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Is Shiba Inu cryptocurrency a good investment?

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In the world of meme coins, cryptocurrency with a very cute Shiba Inu mascot has grabbed center stage. Dogecoin (DOGE) was the first doggie cryptocurrency, introduced as a parody in 2013 when Bitcoin and the Shiba Inu "doge" meme were both popular.

Shiba Inu (SHIB) was created in August 2020 to surpass Dogecoin. Shiba earned the moniker "Doge Killer." Shiba Inu reversed Dogecoin's market cap on October 27th to become the alpha pup. However, Dogecoin has subsequently recaptured the title of most valuable joke coin. The Shiba Inu team has created ShibaSwap, a decentralized exchange (DEX) where users may bet their Shiba tokens to accrue interest. Recently, the company revealed ambitions to join the layer-2 area with its scalability-focused network.

What is Shiba Inu Token?

Shiba Inu was formed by an unknown person using the alias Ryoshi. Shiba is an ERC-20 token on the Ethereum network that allows developers to create the ShibaSwap DEX and incorporate other tokens and NFTs into the platform's ecosystem. Shiba's maximum supply was set at one quadrillion tokens, which is substantially larger than the number of other cryptocurrencies. Shiba's pricing is substantially cheaper than most assets with comparable market capitalizations because of the huge token size.

Shiba Inu is built on Ethereum, which ensures it can use smart contracts to develop far more complex applications such as DEXs and NFTs. Over the summer, the token published its ShibaSwap DEX, and they have now released "Shiboshis," which is a collection of 10,000 NFTs. Dogecoin's code is based on Bitcoin and does not support smart contracts. As a result, Doge can only be utilized as internet money and a (volatile) store of value.

Is Shiba Inu Safe?

Shiba Inu is not a safe investment by any conventional measure. While large benefits are conceivable if ShibaSwap becomes popular, Shiba adds nothing new to the decentralized finance (DeFi) ecosystem. Because it runs on the Ethereum network, it may have more use cases than Dogecoin, but it doesn't imply it will function any better.

Where to Invest in Shiba Inu?

Shiba was featured on numerous trading platforms, including Crypto.com and eToro, as a result of its recent popularity. You may also purchase Ethereum on another exchange, such as Coinbase, Gemini, or Kraken, and then exchange it into Shiba on Uniswap. Shiba may be purchased quickly and easily on Crypto.com using their app (on iOS and Android). All you have to do to buy it is create an account and prove your identity. In the United States, your address, Social Security number, and driver's license are required to prove your identification. You may invest in Shiba with USDT once your account is set up and validated (a stablecoin tied to the US dollar that may also be acquired on crypto.com).

Is Shiba Inu a Good Investment?

Shiba Inu is by no way a secure or safe investment; nevertheless, with its 2,500 percent run this May, it demonstrated that it may amaze investors with astounding profits. Investing in Shiba is incredibly hazardous, but with enough fortune and liquidity, it has the potential to explode once more. However, Buterin's donation, as well as the current bitcoin market slump, reduce the likelihood of another comparable action occurring anytime soon.

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by Sam Wilson

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Apr 29, 2022 4:58 PM

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