Shiba Inu (SHIB) is a relatively new coin that can be used as a portfolio hedge. It’s one of the newest tokens to gain popularity. Shiba Inu inspires dog-loving artists worldwide to create the ‘artistic Shiba movement,’ connecting the Shiba community. This year there have seen several parabolic price increases in a wide range of cryptocurrencies. The Shiba Inu’s rapid climb to fame is astounding.
The SHIB community recently celebrated many holders, stirring the crypto market. Although the ‘Dogecoin competitor’ has garnered considerable interest from the cryptocurrency world, its existence and its potential are disputed. Most debates center on its long-term value.
SHIB has risen several hundred thousand percent since late January. Traders of cryptocurrency have made millions in recent years. Dogecoin (DOGE), Floki (FLOKI) and Shiba Inu (SHIB) are among the top-performing cryptos. The staggering gains in Shiba Inu are enough to cause FOMO, or fear of missing out.
Therefore, before investing in Shiba Inu, investors should grasp the benefits and drawbacks of said coin.
Pros
There are now 13,000 cryptocurrencies, and more being created. They lack major technological benefits over Bitcoin, Ethereum, and other top cryptocurrencies. Effective branding is essential in the crowded cryptocurrency market. Shiba Inu has adopted Dogecoin’s meme-friendly branding strategy, and has been making headlines and spreading fast throughout its remarkable run. However, without a strong technological advantage, Shiba Inu may survive or die based on its brand strength.
Celebrities have undeniable influence on bitcoin trading. Shiba Inu prices soared last month after Elon Musk tweeted images of his dog Floki. Since then, the SHIB token has risen to new highs. Speculators recognize this crypto’s value since Musk supports it.
As SHIB is being debated by social media influencers, international chat rooms, and meme producers, the price of Shiba Inu Coin may skyrocket if these celebrities and influencers continue to promote it. But that’s only one of the several reasons to invest in Shiba Inu Coin.
SHIB is now the 11th most valuable cryptocurrency, whereas Bitcoin (BTC) is the most widely used and largest in the world of crypto. Bitcoin was created as a decentralized alternative to fiat currency. Unlike Bitcoin, which is limited to 21 million, SHIB is limited to 1 quadrillion. Both cryptocurrencies will face shortage at some point. Without a doubt, there is a high probability that BTC will become scarce before SHIB. Because BTC’s price is rising to new all-time highs.
SHIB’s developers created ShibaSwap decentralized exchange to help the SHIB community build its brand. Decentralized exchanges allow customers to trade crypto without the need for an intermediary.
ShibaSwap users can stake their cryptos for better returns, similar to savings account interest.
- It’s Listed on Top Cryptocurrency Exchanges
Shiba Inu has been listed on many leading crypto exchanges due to its popularity.
The coin is currently listed on Coinbase, Binance, FTX, Huobi Global, Crypto.com, Uniswap, and OKEX. Because Shiba Inu is advertised on these platforms, interested buyers can access it anytime.
SHIB is reaping its benefits from being on some of the world’s most popular crypto trading floors. In addition, you should know where and how to buy Shiba Inu coin online to prevent being scammed.
SHIB’s current trading price is relatively low, inviting many crypto traders. The price of a cryptocurrency trading asset is vital since it allows the trader to track the winnings based on the number of coins purchased. Experts estimate that at this pricing, SHIB might yield a 100% profit in the future. Based on what happened before, SHIB is more easily tripled or quadrupled than Bitcoin or Ethereum.
Several investors are curious to know if they should pick Shiba Inu over the highly popular Dogecoin. But what sets SHIB apart from its competitors is its ERC-20 status. This means it uses the Ethereum blockchain.
On the Ethereum blockchain, ERC-20 tokens are used to create and issue smart contracts. Tokenized assets created by smart contracts could then be invested in. The ERC-20 standard was put in place in 2015.
Cons
- Lack Of Real-World Utility
Unlike from a bitcoin, Shiba Inu has no real use for investors. Some say that only 100 global retailers accept Shiba Inu as payment.
These companies are generally unknown, but they work with cryptocurrencies. Shiba Inu cannot be compared to other cryptocurrencies because it lacks any distinguishing fees, processing speeds, or features that consider it preferable to other cryptocurrencies.
Recent SHIB price surge creates significant volatility. Those seeking an adrenaline high from investing in the SHIB cryptocurrency must realize that it may fall as hard as it soared. Crypto might crumble if market traders and impulse investors leave.
- It’s Not An Independent Blockchain
Some independent blockchains include Bitcoin, Dash, Dogecoin, Litecoin, Tron, Cardano, and Binance. Binance and Tron, like Shiba Inu, began as ERC-20 tokens.
Because of the Ethereum Network’s relatively slow processing speed, Chanpeng Zhao of Binance and Justin Sun of Tron have decided to leave it.
Shiba Inu may continue to be an ERC-20 token for the near future due to a lack of innovation and a strong team attempting to change its infrastructure. Plus, the fact that more cryptocurrencies are being introduced to the market.
Shiba Inu has some risks, and it lacks new ideas. Moreover, it’s always competing with mainstream players, and doesn’t have its own blockchain to let investors change the platform.
Is Shiba Inu A Good Investment?
Frankly, it’s not a guaranteed or safe investment, but it has proven to provide investors with astonishing returns.
Investing in Shiba Inu Coin, like many others, has the potential to yield huge rewards in the future.
Since the start of 2021, the value of Shiba Inu coin has risen considerably. SHIB’s low value at the beginning of the year has resulted in huge gains for traders and investors. SHIB’s daily trading volumes show that it’ll not slow down in the near or long future. Shiba Inu Coin has the potential to develop and is one of the best investments you can make, according to experts and analysts.
Conclusion:
Your own circumstances determine if Shiba Inu is a wise investment. Cryptocurrencies are volatile investments, making them riskier than traditional investment options. This article highlighted how Shiba Inu appears to be a good investment and also how volatile it is compared to other cryptocurrencies.
Regardless of SHIB’s status today, it’s best to do your research and never invest money you can’t afford to lose. Always remember that you should invest in the cryptocurrency that looks the best to you based on facts. If it’s your hard-earned money that’s on the line, it’s better to be safe than sorry.
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