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A meme-based crypto-currency saw exponential growth over the past week. Yes, you heard that right! Meme-based. Let’s say millennial ideas are indeed governing the industry. With such change, now is the perfect time to discuss this cryptocurrency and its future potential.
In case you haven’t guessed already – we are talking about the Shiba Inu coin. Also known as the Shiba Tokens, the cryptocurrency saw a 35% increase in value. This was right after it was added to the Coinbase list of cryptocurrencies.
The token is even being applauded as a Dogecoin killer and is among the top 100 coins for market capitalization. With such high importance in such a short period, it becomes necessary to understand the details of this coin, its rate, and the impact it is going to have.
What are Shiba Inu coins?
Let us start at the complete basics. The Shiba tokens are a decentralized cryptocurrency created by an unknown person named Ryoshi in August 2020.
The currency’s name is based on a Japanese dog breed, “Shiba Inu,” the picture of which was on the dogecoin symbol. Both Dogecoin and the Shiba Inu coin were started as a joke but guess what? The millennial generation did manage to stretch this one too far.
Shiba Inu is an ERC-20 altcoin created on the Ethereum Blockchain. It is stated in the token’s whitepaper that it has an intention to build an ecosystem of three tokens with different supplies. The other two tokens that are in use at ShibaSwap are Leash and Bone. Shiba Inu coin functions as the foundation’s currency with a full collection of one quadrillion. The team responsible for the token has also created a decentralized exchange called ShibaSwap, which allows users to dig, hurry and fetch. These terms are used to provide liquidity, stake coins, and retrieve coins, respectively.
If it is not obvious already, most of the SHIBA terminology is based on something related to dogs. Thanks to the Twitter feed of Elon Musk and many meme-enthusiast investors, the crypto market often seems like a puppy mill. Like the very concept and names of this cryptocurrency, its rates have also depended on blizzard reasons. For instance, when Elon Musk expressed the desire to own a Shibu pup, the coin price skyrocketed to 300%. Similarly, on 13 May 2021, Vitalik Buterin, a Russian-Canadian programmer and writer, donated 50 trillion SHIBA tokens to the India COVID-Crypto Relief Fund.
Why Is The Shiba Inu Coin So Popular?
The Shiba tokens are one of the many pet coins that have gained popularity since the Dogecoins. Dogecoins was a parody currency that was started to showcase how people bought cryptocurrency without fully understanding them. With a higher market cap than many multinational companies, it is ironic how the currency never had a function. If put simply, the Shiba Inu coin has been performing so well because of the millennial concept of FOMO – Fear of missing out. The investors that missed the rage of dogecoins are now looking for the next Dogecoin.
This alone has resulted in the massive popularity of cryptocurrency. However, one major difference between the Dogecoin and the Shiba Inu coin is the presence of ShibaSwap. The presence of a decentralized exchange makes SHIB a part of the decentralized financial ecosystem on Ethereum. It allows users to access certain aspects of the exchange, such as gaining yield and swapping tokens. These are functionalities that we’re not allowed by dogecoins.
What is the Cost of The Shiba Inu Coin in India?
SHIB to INR rate – as of 25 October 2021 – is ₹ 0.003090. It’s worth noting that Shiba Inu Coin is a highly volatile cryptocurrency.
Procedure to buy Shiba Inu Coin in India
There are not many Indian exchange platforms that list Shiba Inu coins. WazirX became the forerunner for listing the cryptocurrency for trading in the Indian rupee, check out the price of shiba inu in india. It is one of the leading trading platforms in India and here’s how you can buy SHIB using the WazirX app:
- Sign up using a valid email address and mobile number.
- Complete KYC by submitting valid documents such as Adhaar Card and PAN Card.
- Link your bank account or choose from different deposit methods to add funds to your WazirX account.
- Buy Shiba Inu from Quick Buy or through the Buy/Sell Option
- Place your order. Once the order is processed, the crypto will reflect in your WazirX Wallet!
Future of Shiba Inu Coin in India
Even though the current scenario is grim, there is positive news for the SHIBA token in store. Over the next three months, the Shiba Inu coin is set to see a 30% increase in its price, and by the beginning of next year, the price would be such that if you invest today, you might be able to bag 90% returns according to some analysts.
With its breaking out of the fallen wedge pattern, the Shiba Inu Coin shows that some bullish momentum is in the vicinity. Also, the Shiba token has shown some solid rates recently. Looking at this statistic, SHIB promises an optimistic future.
Conclusion
Currently, the Shiba Inu coin is offering bulls to anyone who missed the party. As pointed out by Fxstreet.com in an analysis, minor short-term corrections are normal in such an environment as the price action in Shiba Inu is overheated. Investors can use this current cooldown to join the party and reap the benefits later. As it is evident, the Shiba Inu coin has a lot to offer.
Is Ethereum Safe To Invest?
The Bitcoin market is unquestionably more volatile than the stock market. This may not be the market for you if you are incredibly risk-averse. Ethereum, on the other hand, may be a terrific investment for you if you're a diamond-handed investor who won't lose sight of short-term losses. Ethereum is a relatively safe investment as it is also based on blockchain.
How To Invest In Cryptocurrency?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is considered the procedure of verifying and adding transactions to the blockchain public ledger. Another option is via cryptocurrency exchanges. Exchanges generate money by collecting transaction fees, but there are alternative websites where you can interact directly with other users who want to trade cryptocurrencies.
What Is The Safest Cryptocurrency To Invest In?
Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.
How Safe Are Cryptocurrencies?
Cryptocurrencies can be safe, but your crypto wallets can be hacked if proper security steps are not performed.There are also dangers and uncertainties associated with investments, and we cannot declare any virtual currency investment risk-free. Buying and selling cryptocurrencies does not have to be dangerous if the trader is well-versed in the market and treats his coins with care.
Who Invented Cryptocurrency?
Satoshi Nakamoto invented cryptocurrencies and the technology that makes them function in 2009. The presumed pseudonymous individual or persons who invented Bitcoin used this identity. In addition, Nakamoto created the first blockchain database. Even though many people have claimed to be Satoshi Nakamoto, the person's identity remains unknown.
How To Invest In Cryptocurrency In India?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.
Are Cryptocurrencies Legal In India?
In India, cryptocurrency is legal, and anyone can buy, sell, and trade it. Because India lacks a regulatory system to regulate its operations, it is presently uncontrolled. According to the Ministry of Corporate Affairs, companies must now document their crypto trading/investments inside the financial year.
Is Cryptocurrency Banned In India?
No, cryptocurrency is not banned in India. India has seen its ups and downs in the crypto sector concerning its legal status. The Reserve Bank of India (RBI) issued a circular in April 2018 advising all organizations under its jurisdiction not to trade in virtual currencies or provide services to assist anyone in dealing with or settling them. A government committee proposed outlawing all private cryptocurrencies in mid-2019, with up to ten years in prison and severe penalties for anyone dealing in digital currency. The Supreme Court overruled the RBI's circular in March 2020, allowing banks to undertake cryptocurrency transactions from dealers and exchanges.
What Is Virtual Currency?
Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.
Can I Invest In Cryptocurrency?
Yes, with exchanges like WazirX, you may invest in cryptocurrency in India. To begin, go to the WazirX website and register. After that, you will receive a verification email. The link received by verification mail will only be available for a few seconds, so make sure you click it as quickly as possible. This will successfully verify your email address. The following step is to set up security, so choose the best solution for you. After you've set up the security, you'll be given the option of continuing with or without completing the KYC process.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
