Shiba token review
Shiba Inu has countless posts on forums and Reddit threads accusing the coin of being a scam. After its performance in , those claims have been silenced. Unfortunately, this is a rite of passage a majority of cryptocurrencies experience and for good reason. Many have been unfortunate enough to lose their hard-earned money at the hands of those with malintent. Presenting a seemingly interesting crypto opportunity, only to disappear with all the money.
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Shiba token review
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Content:
- Shiba Inu gets Binance listing — the Dogecoin killer is on the rise
- New York brothers become overnight millionaires after investing in 'joke' cryptocurrency
- How high can meme coin prices go?
- 5 Crypto Investments That Could Steal the Spotlight from Shiba Inu, According to Experts
- What is Shiba Inu Token?
- Shiba Inu Beats Bitcoin, Ether, and Dogecoin as Most Popular Cryptocurrency on Twitter: Report
- Beware of cryptocurrency scams! From Squid coin to memes, know the 'Wild West' of crypto
Shiba Inu gets Binance listing — the Dogecoin killer is on the rise
Shiba Inu is widely considered to be an alternative to Dogecoin ; in fact, proponents of Shiba Inu tout it as "the Dogecoin killer. Shiba Inu and Dogecoin are meme coins, which are cryptocurrencies that are associated with some theme—like the Shiba Inu dog in the case of Shiba Inu and Dogecoin—but are often launched as a parody or inside joke rather than as a digital product that actually has some utility.
While Dogecoin was launched in December , Shiba Inu was created in August by an anonymous individual or group called Ryoshi. A tweet from Tesla founder Elon Musk on Oct. Because Musk is one of the most high-profile supporters of Dogecoin and the self-proclaimed "Dogefather," his cryptic tweets often result in heightened volatility in the cryptocurrency space.
It remains to be seen whether Shiba Inu will indeed become "the Dogecoin killer" that its growing community of supporters—known as the SHIBArmy—expects. But at least in October , the stunning price gains of this previously obscure altcoin made Shiba Inu the tail that wagged the Dog ecoin. The guiding tenets of the Shiba Inu ecosystem are spelled out in a "woof paper" presumably a play on white paper , available at the ShibaToken. Because Shiba Inu is an Ethereum-based ERC token , it is created on and hosted by the Ethereum blockchain , instead of its own blockchain.
Ryoshi states in the paper that he chose to build the Shiba Inu ecosystem on Ethereum because it was already secure and well-established, and it allowed the project to stay decentralized. The Shiba Inu ecosystem consists of the following three tokens:. The Shiba Inu Ecosystem also includes:. In keeping with the dog theme, the aforementioned Shiba Inu woof paper uses canine terms to describe how returns can be generated from one's Shiba Inu tokens.
On ShibaSwap, these tokens can be used to "dig" provide liquidity , "bury" stake tokens , and even "fetch" exchange one token for another. Tokens used in these strategies generate "Woof" returns in the form of Bone tokens that are distributed to token pools known as "Puppy Pools," according to the woof paper. For cryptocurrency enthusiasts, part of the allure of meme coins is that they reject conventional protocols, and this unconventional approach may extend to the use of canine terms to describe return strategies.
But they certainly seem to be a world away from staid investment terms such as return on investment and liquidity. Investing in cryptocurrencies is risky enough because of their massive volatility and lack of regulation. Here are some investing considerations for a potential investor in Shiba Inu. Limited utility and use case : Though its adherents may point out that Shiba Inu-based NFTs are now available, and its Ethereum base might enable smart-contracting capabilities in the future, Shiba Inu presently has very limited utility and does not have a compelling use case yet.
On Aug. That eye-popping return also means that Shiba Inu has achieved its founder Ryoshi's objective of creating something from nothing in spades. However, those gains may likely have been driven by social-media-fueled speculative frenzy as cryptocurrency enthusiasts look for the next big thing. If the bubble bursts, retail investors who got in at the highs may be left holding the bag. Some trades in recent decades have become the stuff of investing legend, such as George Soros' wager against the British pound in , or the short subprime mortgages trade by John Paulson from to In terms of sheer percentage gains, a purported trade in Shiba Inu by an unknown trader puts even those legendary trades in the shade.
In percentage terms, that's a 5. For a number of reasons. Firstly, SHIB soared more than tenfold in October , placing it in the top 10 of all cryptocurrencies. As a result, it attracted a great deal of interest from traders and garnered considerable media attention.
Secondly, Tesla founder Elon Musk tweeted a picture of his new Shiba Inu puppy Floki in the first week of October, generating significant retail investment in the meme token. Yes, Shiba Inu is a very risky, speculative investment. Cryptocurrencies can be extremely volatile, and SHIB's recent gains may make it vulnerable to a significant decline.
Shiba Inu also has very limited utility, and its value is based mainly on a social-media-fueled speculative frenzy. Your Money. Personal Finance. Your Practice. Popular Courses. Investing Cryptocurrency. Table of Contents Expand. Table of Contents. What Is Shiba Inu? Understanding Shiba Inu. The Shiba Inu Ecosystem. How to Buy Shiba Inu. Shiba Inu Investing Considerations. Is Shiba Inu a Risky Investment? It is widely considered to be an alternative to Dogecoin and is touted as "the Dogecoin killer" by its supporters, a community known as the SHIBArmy.
Shiba Inu was created in August by an individual or group called Ryoshi. Shiba Inu Investor Makes Legendary Trade Some trades in recent decades have become the stuff of investing legend, such as George Soros' wager against the British pound in , or the short subprime mortgages trade by John Paulson from to Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts.
We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace.
Related Terms Dogecoin Dogecoin is a peer-to-peer, open-source cryptocurrency that is categorized as an altcoin. Started in as a joke, Dogecoin has a loyal fanbase. Learn about altcoins, how they work, and which are the most popular. What Is Ethereum? Ethereum is a blockchain-based software platform with the native coin ether. Ethereum smart contracts support a variety of distributed apps across the crypto ecosystem. What Is Cryptocurrency?
A cryptocurrency is a digital or virtual currency that uses cryptography and is difficult to counterfeit. Terra Terra refers to an open-source blockchain protocol for stablecoins and apps, and one of the two main cryptocurrency tokens under this protocol.
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New York brothers become overnight millionaires after investing in 'joke' cryptocurrency
Shiba Inu is widely considered to be an alternative to Dogecoin ; in fact, proponents of Shiba Inu tout it as "the Dogecoin killer. Shiba Inu and Dogecoin are meme coins, which are cryptocurrencies that are associated with some theme—like the Shiba Inu dog in the case of Shiba Inu and Dogecoin—but are often launched as a parody or inside joke rather than as a digital product that actually has some utility. While Dogecoin was launched in December , Shiba Inu was created in August by an anonymous individual or group called Ryoshi. A tweet from Tesla founder Elon Musk on Oct. Because Musk is one of the most high-profile supporters of Dogecoin and the self-proclaimed "Dogefather," his cryptic tweets often result in heightened volatility in the cryptocurrency space.
How high can meme coin prices go?
Fans of the Shiba Inu cryptocurrency token have reacted with disappointment after the Kraken cryptocurrency exchange did not add the coin to its platform on Tuesday. Excitement over a Kraken listing began on Monday when the exchange's official account posted a tweet claiming that "if we get 2, likes we will list SHIB tomorrow. The tweet easily surpassed this target, achieving tens of thousands of likes by Tuesday, as well as many thousands of retweets. Users began to speculate that Kraken really would add Shiba Inu to its platform on Tuesday night when the exchange posted a notice on its website saying it would be down for maintenance between 6 p. ET that evening. The post said the company had heard the cryptocurrency's fans "loud and clear," but conceded: "There's more work for us to do as we move through our listing review process. Community is an important part of our considerations for all listings, and you have clearly shown your support.
5 Crypto Investments That Could Steal the Spotlight from Shiba Inu, According to Experts
Decided Shiba Inu is a good investment? You can invest in Shiba Inu today on eToro. Our team is diligently working to keep up with trends in the crypto markets. Keep up to date on the latest news and up-and-coming coins.
What is Shiba Inu Token?
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Shiba Inu Beats Bitcoin, Ether, and Dogecoin as Most Popular Cryptocurrency on Twitter: Report
Since August , the Ethereum-based cryptocurrency token Shiba Inu has attracted nearly , holders. These numbers have raised the cryptocurrency to the 20th step of the biggest cryptocurrency ladder. However, experienced cryptocurrency investors prefer trading with the proven crypto coins that have been circulating on the crypto market for a long time. These are famous Bitcoin, Ethereum, etc. Of course, relying on proven cryptocurrencies is safe, but investing in new crypto can bring you an even bigger profit.
Beware of cryptocurrency scams! From Squid coin to memes, know the 'Wild West' of crypto
Dogecoin rival Shiba Inu emerged as the most-popular cryptocurrency on Twitter, research firm ICO Analytics claims in its recent report. The analysis firm shared data for the month of October that shows Ether, Bitcoin, and Dogecoin occupying the second, third, and fourth positions, respectively, in the Twitter popularity index. In fact, the report says that while SHIB's popularity share on Twitter was at 22 percent, Bitcoin's was significantly lower at 8. The development seems to have added another feather to the cap of Shiba Inu meme-coin, which is being marketed as a Dogecoin-killer.
Shiba inu is generally perceived as a meme currency similar to other dog-themed cryptocurrencies such as dogecoin and has a similarly viral following of more than 1. SHIB had an initial total supply of 1 quadrillion, or 1,,,,, tokens. SHIB has been one of the most volatile crypto assets in Musk even got a Shiba Inu puppy , named Floki Frunkpuppy, triggering another market surge.
After the meteoric rise of Gamestop, Dogecoin and other speculative assets, new crypto projects have been trying to capitalize on the trend. Learn how smart money is playing the crypto game. Subscribe to our premium newsletter - Crypto Investor. One newer token called Shiba Inu, named after the dog representing Dogecoin, has dubbed itself the "Dogecoin killer. Shiba Inu's website says that the coin is a decentralized meme token that is growing into a vibrant ecosystem. The token's whitepaper says that the intention is to build an ecosystem consisting of three tokens with different supplies.
Over the past few years, the cryptocurrency market, which is still in its early stages, has gained a lot of momentum and has been drawing several young Indian investors' attention towards it. These days retail and institutional investors are keen to invest in digital currency for both - long-term and short-term - profits. Undoubtedly, cryptos like Bitcoin, Ethereum blockchain are among the popular cryptocurrencies of which most people are aware.
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