Related Articles

5 things to know about the SHIBA INU Coin

BitForex Editor
May 08, 2021

By now, it is probably a known fact that the world as we know is transforming into a digital space. Now, this is not for aspects like marketing, sports but everyday life. Cryptocurrency has changed the way the finance world looks, with Bitcoin, Ethereum, and other altcoins changing the way payment platforms, exchanges, and life, in general, go on. It is a great time to be alive as Cryptocurrency aims to simplify transactions and payments according to global platforms and ensure the security of all transactions from anywhere in the world. Therefore, many new digital currencies will begin to spring up in the hopes of being the next big thing for investors to capitalize on. This is why the song of Dogecoin to the moon continues to linger in the ears of holders.

Ironically, the craze of Cryptocurrency is at an all-time high in the world when a decade ago, it was categorized as a joke and a scam. Similarly, one of the new cryptocurrency tokens likened to be a joke available in the financial market today is the Shiba coin. Interestingly, the Shiba token has been regarded as a scam or, worse still, a get-rich scheme that rewards holders alone. There are claims that the coin defeats the purpose of Cryptocurrency in itself.

However, this article will expose you to five things you need to know about the Shiba coin. But first, here is a caveat, Cryptocurrency is a highly volatile business. Some weeks ago, we were celebrating Bitcoin hitting an all-time high of $60,000. Sadly, in the space of a day, the price dipped to $47,500, a sad day for many that were holding. However, before you invest in any hot altcoin or currency, you need to make sufficient inquiries and conduct the relevant respect before investing. This is especially true when you are thinking of investing in untested currencies or coins that haven't been around for too long.

Therefore, here are five things you need to know about Shiba coins.

It is known as the Dogecoin Killer

This tagline is a queer name to out on their website, but it creates the attention they desire. The Shiba coin was created to give Dogecoin a run for its money. Both bitcoin reward holders tremendously, but Shiba coin rewards holders in billions. Invariably, if you can hold successfully, you can have billions of SHIB tokens in your wallet. There is also a claim that the SHIB token can go under a penny and will still outdo Dogecoin even with all its prospects.

Free and Fair system

The Shiba network has locked half of the total supply in Uniswap, and the other half is secure with Vitalik Buterin. It was the first decentralized Cryptocurrency to do it, making everyone looking to buy the toke to go to an open market. The Shiba network ensures a free and fair distribution of the tokens so that developers cannot own a token that they will subsequently dump anywhere. Therefore, holders enjoy billions of tokens, and also, there is no form of bullying in the digital space.

Price Changes

This should not be a new thing when it comes to Cryptocurrency. Whether it is Bitcoin, Ripple, BNB, Ethereum, or any other cryptocurrency, every market is subject to price changes. This situation arises based on the activities of the buyers and sellers in the markets. The More pressure each side puts on the market, the more the market will tilt in their favor. If the buyers are in control of the market, there is a high chance that the market will begin to pump, while if sellers are in control, they will drive the process down. This same situation affected the Shib coin as well, as, on April 20, 2021, the Shib coin rose to $0.00004. However, due to the frequent activities of the buyers and sellers, the price dropped to what it is currently today. By May 6, 2021, the Shiba coin is at $0.00000163, according to CoinMarketCap. The dip in the price of the Shiba coin has made people believe the token is unstable.

This is correct; there is no cryptocurrency on the market today that has a stable price for traders and investors to hop on. However, it is important to invest wisely and understand how the market works before investing.

Worldwide Spread

The Shiba token is gradually gaining momentum in different parts of the world as effects are being added to connect people to the network. There are options to connect with them on Telegram, Twitter, and other social media platforms if people are looking for more information about the token on the website. People from Africa, Europe, and America can get the token with a click of a button.

Fees

The fees of the Shiba token could be higher than other regulated investments. Considering the Shiba token being new in Crypto, it may not be easy to convert the assets back to cash. Also, if anything goes working, there is not much you can do as there are not many regulations that ensure the protection of the token. These are some of the flaws of the network.  Hence the need to investigate and be sure of the investment opportunity you are getting into. Plus, visit exchange platforms that are certified and safe to verify the credibility of the Shiba token.

Conclusion

We understand that Cryptocurrency has become a platform that has propelled a lot of people to become multi-millionaires. With the endemic and the way interests in Crypto grew during that period, it is only a matter of time before more people get on the crypto train. However, investing in crypto deals with analyzing the risks involved. Look at the pros and cons plus the story of the coin before investing. Also, not all altcoins are scams simply because they dipped in price. The work of Crypto is volatility personified; it is only the brave and the well-calculated that can weather the treacherous storm.

About BitForex:

BitForex is an exchange service platform that can be classified as one of the Top 20 cryptocurrency exchange services. It is focused on providing millions of users with a digital currency trading and investment tool that is not only safe but also professional and convenient. BitForex has a high customer-oriented culture and state-of-the-art financial technology.

BitForex is programmed in a way that it can quickly adapt to the changes of the Crypto market while introducing new features like margin trading, enhanced trading charts,  derivatives, and a host of others. The headquarter of BitForex is located in Hong Kong, while there are branch offices in countries like the United States, South Korea, and Singapore.

More details:

BitForex / Social Trading / CAPP TownEazySwap

Scan to download for iOS or Android