What is The Shiba Inu Coin? Should you Buy?

What is The Shiba Inu Coin? Should you Buy?


What is the Shiba Inu Coin?

Not much is known about the Shiba Inu. The token appears to have been created to compete with Dogecoin. The website claims that Shiba Inu is a spontaneous, decentralized community-building experiment.

The token represents the same Japanese hunting dog, the Shiba Inu, that has gained popularity thanks to Dogecoin. Even Elon Musk wants a Shiba Inu puppy because of Dogecoin. So we cannot deny that Dogecoin has ensured that the Shiba Inu is extremely popular.

The website states: “This token is our first project and allows users to own billions, even trillions. Called the DOGECOIN KILLER, this SINGLE ERC-20 token can stay well below a dollar and still surpass Dogecoin in a short amount of time (relatively speaking).”

The team also says that everyone should buy Shiba Inu coins on the open market, ensuring a fair and complete distribution where developers have no special tokens to dump on the community.

However, there can be risks associated with these “get-rich-quick” coins. While returns have seemed very attractive in the past, several of these tokens have gone bankrupt in recent months. That also means that all the people who invested in these coins have lost a lot of money. And that could happen to you too if you buy these types of coins at the wrong time. Therefore, always read carefully before you actually make the purchase.

The characteristics of this token are unusual as 50% of the total stock has been burned in Vitalik Buterin's wallet. Buterin is the founder of Ethereum and is a trusted and well regarded figure in the crypto community. This may have been done to allay fears that this project would be a "rug pull", meaning that the project developers would drive up the price, dump their holdings, make a profit and exit the company, causing the token holders left behind with worthless assets.


What is the difference between Shiba Inu and Dogecoin?

Shiba Inu Coin can be considered as a new version of Dogecoin. Dogecoin was originally launched in 2013, and is arguably obsolete as a result of the introduction of DeFi and NFTs, as well as greater market liquidity than in 2013.

Elon Musk tweeted last February about his concern about Dogecoin's huge whales, saying that "too much concentration is the only real problem in my opinion." This was the reason for a group of developers to start Shiba Inu Coin, in order to create a strong alternative to Dogecoin that people could turn to when they no longer had faith in Dogecoin.


SIMILAR: Affiliate Marketing: What It Is And How It Works


Benefits

There are few advantages for Shiba Inu Coin to think of. This is because the coin has virtually no function, and it mainly serves as a joke, or also called memecoin. That is why there is really only one advantage for Shiba Inu Coin:

In the past, the value of such coins and tokens has risen sharply, so that there are also many people who have earned a lot of money with, for example, Dogecoin. If you're lucky, this could happen again at Shiba Inu Coin in the future. However, this is purely speculation and you can't base such a thing on anything.

Cons

Every crypto project has drawbacks, and so does Shiba Inu Coin. However, you may ask yourself whether the disadvantages of Shiba Inu Coin do not outweigh the advantages. Of course it is important to choose a side in this yourself. Here are the disadvantages of Shiba Inu Coin:

The cryptocurrency is mostly seen as a huge joke, despite its considerable capitalization. So there are almost no practical futures in this coin. This is partly because it has no function at all. It is purely designed for get-rich-quick purposes only.

There are no future plans to use the token for anything. As a result, the price will not rise based on what the team does or what the token will be used for.

If you are interested in buy them, you can go to Binance now and buy them at a low price!



About the author:
Hello, my name is Ron Hoekstra, founder of The Liberty OnDemand. I hope you like my content, if you want to know more about me, please read here or subscribe to my newsletter where I will keep you up to date with new posts and other useful content.




Post a Comment

0 Comments