Shiba Inu is a decentralized protocol for sending and receiving money around the world over the internet. It was built as an ERC20 token that runs on the Ethereum Network. It was made by a person or group going by the name RYOSHI, and the general public will be able to use it in August 2020. The project is run by its community because there isn’t a single person in charge of it.
Due to the non-fungible token (NFT) craze that began in 2021, this movement brings platform community very close to the NFT market, which is worth billions of dollars. It has also made a campaign with the Shiba Inu Association and Amazon Smile to help raise money to save real Shiba Inu dogs. This gives the project a lot of mileage, which can be good for its value. SHIB is slowly but surely becoming one of the most popular online currencies. Millions of people keep asking on social media if it will ever be worth more than $1. At the moment, investors are still very interested in SHIB, and more and more people are pouring money into the cryptocurrency. Many crypto and financial experts think that the platform could replace Dogecoin as the best meme-inspired cryptocurrency for safe, standardized, and reliable global payments. This is what the people who made it want, which is why they called it “Dogecoin Killer” when they made it.
The good things about Buying Shiba Inu coin
The advantages of putting money into the platform coin:
Very cheap coin
At the moment, one SHIB is worth $0.000020. The price of a crypto trading asset is very important because it helps you, as a trader or investor, figure out how much you could make on an asset based on the number of coins you buy and how much the price has changed.
At this price, if SHIB goes up to $0.00040 in the future, you can make a profit of 100%. This is a better idea than, say, putting money into Ether or Bitcoin.
Medium-cap assets includethe platform coin
At the moment, the market capitalization of SHIB is $11 billion, and its diluted market capitalization is $12 billion. Trading education wants you to know that assets of $300 million to $2 billion are in the small-cap category, $2 billion to $10 billion are in the medium-cap category, and more than $10 billion are in the large-cap category. This means that SHIB is a large-cap asset based on its current market cap and diluted cap. For an asset to reach this level, it must have been a small-cap asset that made it, did well, and moved into a new zone.
SHIB and DeFi projects on Ethereum can talk to each other
Ethereum is the ruler of smart contracts and decentralized finance. At the time of writing, Ethereum is fifth on the list of developer activity over the past 30 days, with 161. (12 October to 12 November 2021). More developers are working on Kusama & Polkadot (209), Solana (191), and Cardano (183) than on Ethereum. At least 1.75 million people are already using Ethereum, and it controls more than 68% of the decentralized finance (DeFi) space in terms of the total value locked through decentralized applications (DAPPS).
The disadvantages of putting money into the platform
You shouldn’t be tempted to only think about the good things about investing in SHIB and ignore the bad things. There is no digital asset that is perfect. Even though the fundamentals and technical analysis point to a bullish pattern, there are important issues that could affect how the cryptocurrency does:
The Shiba Inu coin is not the first one to be based on a meme
Even though it is making a lot of noise in space as another currency based on a meme or a cryptocurrency that pokes fun at another joke currency, it is not the first to do this in a market that is already so full. Dogecoin is the first thing that comes to mind when you talk about cryptocurrencies that are based on memes. Aside from that, it is very hard to tell the name of the crypto from the name of the Japanese dog. If you look for Dogecoin online, you will find news about the cryptocurrency as well as the different predictions that analysts and experts have made. Dash, Bitcoin, Ethereum, Dogecoin, Litecoin, Cardano, Tron, and Binance are all independent blockchains. Shiba Inu is not one of them. Like Shiba Inu, Binance and Tron started out as ERC 20 tokens. At the moment, Justin Sun of Tron and Chanpeng Zhao of Binance have decided not to stay on the Ethereum Network because it is slow.
