shiba inu

Is Shiba Inu The Best Meme coin of 2021?

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  • Post last modified:December 13, 2021
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shiba inu dog
Shiba Inu dog, the inspiration behind the meme coin

Shiba INU is an Etheruem based altcoin (cryptocurrency) created in August 2020. it was created by an unidentified group known as the Ryoshi. The Ethereum based token was named after the Japanese breed of dog named the Shiba Inu, originating from the Chubu region.

After the release of the decentralized currency, it was characterized as a “meme coin” and also a “pump and dump scheme”.

On the Shiba Inu website, it says SHIB is the ”Dogecoin killer and will be listed on the shibswap, Shiba Inu’s very own decentralized exchange.

The coin gained recognition and value as a number of investors were drawn into liking it by the headlines and tweets from personalities like Elon Musk and Vitalik Buterin.

On September 17 2021 the” meme coin” was listed on coin base, the largest crypto exchange in America. This caused the price of the coin to go up over 40% in just 2 days after being listed on the platform which brought the “meme coin” to the spotlight again.

The price of the coin went up again in early October 2021. Its price value went up by 240% over the week. However. The price dropped and continued to fall at the beginning of November. ending the month with a loss of approximately 55% of its value

Who Founded Shiba Inu

As of now the founders of the “meme coin” is still a mystery. The only name known to the public is Ryoshi (fisherman), which is a private group of people known to have created the coin. Unlike other major cryptocurrencies like Ethereum and Nekiva where their founders are known.

founders of shiba inu
Ryoshi which mean fisherman is the creator/creators of Shiba Inu

How Shiba Works

Holders of Shiba can store trillions of coins according to its website, The coin can be claimed on shibswap, Shiba Inu’s very own decentralized exchange platform.

Like other cryptocurrencies, it operates on a decentralized computer network like blockchain and Ethereum platforms. The “meme coin” can also be used for investments, storing its value, or making purchases, better still sending and receiving.

shiba inu, meme coin, dodgecoin killer
Dodgecoin killer

How Many Shiba (SHIB) Are there In Circulation

The “meme coin” or “Dogekiller” as many call it has a total circulation of 550 trillion which is now worth about $4.5 billion. The website of the cryptocurrency notes that 50% of the total supply of the currency has been locked on Uniswap and the keys have been thrown away.

The remaining 50% was given to the Russian-Canadian programmer and writer Vitalik Buterin.

Vitalik Buterin gifted 50 trillion SHIB to the Indian covid-19 crypto relief fund. Rumors say Bluterin then burned 40% of the total supply to a dead wallet.

Several other tokens have been listed on the Shiba Inu official site which is leash and bone.

According to coinmarketcap, LEASH has a fixed supply of only 107,646 tokens, and offers enticing rewards to liquidity providers, while BONE has 250,000,000 tokens, and is a governance token that allows holders to vote on the Shiba Inu’s Doggy decentralized autonomous organization (DAO).

How many shibs are in circulation
How Many Shiba (SHIB) Are there In Circulation

How Much Is Shiba Inu Coins Worth

Notably, the coin is up by a huge sum of 39,835,009.5% in recent years, According to Coinbase, it comes with a fair share of volatility.

For example, the last record high of Shiba was $0.0000388 on May 10, 2021. presently it has fallen down crucially and it’s now getting back up slowly. Perhaps many of its investors sold off their assets and caused it to go down that much.

As of today, December 12 the price of Shiba is 0.00003807 USD, and a 24-hour trading volume of 1.03 B USD. The “meme” cryptocurrency went up just 0.00% in the last 24 hours, an indication that there is an equal volume of buyers and sellers in the market.

how much is shiba Inu coins worth
How Much Is Shiba Inu Coins Worth

Is Shiba Inu a Good Investment

The word investment itself is always a risk, however, investing in cryptocurrency is of higher risk as it is very volatile, it is always better to start investing with an amount you can afford to lose. As you might certainly lose some money at some point.

There is a popular quote here at Orasio, I will let you in on the secret, “It is not always a green day”, most days are red days, but the green days make it all worth it.

When it comes to guarantees, there is none that makes it 100% that you can convert crypto assets back into cash as it depends on the demand and supply in the market.

Shiba is one of the new coins that serves as one of the best hedges for an investor’s portfolio. It is very popular as its name goes the ”meme coin”.

shiba inu is a hedge
Shiba is one of the new coins that serves as one of the best hedges for an investor’s portfolio.

Since the crypto landed in the NFT market, it has risen by 24.34% and has bagged about 800% growth. Other currencies have made such results in recent years but SHIB growth in such a short period of time is very impressive.

Recently, SHIB celebrated its 1 million holders, shaking the crypto market. Even though the “Dogekiller” has gotten a great amount of recognition in the crypto community.

There is a lot of stories about its existence and what it would gain in the near future. Most controversies include the value of an investment

A major crypto exchange just listed Shiba Inu on its trading platform

Following is a list of some Pros and cons to analyze the currency as to whether it is good for investment or not

PROSCONS
PROFITABLE– Presently, SHIB’S trading price is very cost-effective which is attracting most investors.

The price of its asset is crucial as it plays an important and vital role that helps its investor to track their gains depending on the number of coins purchased.

Specialists say, with such a price, SHIB’s investors can make 100% profit in the future. It is easier for coins to go up very quickly than other cryptos.
Extreme Volatility- SHIB’s price ranking has also made it very volatile for investors.

If you are looking to invest in the coin and gain a very high profit, you should consider the fact that it can also go down very fast as it went up astronomically.

If investors start pulling out of the SHIB market, the crypto could come crashing down hard
SHIBASWAP– Developers of Shiba INU created the shibaswap. It is a decentralized crypto exchange platform that was built to improve the brand of the cryptocurrency.

It is a peer-to-peer exchange that allows users to trade cryptocurrencies without relying on escrows.

Holders can use their cryptos to generate profits and returns just like gaining interest from investments and bank savings accounts.
GREATER RISK–  With SHIB, the record-breaking performance it got has made it very risky for any holder to still keep its value In their wallets.

It is very risky to think of Shiba Uni as a long-term investment. If you choose to invest in it, you must as well consider the fact that it is very risky so it will be wise to invest with spare cash you can afford to loose rather than investing huge.

Shiba Inu is by no means a sure investment
POSSIBILITY FOR ROBINHOOD LISTING– Many Shiba Inu investors have been asking the popular trading app Robinhood to add the cryptocurrency to its shortlisted coins.

Investors have initiated requests, calling on the platform to support the cryptocurrency.

The platform has not made any comments yet
NOT AN INDEPENDENT NETWORK– As mentioned earlier, the crypto is based on the Ethereum blockchain.

This fact comes with its goods and bad. SHIB lacks innovation and its team is not trying to change its ecosystem any time soon. So the currency might stay ERC-20 token for a while.
ELON MUSK APPROVES IT- Certainly, there is no doubt that major people like celebrities have an effect on cryptocurrencies.

Shiba Inu got a major boost in prices after the tech billionaire, Elon Musk tweeted pictures of his dog, making the success of SHIB continue to go up to an all-time high.
LACKS REALITY ADVANTAGE– Unlike Bitcoin and Ethereum, SHIB has basically no other use for investors outside of a cryptocurrency. currently, the coin is only accepted by 100 global retailers.

Also, there is nothing extraordinary about the crypto’s transaction fees, speed, or ecosystem to make it more useful than other cryptos
Pros and cons of Shib Uni

Shiba Uni or Dogecoin?

Shiba Inu and Dogecoin have some things in common. these common features have had some correlation in the value of both cryptos.

head to head

These two cryptos have been moving at a steady pace in the past months, but the profit margins are very different. Doge fell back in June and has been down since.

Meanwhile, Shiba Uni has been on a move. gaining over 900% of its ATH. Shiba Uni shortly surpassed dogecoin in terms of market cap but presently it has lost its place after dropping over 42% just last week alone.

Where to Buy Shiba Inu

You can buy Shiba Inu from the following platforms;

Summary

If you take a close look at Shiba Uni’s coin short-term forecast, you will realize that the value of the coin is not steady. it goes up and down quickly. which is very vital to check when looking to invest in cryptos.

On November 16, Where the whole crypto market crushed down, Shiba Uni along with other meme coins was hit harder.

Experts predict with an algorithm-based forecast that the price of Shiba will go down slowly, However, it is hard to believe since meme coins are known for their movements being unpredictable in the market.

The wallet Investor website says it expects the coin to be trading between $0.000036 and $0.0001066 in the coming year.

If you are willing to invest in Shiba, it will be best you go for a short-term investment rather than going for a long-term investment with a huge amount of cash.

For long term investments, you might want to consider Nekiva

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