Cryptocurrency

SHIBA INU COIN (SHIB) Is Taking Over The World

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Shiba Inu coin is the latest cryptocurrency to hit the market. Coined after the famous Japanese DOG Shiba Inu, SHIB was started in August 2020 as a crypto token for the DeFI community of Shiba Inu lovers.

Through it, this community would assist in protecting and caring for the Shiba Inu dogs. SHIB belongs to the class of meme coins and is famously referred to as the “Dogecoin Killer”.

Shiba Inu

Dogecoin Is the most accomplished meme coin to date. Creators of SHIB borrowed the Dogecoin concept and are now hoping it will outdo Doge’s success.

Since its launch, SHIB has attracted a lot of attention from traders and celebrities. This attention has increased the demand for the coin making its price rise.

SHIB currently has a market value of $3 Billion getting it to the list of top 30 cryptocurrencies in market value. This is a great performance for a coin that is not even a year old.

Below is a price chart showing the price movement of SHIB since its launch.

Courtesy: CoinMarketCap

SHIB operates on the Ethereum network making it a transferable token. However, it is not backed by any assets or rights. Creators of SHIB recently confirmed locking 50% of SHIB supply on Uniswap while the other half was transferred to Vitalik Buterin (the founder of Ethereum).

You may be in wonder as to why I mentioned Vitalik Buterin. It is because he donated almost all his SHIB resulting in a market fall because the action was unexpected.

Vitalik could as well be referred to as the Elon Musk of Shiba coin. As you may be aware, the Crypto market is heavily influenced by the actions of specific industry leaders.

So if you have an interest in SHIB, you need to keep a close eye on what Vitalik Buterin does.

SHIB Marketplace

As mentioned, SHIB is a relatively new coin. However, due to demand, there are a number of platforms that have embraced it and are facilitating its trading. Below are some of the most common platforms offering to trade SHIB.

These are some Shiba coin trading market places. Shiba Swap marketplace is a platform created by Shiba to facilitate the buying and selling of coins.  

Shiba is being aggressively pushed by its creators as a community coin. Therefore, they are attempting to create an Eco-system that supports SHIB.

This includes the creation of a trading platform, Shiba Swap. These value adds are intended to make SHIB even more appealing and lucrative for the traders.

PROS

Shiba coins, just like the many altcoins propping up every day, cannot be ignored. It technically has no much use, for now, other than it being a speculative asset. However, one of the advantages is its low prices and huge supply.  

The aspect of affordability has made it possible for small traders to acquire a huge amount of coins. Affordability is expected to bring in a lot of buyers because you can access thousands or millions of coins with a few dollars.

The price of SHIB is Currently averaging $0.000008. This means that with just $1 you can get close to 125,000 Shiba coins. The coin is relatively fresh in the market and in case there is a wider adoption, they present a prime window for wealth creation.

On the supply side, there are trillions of SHIB coins. This makes them readily available if need be. The wider objective of the Shiba community is the protection of Shiba Inu dogs. So, joining this community means the dog’s welfare is taken care of.

CONS

Shiba Inu, just like the rest of cryptocurrencies is freshin the market. The real-life of these crypto coins has remained very low and they are majorly used as speculative assets.

This presents a long-term drawback especially when the asset has no supporting value. It makes these coins vulnerable to price fluctuations and the risk of them becoming completely worthless.

Market Volatility

Volatility reduces market stability. Shiba Inu is a high volatile asset making it challenging for traders as it makes risk management strategies inept.

Volatility makes these investments high-risk and highly rewarding. So, unless you are an experienced trader or have excess cash to risk, this is the king of the market to keep away from.

Transaction costs

SHIB is only available on few trading platforms and the ones offering it are charging high fees. This has made it costly for small traders to access.

In response to this, demand remains suppressed because there are not enough buyers resulting in low returns for the holders.

Minimal legal protections

Cryptocurrencies remain largely unregulated. Government regulations are either not enough or missing completely. This makes it hard because there are no legal remedies for investors in case of disputes.

It is not rare for developers to launch coins with the aim of swindling investors. Without the right policies, it becomes difficult to differentiate fraud coins from real coins.

Future of Shiba Inu Coin

Ryoshi, the anonymous creator of Shiba Inu Tokens says in the white paper that SHIB is going to be the dogecoin killer. To many, this is just a marketing gimmick.

However, to others, SHIB presents the next wealth creation stage for crypto traders. Nobody is sure what the future holds but based on the price movements, there is some form of excitement starting to gather.

SHIB price grew by over 3000% in the first 4 months of trading in 2021. The creators are also promising delivery of various ongoing projects to make the Shiba community better. Some of them include the much-awaited Shiba Swap.

A trading platform for the Shiba Coins. Currently, these remain just promises and we can’t say with certainty whether they will be delivered. 

The best investment advice is to only invest in those assets that you have good knowledge of and put in the funds that you are willing to lose.

Have you heard of the Shib? What are your thoughts on it?

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