Shiba Inu has been relatively quiet recently, but that may change now that Robinhood has listed it on their exchange. In fact, the meme coin’s price rocketed on news of the listing, making long-time holders and new buyers alike dream of a $0.01 Shiba Inu.
Shiba Inu defined
Shiba Inu (SHIB) is an ERC-20 token, which means it runs on the Ethereum blockchain. Ryoshi, who wishes to remain anonymous, launched it in August 2020. Vitalik Buterin, the creator of Ethereum, received half of the initial supply. Buterin, on the other hand, sold his stake early on and donated the proceeds to charity. If he kept his tokens, they would be worth more than $10 billion right now.
A Doge inspiration
Shiba Inu was indeed inspired by Dogecoin (DOGE.) A Shiba Inu is a dog breed that serves as Dogecoin’s mascot. Shiba Inu was created in response to DOGE’s massive popularity, and it hopes to cash in on the craze.
Shiba Inu is used to power the ShibaSwap decentralized exchange (DEX). On the exchange, users can stake their holdings, provide liquidity, and swap SHIB for other tokens. ShibaSwap, on the other hand, has not gained much popularity due to its novelty and is less secure than competitors. While it does not add many new features to the DeFi space, it does increase the value of SHIB.
Retailers take notice
SHIB is also used as a payment method. For a small fee, SHIB can be sent to anyone else on the chain. Retailers use this because some accept SHIB as payment. While not many retailers currently accept SHIB as a form of payment, the list may grow as the token gains popularity.
Market value of Shiba Inu
With a market capitalization of nearly $15 billion, SHIB is currently trading around $0.000023. This is a significant increase from its 2021 lows of $0.00000516 and market cap of less than $1 billion. SHIB has consistently gotten rid of 0s in its price, increasing by more than 90,800,000 percent year on year.
It has been one of the most profitable investments not only in the last year, but in economic history… at least until late 2021. Shiba Inu has dropped an astonishing (or predictable) 70% since its peak in October. This means that a $100,000 investment made in October is now only worth $30,000.
Can Shiba Inu make it to $0.01?
If Shiba Inu taught us anything, it’s that nothing is impossible. Shiba quickly surpassed DOGE in market capitalization, which few investors predicted. A per token price of $0.01, on the other hand, would imply a market cap in the trillions of dollars. Shiba Inu would be worth many times more than Bitcoin if it could reach a penny. It is highly unlikely that SHIB will reach a penny due to the massive amount of capital required.
How to purchase SHIB
Shiba Inu has quickly gained traction in 2021 as a result of a large investor community. Many cryptocurrency exchanges have taken notice and are now trading the token. The simplest way to acquire SHIB is through a cryptocurrency brokerage. While the token is available from a few crypto brokerages, three in particular stand out due to their ease of use, security, and emphasis on education.
For anyone looking to buy SHIB quickly and securely, Coinbase, eToro, and Webull are excellent choices. You only need an email address and a password to sign up. In order to comply with know your customer (KYC) laws, the brokerage may also request some basic personal information. Once you’ve established an account, you can fund it via ACH or credit transfer.
Is Shiba Inu just a bubble?
Because of Shiba Inu’s rapid rise in both price and popularity, some believe the memecoin is a bubble, destined for a precipitous drop in value. Is Shiba Inu dead? Those who argue that SHIB is a bubble argue that there is no reason for the price to have risen so dramatically. The token does not have many major plans or revolutionary features. As a result, some predict that the price will fall and the “bubble” will burst.
While some argue that the token is a doomed bubble, supporters believe in the community of investors it supports. The token has 1.5 million Twitter followers and a large number of extremely loyal fans. These fans may have no intention of selling, preferring to wait for the price to rise even further.
Memecoins: What’s in a name?
Memecoins are cryptocurrencies that gain popularity by using social media jokes or sarcasm. DOGE was one of the first memecoins, and many others followed. Tiger King Token and Poo Coin are two other examples of memecoins. To attract investors, these tokens rely on irony and jokes.
Memecoins frequently do not provide any real services. As a result, they are frequently extremely dangerous. Memecoins are among the most volatile investments available to retail investors.
Final thoughts
Is it a good idea to buy a Shiba Inu? While Shiba Inu prices have already risen historically this year, many do not expect the hype to abate anytime soon. Others, on the other hand, see it as a bubble that could burst at any time. Shiba Inu’s price will ultimately be determined by the project’s investors. SHIB is currently trading at $0.00002666. In other words, a long way from 1 cent.
While a $0.01 price target may seem too lofty to achieve, given the massive hype surrounding the coin, there may still be upside to the digital asset. However, if there are large selloffs in the near future, the price may crash.
Remember that the value of a project is in the network, not the software.
Bitcoin’s popularity stems from the network rather than the software. The same could be said about Shiba Inu. The power of the Shiba Inu network and community indicates enormous potential for the entire meme coin space, as well as for Shiba Inu. While there are several meme coins, Shiba Inu has the most use cases and generates the most buzz. This may put it on an upward trend in the near future.
This article was provided for educational purposes only and is not an inducement or avocation for any specific investment or investment strategy. Do your own research and never risk more than you can afford to lose. Disclaimer: the author holds SHIB.
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