SHIB is a fresh cryptocurrency sweeping off several Dogecoin marketplaces while appearing on the currency’s logo as the Shiba Inu dog breed, which was dubbed the “DOGE Killer”. Bitcoin, for one, has firmly secured its position in the digital currency market as the costliest cryptocurrency estimated at $29,962.66 as of June 2022. Needless to say, Bitcoin is unbeatable; however, there was one currency that had what it took to beat Bitcoin a segment- Shiba Inu. The currency became prominent in 2021 accumulating 43 million more views than Bitcoin. Introduced as a spoof in 2020, Shiba Inu acted as Dogecoin’s main rival. Shiba Inu and Dogecoin are both considered meme or humor coins.
It was created by an unidentified team going by the name of “Ryoshi.” Shiba Inu is an Ethereum-based ERC-20 token that was created and is hosted on Ethereum’s blockchain instead of its native. The Shiba Inu white paper, often known as the “woof paper,” claims that Ryoshi selected Ethereum as the Shiba Inu foundation since it is already secure and working well.”
As of December 29, 2021, Shiba Inu seems to have a market valuation of $19.4 billion. Between September and October of the same year, the token’s price increased by about 950 percent. If you want to buy Shiba Inu coin, there are 4 tips that you should keep by memory-
1. Research is the Key- Investing your hard-earned money in a cryptocurrency is no child’s play. You cannot dive into any digital money without having any prior knowledge about it. Therefore, the golden guideline to investing in such currencies is to do extensive research on every aspect of the currency. One of the several altcoins outside Bitcoin is Shiba Inu or SHIB which fluctuates according to Elon Musk’s tweets, thankfully his tweets are generally in favor of the said token. If you are a non-techie and still want to dive into the cryptocurrency exchange in India, you may find several introductory texts on the technology of Blockchain that you can study. Even without a solid vision, Shiba Inu is still a pretty unstable token, but it possesses characteristics like smart contract functionality, non-fungible tokens (NFTs), and resilience mining alternatives.
2. Short-term Investment- If you have decided to buy a Shiba Inu coin, you should, by no means, go for a long-term investment. Shiba Inu investments can yield extraordinary returns, but it’s important to keep note of the pricing. Till you are certain of Shiba Inu’s protracted potential, trade it briefly to make opportunistic gains. Playing your money on “hope” will not yield the desired results.
3. Start with Something Small- Starting modestly is a wonderful idea while getting into a cryptocurrency exchange in India. Plan your investment using the correct approach and start low so that it doesn’t hurt your pockets and still creates a benefit instead of being a hindrance. Shiba Inu token is a tempting investment option because it is quite cheap. When the token hits its pinnacle, though, you shouldn’t anticipate making a significant gain as a newbie and most importantly, don’t let the abrupt, severe jumps fool you. In a market that is constantly evolving, making informed selections is essential. It’s not a good idea to spend more money than you can sustain in the beginning.
4. Diversify your Portfolio- As an investor, you must understand that you should balance your investments as engaging in just one cryptocurrency might leave your money extremely susceptible, especially when you are investing in a meme token like SHIB. You can lower your risk by balancing your portfolio by investing in a variety of cryptocurrencies. Sure, there are risks involved in SHIB as the token limits originality, suffers intense rivalry from major entities in its main role, and doesn’t operate on a separate blockchain to help with network updates to meet user demands. Thus, keep a range of different cryptocurrencies in hand to invest in, so that your portfolio seems to be diverse and your profit is magnified.