A lot of people have been introduced to the idea of a meme cryptocurrency with Dogecoin, which then was followed by the “Doge Killer”. Yes, the crypto Shiba Inu has been said to be the rip-off for Dogecoin as its logo represents the famous meme dog- Shiba Inu (only, the digitally illustrated version). Like Dogecoin, Shib was also directed to bring in entertainment and fun throughout the blockchain network and crypto community. Holding no relevance and physical significance in the real world, it had a very low rate. Here, in this read, you would find everything you need to know about this crypto, that can help you decide whether to invest in it or not.
Things to Know About The Crypto and Benefits
This, less than a year old, crypto is a token on Ethereum’s blockchain, that is said to be “just an experiment” for a spontaneous building of the decentralized community. It is said that Shiba Inu, similar to any other meme investments, have acquired value as crypto investors discuss it online (especially, its perceived advantages).
One of the major benefits of this crypto includes the low rates. Where most famous cryptocurrencies like Bitcoin cost over $30,000 for one token or coin, SHIB tokens are only worth $0.000009677 each. This proves to be on the bright side for two reasons- one, that it doesn’t require heavy investments, and two, less risk for losses.
Of course, it aims to, someday, be used for buying and selling goods, but until then it is treated only as a meme trend. You can hold several coins by investing in it and trust the power of social media. Because predictions for the crypto shows that its value will soon encounter growth based on its social media buzz.
What Is A Leash in Shib?
The Shiba Inu cryptocurrency tokens are indicated by SHIB, as the currency symbol or representation. As both Dogecoin and Shiba Inu exist with the same mascot identity, their rates have great relativity. So far, SHIB has seen growth in its rates that resulted from increasing Dogecoin rates and of course, Elon Musk’s involvement played a great role. The cryptocurrency launched its exchange platform- Shibaswap where you can stake your tokens. Their last token was launched with the name “Leash”, after all, it’s a dog, right? However, of all the stablecoins (coins pegged to values other than their own) that exist, the leash is the most unstable coin. Coins are usually pegged to US dollars, but the leash is pegged to the prices of Dogecoin. Thus, it is highly unstable.
How To Buy The Shiba Inu Crypto?
This section will tell you how you can buy SHIB tokens and invest in them hassle-free. Recently, Shiba Inu was listed under the several cryptocurrency exchanges that Binance offers. So, you can get it from there. However, no matter what platform you choose, you will have to undergo the following steps:
- Settle on an exchange platform and buy Ethereum.
- Go for the decentralized exchange from Uniswap.
- Decide on a cryptocurrency wallet to store tokens.
- Ensure the investment amount and make a purchase.
- You have to start with buying Ethereum as it uses the Ethereum blockchain and it can be converted later.
- You can opt for either or both hardware and software cryptocurrency wallets.
- You should hold on to your Ether tokens if, in any case, you want to be in the crypto network for long.
- Holding on to Ether without converting them to SHIB increases your chances of making more profits than losses, as this crypto is purely dependent on the social media buzz.
Shiba Inu has been said to be an experiment for adding to the blockchain society and spread a wave of entertainment and fun throughout the networks of the community. Binance added it to their list recently and put out a statement that the value of this cryptocurrency is solely based on the hype in discussions of its perceived advantages by investors throughout the world.
It is called the Doge Killer as they are represented by the same mascot and are both meme currencies. Mentioned above are things that are significant for you to know before you decide on investing in it, along with its latest launched token, and steps to buy the Shiba Inu crypto. Trusting the power of social media, and following the example of Elon Musk, SHIB rates are likely to rise.