What is Shiba Inu Coin?

What is Shiba Inu Coin?

The cryptocurrency market holds a lot of promise for savvy investors. It’s exciting for people who can handle the risk. The results may not be as instantaneous as a gaming site like UFABET, but cryptocurrencies are proving a sound long-term investment compared to traditional options.

How do you know which altcoins are worthwhile? The answer is surprisingly like making a bet on a sports game or horse racing. The main strategy is to:

  • Assess the competitors
  • Consider past performance
  • Weight the potential of each player
  • Check the underlying market conditions

If you plan to invest in cryptocurrencies, research is essential. Understanding the market puts you in a better position to make gains and see opportunities as they arise. With that in mind, let’s consider an interesting newcomer to the cryptocurrency scene—the Shiba Inu coin.

What is the Shiba Inu Coin?

As a purely speculative coin, Shiba Inu runs on the Ethereum network. However, it does not fuel any smart contracts or enjoy asset-backed support. Like Bitcoin, Shibu Inu’s founder is unknown, and the mysterious force behind it refers to itself only as Ryoshi.

What Makes Shiba Inu Unique?

Similar to Dogecoin, the initial Shiba Inu project began in a light-hearted vein. The initial “Woof paper” and logo created a buzz around the currency that brought smiles and piqued interest. Rivalry plays a huge part in the hype, with the stated aim of the Shiba Inu coin as an ambition to become the “Dogecoin killer.”

However, the developers will limit the tokens they issue to one quadrillion tokens overall. Dogecoin has not mentioned any similar plans.

Is Shiba Inu a Good Investment?

Giving advice surrounding Shiba Inu is complicated, especially since its value is driven solely by market sentiment. The interest of investors is driving the value of this coin, as nobody wants to miss the next big thing for the sake of caution. However, should something spook these investors, the Shiba Inu coin could become worthless overnight.

However, the same sentiment applies to any other cryptocurrency, including Bitcoin. Shiba Inu currently has a market cap of around $3.8 billion, which is impressive considering that the token has only just put its cards on the table.

It was also interesting to see Vitalik Buterin, Ethereum’s founder, donate 50 trillion SHIB to a COVID-19 relief fund in India recently.

Does the Ethereum Founder’s Donation Validate Shiba Inu?

Some speculate that Vitalik Buterin had a hand in developing the new cryptocurrency, as his generous donation accounted for around a third of the Shiba Inu coins in global circulation. Buterin’s donation was worth $1 billion at the time, but the transfer plunged the value of the currency when the fund sold the coins.

Buterin clearly held a significant number of Shiba Inu tokens. However, this is likely only evidence of his personal investment choices, not his support or involvement.

More Bark than Bite

The low prices of Shibu Inu coins tempt investors but approach this cryptocurrency with care. Its present state represents a novelty that could easily count against it as meme-based coins fall out of fashion. Like the images from which they draw their inspiration, Dogecoin and Shiba Inu represent more hype than substance.

If you aim to get rich overnight, you’re better off avoiding the dog show and trying your luck at sites like UFABET.

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