Shiba Inu is an Ethereum based alternative coin to the popular Dogecoin, more popularly known as the doge meme. It is created and hosted on the Ethereum blockchain. Shiba Inu is different from Bitcoin in its intent. Bitcoin is mined to be scarce. On the other hand, Shiba Inu coin is designed to be abundant, having a supply of one quadrillion. It was created in August 2020 by a pseudonymous founder, Ryoshi. Shiba Inu, the name, is inspired by the Japanese breed of dogs with the same name. As an Ethereum coin, the Shiba Inu is compatible with the entire Ethereum ecosystem. This means that investors and traders can buy and sell Shiba Inu in exchange for ETH and other Ethereum based tokens.
In his white paper, Ryoshi says, “Shiba Inu is an experiment in decentralised spontaneous community building”. Ryoshi wanted to know what would happen if a cryptocurrency project were entirely run by its community. The belief is that the power of collective decentralisation is the key to building a stronger currency than a centralised version could build. In October 2021, the price of Shiba Inu grew more than 10-fold. This translates into a market capitalisation of $ 35 billion, ranking it as the 10th amongst cryptocurrencies in market share. In India, Shiba Inu has a market cap of over Rs. 2T with the Shiba Inu price in India oscillating between Rs. 0.002 and Rs. 0.005.
How do you buy Shiba Inu coins in India?
The official website states that Shiba Inu is best bought and sold through Shibaswab. They encourage the use of decentralised cryptocurrency exchanges(DEX) over centralised cryptocurrency exchanges(CEX) for security purposes. So, where do you buy Shiba Inu coins in India? These tokens are listed on cryptocurrency trading platforms like ZebPay. To buy the tokens, one needs to make a wallet, send Ethereum coins to the wallet using the ERC-20 network to transfer, connect the wallet to Shibaswab and swap the Ethereum coins for Shiba Inu. Being unregulated and susceptible to volatility, there is a risk to investing in the Shiba Inu coin. Investors must do their research and be willing to take on this risk.
The popularity of the Shiba Inu, with an astronomical rise of 12,715,586% since its inception, goes a long way in achieving the founder Ryoshi’s mission. The popularity is driven by cryptocurrency enthusiasts on social media, who are looking for the next blockchain technology to disrupt the system. Therefore, if the gains are short-lived, investors could be left shortchanged. At this point, there is no denying that Ryoshi was onto something.
The smartest way to get in on the Shiba Inu gains is to use a secure crypto trading platform like ZebPay, where you can enjoy a stress-free trading experience.