Shiba Inu has made a triumphant return to the spotlight last week. During the previous seven days, it had a 46% gain.
For the last 24 hours, the price has fallen just 5.62%. Shiba Inu is currently trading at $0.00003079 with a 24-hour trading volume of $1,805,384,970.
According to some analysts, Shiba Inu is considered one of the best buys in cryptocurrency history. Of course, the crypto still has to prove itself.
Phenomenal Performance: But Is Shibu Safe?
Shiba Inu is by no means a reliable or safe investment; however, its 2,500% run in May 2021 revealed that it has the potential to surprise investors with spectacular gains.
Shiba investments have risks, although, ShibaSwap’s success and popularity might bring in large sums of money. With that said, with enough luck and liquidity, it has the potential to explode once again.
On the other hand, putting cryptocurrencies into anonymous ventures such as ShibaSwap – which may allow the founders to cheat investors out of their cryptos – poses severe security risks.
Scams costing DeFi’s customers millions of dollars are on the rise. This possibility can be ruled out if software auditors have access to the code. ShibaSwap, on the other hand, has not yet been vetted by the community.
SHIB total market cap at $17.78 billion | Source: TradingView.com
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Shiba Inu: A Backstory
Shiba Inu was formed by an unknown individual using the alias Ryoshi. Shiba is an Ethereum ERC-20 token that allows developers to build the ShibaSwap DEX and add other tokens and NFTs to the platform’s ecosystem.
Its maximum supply is 1 quadrillion tokens — more than any other cryptocurrencies. Because of the large token size, Shiba Inu’s price is much lower than similar assets.
Using smart contracts, Shiba Inu can build more complex applications like DEXs and NFTs. The token launched its ShibaSwap DEX during the summer and now “Shiboshis,” a collection of 10,000 NFTs.
ShibaSwap offers a variety of options for customers to use their tokens. It was created to allow new users to invest in liquidity pools and purchase Shiba tokens. However, this strategy isn’t new, and there will be some selling pressure when the liquidity mining incentives end. Shiba’s price has risen, but it won’t be easy to surpass its all-time high.
Currently, there’s a competition heating up between Shiba Inu and Doge. Dogecoin has a market capitalization of $25 billion, whereas Shiba Inu has $17 billion.
Can Shiba Inu Reach $0.01?
Shiba Inu is a memecoin that’s seen tremendous price growth in 2021. Because of recent price increases and media attention, it has shot to the top of the list of popular cryptocurrencies. Despite its current value, many are doubtful that it will ever reach a price of $0.01 or more.
Related Reading | Shiba Inu Enters The Metaverse, But Will This Help Its Price?
Featured image from The Global Coverage, chart from TradingView.com