Should you buy Shiba Inu?

The cryptocurrency market can sometimes seem like a puppy mill, churning out new coins that

generate a lot of initial excitement.

Take Shiba Inu, for example. The cryptocurrency token is named after the dog breed that's the

same mascot of another popular cryptocurrency, Dogecoin – a crypto asset that started as a

joke but has become popular with the "meme" crowd.

And in this blog post, we will be answering the age-old question, Should you buy Shiba Inu?

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While it's less than a year old, Shiba Inu (SHIB) already has a market value of more than $3.8

billion as of early June 2021, making it the 31st-largest cryptocurrency by market capitalization,

according to CoinMarketCap. In another sense, Shiba Inu is quite small. Each token is only

worth $0.000009677. That makes it attractive for new cryptocurrency investors, especially when

well-established picks such as Bitcoin cost more than $38,000 for a single token.

Just because something is popular, though, doesn't mean it's a good investment. Experts

recommend doing a lot of research before investing in the cryptocurrency market. Here's what

you should understand before buying a Shiba Inu coin:

● What is Shiba Inu coin?

● Its history and growth

● The technology behind it?

● The benefits of Shiba Inu coin.

● The risks of Shiba Inu coin.

● How can investors decide?

● Difference between Dogecoin and Shiba

● What is Shiba Swap?

● Will Shiba rise again?

What Is Shiba Inu Coin?

Shiba Inu is a token that exists on the Ethereum blockchain. The coin's mysterious founder,

known as "Ryoshi," says the project is "an experiment in decentralized spontaneous community

building."

While there's no cap on the maximum number of Dogecoin units, there is a cap – albeit a lofty

total supply of 1 quadrillion – for Shiba Inu units.

Both Shiba Inu and Dogecoin, like other meme investments, have gained in value as investors

discuss their perceived merits online and elsewhere in society.

The Shiba Inu white paper – dubbed by its creators as its "woof paper" – lists leaders of

international chatrooms, social media influencers, and meme-makers as part of the community

behind Shiba Inu's success.

"Until the point at which it begins to become accepted as a means of payment for goods and

services, a crypto's value is almost entirely a product of its social media buzz, and right now

Shiba is definitely a top-10 crypto in that category," says Eric Berman, senior legal editor of U.S.

finance at Thomson Reuters Practical Law. "Those looking to spot the next breakout coin are

well-advised to join Reddit and Twitter, and follow the hashes."

History and Growth of SHIBA INU

Launched on August 2020. SHIBA INU is a meme coin that has the potential to rival top meme

coin Doge. This digital currency was created by an anonymous person named Ryoshi and

derived its name from the Shiba Inu dog breed found in Japan. In terms of growth, the Shiba

token has experienced amazing growth since the beginning of 2021. From its initial price of

0.000000001, the Shib token reached an all-time high of $0.000050 on May 10, 2021.

A major reason for this tremendous growth may be linked to a tweet made by Dogecoin

Godfather Elon Musk. Musk tweeted about getting a Shiba pup, and within a short space of

time, Shiba Inu coin price rose by over 300%. This growth was short-lived as Ethereum

co-founder Vitalik Buterin donated 50 trillion Shiba Inu coins to the India Covid Crypto Relief

Fund. The result of this move leads to a drop in Shiba coin price. The token further suffered a

drop in price due to Elon Musk’s May 12, 2021, about Bitcoin. Currently, the coin price for the

Shiba token is 0.000000673.

SHIBA INU Technology

The Shib token is a fungible token that was created on the Ethereum network. As a result, it is

an Erc-20 token that can use smart contracts to create decentralized financial products.

Currently, there are over 394,796.00B Shiba tokens in circulation. Furthermore, the total supply

of the token is capped at one quadrillion tokens.

The devs team behind SHIBA INU is developing a decentralized platform for artists to sell off

their NFTs (Non-fungible tokens). Similarly, the devs team is developing a DeFi ecosystem for

the SHIBA INU token. Once the SHIBA INU ecosystem is launched, traders can stake their Shib

tokens to earn more Shib tokens called Bones. The devs team for the Shiba Inu coin often

refers to the token as the Doge killer.

What Are the Benefits of Shiba Inu Coin?

In addition to the hype from influencers, Shiba Inu's appeal comes from the desire for passive

income from staking and the fear of missing out from those who weren't part of the Dogecoin

gold rush.

The ripple effect from Dogecoin's rise in price has helped other meme tokens including Shiba

Inu, creating the potential for short-term gains, says Marie Tatibouet, chief marketing officer with

Gate Technology.

Another benefit may be more philosophical. "Many see meme tokens such as Dogecoin and

Shiba Inu as projects that are nothing more than a joke, but it has acted as the first step for

many crypto newcomers, who are likely to invest in other projects," Tatibouet says. "So, in the

long term, the wider crypto market is likely to see further growth and interest."

With Shiba Inu's low price, investors can get in while risking what amounts to the cost of a

fast-food lunch. So for those who want to dabble in cryptocurrencies, Shiba Inu provides a

low-cost avenue.

What Are the Risks of Shiba Inu Coin?

It's important to remember that cryptocurrencies themselves are a risky asset class; within that

asset class, speculative altcoins such as Shiba Inu tend to carry even more risk. It's only worth

considering for investors with a high tolerance for risk.

"Cryptocurrencies, and digital assets as a whole, are still very much in a nascent stage of

development," says Jahon Jamali, chief marketing officer with Sarson Funds. "As with any

emergent technology, there will be more losers than winners."

With Shiba Inu, and as with other cryptocurrencies, volatility seems to be the most apparent risk.

Tatibouet says the meme token frenzy isn't likely to last long, leaving the potential for some

investors to see sudden losses if interest starts to fade. Dogecoin's recent dip is a good

example, as its price plummeted immediately after Tesla (ticker: TSLA) CEO Elon Musk – who

frequently posts bullish tweets about Dogecoin – hosted "Saturday Night Live" in early May.

"(Shiba Inu's) price could certainly go higher, but it could just as easily come down, bringing

many investors with it," says Ben Weiss, CEO of CoinFlip.

How Can Investors Decide?

While it may sound boring, doing your homework is one of the best ways to hedge against

making a bad investment, whether in the cryptocurrency market or elsewhere.

"Thorough research is a must if you're looking at investing in any cryptocurrency," Tatibouet

says. "Investing on a whim has ended in tears for many."

For crypto investments, the research includes checking coin supply and reading white papers.

Weiss, for his part, recommends gathering sentiment from many different sources.

Patience is also key.

"Don't invest to get rich quickly; invest in things you believe will be successful in the long run,"

Weiss says. "There's a saying in the stock market, and from what I've seen it certainly translates

to crypto: 'Time in the market beats timing the market.'"

What is the difference between Dogecoin and Shiba Inu?

As of now, it is based on Ethereum and has little to no underlying use cases or value. Because

the token is so new to the market, there isn't much information about it yet.

Dogecoin is a cryptocurrency that was created using the same technology as Bitcoin. Ethereum

is used to power Shiba Inu tokens. Non-fungible tokens (NFTs) use the Ethereum platform's

ERC-721 token standard, while fungible tokens like Shiba Inu use the ERC-20 token standard.

What is ShibaSwap?

ShibaSwap is Shiba Inu's own decentralized cryptocurrency exchange, allowing buyers to trade

Shiba Inu for other cryptocurrencies. The coin's supporters describe it as a "safe place to

exchange your valuable crypto while staying decentralized." To ensure a secure launch,

ShibaSwap is undergoing security checks, audits, and final updates.

Participants in the network will be able to exchange their tokens directly from their wallets with

other ERC-20 compatible tokens on this non-custodial platform. Because they do not retain

huge quantities of bitcoin to tempt hackers, non-custodial exchanges are often more secure

than centralized exchanges.

Will Shiba Inu coin rise again?

Shiba Inu coin is anticipated to rise again, according to InvestingCube.com. At the now, there

isn't much momentum behind the currency, but active buyers could help the currency's value

rise.

The value could rise to $0.00001040 in a more active buyer's market, according to

InvestingCube.com. Although it may not appear to be a significant amount, an entire decimal

point can have a significant influence on the pockets of large investors.

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