• Shiba Inu and its DOGE-like blockchain
• Shiba Inu price has increased in recent weeks.
Buying cryptocurrencies brings its risks, just like any business, so you have to prepare when investing. These decentralized currencies are also volatile, so your investment can go up or down in value by massive amounts.
A new cryptocurrency has entered the volatile investment game, and it is Shiba Inu. The cryptocurrency has gone through both good and bad news, and this publicity has caught traders’ attention.
What is Shiba Inu?
There is little information about Shiba, so it isn’t easy to verify its legitimacy. According to its official website, it is an extensive cryptocurrency that hosts an infinite number of tokens. These tokens are listed on ShibaSwap, a proprietary exchange system.
The Shiba token image is the same as that of the Dogecoin crypto meme. Shiba has therefore profited from the recent good reputation that has dominated DOGE in recent weeks, Shiba Inu has profited from it.
Hargreaves Lansdown analyst Susannah Streeter told The Sun magazine: “Shiba Inu seems to be created to give Dogecoin a money line” she also suggests:
“It shows the same dog meme as Doge and has the purpose of doubling the fame of cryptocurrency to become a money-generating system.”
Shiba website says: “Dubbed Dogecoin killer, the ERC-20 token can only be under a penny and continues to outperform Dogecoin in no time.”
Shiba Inu’s price stands at $0.00000163 today, comparing it to $0.0000006 in April, as claimed by CoinMarketCap.
Shiba rose to $0.00004 on the 20th of April but then fell to the current level. Dogecoin, by comparison, has a current price of $0.60, up from $0.005 it was when the year started. The Dogecoin price has risen due to the support of some celebrities.
What are the risks of Shiba Inu?
Trading in cryptocurrency is always a risk due to its volatility, so you must prepare for losses. You also have no guarantees you can effectively convert the crypto asset because it depends on demand and supply.
Charges on crypto investments can be higher than with traditional investments. These cryptocurrency companies do not have the same regulations as regulated entities.
Streeter said: “Traders should treat the crypto market with caution, and invest with money they can lose without worrying.”
But the director of deVere Group, Nigel Green, points out: “You have to be very careful with unproven crypto investments.”
Shiba Inu has little experience in crypto but has seen a considerable rise. The risk of Shiba Inu, as with other cryptocurrencies, is high, but this will not change its popularity.
Investors understand what they are facing, and even if the loss is exponential, they know there is the potential to get their money back quickly. Shiba Inu has remained a cryptocurrency of high expectations, which will not get to levels of Bitcoin but will also enter the market and generate profits.