What Is Shiba Coin ?
Now a new currency, the Shiba Inu coin has appeared, not much is known about where it came from but it works as part of a decentralised exchange website. Fans are now wondering if the Shiba Inu coin will follow suit of Dogecoin and aim to hit £1.
Shiba Inu coin has nearly doubled in price over the past day after Binance announced it would be listed on its platform, while Dogecoin has plunged 15.45%, according to a report by Newsweek.
The cryptocurrency has spiked 82.90% within 24 hours, while spiking 1621.50% within the past seven days, according to real time data tracked by CoinMarketCap (Note: market capitalization is constantly changing). One Shiba Inu coin is currently worth $0.00002763.
What Is Shiba Coin ?
Shiba Inu is a cryptocurrency experiment in decentralized community building and is inspired to be similar to Dogecoin, according to Crypto.com.
How to buy Shiba Inu coin
Shiba Inu coin is available to purchase on Crypto.com and Binance.
Another option is to use Ethereum to swap into Shiba Inu tokens on Uniswap’s exchange, according to a report by Benzinga.
What is cryptocurrency?
Cryptocurrency is a digital asset designed to be used over the internet, according to Coinbase. It’s decentralized, meaning it isn’t controlled by the government or any other central authority such as a bank.
According to The Sun, the currency has not shown as much growth as Dogecoin and appears to have been made as a way to “give Dogecoin a run for its money”.
While Dogecoin on the other hand is likely to reach $1. However, due to how the currency is moving it seems the currency is expected to become a ‘Stablecoin’.
Stablecoins are currencies that have steady prices and are expected to have “low price volatility“, with prices that are pegged. If Dogecoin hits the $1 mark, then it becomes a solid currency in the eyes of traders and investors. Therefore, the price is unlikely to take a sudden dip. However, this also means it won’t be rising past the $1 mark any time soon.
Mark Cuban, the American Billionaire entrepreneur says about Dogecoin “I kind of think that it might level off at $1 and become somewhat like a stablecoin-“. This doesn’t by any means indicate that the cryptocurrency is a failure or not worth investing in. If anything, if it becomes a ‘Stablecoin’ then the currency will always have a place in the trading market as a fall back for investors when the market is too volatile.
If the Shiba Inu coin does somehow follow suit of Dogecoin, then we can expect the same type of yield in its growth. People are expecting big things from the joke coin and Shiba Inu may just be riding on its coattails but could still make waves. Though, as it stands, the chances of this seem low.
What Is Shiba Coin ?
