Is It Time to Buy Shiba Inu Coins? Here’s What You Should Know
2022-03-10 11:19:48
Is Shiba Inu A Good Coin?
After the outbreak of the war between Russia and Ukraine, the price of Shiba Inu Coin, also known as SHIB coin, fell by more than 20%. Historically, the outbreak of war will bring out a bear market. As you can see, Dogecoin, the largest memecoin in crypto, has taken a deep plunge in response to the news of the Russia-Ukraine invasion. According to data from coinmarketcap, Dogecoin’s price floats around $0.1224, down 8.19% in the last seven days. As for Shiba Inu Coin, it is currently trading at $0.0000248, down 8.53% in the past week. Experts said that Shiba Inu Coin price continues to trade lower but has stabilized relative to the rest of the cryptocurrency market. So is it time to buy Shiba Inu Coins? Let’s find out.
Why Shiba Inu Coin Could Be A Right Investment?
It may be risky to invest in Shiba Inu Coin, but you can’t deny its growth over the last year. According to Gate.io, the multi-purpose exchange popular among SHIB investors, the price of SHIB is up more than 364,008% over the past year, which has gained the widest ride among cryptocurrencies even despite two substantial downturns.
In fact, the developers of Shiba Inu Coins are also making an effort to give it real-world utility, which could help it gain more traction. For instance, Shiba Inu Coins will set foot in the metaverse with its new project, Shibverse. As one of the trendiest topics right now, metaverse could help Shiba Inu Coins stay on the radar.
In addition, developers are working on Shibarium, an updated version of the blockchain, which can reduce the transaction cost across the Shiba ecosystem, The new version is expected to be released by the end of this year and may help Shiba Inu become a more affordable and easily accessible cryptocurrency.
Why Shiba Inu Coin Can’t Be A Good Investment?
As a payment coin, Shiba Inu Coins are used as a form of exchange, whose blockchain doesn't allow decentralized applications like non-fungible token (NFT) marketplaces or decentralized finance (DeFi) projects. This makes it difficult to compete with larger cryptocurrencies like Bitcoin, Ethereum and Solana, all of which support decentralized applications. Due to the fact that NFTs and DeFi projects are some of the fastest-growing markets within the crypto space, Shiba Inu Coins are less competitive. Besides, nearly 65% of all SHIB coins in existence are controlled by just 10 accounts. If any of these large accounts sell their coins, it could lead to huge volatility.
While Shiba Inu has its advantages, it's not suitable for everyone. It's one of the riskier cryptocurrencies out there, so be sure to do some research and preparations if you choose to buy Shiba Inu Coin. If you have spare money and are willing to take on more risk for the chance at higher earnings, Shiba Inu Coins could be the investment for you.
After the outbreak of the war between Russia and Ukraine, the price of Shiba Inu Coin, also known as SHIB coin, fell by more than 20%. Historically, the outbreak of war will bring out a bear market. As you can see, Dogecoin, the largest memecoin in crypto, has taken a deep plunge in response to the news of the Russia-Ukraine invasion. According to data from coinmarketcap, Dogecoin’s price floats around $0.1224, down 8.19% in the last seven days. As for Shiba Inu Coin, it is currently trading at $0.0000248, down 8.53% in the past week. Experts said that Shiba Inu Coin price continues to trade lower but has stabilized relative to the rest of the cryptocurrency market. So is it time to buy Shiba Inu Coins? Let’s find out.
Why Shiba Inu Coin Could Be A Right Investment?
It may be risky to invest in Shiba Inu Coin, but you can’t deny its growth over the last year. According to Gate.io, the multi-purpose exchange popular among SHIB investors, the price of SHIB is up more than 364,008% over the past year, which has gained the widest ride among cryptocurrencies even despite two substantial downturns.
In fact, the developers of Shiba Inu Coins are also making an effort to give it real-world utility, which could help it gain more traction. For instance, Shiba Inu Coins will set foot in the metaverse with its new project, Shibverse. As one of the trendiest topics right now, metaverse could help Shiba Inu Coins stay on the radar.
In addition, developers are working on Shibarium, an updated version of the blockchain, which can reduce the transaction cost across the Shiba ecosystem, The new version is expected to be released by the end of this year and may help Shiba Inu become a more affordable and easily accessible cryptocurrency.
Why Shiba Inu Coin Can’t Be A Good Investment?
As a payment coin, Shiba Inu Coins are used as a form of exchange, whose blockchain doesn't allow decentralized applications like non-fungible token (NFT) marketplaces or decentralized finance (DeFi) projects. This makes it difficult to compete with larger cryptocurrencies like Bitcoin, Ethereum and Solana, all of which support decentralized applications. Due to the fact that NFTs and DeFi projects are some of the fastest-growing markets within the crypto space, Shiba Inu Coins are less competitive. Besides, nearly 65% of all SHIB coins in existence are controlled by just 10 accounts. If any of these large accounts sell their coins, it could lead to huge volatility.
While Shiba Inu has its advantages, it's not suitable for everyone. It's one of the riskier cryptocurrencies out there, so be sure to do some research and preparations if you choose to buy Shiba Inu Coin. If you have spare money and are willing to take on more risk for the chance at higher earnings, Shiba Inu Coins could be the investment for you.
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3 Things to Look out for When Investing in Shiba Inu Coin in 2022
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