba Inu a Risky Investment?
Yes, Shiba Inu is a high-risk. Shiba Inu also has limited purpose, and its value is based on a strong digital-media-fueled speculative trend. Shiba Inu is a dangerous investment, and cryptocurrencies have volatile valuations. Shiba Inu is also very impractical, and its value is based on hype about its virality on social media sites.
Shiba Inu can be wonderful meme , but they may not be the best choice for everyone. Before making the decision to purchase a Shiba Inu, be sure to do your research and understand the potential risks and rewards.