In addition to serious ambitious projects, there are meme-coins in the cryptocurrency market. The price of a coin is not an indicator of the prospects of the project. Much more important are the goals with which it was launched. Against the background of the parody Shiba coin, CHAT with its clearer goals looks more promising for long-term investment.
The first DogeCoin meme coin has been around since 2010. For a while, it even surpassed bitcoin, but was soon forgotten. DogeCoin owes its current success to Elon Musk.
The market reacted violently to any of his statements about a coin or a Shiba Inu dog. The increased interest in the first meme-coin provoked the emergence of new “Dog Coins”.
What is Shiba Inu?
Shiba Inu is a parody of the DogeCoin parody coin. The developers initially positioned it as a “DOGE killer”. Unlike its closest competitor, it is based on the Ethereum blockchain. The coin was launched in August 2020. Technically, this is an ERC-20 token.
Since SHIB is based on Ethereum, this means that it can use smart contracts, decentralized applications, and non-fungible tokens. The maximum supply of SHIB is set at one quadrillion tokens.
The developer sent half of the minted coins to Vitalik Buterin. Buterin donated 20% of the received tokens to charity. It was one of the largest donations in the history of cryptocurrencies. By his actions, Buterin legitimized SHIB and attracted the attention of investors.
At the time of writing, Shiba Inu is ranked 15th on CoinMarketCap and is trading at $0.00001904. The historical maximum price was reached at the end of October 2021 at $0.00008. The high volatility of the coin turned out to be a real gift of fate for early investors, among them there are already millionaires.
However, analysts assess the prospects of Shiba Inu extremely reserved. Against the backdrop of the current crisis in the cryptocurrency market caused by possible tightening of legislation, the further fate of Shiba Inu looks even more doubtful.
Shiba is a coin for beginners.
Still, SHIB is a good coin for beginners. This is due to its extremely low price. For $100 you can buy an astronomical amount of tokens. Due to their large number with relatively small growth, it is quite possible to get tangible profits. On a large number of coins, it is convenient to successfully test your own trading strategies with minimal losses.
If you are very lucky and the market emerges from the crisis with a new impetus to growth, the scenario already implemented by the first investors is not ruled out.
However, Shiba Inu is a particularly high-risk asset. This is a good trading tool, but an extremely unreliable long-term investment. The high volatility of the coin is not only a chance to earn, but also an even greater chance of losing all your savings. Therefore, never invest in cryptocurrency more than you are ready to lose painlessly.
Where to buy Shiba Inu?
Shiba Inu is listed on many exchanges including Poloniex, Binance, Gate.io, Kraken, Huobi. The token forms trading pairs with the Dogecoin, with stablecoins and fiat sovereign currencies. To buy Shiba Inu with fiat money, you need:
- Choose an exchange with the most acceptable conditions for you.
- Register an account and verify your identity, if necessary.
- Choose the currency for which you will buy Shiba Inu.
- Make a deposit with the minimum amount.
- Create an order to buy Shib.
After the execution of the order, the coins can be withdrawn to an external wallet that supports ERC-20 standard tokens.
Buying Shiba with cryptocurrency is much easier. Go to the LetsExchange platform – here you can exchange 350+ coins without registering an account, commissions and restrictions on the amount of the transaction.