SHIBA Inu coins are one of the latest cryptocurrencies to hit the market, but some investors are being warned to avoid them amidst the extreme momentum swings.
Shiba comes into focus as crypto fans begin the hunt for the next success story to follow Dogecoin.
What is the Shiba Inu coin?
There is not much known about Shiba Inu other than, according to its website, they're cryptocurrency tokens that allow users to hold trillions of them. Shiba tokens are listed on their own exchange called ShibaSwap, a decentralized exchange.
They also seem to have a loose partnership with Amazon, stating on their website, "Shibas may be the cutest dog breed ever but they aren't the easiest dog breed to keep." A community effort has been launched to utilize the "built-in Amazon Smile feature to donate for this cause. This no cost method allows any Shiba Inu member to help Rescue Shiba Inus by simply using smile.amazon.com when they place orders and put their preferred non-profit organization to Shiba Inu Rescue Association a 501(c)3. A percentage of your purchases go to support automatically."
The token also features the same Shiba Inu dog as Dogecoin, which has rocketed in popularity over the past couple of months. This is also why it has been nicknamed the DOGECOIN KILLER by some of its fans and the Shiba Army.
This is something to be aware of when you're considering its legitimacy when making an investment. Can meme coins be replicated into money-making machines or will they become bottle rockets that fly fast and burn out quick making little to no noise?
According to CoinMarketCap.com, Shiba Inu has seen a close to 30,000% gain in 30 days.
As many know, investing in cryptocurrency is taking a risk as the market can be extremely volatile. There is also no guarantee that you can convert crypto assets back into cash, as it may depend on the demand and supply in the existing market. Coins can also be "burned" at any moment, diminishing a large supply.
It's safe to say there are some major differences between the likes of Bitcoin, which runs on cutting-edge tech and has a limited supply and projects like Shiba Inu.
What do you think of this new coin's popularity?
