The cryptocurrencies such as Bitcoin and Dogecoin had been surging its value in the recent years. The meme-based Dogecoin had reached its all-time high being part of the top 10 cryptocurrencies according to the market capitalization. Other than Bitcoin and Dogecoin there is a new cryptocurrency creating excitement in the crypto market called Shiba Inu Coin. Let’s look at what the experts say about the new cryptocurrency.
What is Shiba Inu Coin?
Returns of Shiba Inu Coin
Expert Opinions about Shiba Inu Coin
Should you invest in Shiba Inu Coin?
FAQ
What is Shiba Inu Coin?
There is not much information available about this new cryptocurrency. The new crypto is considered to have been made in order to provide competition to Dogecoin. The website of Shiba Inu Coin claims that it has an experiment in order to the decentralized voluntary building of community.
The coin features a hunting dog from Japan, Shiba Inu which rose in popularity due to the Dogecoin as this is also considered to be another meme coin. The website shares the message that this token is their first and the users have the choice to hold billions or even trillions of them.
The nickname of the coin is Dogecoin killer and claims that everyone should own one from the open market.
Alan Joseph
Returns of Shiba Inu Coin
According to the data received from CoinMarketCap, the Shiba Inu Coin had given a return of 120 % in the time period of 24 hours at one point in time. When compared to a 7 day time period the coin has provided a return of around 1970.57 %.
The meme based cryptocurrency which is positioned to be a rival coin of Dogecoin has a market capitalization of USD 13 billion where Dogecoin has a market capitalization of USD 61 billion.
Expert Opinions about Shiba Inu Coin
Investorplace.com had recently conducted a deep research into the Shiba Inu coin which conveyed that the predictions of the price of currency have been heating up due to the enormous gains of the cryptocurrency.
However, it is seen that the investors are not yet rushing to invest their money into the new cryptocurrency. Investorplace.com had done a dive into the number of predictions about the new coin where they found out WalletInvestor has suggested that Shiba Inu coin is not a good investment for the long term.
They also have an estimated prediction that the value of this cryptocurrency would see a downfall by the end of 2022 to somewhere in between USD 0.000029 to USD 0.000016. But DigitalCoinPrice has predicted that there would be an increase in the price of the cryptocurrency and would see a jump by the end of 2021 to USD 0.000044.
Gov Capital has predicted that Shiba Inu Coin would see a huge drop falling to USD 0.000006.
Alan Joseph
Should you invest in Shiba Inu Coin?
If you are not sure whether you should invest in this cryptocurrency, then take some steps before getting into the decision and investing your money into it. First of all, try to understand the fundamentals of the cryptocurrency before you decide to trade with it.
Understand the project and go through various risk management techniques and adjust it according to your capacity to bear the risk which would vary from one individual to another.
The most important point which should be noted before investing your money into the cryptocurrency is that you should be satisfied before investing with your research and studies and never buy or invest your money into the coin because of someone else’s advice.
FAQ
What is the use of Shiba Inu coin?
Shiba Inu tokens are powered by Ethereum. Fungible tokens like Shiba Inu are ERC-20 tokens.
How many Shiba coins are left?
As of 17 May 2021, a total of 394.796 trillion Shiba Tokens were in circulation, with the market cap of $6.52 billion USD.
Where can I buy Shiba inu coin?
You can currently buy Shiba inu coin on platforms like Binance, Huobi Global, OKEx, Hotcoin Global, and MXC.COM.
Conclusion
There can be risks involved with these get rich quick coins, even though the percentage returns provided by the cryptocurrency in the past may look attractive, there are a lot of cases where such coins have lost their value and provided negative returns after few months.
Author: Alan Joseph
Source : https://startuptalky.com/shiba-inu-coin-analysis/
Date : 2021-05-19T07:35:41.000Z