All you need to know about Shiba Inu
If you have heard about the new crypto coin called Shiba Inu and want a bit more insight into it hopefully this article will provide some helpful information on this up and coming crypto (at the time of writing this article)
What is Shiba Inu crypto?
Believe it or not, Shiba Inu is a meme coin. Just like Dogecoin, the coin started as a parody for comical purposes. In August 2020, Ryoshi introduced the coin in an attempt to compete with its rival Dogecoin. The coin has a picture of the Shiba Inu dog breed (hence the name), and it recently got attention when Elon Musk tweeted about his desire to own a Shiba Inu pup. The tweet was enough to boost the value of the Shiba Inu coin in the crypto market, which rose by about 300%!
Shiba Inu price crypto
Now that you have a fair idea about the Shiba Inu coin, it's time to discuss the price and the market value. To give you a close approximation of the Shiba Inu crypto price in the market, it started with a value of 0.0000001631 $ and began to rise in a short period. However, it still has not reached the 1 dollar mark.
Like any other crypto coin, the Shiba Inu crypto price also keeps changing depending on the market.
The coin experienced an initial spike at the beginning of March 2021, where investors gained about 1500% in few weeks. But that changed from about the second half of the month.
If you are curious about the Shiba Inu cost at present, it stands at 0.000006715 $. So if you are planning on investing in it, now is a good time to consider your next move in the crypto arena.
Timing with any investment is important and it’s worth noting as you can see.. it’s still fractions of a penny at it’s current price point.
Shiba Inu cost
If you are planning to invest in Shiba Inu, the good news is, it is very affordable. At the time of writing this article, you can still acquire hundreds of thousands of Shiba for less than 10 dollars.
Believe it or not there was a time when Bitcoin was worth fractions of a penny too. Not that this has the chops to go anywhere near what BTC has turned into but in principle, you can understand how in one moment Shiba could be pretty obscure and worth nothing to the possibility realizing a very different scenario later on. Anything is possible in crypto.
Do your own research and come to your own conclusions as to whether it’s worth any money out of your own pocket.
Shiba Inu price
With that said, Shiba Inu is yet another option among many options for those that want to get into cryptocurrencies because they are cheap. At present, the price of one Shiba Inu crypto is 0.000007 USD.
Where to buy Shiba Inu crypto
There are many cryptocurrency platforms where you can sign up and purchase the coin you want.
One option is the Binance exchange. You can go to the website and get registered first. The platform offers many options for payments as well. You can purchase the coins using your debit card and bank transfer payments. But the best part is, you can also use your other cryptocurrencies and trade them for SHIB. You can do all these from your phone through the Binance app and trade on the go.
There is another option for buying the Shiba Inu crypto using a different method. The process involves converting Ethereum into SHIB, and it requires a bit more to learn. But if you want to try this out, you will need three things; TrustWallet app, Coinbase account, and access to Uniswap. It’s a lengthy process compared to purchasing from Binance.
Here is a brief explanation of the steps involved utilizing the Coinbase exchange (currently offering free Bitcoin for signups).
- Sign in to Coinbase, click on ‘Trade’ and select Ethereum to buy
- Type the amount you want to invest on SHIB, click on preview and then click on ‘buy’
- Open the Trustwallet app, search SHIB
- Select Ethereum, press on ‘receive,' copy and paste the address of Trustwallet
- Open your Coinbase account, select the ‘send/receive’ option and paste the address
- Open Uniswap Exchange and press the four-dot icon
- Search for SHIB and then import
- Select the ‘max' button, press on ‘swap,' and then ‘confirm swap.'
Is Shiba crypto viable?
Like most people, you probably have your doubts when it comes to a new cryptocurrency. But Shiba Inu crypto shares similar traits and features to other cryptocurrencies that you know. Such as Bitcoin, Ethrerum, Dogecoin, etc. So despite the coin tagged as a meme coin and a joke, it is 100% decentralized, and you can use it like any other cryptocurrency in the market.
How is Shiba Inu different from other coins?
Despite the similarities with other altcoins, Shiba Inu does have a few traits of its own.
The core concept of the coin was based on two things; a community-building experiment and a parody to compete with the Dogecoin. However, the coin can become an investment commodity, and two things make it a little different from the rest.
Firstly, the team from Shiba Inu gave away about half of all the coins to Vitalik Buterin, who is the founder of Ethereum.
The idea behind this approach was to ensure that the coins don't get stuck with a handful of big investors, thereby decreasing the chances of it becoming a usable coin soon.
Secondly, the Shiba Inu crypto coin started by giving investors the potential for more significant earnings and made it affordable for anyone while still undervalued. So you can potentially own millions of Shiba Inu coins if you buy now!
Shiba in the future
So how does the future for Shiba Inu look? According to research and analysis, the expected market cap is about 13 billion dollars!
The coin had already seen a massive increase in value in a short span and is still more valuable than when it was launched. There is also a lot of positivity surrounding this crypto coin and the fast rate of how it quickly found its way into the crypto market with ease. Platforms like Binance don't get involved with random cryptocurrencies that appear out of nowhere, so it's a good sign because it signals a level of trust and stability to the investors.
To sum it up, Shiba Inu looks promising, especially in the near future. However, the vital thing to remember is, cryptocurrency is highly volatile by nature, and Shiba Inu is no exception as you weigh the decision as to invest or not to invest.
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