As the cryptocurrency market grows, more and more investors are looking for new opportunities to maximize their returns. One of the most popular currencies is Bitcoin. Still, there are many others that you need to be aware of in case your investment strategy doesn’t work out. One currency, in particular, is Shiba Inu Coin (SHIB).
SHIB, along with other meme coins, are slowly captivating the interest of investors. Most of which are internet-driven people. Read on to learn more about the Shiba Inu Coin and determine if it is a good investment for you.
What is Shiba Inu Coin?
Shiba Inu SHIB is a project with the mission to create a unique crypto ecosystem. The founder of SHIB is the anonymous person "Ryoshi", a pseudonymous username. It was created as part of this goal and has set up an Ethereum based token decentralized exchange (DEX) that allows users access to other tokens within their own network.
It is a feature currently only found on centralized exchanges like Binance, where no trades occur between different networks. They also offer a Shiba Inu Protocol called ShibaSwap dex. Shiba Swap dex allows developers to build applications on top-of-the-line blockchains to swap their tokens for assets of equivalent value on the DEX Network.
Shiba Inu's goal is to make it easier for users and the shiba inu community with less financial resources. For this reason, the project was designed so that anyone could own millions of ERC-20 tokens and enjoy an equal opportunity at a profit - no matter how much money they had.
The developers did not want any person or group of people taking advantage of others simply because their contribution isn't what it should be. So far, things have gone according to plan since launching just above $0.01 per token six months ago (or about 3% worth).
Shiba Inu Coin Origin
Shiba Token, the world's first decentralized community to build on top of an experiment in spontaneous and unconditional connection. Ship token is expected to be an experimental DOGECOIN KILLER - it can remain under penny-cost even as they outpace Dogecoin over time.
Shiba Inu Coin History
On May 10, 2021, Shiba Inu SHIB started at $0.000000000056 and went on a wild ride up to $0.00003791. Since then, it has experienced two major crashes that have led them back down towards its current price, which is around $000006453.
Shiba Inu, a new cryptocurrency, was launched in 2020. It had no pre-mine, and the developers kept 50% of its liquidity on Uniswap for an IEO to create more transparency about their project. While maintaining investor protection by locking up resources like emails or other information needed, steal coins from users, and any cryptocurrency market vulnerabilities.
Investing In Shiba Inu Coin
It is important to know what the primary factors are in determining if a coin has a great future or not. Let review them to have the right strategy.
Shiba Inu Coin Pro's and Con's
It's essential to know the price of a cryptocurrency trade since it plays a critical role in helping you predict your potential gains given specific investment or trading strategies. The Shiba Inu Coin Price Today is $0.00000673 as of September 2021. It is a cheap cryptocurrency.
The trading volume is an essential factor in determining if it will have a great future. Since the first day that SHIB appeared on 1 August 2020, it has been impressively steady. It has not produced anything less than 30% annually. It helped investors decide whether they wanted this coin as an investment because most coins don't even exist since all depend upon their success rate for return-on-investment (ROI).
With the lack of innovation and a solid team to change their infrastructure, Shibas will likely continue being an ERC20 token. However, more cryptos are entering the market, which means new projects running on independent blockchains have tested hundreds or even thousands within short periods.
Whale Buying Shiba
On September 5, the whale bought $1 million worth of SHIB tokens. He then increased his investment by 150 billion and now owns about half as many coins as he first invested. This mysterious investor is currently participating in an uptrend with high hopes for success.
The climb of the token SHIB has been relentless, with its price increasing nearly 20% in the past 30 days. Trader sentiment is also bullish as a prominent wallet investor recently added 150 billion Shiba Inu coins to their crypto portfolio. In contrast, traders witnessed an unusual rise overnight following news that one trader had converted Ethereum holdings into this new cryptocurrency.
Shiba Inu Coin Price Prediction
By 2026, the price of SHIB tokens could reach $0.000064, according to Wallet Investor! But don't forget that this is an increase from their previous projection, which was 8%.
According to some crypto experts, the chances for the SHIB token to reach $1 are extremely rare in upcoming months. It is because there's a supply of 1 quadrillion tokens currently, and 50% went towards Vitalik. Vitalik burned them last May 2021 -- making it hard on market predictability that if Dogecoin can hit their target at all.
How to buy Shiba Inu Coin — step by step
Buying Shiba Inu is pretty straightforward. Here’s a detailed guide on the general process of opening an account and purchase cryptocurrencies through decentralized finance:
Step 1: Choose an Exchange
Customers can buy Shiba Inu on cryptocurrency exchanges like eToro, Voyager, and Binance. SHIB is also available on decentralized exchanges or DEXs. These major exchanges facilitate peer-to-peer transactions without a middleman, which means they are faster and cheaper than traditional methods of buying coins.
To avoid scam investors in the crypto-exchange world, conduct independent research to see if any given platform is legitimate and secure. The authenticity of the cryptocurrency exchanges can help you determine whether or not it would be safe with funds on there.
Step 2: Open an Account
Before you start investing, confirming your identity is the first step in making deposits and withdrawals. Using an exchange means paying fees. You'll need to provide personal data, like a name or email address associated with an existing wallet on request. The exchange can send it back for confirmation purposes only- no other data will be stored about you as part of this process.
Step 3: Connect an Existing Wallet or Set-up a Crypto Wallet
It would be best if you considered where you'd store your token shiba inu coins. Cryptocurrency exchanges are large targets for hackers. Several platforms have been hacked in the past, so it's not recommended to store them on an exchange unless it is actively trading your crypto assets.
It's pretty straightforward to do. Most exchanges are only connected to the blockchains they support, so you must download one of their wallets. One way is by using security measure data obtained from an email address and password.
These two factors will be enough for most exchanges. Still, it’s best to learn about any additional requirements specific services require before sending in measures or identifying personally identifiable information.
For most, the easiest way to do this is by using the address assigned to your account in a crypto wallet linked to your exchange. Some exchanges will offer an API key and API secret as well if you prefer not to use your wallet's address.
Step 4: Buy or Exchange SHIB
You will need to connect your bank account after verifying your identity. Once this is done, find the SHIB order book and place an order. USDT (Tether) is a cryptocurrency that can be used to purchase Shiba Inu Dog. You can also exchange another cryptocurrency like Bitcoin with SHIB.
Shiba Inu Versus Other Coins
With the rise of the Dogecoin currency and other cryptocurrencies, new crypto projects have been looking to capitalize on its success. One token called Shiba Inu has styled itself as "the Dogecoin Killer" with hopes that it can dethrone this popular currency from its throne. But do these cryptocurrency meme tokens are a good investment? Are they worth the risk?
Shiba Inu vs. Safemoon
The Shiba Inu coin is generating a lot of interest and enthusiasm from the community. The ambitious initiatives being started by this cryptocurrency's fans aim to further adoption, which means more people will have access to it in their quest for financial freedom.
The Shiba Inu coin is a community-driven cryptocurrency with a highly engaged and active user base. The website provides information about the coin in easy-to-understand language, which has allowed for its success thus far as they continue on their mission statement "to advance technologies that reduce human suffering.
SafeMoon coin is a cryptocurrency that has quickly risen to be one of Binance's top three by market capitalization. The first component, reflection fees, allows network transactions and gets distributed among holders to hold safe moon tokens.
Shiba Inu vs. Dogecoin
The Shiba Inu SHIB is a bit different from Dogecoin because it has its very own decentralized exchange called "Shibaswap." It means that Shibas can get certain functions like swapping tokens, staking, and getting yield, whereas, with Dogecoin, those features don't exist yet or are not available on the platform at all for some reason.
Shiba Inu SHIB offers a range of developer tools to help increase the longevity and value of your cryptocurrency. Their code is based on Bitcoin but lacks compatibility with smart contracts. Thus, it can only be used as an internet currency or store-of-value due to its instability in value compared to other currencies supported by an Ethereum network.
Shiba Inu vs. Bitcoin
The original cryptocurrency may be king in crypto land, but many people believe it is more significant that its glory days could already be over. Many investors are looking for big returns, and one of the more off-the-wall prospects is the Shiba Inu token. They're turning their attention towards other projects which offer bigger profits.
In the battle of Shiba Inu SHIB versus Bitcoin currency, it is doubtful that one will dominate based on anything to do with their design. However, both have a chance for victory through community and market sentiment at this stage in time. Understanding how different these two tokens are would be an important consideration when assessing their longevity.
However, if you are one of the crypto fans who view meme coins to have an excellent utility in the future, it would be best to stay tuned on the latest Shiba Inu Coin News. Being informed is the best way to strategize your investment plans.