Shiba Inu coin is a famous cryptocurrency in the market and is also known as SHIB. It is based on the Doge meme that’s why some traders call it Dogecoin killer. In the beginning, Shiba Inu was considered the alternative to Dogecoin cryptocurrency but with a little difference.
The key difference is that SHIB is built on the Ethereum blockchain and Dogecoin is built on the Bitcoin blockchain. Shiba Inu can work with decentralized applications. On the other hand, dogecoin can not work with decentralized applications.
Because of this, the features of dogecoin are limited. Projects like the NFT art incubator and Shibaswap are also supported by the Shiba Inu ecosystem. Shiba Inu is available intentionally in abundant quantities with the initial supply of 1 quadrillion SHIB coins.
It means Shiba Inu has made a mark in the crypto market. Many traders are using SHIB for investing and getting benefits. But before you select Shiba Inu for investment, it is better to know everything about it. So continue to read the article.
Why is SHIB Popular?
Following are some reasons that make Shiba Inu popular in the crypto market.
- The price rate of Shiba coins fell up to 40% when the founder of Ethereum Blockchain Network donated 50 trillion Shiba Inu coins for the Covid relief fund of India.
- Tesla’s founder once show interest in owning a Shiba creates hype and raise its price by 300%
- Based on the relative market cap for trading assets on Coinbase, SHIB comes on 11 number in popularity
Where to Buy Shiba Inu?
Nowadays, many platforms are available from where you can buy Shiba Inu coins. The craze of cryptocurrency increased in the market when the prices of Bitcoin rose to a peak of $65,000. This rise in Bitcoin prices attracted most people to invest in cryptocurrencies.
That’s why many platforms provide investment platforms for their users. On the other hand, some platforms that already provide investments in stocks also started to allow people to buy cryptocurrencies.
But the following are some reliable platforms that you review to buy SHIB.
- Atomic Wallet
- KuCoin and much more
How to Buy Shiba Inu Coins?
Following are some easy steps that will help you to buy Shiba Inu Coins from legit platforms.
- Create an account
- Add enough money to your wallet to buy coins
- Some banks do not support direct money added to the wallet. In this case, add money to third-party wallets like Mobikwik and then connect it to your account
- After that add money to your investment account and now you are ready to buy, sell, and send crypto
- Once you add the money, you need to search for Shiba Inu crypto and buy from there
Pros of Investing in Shiba Inu Coins
Following are the major advantages of investing in SHIB in the crypto market that you must know. So have a look at them.
SHIB is expected to launch its layer-2 blockchain network this year. The Shibarium will give Shiba Inu its blockchain architecture and allow independent developers to build on it and participate in its validation process.
The SHIB metaverse has more than 100,000 virtual land plots that have gone on sale already before its launch. The good thing is that the SHIB metaverse is launching this year.
3. Shiba Collectible Card Game
Gaming veteran William Volk has been named as a lead on the coming SHIB play-to-earn game. Also, Australian studio PlaySide is involved in the game’s development.
Cons of Investing in Shiba Inu Coins
Following are the drawbacks of investing in SHIB coins in the market that you should know.
SHIB is decentralized and its developer uses a pseudonym to make it. All the investors get to learn about the development through articles on Medium. Kusama claims he can not talk about Shiba Inu because of non-disclosure agreements.
2. Dubious Tokenmics
The lack of explanation leads to conclusions of dubious Tokenomics. Moreover, Shiba Inu is competing with Dogecoin for popularity.
Wrapping It All Up!!!
Shiba Inu has both advantages and disadvantages. But if we look at the bright side then you should invest in Shiba Inu in the market. They provide better profit to investors as compared to other cryptocurrencies. So if you are looking for the right currency for trading you can go with the Shiba Inu.