Should I invest in Shiba Inu today?

What is Shiba Inu?

One of the most well-liked meme-inspired protocols, Shiba Inu runs on Ethereum, the most well-liked smart contract blockchain technology globally. Shiba Inu's protocol is powered by its proprietary token, Shiba Inu Coin (SHIB). It trades under the ticker symbol SHIB on the different cryptocurrency exchanges where it is listed. In August 2020, a group of people using the alias RYOSHI created the Shiba Inu and made it available to the general public. At the same time, its novel token, SHIB, became a crypto trading asset, starting with a small amount on various exchanges.

Shiba Inu had no funding, in contrast to other cryptocurrency projects that go through an initial coin offering and receive millions of dollars from angel investors. Additionally, neither a centralized team nor overt leadership exist. The general public, who have committed their hard-earned money to supporting Shiba Inu to the very end, is responsible for the project's future. Shiba Inu, according to the project's development team, "is an experiment in decentralized spontaneous community building."

The way the SHIB tokens were distributed was peculiar. The Ethereum creator, Vitalik Buterin, received 50% of the tokens, and the other 50% were kept secure on the decentralized exchange Uniswap.

There are 549 trillion tokens in circulation from a total supply of 1 quadrillion. As an ERC20 token, Shiba Inu is building a decentralized exchange ( DEX) called ShibaSwap to compete with Uniswap and SushiSwap on Ethereum, PancakeSwap on Binance Smart Chain, and JustSwap on the Tron Network. Shiba Inu's official website claims that the DEX's finishing touches are still being made and that both supporters and doubters of the cryptocurrency will be informed once the launch has taken place. The first digital currency to be listed on the decentralized exchange is its novel token, SHIB.

Why investing in Shiba Inu a good idea

Investing in cryptocurrencies involves risk. When deciding, taking calculated risks and being prepared for losses are essential, even if you believe you have made the right decision.

Shiba Inu (SHIB) is a promising cryptocurrency with much potential. It's important to remember that the price of Shiba Inu is highly volatile, and you should only invest what you can afford to lose.

However, Shiba Inu might succeed in the long run because of a strong community and Elon Musk's support. So, if you're considering investing in Shiba Inu, research and ensure you're comfortable with the risks before investing.

Why investing in Shiba Inu might be a problem

You now know why Shiba Inu is a good cryptocurrency investment. However, no investment is foolproof. It's essential to be aware of Shiba Inu's risks before investing.

Slow tech development

One of Shiba Inu's most significant disadvantages is the slow rate of tech development. The Shiba Inu team has not been active in developing the Shiba Inu protocol, and the Shiba Inu team has not released a roadmap or any technical updates since the project was launched. As a result, Shiba Inu lags behind other meme coins regarding technological advances.

Shiba Inu is a meme coin whose price is highly volatile

Shiba Inu is a meme coin, and its price is highly volatile. The price of Shiba Inu has been known to fluctuate rapidly, and it could continue to do so in the future. Shiba Inu is risky, and you should only invest what you can afford to lose.

Low adoption rate

Shiba Inu has few distinguishing features compared to the thousands of other cryptocurrencies on the market. Because of this, SHIB has a low adoption rate, especially among corporations outside the crypto market.

As of 2023, fewer than 100 organizations use SHIB as payment. Shiba Inu's growth value may be curtailed due to this challenge, which occurs mainly when Shiba Inu competes with other high utility cryptocurrencies, such as Bitcoin and Ethereum.

How much should I invest in Shiba Inu?

When it comes to cryptocurrencies like Shiba Inu, there is no "right amount" or set minimum investment. You can purchase Shiba Inu coins with as little money as your preferred cryptocurrency exchange or brokerage will let you use and as much money as your trading background, available funds, risk tolerance, and investment strategy will allow. TU experts typically advise allocating no more than 10% of your income to Shiba Inu or other asset investments.

Is investing $100 or $1000 in Shiba Inu enough?

There is no set sum that is sufficient for an investment, but it would be logical to estimate how much you can put into cryptocurrencies over a given time frame. Shiba Inu could fetch more than 80 million of the cryptocurrency for a $1,000 investment made today. Additionally, that same amount could be worth $8,140.16, a nice return of 714%, if the meme coin returns to its late-2021 high.

Depending on your capabilities, you could invest, for instance, $20, $100, or $1,000 each month. The main rule is not to invest more in cryptocurrency than you can afford to lose. Investing in this way also enables dollar-cost averaging, which involves making investments both when the market is rising and falling.

How long should I keep Shiba Inu?

You can answer this question most effectively if you have any Shiba Inu tokens. You should have also established a target for yourself, such as "if it reaches this price, I'm booking my profits" or "if it increases by a certain percentage, I'm booking my profits." Bearish and sideways cryptocurrency cycles typically last between two and three years. If you're buying in a bear market, you need to be patient. Sooner or later, the market might increase, but when the market is euphoric, it is typically worthwhile to sell.

Should I invest in Shiba Inu now?

Since all cryptocurrencies are speculative, you should only invest if you feel comfortable doing so. TradersUnion experts advise that you begin with a smaller investment to assess SHIB's performance because prices can change abruptly and either drop or soar. Shiba Inu is known to be riskier than the majority of cryptocurrencies, so you should exercise caution when investing. According to TU experts, because SHIB is a meme coin, investor fervor rather than other, more formal factors primarily determines its value. As a result, your investment could be lost if investors start to lose interest in the meme coin.

The best crypto exchanges to invest in Shiba Inu.

1

9.4/10

Go to broker

Your capital is at risk.

Minimum deposit:

$1

Review

The Binance exchange is one of the largest cryptocurrency exchanges in the world with its headquarters in Hong Kong. According to the CoinMarketCap cryptocurrency portal, Binance holds the top spot in terms of aggregate indicators of the platform's daily turnover, the number of novices and active users, liquidity, and web traffic (ranking, queries, statistics in search engines, etc.). The exchange is also a cryptocurrency startup that has its own “native asset” used in the Binance ecosystem as the “basis gas” (payment internal unit). More about Binance Card

Pros/Cons

•low commissions due to liquidity and trading volumes.

•high platform performance;

•proprietary BNB Coin which allows Binance to reduce the commission size;

•a proprietary cold wallet guarantees the security of your crypto assets by storing them.

•complex verification procedure;

•the exchange is not licensed by a regulator;

•The platform can go offline without warning;

•there are complaints about the technical functionality of the platform;

•there is an intricate mechanism for calculating commissions and rewards (grid system Maker/Taker).

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2

9.2/10

Go to broker

Your capital is at risk.

Minimum deposit:

₮1

Review

The BitGet crypto exchange provides traders with the opportunity to trade in spot, futures, and cryptocurrency. Cryptocurrency is used exclusively as instruments at the exchange: BTC (₿), LTC (Ł) ETH (Ξ), USDT (₮) and others. Trades are carried out on the crypto exchange’s own platform, which is available as a web terminal and an application for mobile devices. BitGet's fees are lower than its competitors in the market, with maker fees of 0.02% and takers of 0.06%. The commission can also be paid with bonus funds that each BitGet client receives upon registration, verification, and a trading account replenishment. There are no fees for maintaining an account, but a commission is charged upon withdrawal, the amount of which depends on the cryptocurrency in which the withdrawal is made. For investors, BitGet offers its own service for copying trades, and it is available at the exchange and at an affiliate program. Novice traders can use demo accounts to hone their trading skills, but there are no educational materials on the website. The BitGet cryptocurrency exchange provides services on an international level and cooperates with traders from different countries.

Pros/Cons

•availability of demo accounts;

•convenient ways to contact the support service;

•a wide range of cryptocurrencies for account replenishment;

•service of copying trades for receiving passive income;

•ability to reduce commissions using credits earned in the bonus program;

•ability to engage in algorithmic trading;

•the exchange uses hot and cold cryptocurrency wallets to store client funds.

•Deposits and withdrawals in fiat currencies are not available.

•There are no educational materials for novice traders on the exchange website.

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