After the surge and popularity of DogeCoin, another cryptocurrency that was created as a meme, has gained fame. The Shiba Inu token has found its place in the modern crypto markets. Let us look at this new blockchain token.
What Is Shiba Inu?
Shiba Inu is a meme token initially conceived as a fun project but has now turned into one of the fastest-growing cryptocurrencies. This token has gained popularity after the COVID-19 pandemic. It is a burnable token that utilizes the blockchain.
Shiba Inu’s Contribution To The Covid-19 Pandemic
Shiba Inu was founded by Ryoshi, who divided the entire Initial Coin Offering (ICO) into two halves. 50% of the ICO was buried into the Uniswap token, and Vitalik Buterin (who co-founded Ethereum) burned the other half. When the COVID-19 pandemic raged rampantly, Vitalik Buterin donated 10% of his total Shiba Inu share towards COVID relief and rehabilitation in India. The total value of its contribution is approximately one billion US dollars and remains one of the highest donations made during the pandemic.
Why Should I Invest In Shiba Inu?
It is a meme coin and is riding high on the hype train currently. It is seeing bursts of growth accompanied by periods of stationery prices. It works on the same principle as Ethereum, starting as a Proof of Work (PoW) and switching over to Proof of Stake (PoS). It is an ERC-20 token based in the Ethereum network, and this renders it the property of being fungible. This indicates that a Shiba Inu can be replicated as each one of them has the same monetary value.
What Use Case Does this Crypto Offer?
Shiba Inu is still perceived as a meme token, and therefore, offers limited use cases outside the blockchain and cryptocurrency space. In the cryptocurrency space, Shiba Inu has been accepted as a valid currency alternative in decentralized finance (DeFi) projects and in Non-Fungible Token (NFT) projects such as the Shiba-Civilization Strategic DeFi Partnership.
Different Ways Of Investing
Shiba Inu has three alternative coins in circulation. They are Shiba Inu, LEASH, and BONE. This particular crypto asset is for the investors who look to gain profits from their investment.
- LEASH was initially designed to be a rebase token but has been added to the incentive token base for monetary gain. It can also be used to gain money, like the Shiba Inu token.
- BONE is a governance token, and the possession of this allows holders to vote on any new changes that could be implemented concerning the working and the added features of the token.
- It encourages prospective investors to use the ShibaSwap coin exchange. It can also be bought and traded using the Uniswap token portal.
- Most of the other Coin Exchange portals and apps recently signed up to trade Shiba Inu, especially after Elon Musk’s featured episode on Saturday Night Live. Kraken, Uphold, the crypto can use Easy Crypto, CoinDCX, WazirX, and even IRA-based software to buy, sell, and trade and its alternatives.
- Since this token is ERC-20 based, this crypto asset cannot be mined. The existing pool buried in Uniswap and the rest burned by Vitalik Buterin are available on the cryptocurrency market.
- Lending Shiba Inu is also a possible method of investing and profiting from this token. However, since its use case is very limited, it is yet to catch up as a possible alternative to the usual trading. It can be done using coin exchanges such as Coinswitch, Kuber, and WazirX.
- US brands such as Coinbase have recently withdrawn the option to lend cryptocurrency, so American investors need to look out for other investing methods.
How Risky Or Volatile Is It To Invest In Shiba Inu?
Investors must remember that this token was created as a meme, and as a competitor to DogeCoin. Apart from the few use cases it has, Shiba Inu could eventually fall out of the trend. This, however, if it occurs, shall be in the distant future. As of the foreseeable time ahead, it has been undergoing stable growth, and since it is so deeply rooted in Ethereum, the blockchain capabilities are around to stay. But one must be wary of the fluctuations it can have.
What Are The Things I Should Consider Before Investing?
Shiba Inu must not be the priority investment coin but must hold only a small share of your capital. Established ones should always be the primary source of cryptocurrency investment. As of now, Shiba Inu has had a constant price with minimal fluctuations. Invest in it but not with great profit expectations.
What Are Shiba Inu’s Other Ventures?
The cryptocurrency is committed to rescuing dogs. They have tied up with Amazon Smile, where every purchase on smile.amazon.com will add a nominal fee towards the rescue of Shiba Inu and other dog breeds.
Shiba Inu is one of the tokens initially created to be an internet phenomenon but is now gradually catching up with other mainstream cryptocurrencies, not just in popularity. With a possible increase in its use case, the SHIB token is waiting for its potential to be fully harnessed.