The Shiba Inu, a kind of Japanese hunting dog, serves as the trademark for Shiba Inu (SHIB), an alternative Cryptocurrency built on the Ethereum blockchain. To the point where Shiba Inu is being called "The Dogecoin killer" by its supporters, the Cryptocurrency is often compared to Dogecoin. Meme coins, such as Shiba Inu and Dogecoin, are Cryptos named after a topic or object of interest, such as the Shiba Inu dog, although they are more typically introduced as a joke than a serious Cryptocurrency. Shiba Inu was developed in August 2020 from an unknown person or group going under the name Ryoshi, while Dogecoin was introduced in December 2013.

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The Shiba Inu market is very cheap, with puppy dogs going for pennies on the dollar. Each coin was worth around $0.000012 in September 2022, therefore 800 coins were needed to make a cent. Even though the Shiba Inu currency has a low cost, the total worth is almost $6.8 billion since there are around 549 trillion in circulation, as reported by CoinMarketCap. Just under a quadrillion coins are legal tender. Unfortunately, over 40% of the monies had been "burned" by Ethereum co-founder Vitalik Buterin, rendering them useless forever.

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SHIB’s Canine Technology

To stick with the dog theme, the aforementioned Shiba Inu woof paper describes how to profit from Shiba Inu tokens using words from the dog world. Digging or providing liquidity, burying or staking tokens, and fetching or obtaining tokens are all possible with these tokens on ShibaSwap (exchange one token for another). As per the woof paper, the token pools known as "Puppy Pools" get "Woof" returns from the tokens utilized in these schemes in the form of Bone tokens. Meme coins appeal to Crypto fans since they don't follow the usual procedures, and this nontraditional approach may include using dog terminology to express withdrawal policies. However, they appear to be significantly different from conventional investing concepts like ROI as well as volatility.

What Does Shiba Inu do?

The Shiba Inu Cryptocurrency is, in reality, composed of many different tokens that contribute to the health of the overall Cryptocurrency ecosystem. The Shiba Inu (SHIB) is the country's primary trading currency and unit of account. The LEASH token is the rarest of the Shiba Inu-themed currencies since its supply is capped at 107,646. It allows people to be paid in bitcoin for verifying transactions. BONE token, with its 250 million units, is utilized to give Shiba Inu users a voice in community decision-making. Additional facets of the Shiba Inu ecosystem include the Cryptocurrency exchange portal ShibaSwap and the non-fungible tokens known as Shiboshis. The Crypto's white paper is referred to by its creators as a "WoofPaper," continuing a running joke about the asset's doggy motif. However, it calls its currency holders and backers the "Shib Army."

How to Buy SHIB?

For anyone interested in purchasing SHIB or LEASH tokens, Shiba Token's Quick Start Guide outlines the following procedures:

1. Start by creating a MetaMask wallet.
2. Ethereum (ETH) may be sent to a wallet utilizing the ERC-20 network, whether purchased directly or transferred via an exchange like Coinbase.
3. ShibaSwap supports the MetaMask Cryptocurrency wallet.
4. Trade Ether for SHIB, LEASH, or perhaps BONE tokens.

Is Shiba Inu a Good Investment?

The popularity of the Shiba Inu dog breed skyrocketed early in the breed's history, then rapidly declined. It's important to know what you've been purchasing and why its value may or may not grow in the future rather than being paralyzed by FOMO (fear of missing out). Many Cryptocurrencies are not supported by the actual resources or working capital of any company. When compared to Cryptocurrencies, conventional investments have the support of cash flow and assets flow. If a company performs well in the future, your stock investment will do well in the coming years too though. You also have a legitimate stake in the company. Shiba Inu and other Cryptocurrencies, in contrast, are not supported by anything tangible or cash flow related. There is no method to increase your wealth other than to find someone who will pay more for your coins. Optimism and speculation, therefore, are the main drivers of Cryptocurrencies over the long term. The bigger fool theory of investing states that traders profit when they get another investor to purchase Cryptocurrencies at a higher price. Dealers ain't going to continue flooding the market and bidding up prices if they can't enter the market. Due to the high degree of uncertainty involved, prominent financiers like Warren Buffett avoid Cryptocurrency.

Shiba Inu Investing Considerations

Speculating in Cryptocurrency markets is already a high-risk endeavor due to the wild price swings as well as the absence of any governing body. Absence of uniqueness and the reality that much of their worth is dependent on frantic trading by their ardent supporters make investing in the altcoin/meme coin area a particularly treacherous endeavor. Aspiring Shiba Inu investors should think about the points below. With such a staggering profit, Shiba Inu has more than fulfilled its creator Ryoshi's dream of making something out of nothing. The increases, however, may have been propelled by speculative fervor as Cryptocurrency aficionados looked for the next great thing, which was amplified by social media. Individual speculators who bought at the peak might well be left carrying the bag if indeed the bubble breaks.

Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.