The Shiba Inu cryptocurrency is a meme-based coin with the Japanese breed dog (Shiba) as its identity. Since its inception, the coin has experienced a bit of rising and falling in value, prompting cryptocurrency enthusiasts to give investment a go with it.
A year ago, this altcoin (alternative coin; refers to other types of cryptocurrencies aside from Bitcoin) which is meme-based (SHIB) as it is commonly called is based on the Ethereum blockchain and was valued at $0.00000000000, has gotten about 100,000,000 + % increase in value.
Unlike many other cryptocurrencies, many units of SHIB can be bought at a relatively low cost.
This may have contributed to the volatility of the coin market, as it constantly rises and falls at a high rate, which leaves a question on every investor’s lips; Is it just mere hype, or is Shiba Inu the real deal?
One important thing to note about the SHIB coin is that upon the creation of the coin, it couldn't serve as a payment or transfer method outside of the user community, unlike other coins like Ethereum and Bitcoin, which have been accepted forms of payment over the years. The coin ran on the success, consistency, and growth of the community of investors. These investors continue to hodl in hopes of massive high returns.
Trading or “hodling” Cryptocurrencies is quite interesting; one minute, people’s attention is drawn to a particular cryptocurrency, the next minute, their interest dies. Many believe whales influence the market prices of these coins. This assertion is quite true. About two months ago, the price of Shiba mooned, all because Elon Musk posted a tweet of him with a puppy. The main factors that motivate prices and cryptocurrency values in this industry are speculation and hope.
As an investor or cryptocurrency enthusiast, you need to know what you are investing in and the possible risks that may be closely related to it. You should not just invest in a coin because of the hype around it or jump into it because of FOMO(fear of missing out), as well as it is relatively cheaper than other coins. It is advisable to invest in cryptocurrency with money you are not scared to lose or do away with. Investors are usually advised to do a thorough fundamental and technical analysis before investing in these coins.
Although Shiba, like the Dogecoin, started as a joke based on a meme, the Dogecoin has gotten so much publicity and increased in value. One can safely say that the same lies ahead for the SHIB coin. However, Shiba Inu may not be entirely safe an investment as the increased value has been majorly attributed to its hype. Investing in it at this time could be dangerous and of very high risk due to the volatility of the market; this means there’s a high probability that the value would increase, but there is also a high probability that this coin could dip in the twinkling of an eye and all your money in your portfolio could disappear in the twinkling of an eye.
Shiba Inu got to an all-time high of 0.000086 USD on the 27th, October 2021. As at the time of writing this, Shiba Inu currently trades at $0.00003413. From the looks of things, the hype surrounding Shiba Inu is currently dying off. Coupled with the current dip in the market, investors are currently in a dilemma.
There is however hope for Shiba Inu investors and holders as the creators are expanding the use cases of the coin. Early in October the creators launched an NFT marketplace that sold out their NFT within thirty minutes of launch. In addition to this the creators of Shiba Inu announced on the 8th of December a partnership with Australia-based Playside Games in a strategic work-for-hire contract. The newly signed partnership runs on a fixed-price, milestone-based agreement to develop a multiplayer Collectable Card Game. The work is expected to take eight months to complete. The eagerly anticipated game will be available on a variety of platforms. It can be accessed from any location that the user chooses.
In the recent months, Whales have been seen to purchase a lot of units of Shiba Inu because of the latest developments in the market. Also, Shiba Inu coffee shops have been opened in various parts of the world accepting Shiba Inu as a form of payment. Shiba Inu is also making moves to get in on the metaverse hype.
Although, it is not advised to invest in Shiba for long term gains because of the volatility of the market. Short term investors simply take profit and zoom off the market. Statistics however show that long term investors are the ones that make most of the profits from the market. Shiba long-term investors have been the ones with the most rewards this year. The long-term gains have seen people quit their salary jobs and live off the gains.
The answer to the brooding question is that Shiba Inu is here to stay and might possibly hit one cent in the next bull run for altcoin.
Storing your cryptocurrencies in online wallets, exchanges and software wallets exposes you to risks of being hacked. Consider storing them in a hardware wallet today