What Is Shiba Inu or SHIB And How Does It Work?
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So What Is Shiba Inu?
Few crypto-assets have the ability to outperform Bitcoin in any segment. Surprisingly, Shiba INU, dog-themed crypto was able to achieve what many cryptos fail to do so.
With 43 million more views, Shiba Inu surpassed the wolds most popular crypto, Bitcoin. Hence, making it an extremely popular cryptocurrency.
Similar to other cryptocurrencies, Shiba Inu, is also based on a decentralized computer network that uses the blockchain database.
According to the crypto market capitalization, Shiba Inu has the potential to hold its hedge thus making it a possible choice for investments. Shiba Inu, when it stemmed was just a meme and was launched as an opponent for ‘Dogecoin’.
Surprisingly, it has taken over its competitor and has now become one of the most popular meme tokens in just a year. In all of these years, considerable parabolic price rallies in a wide spectrum of digital cryptocurrencies have been observed.
However, Shiba Inu’s meteoric climb to the ladder in such a short period is truly remarkable.
Why is the number of Shiba Inu’s on the rise right now?
It is true that the sudden rise of Shiba Inu brings forth multiple questions. If we comprehend why Shiba Inu’s popularity is on the rise, maybe we will receive a clear-cut answer.
The crypto market has seen several changes, rise or fall, in the last decades, and if you understand the crypto market, you will know the reasons are abundant. Shiba Inu is no alien to this fact.
Shiba Inu has just joined the Italian fast-food company, Welly. This might be one of the reasons for its rise. The restaurant is entirely based on the theme of SHIB.
The cryptocurrency has also been in the news as it intends to venture into the metaverse, one of the hottest subjects in investing right now which might have surged its position.
Another reason for its rise might be the project Shibarium, which ventures to lower transaction fees, making Shiba Inu more accessible to users.
Where to invest in Shiba Inu?
Because of its enhanced popularity, Shiba has been listed on numerous trading platforms, including Crypto.com and eToro to name a few.
Alternatively, you can also buy Ethereum on Coinbase, Gemini, or Kraken and then trade it for Shiba on Uniswap.
Purchasing Shiba is exceptionally simple (on iOS and Android) once you install the app by Crypto.com.
Like on any other app, to buy the token, the first requirement is to create an account on one of the crypto exchange sites. The second is to validate your identity. In the United States, you can provide your address, Social Security number, and driver’s license as proof of your identification.
You can start investing in Shiba with USDT (Tether’s stable coin) once your account has been verified.
Is Shiba Inu a good investment?
Like many other cryptocurrencies, Shiba Inu also has its own set of advantages and disadvantages. It cannot be directly claimed that Shiba Inu is a guaranteed or safe investment.
However, the latest demonstration of its incredible profits that came as a surprise to the investors, it can be considered an investment opportunity.
Shiba is still a high-risk investment, but with enough luck and liquidity, it might surge again. If it interests you can carry out detailed research before you make an investment. The crypto market is volatile and the fact cannot be avoided if you want to be a crypto enthusiast.
Where and how to buy Shiba Inu Coin?
Shiba Inu coin or SHIB has been made available on most major centralized cryptocurrency exchanges, thanks to their widespread appeal. Our safest crypto exchange recommendations include:
The procedure of registering on these exchanges and using them to buy SHIB is extremely simple and follows the same steps regardless of whatever platform you choose.
To explain the steps we will take Binance as an example because it has wide popularity for SHIB token exchange.
As always, you will first need to create a new exchange account. If you already have an account, log in with the existing details.
KYC (Know Your Customer) has been made a necessary step as it provides security to the account, hence if you haven’t already completed it, mark it on your to-do list.
It will be required to acquire or exchange cryptocurrency.
You will find the option to perform this task on the top right corner of the dashboard if you hover on the account symbol, which will show the “identification” tab in your Binance account.
Go to the website to acquire cryptocurrencies, any digital coin or pair of your choice. Insert the amount details that you’d like to spend on the purchase.
Confirm the final payment step and complete the transactions. Once done, the purchase should be visible in your wallet. It might take a while, hence give it a minute or two.
What does the progress of Shiba Inu imply for you?
While the recent advances may seem positive, it’s vital to keep in mind that Shiba Inu is still an exceedingly dangerous investment.
Although it has greater real-world utility than in the past, the crypto market is extremely competitive. There isn’t anything that distinguishes Shiba Inu from other cryptocurrencies right now.
Although anyone around the globe can use it to make payments, other cryptocurrencies, like Bitcoin, are far more popular when we speak about making payments with digital coins.
It will be difficult for Shiba Inu to experience long-term growth unless it develops a competitive advantage over Bitcoin. However, investing in any cryptocurrency is a personal choice.
After reading this article, now you know what Shiba Inu cryptocurrency is and how does it work. Our only suggestion is that, carry out a detailed analysis before you invest. Also, possibly invest only that money which you can afford to lose.