Occasionally, the cryptocurrency market resembles a puppy mill because there will be new coins causing a lot of enthusiasm in the beginning.
As an example, look at the Shiba Inu. Dogecoin, a cryptocurrency that originated as a joke but has since grown in popularity among the “meme” culture, is the mascot of the dog breed for which the cryptocurrency token is named.
Even though Shiba Inu (SHIB) has been around for less than a year, its market cap of $3.8 billion as of early June 2021 places it as the 31st most valuable cryptocurrency on CoinMarketCap’s list; in another sense, Shiba Inus are small dogs. The value of each token is $0.000009677. An inexperienced cryptocurrency investor may find it interesting because it costs less than $38,000 per token compared to other well-known cryptocurrencies like Bitcoin.
Just because something has become popular doesn’t guarantee it will turn out to be a good investment. Experts recommend doing considerable research before investing in the bitcoin market.
Shiba Inu Coin: What is it?
Shiba Inu is an Ethereum-based cryptocurrency. What Ryoshi, the coin’s mysterious creator, calls an “experiment in decentralized spontaneous community development” is what he calls it.
Shiba Inu units, on the other hand, have a limit of 1 quadrillion, despite the fact that Dogecoin units have no such limit. Like other meme investments, the value of Shiba Inu and Dogecoin has increased as investors argue its merits on the internet and elsewhere. The Shiba Inu white paper, often referred to as the “woof paper” by its creators, names members of the Shiba Inu community as international chatroom leaders, social media influencers, and meme producers.
What are the advantages of Shiba Inu Coin?
Dogecoin’s gold rush and influencer buzz are only two of the reasons why Shiba Inus are so popular. Another is the opportunity to earn passive money from staking Doge coins.
Shiba Inu, according to GateTechnology’s chief marketing officer Marie Tatibouet, has benefited from the ripple effect caused by Dogecoin’s price increase, presenting the opportunity for short-term gains.
A philosophical advantage is also conceivable. The memetokens Dogecoin and Shiba Inu may be considered a joke by many, but Tatibouet thinks that they have served as a stepping stone for many crypto novices who would go on to invest in more serious initiatives. Because of this, we should anticipate seeing sustained growth and interest in the crypto business in the future.”
Are there any potential Shiba Inu Coin risks?
You should know that cryptocurrency is a volatile asset class in and of itself, so it is important to understand that speculative altcoins like Shiba Inu pose even greater risk within that market class. Only risk-averse investors should consider it.
According to Jahon Jamali, chief marketing officer of Sarson Funds, “Cryptocurrencies and digital assets in general are still very much in their infancy.” New technology will have more losers than winners, argues the author.