Shiba Inu: What is it? Is it a good investment?

You must have heard of Shiba Inu. It is one of the meme coins in the world of cryptocurrencies that attracted the attention of tens of thousands of investors from all over the world in 2021.

The Shiba Inu project was born as a simple meme coin, but over time the ecosystem of this cryptocurrency has developed. Hence, Shiba Inu is no longer a simple meme but a promising investment opportunity for crypto investors all around the world.

Let’s see what this project is all about and if it’s worth your investment. Keep reading! 

What is Shiba Inu?

Shiba Inu is a decentralized ecosystem that was originally named after a hunting dog breed from Japan. It might sound funny, but Shiba Inu is a serious crypto project as it harnesses the power of Blockchain technology and a huge community.

The core of this project is called ShibaSwap, while the tokens are: SHIB, LEASH, and BONE.

The community, the real strength of this altcoin, has over 500,000 members, and the remuneration system is based on Staking and Liquidity Providing.

The price of the Shiba Inu token is very low due to the huge number of cryptocurrencies distributed on the market – over 1,000,000,000,000,000.

Shiba Inu founder Ryoshi blocked 50% of the supply on Uniswap and sent the other half to Vitalik Buterin (founder of Ethereum ) for safekeeping.

Buterin himself is a big investor in the project and this has given an outstanding significance to the whole protocol.

How does Shiba Inu work?

Initially, like most cute animal “meme coins”, Shiba Inu was nothing more than a token, with no specific purpose or detailed blueprint.

Investors only started buying Shiba Inu out of euphoria, but when the project took shape, everyone realized there was more to it than a mere meme coin.

The ShibaSwap is the strategic product of Shiba Inu. It is a DEX (decentralized exchange) that offers a series of Defi-oriented services, including:

  • DIG – a system aimed at providing liquidity to the platform to earn BONE tokens.
  • NFT – with approximately 10,000 unique Shiboshi NFTs only found on ShibaSwap.
  • BURY- used to stake SHIB, LEASH, BONE tokens to earn additional BONE tokens.

The main function of the ShibaSwap is to exchange its ERC20 tokens (based on Ethereum) with others.

Shiba Inu seems like the other “meme coins” that follow the current trend, but in reality, it aims to offer a really interesting DeFi service, as well as Filecoin for archiving files on Blockchain or Solana as a new protocol competing with ERC20.

Not only that, part of the project is geared towards charities and non-profit associations, which is even more worthy of attention.

What is the Shiba Inu token (SHIB)?

Although it is obvious to speak of Shiba Inu as a token, in reality, the project includes 3 different tokens:

  • SHIB: The SHIB token is the base currency of the Shiba Inu ecosystem that can be traded and staked on the platform.
  • LEASH: The LEASH token serves as an incentive on the Shiba Inu platform and benefits ShibaSwap users.
  • BONE: The BONE token is used for governance and guarantees its holder the right to vote for proposals on Doggy DAO.

Shiba Inu – Pros and Cons

Before proceeding with the conclusions, let’s see below some strengths and weaknesses related to the Shiba Inu ecosystem and its reference token SHIB.

Pros

  • Cryptocurrency linked to a new project
  • Numerous features in the making
  • Official ShibaSwap DEX
  • Listed on the best exchanges and brokers

Cons

  • General risk on market volatility
  • Presence of competing cryptographic tools

How to buy Shiba Inu

There is no doubt that many investors are considering buying Shiba Inu or have already done so. If you are also interested in this token, you can choose between two types of financial intermediaries: Cryptocurrency exchanges or Online brokers.

If you want to buy SHIBs to keep them in a wallet for months or years, exchanges like Binance, Coinbase, or Bitvavo can be a valid alternative.

If, on the other hand, you are interested in online trading and speculation, online brokers are certainly the right choice,

Shiba Inu contract address

Below is the Shiba Inu contract address for the Ethereum network.

Ethereum: 0x95ad61b0a150d79219dcf64e1e6cc01f0b64c4ce

Shiba Inu Current State of the Market

Currently, Shiba Inu is worth $0.000023 on CoinMarketCap as of the time of writing with a trading volume of $974,986,859. It’s currently ranked #15 on CMC.

Is Shiba Inu (SHIB) a good investment?

Among the investors of Shiba Inu, there are illustrious personalities such as Elon Musk and Vitalik Buterin and this has made the token among the most popular in the entire crypto world. The coin, therefore, appears to be promising. Let’s consider a few more facts. 

Within some months of its launch, Shiba Inu became one of the top 10 crypto projects by market capitalization. This showed how much trader interest goes beyond the “meme” and reflects investor interest in the project as a whole.

Furthermore, the strength of this cryptocurrency is its volatility, which makes it extremely convenient to do online trading in the short term.

The price of SHIB is still relatively low but it is rising and it is precisely the fact that it costs so little that entices traders to invest.

The ShibaSwap working model is very popular nowadays. It’s more like a working fork of Uniswap and SushiSwap with a few tweaks. But the substantial difference is that this “meme coin” has real usefulness and this could support its growth even in the long term.

Shiba Inu (SHIB) price prediction

Finally, here are predictions from two leading cryptocurrency experts in the world:

  • Wallet investor says a long-term hike is expected for SHIB. The price prediction for this coin by the end of the year is $ 0.0000670.
  • GOV Capital estimates there will be a massive bull run this year with long-term gain potential. SHIB is expected to exceed $ 0.0001 by the end of the year(canceling one zero).

Generally, crypto experts believe that 2025 could become the turning point year for Shiba Inu, as the price of the SHIB token is expected to exceed $ 0.0003. And with mass adoption, it is estimated that the price of this token will continue its bull run for several more years.

If the Shiba token project stands the test of time and mass adoption takes hold, this kind of optimistic expectation could come even sooner than expected. 

Conclusion

Shiba Inu shocked the market as it went from a cute “meme coin” to a cryptographic project with millions of users and impressive daily trading volumes. Therefore, we can expect everything in the future.

Obviously making forecasts is always very complex, because this sector is always driven by the trend of Bitcoin, which remains the leader of the entire sector. Hence, be careful when you trade.

Note: Cryptocurrency investment is risky. Do your own research.

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Anthony Adewuyi

Anthony is a Content Writer with MakeMoney.ng. He is passionate about Finance, Business, and Tech related topics. He is a Digital Entrepreneur with vast experience in Data Analytics and Advanced Google Analytics

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