If you still haven’t heard what investors are up to these days, you are watching the right video. With the pandemic still affecting economies, bank processes, and financial transactions, people are flocking over to the most comfortable means of investment – the crypto market.
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What Is the Shiba Inu Coin?
The digital world has become more profitable than it used to be. Although this should not be seen as the primary source of income for those affected by the current pandemic, the crypto market is indeed a rich soil to plant your investments in.
Speaking of cryptocurrency, a lot of people are now automatically associating it with Bitcoin. Well, aside from Bitcoin, other cryptocurrencies like Dogecoin and Ethereum are reaching all-time highs.
With that said, active traders and investors are constantly on the watch for these cryptos’ next big news. However, the big news in this video is not about those two. Instead, we will be talking about the crypto that is still on its way to gaining momentum.
Remember when people’s attention gravitated towards Dogecoin’s most recent dip? Well, this was when the Shiba Inu coin caught their eyes.
Yes, you’re right. Shiba Inu coin is the latest and newest coin in the cryptocurrency world that caught people’s attention since Dogecoin’s dip.
The Shiba Inu is actually a breed of hunting dogs in Japan. They are categorized among medium to small dog breeds.
Going back to its crypto counterpart, people believe that if this crypto thing will start to get too intricate for new investors to wrap their heads around, there is another layer of it for market enthusiasts to figure out.
However, what is this “layer” or aspect all about? Well, market analysts have speculated that this can be either a major Dogecoin crypto killer or another crypto that does nothing but waste your money and time.
Still, no one can really conclude on which is which. Nevertheless, regardless of whatever a trader believes it to be, this crypto is indeed a threat to Dogecoin. That is why it now has the nickname the Dogecoin Killer.
Every kind of investment relies on technical analysis, fundamental analyses, and speculations in the first place— and the cryptocurrency world is not an exemption to that. The same principle is applied to the rivalry of Dogecoin and Shiba Inu coin.
So, what is this cryptocurrency all about? What does this have to do with Dogecoin? Is the Shiba Inu coin as profitable as all other rising cryptocurrencies? How can you buy it?
Shiba Inu Coin: What Does It Have to Do with Dogecoin?
This cryptocurrency seems to have been made to toss some competition for Dogecoin. However, to add some factual explanation to this, its site actually claimed that Shiba Inu had an experiment within the decentralized community building.
In fact, the cryptocurrency has features similar to Japan’s hunting dog, Shiba Inu, which became famous because of Dogecoin. For those of you who are new to cryptocurrencies, Dogecoin is another type of cryptocurrency, similar to Ethereum but also entirely different.
Dogecoin first started as a joke among enthusiasts of cryptocurrencies, and it was named after a viral meme. However, despite the curious history of Dogecoin, this cryptocurrency has recently been very popular in this year 2021. In fact, it currently ranks 5th in the world’s largest cryptocurrencies.
The Rise of Shiba Inu
Shiba Inu was released around August of 2020 and started to be almost worthless. Still, its trading suddenly surged up after it was added to Binance and OKEx cryptocurrency trading platforms.
The founder of Shiba Inu, Ryoshi, supported the cryptocurrency’s nickname “Dogecoin killer,” stating that the technology surrounding Shiba Inu is more community-driven compared to its rival, Dogecoin.
Additionally, Shiba Inu is based on one of the most popular cryptocurrencies, Ethereum. As it stands today, Shiba Inu is the fastest growing cryptocurrency in the market capitalization terms. Furthermore, Shiba Inu is the natural alternative and rival to Dogecoin.
Just recently, Shiba Inu has given 1,970.57 percent returns. However, this surge of popularity is not something to be surprised by. This is because growth surges such as with Shiba Inu’s are pretty common among newly created cryptocurrencies.
Currently, the value of Shiba Inu is at 0.00000163 dollars. However, keep in mind that around mid-April, that value was placed at 0.0000006 dollars. Therefore, the market cap of Shiba Inu is drawing a lot of attention. In fact, to date, Shiba Inu is valued at about 13 billion dollars.
In comparison, Dogecoin is valued at around 61 billion dollars. However, despite the difference in value, it is essential to note that Dogecoin was once valued at 90 billion dollars but has been on a steady decline ever since.
Based on the available data at CoinMarketcap, there was a point in time when this cryptocurrency accumulated one hundred twenty percent of the growth in the last twenty-four hours. It has staggered at around 1970% over the previous seven days in the market.
Additionally, as it is placed as an alternative for Dogecoin, this token had already reached an industrial capitalization of not less than thirteen billion dollars. In comparison to that, the valuation of Dogecoin had sat at over sixty-one billion dollars.
That is what this cryptocurrency tale seems to be all about. Those Dogecoin references emerge as soon as Shiba Inu has manifested its value fluctuations. Further references also appeared when Elon Musk made an SNL appearance days earlier.
While this cryptocurrency has already played its role in the market since last year (2020), it is still igniting debates, conversations, and analytical discussions just recently.
In the whitepaper, its founders said that there would be three flag tokens within the confines of the decentralized exchange. The first one is the Shiba Inu coin ($SHIB), the next is Leash Dogecoin Killer ($LEASH), and the last one is Bone ($BONE).
The founders also said that they earned Dogecoin Killer as Shiba Inu coins’ nickname because they believe they can outpace Dogecoin’s value exponentially, even without crossing the mark of $0.01. This specific point is when Dogecoin holders will be shaken.
The Dogecoin Killer had been expected to hit the one-dollar mark after the appearance of Elon Musk in SNL, as his presence gave a skyrocketing boost.
However, instead of hitting that one-dollar mark, it significantly dropped from $0.70 – $0.42. Since then, it has been trying to make a rebound.
What Is the Current Value of Shiba Inu?
According to CoinMarketCap’s data, Shiba Inu’s market capital is now at $7,827,546,603 and its full diluted market capital is at $19,340,504,442.
It now reaches a volume of $7,875,378,427, and the flowing Shiba Inu supply is currently at 394,796.00B $SHIB. Its founders said that around 1,000,000,000,000,000 cryptocurrency coins have already been minted.
$SHIB is also already included on several exchanges like Binance and other crypto exchange platforms.
For example, ShibaSwap is actually the decentralized exchange for Shiba Inu, allowing buyers to trade between $SHIB and other cryptocurrency coins.
Currently, Vitalik Buterin, the founder of Ethereum, holds $15 billion worth of Shiba Inu. However, crypto founders consider significant holdings as something they should look out for, which could trigger the market’s volatility.
What Is the Future of Shiba Inu Cryptocurrency?
Although there is no clear answer to this question, some traders had learned to see the potential of this crypto when they knew it was an alternative to Dogecoin. Also, most analysts labeled this cryptocurrency as volatile.
Ben Caselin, the head of strategy and research at crypto exchange AAX, spoke with Fortune saying that the hype “meme coins” enjoy are generated from the crypto market enthusiasts. After all, active traders are not a social financial phenomenon.
Furthermore, David Hsiao, the Chief Executive Officer of Block Journal (a cryptocurrency magazine), said, “If you are buying Shiba Inu cryptocurrency today, I do not know where its potential lies in your own perspective. However, if you positioned yourself a few weeks or days ago, you are indeed making money now.”
He also added that this “crypto hype” does not promote sustainability for most people, as they may potentially lose money when the hype is gone.
Where Can You Buy Shiba Inu?
So, where can you buy Shiba Inu? Well, there are a lot of crypto exchange platforms that can be downloaded online. However, make sure to download from the right sites to avoid downloading malware or opening malicious applications.
To ensure your safety, you can go to two of the most reliable crypto trading applications that already have Shiba Inu – Binance and Coinbase.
- Binance
To purchase Shiba Inu through Binance, players should first register or sign up for a crypto trading account.
Binance has been established and designed to be a competitive crypto trading application. As a result, it now belongs to the list of the most well-known companies inside the crypto world.
With its smart chain, there are hundreds of coins listed on its platform and an abundance of trading assets. Binance is also one of the traders’ go-to choices when it comes to buying cryptocurrencies such as Shiba Inu and many others.
- Coinbase
On the other hand, to buy cryptocurrencies through Coinbase, first-time users should register for a trading account first and proceed to the verification process.
Coinbase connects users to the available premium brokers in their state and immediately lists those offering the lowest fees or commissions in the crypto market.
In addition, Coinbase offers most of the most significant crypto coins in the market — from Bitcoin to Ripple to Ethereum.
How to Buy Shiba Inu?
Before you buy Shiba Inu, it’s best to have a basic understanding of how exchange platforms work. For example, some crypto exchange applications or crypto trading platforms will require you to submit your personal documents.
At the same time, some would only need your basic personal identification details. However, some will also require you to undergo a KYC or Know Your Customer procedure. Other than that, a secure internet connection and a payment method are also essential.
It is always advisable to use a secure internet connection and not free or public Wi-Fi because public connections can allow hackers to access your financial accounts and view your transaction history.
The worst part is that they can even gain information about your bank details and other confidential information.
Thus, it is a great initiative to keep your significant investment accounts away from public connections. With that said, you may now learn more about purchasing Shiba Inu through crypto exchange platforms.
1. Choose your most preferred exchange.
Registering for a crypto exchange platform will give you access to the many features it offers. It will allow its users to buy, hold, and sell their cryptocurrencies.
It is usually a good idea to utilize a crypto trading application that enables its traders to withdraw their cryptocurrencies into their personal e-wallet for more security.
For traders looking for platforms that include Shiba Inu, Binance and Coinbase are two highly recommended applications you can start with.
2. Choose a preferred payment method and connect that funding account to your crypto platform.
Once you have already chosen an ideal exchange, you should gather all your necessary documents for submission. Of course, the required documents would actually depend on the crypto exchange you chose.
Some may require you to upload your driver’s license, employer information, and social security digits. These details depend on what region or state you’re currently living in. It also depends on the laws of your country.
3. Place your order.
Once you’re already done linking your bank account or e-wallet to your crypto exchange application, you can now start your trading journey by placing your first order.
The specific details as to “how” you should place an order will depend on the structure and features of your platform. These exchanges are used differently— as are user-friendly while some are not.
This is why you have to choose what is most convenient to use and easiest to navigate. For example, it would be frustrating not to be able to place an order at the right timing just because the application slowed down due to its technical limitations.
4. Find safe storage.
Crypto wallets should be stored securely. The more funds you have deposited in your trading account, the more you should be cautious of the risks online trading entails.
Thus, withdrawing your cryptocurrencies into your personal e-wallet will ensure that you’ll have more control over your private keys.
Why Should You Buy Shiba Inu Coins?
Although Shiba Inu still values at a relatively low value, it is vital to note that it is rapidly increasing in value in just a span of a few days.
Experts project that this trend will continue for quite some time. Shiba Inu is a cryptocurrency under the symbol of SHIB listed with the coin exchanges.
So, why should you buy the Shiba Inu cryptocurrency? Well, aside from its rapid increase in value and popularity, there have been rumors that the creators of this cryptocurrency are planning to make it become a usable currency.
One of the moves they have already done is by giving away about half of the available. How is this move relevant? Usually, traditional cryptocurrency burns will make the burnt coins unavailable for use.
However, in the case of Shiba Inu, around 50% of coins that were supposedly burnt were sent to one crypto wallet.
The owner of that crypto wallet was none other than Vitalik Buterin. For those of you who don’t know, Vitalik Buterin is the founder of Ethereum, which is one of the most popular and reliable cryptocurrencies available to date. So, this is a strange decision by the creators of Shiba Inu indeed.
The decision was supposedly made to prevent other big investors from having large holdings of the cryptocurrency that may affect the usability of the coin for transactions.
In fact, approximately 333,000 Ethereum is already owned by Vitalik Buterin as of today. This amount of cryptocurrency converted to real money is around 1.4 billion dollars. However, the worth of value of the Shiba Inu cryptocurrency is worth more than 15 billion dollars.
Apart from that, a more influential factor as to which you should buy Shiba Inu is its extreme growth rate that has already attracted several significant investors and has been turning heads in the field of cryptocurrency.
This Dogecoin killer has experienced a tremendous soar in market value and. In this last week alone, Shiba Inu had an increase of 1,900% in market value.
In contrast, in the past month, Shiba Inu increased its market value by about 37,929%. Lastly, for this year, Shiba Inu increased its market value by a staggering 2,081,399%.
This is why it has been nicknamed the “Dogecoin Killer” and why several significant investors and cryptocurrency enthusiasts have been on the lookout for Shiba Inu.
As of today, it still pales in comparison to the more established and reliable cryptocurrencies such as Ethereum and Bitcoin, but most experts project that Shiba Inu will soon enter the stage of the big leagues in cryptocurrencies.
Final Thoughts
For those who want to purchase Shiba Inu, Binance and Coinbase have recently announced that they have included Shiba Inu on their sales list. This is vital since cryptocurrencies with smaller values do not gain much consumer and market trust as opposed to well-established cryptocurrencies.
Binance has also warned people that Shiba Inu is one of the most volatile cryptocurrencies out there. Therefore, people who invest in it should expect drastic changes to its market value. However, to date, there have only been massive increases which are looking pretty good.
