Buy Shiba Inu (SHIB)
Many users know the meme with a cute red dog, in the image of which the digital currency Dogecoin was later created. Unbeknownst to everyone, this coin became known, its value increased. In 2013, people began to wonder what digital money is. In 2020, the Dogecoin project has an "ally" - Shiba inu. Ethereum served as the basis for its creation.
The token development team acted anonymously, so they called their product an experiment on decentralized community building. They spoke out about becoming the killer of the popular Doge. Consider what Shiba inu is and how to invest in Shiba.
Shiba Inu - what is it? History of creation
The creator of the meme token is the anonymous user Resi. If initially the token was created as a parody of Doge, today Shiba inu is a decentralized ecosystem.
The project was launched spontaneously, but just a few weeks after the launch, the coin increased by 27,000%!
In March 2021, renowned American engineer Elon Musk tweeted that he was planning to acquire a Shiba Inu dog. Many fans of the billionaire knew that he was a fan of Dogecoin, so they decided that Musk would buy SHIB coins soon.
Traders began to actively purchase the asset. As a result, an hour after the posting of the tweet, the value of the coins increased by 68%. Over the next 2 days, the growth reached 1223%.
In the world of cryptocurrencies, a man named Vitaly Buterin plays an important role. As the father of Ethereum, he received a gift from the Shiba inu developers. They gave him 50% of all existing coins free of charge. This step is regarded as a marketing ploy. In May of this year, the founder of Ethereum destroyed almost all tokens, leaving only 10% of them. The balances were transferred to a coronavirus relief fund in India.
Buterin got rid of the coins for a reason. He realized that user interest in crypt memes is increasing. This poses real problems for Ethereum. The high commission makes the holders switch to other altcoins. After Vitaly's act, the price of the token collapsed along with the mood of investors.
How Shiba Inu works
Shiba Inu was released in August 2020 as an alternative to the well-known Doge.
SHIB is a limited issue. After the release, the token was added to the Uniswap exchange, and the rest (50%) was transferred to V. Buterin.
The Shiba Inu digital currency operates on the Ethereum blockchain, despite the fact that many developers are abandoning it due to high fees. Today, a large number of other blockchains operate with minimal fees. But Shiba was created on Ethereum for the following reasons:
- Network security.
- Good reputation.
- The web offers good opportunities for decentralization.
Ethereum is suitable for a project to change and develop without any obstacles.
Involvement in the NFT space
Shiba inu is gradually becoming involved in NFT, which stands for "non-fungible token". Many tokens work on the principle of fungibility, when 1 coin can be replaced with a similar one, but owned by another user.
Shiba Inu, in comparison with Doge, tries to provide more opportunities for earning. The low price was established in order to sell coins to everyone. The developers have succeeded. The dog has inspired millions of users to buy tokens.
Features of Shiba Inu
What makes Shiba special? Ryoshi voiced the rules that were involved in the project and made it unique:
- Not a single dollar was invested in its creation.
- Initially, there was no community. All designers, programmers, marketers, administrators came along with the launch and development.
- The coins did not go to advertising or other startup development.
- Ryoshi didn't have any tokens. He was only able to buy the SHIB cryptocurrency when it entered the markets.
What affects the price of Shiba Inu?
Situations that led to price jumps:
- Tesla CEO Elon Musk provided involuntary support. In March, he posted a tweet stating that the billionaire was going to buy a Shiba Inu dog. For 5 days, the rate of the coin of the same name increased by 2,000%. But when Musk denied information about his investments in October 2021, the price plunged 20%.
- The Dogecoin price hike in May 2021 triggered a rise in interest in other meme cryptocurrencies. One of them is the Shiba Inu coin. According to analysts' observations, 5 out of 10 top digital currencies are meme tokens.
- In addition, the same factors affect the price of a coin as other cryptocurrencies: changes in the bitcoin rate, market sentiment (bullish or bearish), the launch of new services, instruments, and an increase in transaction speed. The actions of financial regulators are also important.
What are the advantages of Shiba Inu
The developers have not yet revealed the secrets regarding the future development of the coin. But, in addition to launching ShibaSwap, the team wants to standardize products and integrate with the general cryptocurrency market.
The benefits of Shiba inu include:
- Reliability. The ERC-20 token operates on the Ethereum blockchain.
- Perspective. The development team plans to make the best ecosystem on the planet.
- Demand. The project was created as a clone of the popular Dogecoin. Any changes in its course have a positive effect on the dynamics of SHIB.
Where to Buy Shiba in Nigeria?
Today the SHIB coin is considered by many as a coin for successful investment. Investors hope that after the purchase of the token, their value will increase dramatically.
You can buy Shiba Inu in Nigeria on various cryptocurrency exchanges. The best ones are:
5. KuCoin and others.
By all major standards, Binance is the largest and most popular exchange. It is she who has a large turnover of funds and supports ruble transfers from bank cards and electronic wallets.
The token can also be easily and conveniently purchased on the trading platform. With the help of brokers who offer contracts for difference (CFD), traders have the opportunity to play on rate fluctuations without the need to purchase cryptocurrencies.
It was this fact that caused a wave of interest in CFD trading, and many experts said that the ability to trade without actually having cryptocurrencies is an absolute advantage of crypto CFDs.
How to start investing in Shiba Inu in Nigeria?
Investing in Shiba Inu in Nigeria is popular today, not only because digital currencies are promising, but also because of their high yield today. Investors need to know the specifics of the cryptocurrency market.
You can make a profit by buying CFDs (if you expect their price to rise) or selling them (if you are sure of the opposite market trend). Your profit will be determined as the difference between the purchase and sale of CFDs.
There are various strategies used when trading CFDs. They are quite simple, so they will be understandable even for novice traders. The most popular method for determining a long or short position:
- Long position. In a long position, the trader buys Shiba because he expects its prices to rise in the future. A high level of forecasting allows traders to make significant profits even with small fluctuations in the price of an asset. Transactions can be carried out on the basis of forecasts for both a month and a year.
- Short position. A short position occurs when a trader anticipates a fall in the value of Shiba and therefore decides to sell it. But at the next stage, the trader can buy the same asset, but at a lower price. If the forecast for a fall in the asset rate does not come true - its value will not decrease, but will grow - the trader will incur a loss on this position, the amount of which will be equal to the difference between the asset price at the time of the opening / closing of trades. The opposite is also true: if the forecast is correct, the trader will get profit. A short position allows you to make a profit within short (up to one minute) periods of time.
Advantages of trading platforms
- Trade without problems. Manage your trading on an easy-to-use platform without worrying about crypto wallets, cold storage, and more.
- Flexibility. Play up or down with leverage, capitalizing on rapid price movements, or invest in digital currencies using a mobile app or PC.
- Safe trading. Watch for price fluctuations. Since you are not the owner or holder of the coins, you do not need to worry about potential hacking or loss of access.
- Reliability. Trade with a licensed and regulated bank that protects your funds on a secure platform.
Should traders invest in Shiba in Nigeria?
The Shiba Inu token had a great start after its release, as the developers released it at just the right moment. The coin began to be purchased by those who at one time did not have time to purchase Dogecoin.
The new listing helped to increase the asset's value. After it was posted on Binance, its value doubled. Even the platform director spoke about this on his page on the social network. He noted that the new SHIB project is quite interesting.
It can be concluded that SHIB is still a speculative “product” created as an alternative to DOGE. But unlike him, Shiba Inu is not promoted by famous personalities. The coins were bought by those who want to try their luck and “rise” on the growth of the asset in the future.
How to Buy Shiba Inu in Nigeria right now?
Have you decided to start investing in Shiba Inu in Nigeria? It's easy! You need to choose a broker with low commissions and a reliable platform.
Cryptocurrency CFDs open up a variety of earning opportunities, depending on goals in one of the most volatile financial markets, and trading tools implemented by industry leaders make it possible to set up the most profitable strategies and competently manage your risks.
Start your investment with a small amount and then gradually expand your investment portfolio. Proper preparation is the key to successful and profitable deals! We wish you a successful investment!