Shiba Inu coin (SHIB) is an Ethereum-based ERC-20 token that has increased in popularity this year, primarily because of its dog-themed ecosystem, hypothesis on its price by retail investors, and vigorous community engagement. The authorized Shiba Twitter account, for instance, has over 2.3 million followers – more than the popular crypto companies such as Cardano, Kraken, and Solana.
The digital asset was encouraged by the Japanese breed of dog that flared a viral meme trend in the year 2013 and subsequently led to the creation of the infamous dogecoin cryptocurrency. Shiba Inu and dogecoin, along with many other pet-inspired digital assets, have become collectively popular in the market as “meme coins.”
Ordinarily, a meme coin presents owners little to no utility corresponding with more conventional cryptocurrencies such as bitcoin and ether. Nevertheless, in the case of the Shiba Inu coin, there seems to be a fair endeavor by the development team to deliver more value to SHIB holders that includes the launching of a decentralized exchange.
What does Shibu Coin do?
Shiba Inu has diverged into numerous tokens that allow the whole cryptocurrency ecosystem to function:
SHIB: This is the currency that is foundational to Shiba Inu coin and can be traded and used as a medium of exchange.
Leash: This token is restricted to 107,646 units, making it the narrow Shiba Inu-related coin. It delivers staking bonuses for those verifying trades in the cryptocurrency.
Bone: This token has 250 million units, and it is used to allow those using Shiba Inu to vote on diverse proposals.
Shiba Inu also has other community elements, including ShibaSwap, its decentralized platform for trading coins, and Shiboshis, a sort of non-fungible token (NFT). The cryptocurrency continues the interpretation of its canine-themed coin across its ecosystem, including the crypto’s white paper called “WoofPaper by the investors.” Meanwhile, it refers to those who acknowledge and support the coin as its “Shib Army.”
Is Shiba Inu Coin a safe investment?
Shiba Inu has risen substantially during its short existence, but that alone doesn’t make it a promising investment. Rather than looking at the price boosts and falling into the fear of skipping out, it’s vital to comprehend what you are buying and why it may or may not rise in value. In the case of most top cryptocurrency to invest in, they are not backed by the assets or cash flow of an underlying business. Another great news is that you can invest and buy Shiba Inu coin in Canada.
That backing by assets and cash flow distinguishes a traditional investment from a cryptocurrency. With a stock, you are funding in the future of that industry, so if it does well, your investment will do well over time. And you have a lawful declaration on the enterprise, too.
Contrarily, your investment is not backed by any asset or cash flow in cryptocurrencies such as Shiba Inu. An individual only makes funds if an individual comes along and is ready to pay you more for your coins. So, the critical driver over time of cryptocurrency is positiveness and hypothesis. According to the study and the current standing of the coin, it looks to promise a good future in the coming times of the cryptocurrency market.