Shiba Inu Crypto: What You Need to Know
Shiba Inu Crypto – I’m sure that by just seeing the name of this crypto you are curious as to what it is and what is now the deal. Shiba Inu or dubbed (SHIB), which is named after the famous dog breed, was purposefully created after the extremely popular Dogecoin Crypto-currency. Someone by the name of Ryoshi made this, as a response to the recent meme currency and they have made an image of a Shiba Inu puppy to be its token picture.
However now – the real question is, is SHIB worth it? Let us find out.
Billionaire Elon Musk, as we know also as the founder of Tesla and SpaceX, has had major sway in the rise and falls of cryptocurrencies. His tweets on Bitcoin and Dogecoin caused and still causes major spikes in their value. You guessed it – SHIB is no exception.
After Elon tweeted about it recently, it received a 367% surge in value, rising to become the 12th largest cryptocurrency. Other cryptos such as Litecoin and AVAX were left in the dust by Shiba Inu’s growth. Those aforementioned cryptos have been around much longer as well, which adds to the impressiveness of Shiba Inu.
How about some of the specifics?
SHIB is a fungible ERC-20 token. According to their official website, users can hold billions and even trillions of these tokens, which is very interesting and opens up many avenues of opportunity.
As for the platforms SHIB can be traded on, it is available on Uniswap and CoinCDX. If you did not know already, Uniswap is a DEX (decentralized trade) on the Ethereum network. A word of warning though, the coins cannot be purchased with Indian rupees. You can only use USDT/BUSD.
Another platform Shiba Inu can be traded on is WazirX. As of right now, on the writing of this article – it is valued in the range of 0.001417 to 0.001419. Back in May 2021, it was accidently listed at Rs 3, which caused it to crash 0.0015 levels. Since then, there have been no misconfiguration incidents, and hopefully it stays that way.
Shiba Inu also gained some popularity when the Canadian-Russian billionaire Vitalik Buterin, donated 50 trillion SHIB to an Indian relief fund for COVID. Interesting enough this donation caused a price drop of about 40% when it occurred. It seems that being allowed to have trillions of Shiba Inu crypto can and will have consequences.
So, should you invest in the Shiba Inu cryptocurrency?
At this moment, SHIB is on a massive spike in value. In fact, it is in 7th place worldwide! I highly suggest any crypto investor to get in while it is good. But as with anything be careful as the same way that you can likely gain you can also lose.
It is always wise to do as much research as possible and be mindful of your risk tolerance – Good luck!