Shiba Inu is Competing With Other Memecoins for Leadership. What Could Make It a Good Investment?
2022-05-13 16:45:28
Is Shiba Inu Considered A Good Investment Nowadays?
The rise of memecoins in the cryptocurrency market started in 2020/2021 with Elon Musk claiming to own Dogecoin, the most important one of all. Since then, people began to speculate what would be the next meme coin to pump up in price. Hence, people started to buy Shiba Inu coin, which was launched in August 2020 as an attempt to capitalize on the mass appeal that Dogecoin generated. Shiba Inu was listed on several crypto exchanges and had a great price trend after just a few weeks of its existence: it hit its all-time high of $0.00008 and reached a market capitalization of more than $34.29 billion. After this, its price began to fall relentlessly, probably due to a general decrease of interest in investing in memecoins.
An important thing to note is that, as the weeks went by, many other memecoins, more or less similar to Shiba Inu and Dogecoin, were launched. It is estimated that today there are more than 200 of them, and the number is likely to grow. However, for Shiba Inu the race for leadership has become more difficult than what it was with Dogecoin. Even though Shiba Inu has been given the name of ‘Dogecoin Killer’, it still needs to prove that to be true by developing something that makes it more interesting than Dogecoin.
In the short history of Shiba Inu, we have not yet seen great technological developments, but only marketing campaigns and news regarding its listings on various exchanges. It is true that SHIB token has also been accepted by some merchants, but probably only because the team wanted to go with the flow of the past trend. The only noteworthy product seems to be a DeFi-like platform called Shibaswap launched in July 2021. The platform lets its users add liquidity to the pool as well as swap and stake tokens. The platform will also soon allow its users to access NFTs and additional tools, but these features are not yet specified. However, this should be the primary step for the 2.0 update, which is described as a ‘crypto portal’. Regardless of the content included, the so-called ShibArmy has already embraced ShibaSwap 2.0, seeing it as a vital piece of the Shiba ecosystem’s future. One thing that they could do, is to introduce a coin max supply, in order to make the token a little more attractive in the eyes of investors.
Investing in meme coins is very risky and should be done with caution. These coins are extremely volatile because they have no real use-cases. On the other hand, since these are highly influenced by marketing and community hype, buying them at the right time has the potential to bring in high returns. For example, if the Shiba Inu team continues to develop new products, we may see a rise in the price of SHIB in the future. Crypto exchanges like Gate.io provide information and tutorials about their coins listed, which might help you to choose what to do.
The rise of memecoins in the cryptocurrency market started in 2020/2021 with Elon Musk claiming to own Dogecoin, the most important one of all. Since then, people began to speculate what would be the next meme coin to pump up in price. Hence, people started to buy Shiba Inu coin, which was launched in August 2020 as an attempt to capitalize on the mass appeal that Dogecoin generated. Shiba Inu was listed on several crypto exchanges and had a great price trend after just a few weeks of its existence: it hit its all-time high of $0.00008 and reached a market capitalization of more than $34.29 billion. After this, its price began to fall relentlessly, probably due to a general decrease of interest in investing in memecoins.
An important thing to note is that, as the weeks went by, many other memecoins, more or less similar to Shiba Inu and Dogecoin, were launched. It is estimated that today there are more than 200 of them, and the number is likely to grow. However, for Shiba Inu the race for leadership has become more difficult than what it was with Dogecoin. Even though Shiba Inu has been given the name of ‘Dogecoin Killer’, it still needs to prove that to be true by developing something that makes it more interesting than Dogecoin.
What Is the Shiba Inu Team Doing in Terms of Development?
In the short history of Shiba Inu, we have not yet seen great technological developments, but only marketing campaigns and news regarding its listings on various exchanges. It is true that SHIB token has also been accepted by some merchants, but probably only because the team wanted to go with the flow of the past trend. The only noteworthy product seems to be a DeFi-like platform called Shibaswap launched in July 2021. The platform lets its users add liquidity to the pool as well as swap and stake tokens. The platform will also soon allow its users to access NFTs and additional tools, but these features are not yet specified. However, this should be the primary step for the 2.0 update, which is described as a ‘crypto portal’. Regardless of the content included, the so-called ShibArmy has already embraced ShibaSwap 2.0, seeing it as a vital piece of the Shiba ecosystem’s future. One thing that they could do, is to introduce a coin max supply, in order to make the token a little more attractive in the eyes of investors.
Why Should People Invest in Memecoins and Particularly in Shiba Inu?
Investing in meme coins is very risky and should be done with caution. These coins are extremely volatile because they have no real use-cases. On the other hand, since these are highly influenced by marketing and community hype, buying them at the right time has the potential to bring in high returns. For example, if the Shiba Inu team continues to develop new products, we may see a rise in the price of SHIB in the future. Crypto exchanges like Gate.io provide information and tutorials about their coins listed, which might help you to choose what to do.
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