SAN DIEGO (KUSI) – Confused about the Shiba Inu coin and cryptocurrency in general? You’re hardly the only one.
Kevin Paffrath, Financial Analyst YouTuber, joined KUSI’s Jason Austell on Good Morning San Diego to disclose what’s cryptic about cryptocurrency.
In layman’s terms, the Shiba Inu coin is another Altcoin, like the popular Bitcoin, and a digital form of currency.
Folks who invest in Altcoin believe it to be a better means of preserving their wealth, see this currency as more secure than traditional finance and as something that can deflate instead of inflate like the U.S. dollar, Paffrath said.
The Shiba Inu coin is up over 300% in the last 30 days.
This month alone, the Shiba Inu coin has become one of the most mentioned coins online and was trending on Twitter last week.
Paffrath is not an official financial adviser, but recommended keeping your investment portfolio to 5% to 15% crypto currency, and start with Bitcoin or Ethereum.