Shiba Inu, a token that after many ups and downs, has now been able to rank 12th in the cryptocurrency market. In this article, we will examine the Shiba Inu token and its future and we answer the question “Is Shiba Inu suitable for investment or not?” So stay with me until the end of this article to give you a complete description of this popular cryptocurrency.
What is Shiba Inu Token?
SHIBA INU (SHIB) was launched as a decentralized meme token in August 2020 by an anonymous person with the pseudonym Ryoshi. The ERC-20 token, which operates on the Ethereum network, takes it’s name from a Japanese dog breed and has introduced itself as an improved version of Dogecoin. The SHIB token is also known as the “Dogecoin Killer”, a title it gets from the founder of SHIBA that this token will destroy the value of Dogecoin. You may also have heard of ShibaSwap. The Shiba management team has also launched a decentralized exchange (DEX) called ShibaSwap. ShibaSwap was launched in July 2021 as a safe & decentralized Exchange.
Shiba Inu vs Dogecoin
As mentioned, Shiba and Dogecoin are in competition with each other and so far Dogecoin has been able to rank better (ranked 10th) than Shiba (ranked 12th). But Shiba is a token that runs on Blockchain Ethereum and it can use more features like DEXs and NFTs. One of these features is the launch of Shiboshis which is a collection of 10,000 NFTs. But Dogecoin is based on Bitcoin. It is true that Shiba is based on the Ethereum network, but this is no reason to think that Shiba Inu is better than Dogecoin. Because we can see that Shiba has a very limited utility right now and many investors attribute the current value of the Shiba token to its social media impact.
Is Shiba Inu a Good Investment?
If you want to choose Shiba Inu as a safe investment, this is a mistake. Shiba Inu is not a safe investment and has massive volatility and lack of regulation. But you should note that investors have made huge profits on this token. There are also half of the tokens sent to Buterin in the wallet address of Buterin and this is in a situation where SHIBA INU calls these coins “burned”. Investing in Shiba tokens is risky. But if the price decreases, there is a chance that the price of this token will increase again. Therefore, SHIB tokens are suitable if you are looking for a digital asset that can give you a good profit. If you are not a risk taker and if you feel the risk of losing your capital, stay out of this market.
Warning: The cryptocurrency market, due to its many fluctuations, can create huge profits or very heavy losses for you. If you do not have enough knowledge about cryptocurrencies and their performances, please avoid investing in cryptocurrencies (especially new cryptocurrencies with very high profits).
Advantages and Disadvantages
- Amazing price growth
- A strong community
- Existence of ShibaSwap for earning returns
- The anonymity of the developer of this token
- Lack of real-world value
- User confusion about burned tokens
Buy SHIB tokens
SHIB tokens can have a good future, but there are many pros and cons to this decentralized meme token and many people still prefer Dogecoin to SHIB. So please consider all aspects before investing in SHIB tokens.