If you are a regular netizen, there is no doubt that you have crossed paths with the above picture. This picture of a dog of the “Shiba Inu” breed (a hunting dog breed of Japan) became an internet sensation overnight through memes. However, it sought the attention of financial enthusiasts worldwide when back to back two Shiba-Inu-based cryptocurrencies took over the market. DogeCoin (Crypto: DOGE) and Shiba Inu Coin (CRYPTO: SHIB) have been the talk of the town in the cryptocurrency market throughout the year. After the skyrocketing success of DogeCoin backed by Elon Musk’s Tweet, its rival coin Shiba Inu was launched.
It was titled “The DogeCoin Killer.” Shiba Inu’s value has increased by 4,293,000% in only 15 months since launch. Its early backers are now millionaires. Thus, it grabbed the attention of crypto traders and investors around the globe. As you have clicked on this article, we expect you to already know details about what Shiba Inu Coin is and how it works. This article will describe three solid ways to earn money using Shiba Inu Coin.
Why Shiba Inu Coin?
It started as a joke but is now one of the most influential cryptocurrencies in the market. It has gained acceptance in different crypto exchanges and platforms. Shiba Inu initially ascended in May after its addition to Binance and OKEx. Then it increased 40% in two days following Coinbase Global’s (NASDAQ: COIN) announcement that it will make the coin purchasable. It is also waiting to be listed in Robinhood (NASDAQ: HOOD).
The dog-themed coin created a massive impact on the global crypto market. As a result, its rival, DogeCoin, had hit a sharp decline during the SHIB craze. Many traders from the Middle East fell into a colossal loss. Thus, SHIB coins kept making news headlines and grew influential day by day.
We expect a floor value of this coin to be set as the whales (large investors) seem interested in it. It will increase the sustainability of this coin and make sure it does not suddenly vanish from the market.
Ways to Earn Money Using SHIB
The aggressive crypto trader community loves Shiba Inu Coin for its price volatility. Regular traders sometimes conduct multiple trades in a single day because of the unpredictable price fluctuation. It is not even unusual anymore that the price hike of this coin grows by a double-digit percentage.
Therefore, you can simply buy some coins at a low price and sell those at a profitable rate. Once you know the drill, you can receive a handsome amount of return from it every week. Sometimes, the profit can even go 2X of the investment if you are fortunate enough. Have a look at the financials later in this article for a better understanding of trading.
“HODLing” is a familiar term in the crypto market that refers to long-term investment. You can earn money by purchasing and holding Shiba Inu tokens for a medium or a long-term timeframe. Consider an investment started on 1st April 2020 at $0.000000053 per coin. If you had bought $100 worth of Shiba Inu then, It would have grown by more than 131,900 % to the present day. So, what would be your net worth today? We will leave you with the rest of the calculation.
Now, according to the wallet investors five years Forecast, the coin would have a 168% price increase. To explain it in simple math: if you buy $1000 in SHIB tokens now, your investment might be worth $1,680 by 2026.
You might also stake your Shiba Inu tokens and collect interest. Various DeFi platforms enable you to stake your Shiba Inu Coins for a further loan to other investors. You will receive an incentive in the form of more SHIB coins and your actual investment after a certain time. After the staking period, you are free to redeem the tokens for fiat currency, trade, or reinvest.
There are a lot of renowned DeFi platforms for staking SHIB tokens. Some of them include Trust Wallet, Binance, Shibaswap, Crypto.com, and so on. Almost all platforms offer a yearly interest of around 4 to 5 %.
When there is a way to earn money, there is a way to lose. You must be cautious from any sudden slump, hacking, scams, and so on to keep your hard-earn money safe. Always do your own research before investing any significant amount. Happy earning!