Should I buy Shiba Inu?
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Why Should You Buy Shiba Inu and Where to Find It?
The cryptocurrency sector has seen an incredible rise in its revenue in the year 2021 when the stock market reached a value of more than $3 trillion.
Among them, Shiba Inu drew the most interest from investors. It exploded in popularity, even outperforming Bitcoin in terms of page views.
In case you are hearing the term for the first time, Shiba Inu (SHIB) is a dog-themed meme coin that has garnered a lot of traction in the last year.
In October 2021, its value had increased by more than tenfold. Shiba Inu also momentarily surpassed Dogecoin, its competitor as the most popular meme coin.
The coin has the capacity to hold its hedge, according to the crypto market capitalization, making it a viable investment option.
As a result, it gives rise to several questions such as should I buy Shiba Inu? Is Shiba Inu a good investment?
In today’s article, we will dig into a few details to help understand whether the coin is in fact a good investment plan.
What’s causing Shiba Inu’s price to rise?
The sudden rise of the Shiba Inu indeed raises a slew of questions. More crypto exchanges welcomed SHIB for listing as its popularity and market capitalization grew.
Increased liquidity and a big base of holders have resulted from the addition of more exchanges to trade SHIB. Maybe we’ll get a clear answer if we figure out why Shiba Inu’s popularity is on the upswing.
Shiba Inu has recently joined Welly, an Italian fast-food chain. The restaurant has its theme wholly built on the SHIB concept and it even has the SHIB’s dog as the official image.
This might be one of the main reasons behind its success in the crypto market.
Aside from the retail run, a few other significant variables, according to fans, are responsible for the price of Shiba Inu.
The debut of ShibaSwap, a decentralized exchange, also sounds to be the major driver for its enhanced market value. It officially made its launch on July 6, 2021.
ShibaSwap allows SHIB holders to stake their tokens and receive passive income, in addition to enhancing liquidity on a previously illiquid cryptocurrency.
The idea is that ShibaSwap has pushed investors to keep their SHIB for far longer periods.
Inception of Shibarium
Shiba Inu is a blockchain-based cryptocurrency based on the Ethereum platform. It’s a currency, but unlike Ethereum and other competitors, it’s not a blockchain network.
As a result, its applications are limited to paying for products or services at certain merchants, exchanging the token, or staking for passive income.
Although we frequently refer to it as a coin, Shiba Inu is a token and has three different tokens. The first one is for trading, one for staking rewards, and one for voting on proposals.
When we talk about Shiba Inu’s market value, we refer to the trade token, SHIB.
The Shib Army, the Shiba Inu’s most devoted community, has been the breed’s greatest strength. This group was responsible for the huge gain in 2021.
Otherwise, it does not offer anything unique that distinguishes it from the thousands of other cryptocurrencies available.
However, apart from this, there could be a catalyst on the horizon. Shibarium, a scaling solution developed by Shiba Inu, is expected to be released this year.
On top of Ethereum, it is referred to as a blockchain or a layer-2 system. Shiba Inu now has high transaction fees and congestion as a result of running on Ethereum, but Shibarium will reduce both.
The coin will be able to eliminate the hefty costs that investors must bear when trading on the Ethereum network as a result of this.
SHIB is rooting to make a name for itself in the world of non-fungible tokens (NFTs). This type of expansion necessitates lowering transaction costs. As a result, Shibarium’s progress is a huge plus.
Entrance to Metaverse
Investors are also ecstatic about Shiba Inu’s entry into the Metaverse. Even though it is yet speculative, the meme coin community appears to have shown immense interest in this new advent. The cryptocurrency even stated on social media that it will release ‘Shiberse.’
Cryptocurrency Exchanges That Trade Shiba Inu
We personally recommend a few of our favorite trading platforms. You can sign up for them or see our other articles here:
Blockchain.com – This exchange has been around for some time. We have holdings on this exchange as well. Here is a free sign up link to help you get started. It is quick and easy. Get deeper insight with your Blockchain.com Review article.
Should I Buy Shiba Inu? Is it a good investment for the long-term?
It cannot be ignored that SHIB had a surprising hike in 2021 and with many plans for growth from the community, it does provide hope for long-term investment.
It is still subject to market risk like other cryptocurrencies. As stated earlier, Shiba Inu could benefit from the possible launch of Shibarium. And the Shib Army’s assistance could result in some gains. However, until there is a full proof result, it cannot be stated firmly that Shiba Inu will be a long-term cryptocurrency winner.
Shiba Inu does not stand out among its competitors. Many have already created robust blockchains that host a range of decentralized applications (dApps) that have the potential to transform the way businesses are conducted. However, we can still hope for it to triumph in the coming years. That’s all you need to know before you buy Shiba Inu.