Thursday, May 19, 2022

Can Shiba Inu Beat Dogecoin And Reach Near $1 Mark?

After facing the financial crunch in the year 2020, due to the outbreak of COVID-19, the world realized the importance of cryptocurrencies. These digital assets helped many countries in stabilizing their economic condition. Today, virtual assets have become very common, we can see many corporate houses and brands have started accepting payment in cryptocurrencies. 

Many celebrities like Elon Musk, Mark Cuban and Jordan Belford have also come out in support of cryptocurrencies. 

Since their introduction, Bitcoin and Ethereum have been considered as the main cryptocurrencies in which a person can invest their money. But in today’s time, we can find many new altcoins are taking over the market.

Bitcoin and Ethereum are still the top-most cryptocurrencies around the world, but altcoins like Ripple, VeChain, Dogecoin have overshadowed their percentage gain. In the past few years, the altcoin market has experienced a great surge, as it attracted a lot of investors. 

Recently, the altcoin market welcomed a new altcoin called Shiba Inu Coin ($SHIB). This newly-introduced coin is considered to be Dogecoin’s rival.

$SHIB is a decentralized meme token that is listed and incentivized on ShibaSwap, its own decentralized exchange. Although it’s a meme token, the developers have planned to make it a big cryptocurrency. 

It is to be noted that the concept of Shiba Inu has been adapted from Dogecoin. When the value of Dogecoin ($DOGE) started increasing in the market, it also helped $SHIB in attracting more audiences. Shiba Inu community refers to tokens as Dogecoin Killer, as they believe that very soon, $SHIB will be dominating Dogecoin in the market. 

In a just very few days, $SHIB, which is an ERC-20 compatible with the Ethereum Network, gave a great performance in the market. The token is already 1000 percent up in the market.

Out of the total supply of the token 50 percent is locked to the Uniswap network, the remaining 50 percent of the token was burned to Vitalik Buterin, founder of the Ethereum network.

Will Shiba Inu Be Able To Give Tough Fight To Dogecoin?

As per the report by CoinMarketCap (Crypto analytics firm), since mid-April 2021, the value of $SHIB has been increasing and currently reached $0.00003026. In just 24 hours the value of the token is up by 130 percent. 

From the past few days, a question is being asked, whether $SHIB would be able to hit the $1 mark?

A few of the experts believe that $SHIB would not hit the $1 mark before $DOGE. Currently, the value of its counterpart is $0.52, compared to that, $SHIB would take a longer time to reach the $1 mark.

Recently, the British tabloid, The Sun, published a report stating, “The currency ($SHIB) has not shown as much growth as Dogecoin and appears to have been made as a way to give Dogecoin a run for its money.”

Although Dogecoin has been performing well in the market, the graph shows that its market is fluctuating, regularly. Since the starting of the year 2021, $DOGE has been on a steady incline. The value of this cryptocurrency has already reached an all-time high but it is dropping consequently. However, $DOGE is still the fourth most popular cryptocurrency in the market, with a value of $0.52, ready to hit the $1 mark. 

$SHIB, which has been launched recently, and performing well, is at 20th position on CoinMarket Cap. 

Binance Lists $SHIB

Binance, the world’s largest cryptocurrency exchange in terms of trading volume, has recently listed $SHIB on its platform. 

Shiba Inu just took two days to mark its position in CoinMarketCap. Within 48 hours the newly-introduced meme token experienced a growth of 966 percent.

Binance’s latest announcement of listing the token in its innovation zone (a high-risk trading feature) also helped $SHIB in increasing its value in the market. 

The Innovation Zone of Binance is a trading-dedicated zone where users are allowed to trade new, innovative tokens. Notably, the tokens traded in this zone are likely to have higher volatility along with higher risk.

While making an announcement, Binance notified, “SHIBA INU (SHIB) is an experiment in decentralized community building and another meme coin similar to Dogecoin.”

Further, it stated, “SHIB is the native token of SHIBA INU and will be the first token to be listed and used as an incentive for using ShibaSwap, a decentralized exchange.”

How To Buy $SHIB In India?

Apart from Binance, $SHIB tokens could also be bought from Crypto.com and Uniswap. In order to purchase a $SHIB token from Uniswap, the trader is required to have a digital crypto wallet connected with the Uniswap exchange. After connecting the wallet with the exchange, the investors would have to use their Ethereum (ETH) to swap it with Shiba Inu tokens.

Noted: It is not important to buy ETH from a particular exchange, the investor can purchase it from any exchange but, in order to swap it, he/she is required to use UNISWAP Exchange only.

Conclusion

Although the concept of Shiba Inu has been taken from Dogecoin, both the cryptos are different from each other. Shiba would need time to reach the position where Dogecoin is currently. However, it is not impossible for $SHIB. In a just few days, the token made its space in the market. 

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