At the end of 2021, the Shiba Inu meme became very popular because its main competitor paid a lot of attention to it. Although the coin’s price has fallen from its October 2021 highs, Shiba-inu has great upside potential in the coming months.
This guide details how and where to buy Shiba Inu, what Shiba Inu is and which vendor is best for beginners.
Where to buy a Shiba Inu coin?
Shiba Inu has become one of the most popular meme currencies over the past few months. As a result, many of the best crypto exchanges in the world now let you trade the coin.
What is a Shiba Inu coin?
Investors may have heard of Shiba Inu (SHIB). The coin was launched in August 2020 to take advantage of its mass popularity. The coin’s founder, Ryoshi, remains anonymous to this day and has chosen never to own SHIB tokens.
According to the official Shiba-inu document (titled “Woofpaper”), the coin is fully decentralized and aims to become a “Dogecoin killer.” Ultimately, this allows Shiba Inu to exploit the power of smart contracts, giving Shiba Inu much more to do.
How does the SHIB token work?
SHIB is an ERC-20 standard token. The white paper for the token states that an ecosystem of three tokens with different offerings must be built. The SHIB token is the ecosystem’s base currency, and there will never be more than one quadrillion of them. LEASH is the second token and has a stock of 107,646 tokens. The third token is BONE, with a stock of 250,000,000 tokens.
The team that developed the tokens also developed a decentralized exchange called ShibaSwap. This exchange allows users to “dig” (provide liquidity), “bury” (put coins up), and “extract” (retrieve tokens from Uniswap or SushiSwap).
Is it worth investing in a Shiba Inu coin?
Since the price of Shiba Inus went up a lot in 2021 and then went down again, you may be wondering if SHIB is still a good investment. With that in mind, here are five reasons why you can still invest in Japanese stocks this year.
Huge community support
The first thing you’ll notice when you want to buy a Shiba Inu Coin is the excellent community support this coin enjoys. This support is evidenced by the Shiba Inu Coin subreddit, where the followers are called SHIArmy and have almost 500,000 members. Shiba Inu Coin is also still talked about a lot in crypto forums, which isn’t true of many other altcoins.
Investors who regularly buy Ethereum will understand the possibilities of smart contracts on the network. Because the Shiba-inu coin is hosted on the Ethereum blockchain, it can use these capabilities to implement its use cases. In the end, this helps keep the currency safe in the future, which is hard to do with cryptocurrencies that don’t have smart contracts.
Additional use cases
As a follow-up to what was said above about smart contracts, Shiba Inu has also made use cases for things other than digital currency. One of the most attractive use cases is ShibaSwap, a decentralized exchange (DEX) focused on dog-related meme coins. This lets users provide liquidity and make BONE tokens, which are used to run DAOs.
Huge growth potential
It goes without saying that Shiba Inu still has huge growth potential given the coin’s relatively small market capitalization. Shiba Inu Coin currently has a market capitalization of USD 6,351,524,677 at a price of USD 0.00001156 per SHIB. Because of these factors, a relatively small price increase will turn out to be a huge gain for investors, as shown in October 2021.
Integration into the Metaworld
Finally, following in the footsteps of many new NFT projects, the makers of Shiba Inu decided to delve into the meta universe. The developers have announced the “ShibVerse” concept, which will be a version of the virtual world of Shiba Inu. While details on this project are still scarce, there are rumors that it may include a virtual land and items in the world structured like NFT.
Risks when buying a Shiba Inu coin
Of course, there are also certain risks to be considered when buying a Shiba Inu.
When an investment soars to this level in less than a year, investors get excited. Unfortunately, volatility fluctuates both ways. For investors looking to trade a Shiba Inu coin for an adrenaline rush or gambling pleasure, the likelihood that the price of a cryptocurrency will fall as much as it has soared can be part of the thrill.
Lack of practical application
Unlike other cryptocurrencies, Shiba Inu is virtually worthless to investors outside the cryptocurrency exchange. Shiba Inu only accepts payment from about 100 merchants worldwide. These merchants are mostly little-known cryptocurrency companies. There is nothing unique about Shiba Inu’s commission, transaction speed, or structure that makes it more useful or convenient than hundreds or thousands of other cryptocurrency exchanges.
In fact, a popular investor recently called Shiba Inu “meaningless.” The investor was especially worried about the bid for 1 trillion Shiba Inu coins, which he took to mean that the huge supply is preventing prices from going up.
Ilon Musk is the dog’s father
Shiba Inu is just one of many cryptocurrencies that are based on dogs and were made after the original Dogeememem.
The price of Shiba Inus soared in October in response to a picture of a puppy published by Elon Musk.
The Shiba Inu coin even calls itself the “Dogecoin killer.” The Shiba Inu coin was made in August 2020 and is still seen as a major competitor to other cryptocurrencies. Although, as of May 2022, the meme currency had fallen significantly, it still had long-term growth potential.
With a minimum deposit of $50, you can already buy Shiba Inu coins with a spread of just 1%. Besides Shiba Inu coins, you can also invest in other assets like stocks, commodities, and more.