The dogs started having their day in the Crypto world. Dogecoin, Shiba Inu, Dogelon Mars, Samoyedcoin, Floki Inu, Red Shiba Token and the list goes on.
Shiba Inu, the meme token, rose over by 173% at the end of October 2021 in just a week. It was launched to compete with the Dogecoin token and is also known as the “dog-killer”.
If you are planning to invest in Shiba Inu coins, it is important to understand its type and mechanism. In this article, we will discuss some important and highly relevant topics related to the Shiba Inu Crypto token.
What Is A Meme Coin?
Before going further into the details of Shiba Inu, let us understand the concept of meme coins…
Meme coins are highly volatile Cryptocurrencies that exist to pay homage to a meme, a funny or interesting image, video or GIF that went viral on social media.
The nature of meme coins is quite similar to their source. A meme coin is essentially—
- Volatile in nature. They gain overnight popularity by encashing public FOMO and are likely to lose value as quickly.
- They are unlimited in supply and traders can hold millions of meme coins by spending just a few scents.
- Most of these Crypto tokens lack clear use cases.
- These are built on top of an existing blockchain network. For example, Dogecoin was built on the Bitcoin blockchain.
What Is Shiba Inu?
Shiba Inu is a Crypto token that was built on top of the Ethereum blockchain network. It has Shiba Inu, the Japanese dog breed, as its mascot, based on a famous dog meme. It was created by a pseudonymous person or group named Ryoshi, much like the creator of Bitcoin.
After its creation, the founder of Shiba Inu claimed that 50% of its currency was stored in a Uniswap liquidity pool. The other half was sent to the co-owner of Ethereum, Vitalik Buterin.
However, Buterin burned a substantial number of Shiba Inu tokens, giving them out as charity. A big chunk was donated to India’s COVID-19 Relief Fund, which caused its value to fall greatly.
What Is The Worth Of Shiba Inu?
Following are some important points to establish the worth of Shiba Inu coins:
- Currently, the worth of one SHIB stands at $0.000011.
- The digital token reached its all-time high at $0.000037 per SHIB.
- 549,063,278,876,301.94 SHIB is the current circulating supply of Shiba Inu coins in the Crypto market.
- The value of Shiba Inu recently dropped by 67.31% from its highest value.
To make your next Shiba Inu investment, it is important to make a price prediction. Given its volatility, this can help you decide better before spending any dollar.
How To Buy Shiba Inu?
You can buy Shiba Inu tokens from any exchange platform. It was first legitimized by Binance, the largest Cryptocurrency exchange platform in the world.
Now, you can find Shiba Inu on all major exchange platforms.
Follow the steps given below to make your purchase:
- Create an account on one of the exchange platforms.
- Select SHIB for your exchange option.
- Enter the value you wish to exchange.
- Make your payment and your SHIB will be stored in your Crypto wallet.
Is Shiba Inu A Safe Investment?
Now, once you have an idea of what Shiba Inu is, you might wanna know how safe it would be to invest in this Crypto token.
There can be two answers to that—
- If you’re looking for quick and easy money, Shiba Inu may not be the best investment option for you. This is majorly due to its volatile nature.
A meme coin is all about its hype. Once this hype dies, its value falls drastically. SHIB being an altcoin, its success largely depends on the community it is based upon.
For community-based altcoins, the rate of success depends more on their community growth than its used cases.
- However, if you’re willing to be far-sighted, we’d suggest you invest in SHIB.
This is because Shiba Inu has recently entered the Metaverse.
Metaverse is being considered to be the future in the world of Crypto. Its value, by the end of this decade, is estimated to go up to $8 trillion.
Conclusion
We hope to have covered some of the most important aspects of Shiba Inu, the “Doge Killer” Crypto token.
Living in the digital century where we are witnessing the unique juxtaposition of trivial and significant. Meme coins like Shiba Inu are the perfect examples of this experience.
So stay updated and keep investing in the world of digital assets for an innovative and progressive future.
Ella Marcotte
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