Blog Crypto Shiba Inu Coin: Just a Meme Coin or Worth Your Time?

Shiba Inu Coin: Just a Meme Coin or Worth Your Time?

date May 27, 2022 time 5 min read 467 views

In 2021, a strange thing happened: Everyone suddenly felt an urge to invest in dog-themed cryptocurrencies. Dogecoin got the bulk of the attention, but Shiba Inu emerged as a strong second—and while it’s now down from its highest peak, it still has a respectable position in the crypto world. Are meme coins just a long-gone fad, or could shiba inu coin be a good investment? 

It was unbelievable enough when dogecoin reached incredible heights, but most people told themselves that lightning couldn’t strike twice. Yet in came shiba inu coin (SHIB), repeating almost the exact same formula with equally astounding results. The coin saw its price increase 186% in just five days, which isn’t an achievement to downplay.

But shiba inu coin has also had some major downward swings—and, well, it’s a coin based on a dog. It’s only natural to feel a little skepticism. Is there any value in SHIB, or is it just a load of hot air with no substance? Let’s take a closer look.

Shiba inu coin review

Shiba inu is often described as a meme coin, and we’ll get into what that really means shortly. It also tends to be compared to dogecoin, and its team doesn’t exactly discourage that—they once called the project a “doge killer.” 

shiba inu coin
The shiba inu coin website is certainly a sight to behold. (Source: Shiba Token)

You only need to head to Shiba Inu’s website to see that the project doesn’t take itself as seriously as some cryptocurrency protocols, with the page full of lighthearted puns and amusing images of dogs.

But what is Shiba Inu, beneath all the jokes? While Dogecoin is a bitcoin fork, Shiba Inu is based on the Ethereum network. As a result, its team have been able to create their very own ShibaSwap DEX (a decentralized exchange) and to host NFTs

Yet Shiba Inu is more than just a copycat project—it’s a completely decentralized ecosystem run by its community, who were all brought together by their shared love of Shiba Inu dogs.

As for the shiba inu coin itself, the currency is used for transactions within its own platform, just like ether. 

You can also stake it on some protocols to earn a return, such as Binance.

Shiba inu coin price history 

When shiba inu was launched in 2020, not many analysts would have placed their bets on it becoming the next craze. Yet the “cute” marketing strategy of the coin managed to garner support, even among high-profile figures like the Ethereum founder Vitalik Buterin. 

Yet the gamechanger almost certainly came when dogecoin started to take off in April 2021.

In May 2021, SHIB enjoyed a sudden spike in price. And while this didn’t last, success would come a few months down the line. SHIB enjoyed an incredible price surge in October, going from a value of $0.0000279 to $0.00008 in five days. This might not sound like much when we’re talking about such small numbers, but it actually represents an increase of 186.738%. 

Although its price fell down again and it’s now worth less than $0.0002, the story may not be over yet for SHIB—but we’ll let you be the judge of that.

shiba inu coin price
The shiba inu coin price has had some impressive swings. (Source: CoinMarketCap)

How to buy shiba inu 

Against all odds, shiba inu coin has made a name for itself as one of the world’s top cryptocurrencies. At the time of writing, it’s number 16 on the list by market capitalization (according to Coingecko), putting it just five places behind DOGE. 

As a result, SHIB on all major exchanges, including the likes of Coinbase and Binance.

After you make a purchase, Shiba Inu recommends storing your holdings on a MetaMask wallet, which is compatible with the coin. But before you blindly buy a meme coin, you should probably ask yourself a few questions. 

Are meme coins safe? 

Shiba inu is what’s known as a “meme coin,” which means it was inspired by a meme and launched primarily to encourage people to rally around said meme. This might sound strange, but it’s all about creating a community and hype, just as music fans like to buy merch from their favorite artist. 

shiba inu coin
We can all appreciate a cute dog, but does that mean you should buy everything made in their image? (Source: Unsplash)

As you might imagine, meme coins attracted even more controversy than the average cryptocurrency (and we all know they’re not short of criticism). But are they safe? Yes and no. Memcoins aren’t downright scams, and you can make money from them—but they’re not exactly safe investments either.

The good news

On the positive side, it’s possible to make some serious money from investing in meme coins over the short term. You saw how much SHIB increased at its peak, after all. 

Ultimately, the entire cryptocurrency market is built on speculation to some extent, but meme coins capitalize on this to the max by encouraging crazy rallies built on little other than “joining a movement.” People tend to pour their money into current trends or things that resonate with them, meaning memecoins are more likely to experience major swings.

We’ve seen this in the past with coins like SQUID (based on SquidGames), and even in the traditional stock market—remember GameStop

However, to get ahead of the game, you need to be able to predict public sentiment to some extent. Can you spot future crazes ahead of time (and back out at the right point too)?

A word of caution

Shiba Inu and its counterparts can be profitable, but they’re also incredibly volatile. Just as public sentiment can result in big profits, it can cause huge losses, so it’s only suitable for trading rather than investing over the long run. 

Ultimately, its main value is novelty, and it’s just another cryptocurrency based on the Ethereum blockchain. Chances are that we won’t all be buying our groceries with shiba inu coin in 2050.

In summary: If you fancy yourself to be an expert at predicting and riding the waves of public opinion and you’re only going to invest what you can afford to lose, a project like Shiba Inu could be worth a look. Otherwise, it’s probably best to stay away.

A better way to boost your crypto portfolio

Investing in risky assets like shiba inu coin isn’t the only way to get involved in crypto. If you’re looking to build your crypto portfolio, why not take a look at our new native MCT token

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  • 50% discount on NFT fees through MyConstant 
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George Schooling

George Schooling

Earn up to 15% APY on your idle stablecoins (USDC, USDT)

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