What is the Shiba Inu digital currency?
The Shiba Inu (SHIB) is one of the digital currencies that was invented to be an alternative to the Ethereum currency.
The logo and the name of the currency - Shiba Inu - were taken from the name of one of the Japanese hunting dog breeds, and the Shiba Inu began to replace Dogecoin's digital aunt and some believe that The continuation of the Chiba Inu will kill the Dogecoin.
The Shiba Inu coin was created in August 2022by an unknown group calling themselves Ryoshi.
Billionaire Elon Musk is one of the supporters of the new currency, as a tweet, he posted in October 2021 and showed a picture of a Sheba puppy as a sign of his support for the new currency, pushed the currency prices to rise, although Musk was also one of the biggest supporters of other cryptocurrencies such as Dogecoin and Doug Phaser.
The price of the Shiba Inu rose by more than tenfold immediately after Musk's tweet, giving it a market capitalization of $35 billion (as of October 31, 2021) and ranking it tenth among all cryptocurrencies according to this metric.
This rise in the price of the coin has caught up with the market capitalization of Dogecoin which stands at $36.9 billion.
Advantages of the Chiba Inu coin
SHIB is very cost-effective
At the time the current trading is graying very effective in terms of cost price, which attracts many investors to encrypted currencies.
Cryptocurrency trading price is very essential as it plays an important role in helping a trader to use percentage change to track gains depending on the number of coins purchased.
Experts believe that at such a price, investors can see a 100% profit from SHIB in the future, and it is relatively easier for SHIB to triple and quadruple in the short or long term compared to other large cryptocurrencies such as Bitcoin or Ethereum.
ShibaSwap. platform
The developers of Shiba Inu created the ShibaSwap decentralized platform for the SHIB community to build their brand.
Decentralized exchanges are peer-to-peer exchanges that allow users to trade cryptocurrencies without relying on any intermediaries. ShibaSwap users can participate in their cryptocurrency for better returns, just like the interest paid on a savings account.
cipher Shiba Inu
What sets SHIB apart from its competitors like Dogecoin is that it uses the ERC-20 coding system.
This indicates that the crypto is running on the Ethereum blockchain...
Robin Hood's potential trading
The Robin Hood application is a currency trading app affiliated with an American company, and the Shiba Inu community has been pressing the company to include the new currency in the list of tradable cryptocurrencies on the platform.
However, the InoShip coin will likely be added to the application soon.
Disadvantages of Shiba Inu Cryptocurrency
It has no use outside the currency market
So far, despite the increased demand and demand for cryptocurrency, unlike currencies such as Bitcoin and Ethereum, it has almost no use for investors outside the cryptocurrency trading market.
According to surveys, Chiba Inu is accepted as payment by only about 100 global sellers, and so far there is nothing special about Chiba Inu transaction fees, speed, or structure to make it more beneficial to investors than other traded cryptocurrencies.
Extreme price fluctuations
The recent big rally in the SHIB price also brings with it extreme volatility, and for investors, who are looking to invest in SHIB madly inclined to a rapid rise, they must also accept the fact that the possibility of it falling just as low as it jumped is also part of the bargain, so if speculators pull back In the market and momentum investors from the market, its value may collapse severely.
Independent blockchain list
The cryptocurrency of the Shiba Inu is based on the Ethereum blockchain, and this phenomenon has its advantages but also its disadvantages, as SHIB lacks innovation and its team is not trying to change its infrastructure anytime soon, so the crypto may remain as an ERC-20 token for now.
highly competitive
As we mentioned, the Chiba Inu has been able to destabilize the Dogecoin for a while, but this may not last for long, as the Dogecoin still has its supporters and popularity among other Meme coins, and it may regain the space occupied by Chip in the cryptocurrency world at any time.
The stakes are high with fewer rewards
The demand and supply of cryptocurrency are one of the reasons behind the popularity of any cryptocurrency, and herein lies the real problem of SHIB, as its record high thanks to Elon Musk’s tweet and investor enthusiasm made it tempting for anyone who made huge profits and reaped profits, but in the case, if enough number of Chiba Inu coins for sale, the increased supply will cause the price to decrease.
How to buy Chiba Inu coin
There is more than one way to buy the Shiba Inu currency, but in countries that do not support the trading of digital currencies, the process of buying the Shiba Inu currency may be complicated, and among the ways to buy the Shiba Inu cryptocurrency:
Via KuCoin
The easiest way to buy Shiba Inu is via the KuCoin exchange. Before you can get a Shiba Inu, you will need to purchase something called USDT (Tether), and this may sound complicated, but it is not.
Once you create a KuCoin account, you can enter the application and buy USDT using Visa or MasterCard, then transfer it to the trading account and simply exchange it for Shiba Inu.
Via Atomic Wallet
Another way you can buy Chiba Inu is by using the Atomic Wallet app where you can use your Coinbase account to buy Ethereum cryptocurrency, transfer it to Atomic Wallet and exchange it for Chiba Inu.