We all have heard about Dogecoin and Shiba Inu is kind of in the same range. It is a meme cryptocurrency that has given staggering returns in the past few weeks. The coin has climbed ranks pretty fast and is now among the top 25 coins by market cap. It has been built on the Ethereum network and is also based on the same dog meme-like Dogecoin. This is why the Shiba Inu coin has also been termed as the killer of Dogecoin.
What is the Shiba Inu coin?
It was made purely for comical purposes, just like Dogecoin. And just like Dogecoin, it also received huge popularity as the price surged and gave colossal returns to investors. The website of the currency claims it to be a decentralized community building. It is only an ERC-20 token that allows users to holds billions and trillions of coins. Shiba Inu has been listed on some centralized exchanges, but their website says it’s best to buy it from Uniswap or 1Inch.
Shiba Inu has a huge, huge supply of tokens, half of which are locked into Uniswap and the other 50% to Vitalik Buterin. The makers of Shiba Inu are also planning to release more tokens on the market and take on dogecoin. The name of these tokens is LEASH and BONE. Both of them seem to be dog terms. A great thing about the token is that the developers do not hold them. That means a chance that the price of Shiba Inu will decrease after it reaches a certain price and developers dump their coins is not possible.
How to buy the coin in India?
Even though the site recommends that users buy Shiba Inu tokens from decentralized exchanges, it is highly unlikely that users will do that. Using such sites could be a little difficult if you compare them to traditional sites and exchanges. The largest and most popular exchanges in India (WazirX and Coinswitch) do not have Shiba listed on their platforms. But Binance has recently listed it on their site. So, it is an easy recommendation for anyone looking to purchase the coin. Or, one can alternatively use Pancake swap or Bitmart app to buy Shiba Inu. Here is an easy way to purchase the coin and many other such tokens without any hassle.
- Install the Coindcxgo app and make an account. After that, do your KYC, add a bank account, and set a withdrawal password. After the password is set, it will take 24 hrs for the funds to get unlocked.
- Deposit INR and purchase TRX or XRP. It’s because these two coins can be transferred free of cost from the platform.
- Now install the Bitmart app, make an account and do your KYC.
- Go to the assets section, select the deposit option, and search for TRX.
- Copy the deposit address and open Coindcxgo, and open the investment option.
- Select TRX and send it by using the address you have copied.
- After the transfer is reflected on your Bitmart account, sell it for USDT on that platform.
- Now using the USDT, you can purchase Shiba INU or any other token on the platform.
I have recommended this method because I use this personally, and Bitmart has many tokens that people are interested in.
Will Shiba reach 50 cents like Dogecoin?
Even though it is said that Shiba Inu is a competitor of Dogecoin, it is not necessary that the price of the coins have to be the same. It’s all about the market cap that means the total supply and price per token. Shiba has a much bigger supply than Dogecoin, and that makes it incredibly difficult to reach the same price as Dogecoin. At present, Dogecoin has a market cap of around $58 Billion at a price of $0.44. And on the other hand, we have Shiba Inu with a market cap of $8.9 billion at a price of $0.000022.
This means if Shiba does reach even 1 cent, its market cap will be larger than that of BTC. So, that you know, the market cap of BTC is just under $1 trillion after the recent market dip. So, it is not practically possible for Shiba Inu to reach the price of 50 cents like dogecoin. Hence, if you have missed out on the gains that Dogecoin gave in the last few months and are exploring other options, don’t expect Shiba to reach 50 cents or even 1 cent and make you a millionaire.
Should you buy Shiba?
The price of Shiba has already increased drastically in the past few weeks. It even made a record high of $0.00005 after the pump. But after the recent price dip of BTC and other tokens, even Shiba experienced a dip. At present, the price of the coin is $0.000022 and it is a bargain considering the price it was at. This means it is not a bad idea to invest in the coin for short-term gains.
Since it is a meme currency only invest an amount that you are okay with losing because there is no such fundamental of the coin. I think investing 1-2% of your entire portfolio in such coins is a good idea. If you are lucky enough maybe that few bucks could make you a millionaire. For example, a guy invested around $6 in Safemoon and it became $420,000 in just around 43 days.
Are you interested in purchasing the Shiba Inu coin and make a quick buck? If yes, how much are you planning to buy? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.