What is the Shiba Inu coin?
Very little is known about Shiba Inu so it's difficult to know whether it's legitimate.
According to its website, they're cryptocurrency tokens and allow users to hold trillions of them.
Shiba tokens are listed and incentivized on ShibaSwap, its own decentralized exchange.
The tokens feature the same Shiba Inu dog as Dogecoin, which has rocketed in popularity recently.
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, told The Sun: "The Shiba Inu coin appears to have been created just to give Dogecoin a run for its money.
"It features the same dog which became a meme, and aims to replicate Dogecoin's success of turning a joke into a money making machine."
This is something to be aware of when you're considering its legitimacy when making an investment.
The Shiba token website said: "Nicknamed the DOGECOIN KILLER, this ERC-20 ONLY token can remain well under a penny and still outpace Dogecoin in a small amount of time (relatively speaking)."
How much are Shiba Inu tokens worth?
The value of Shiba Inu is currently sitting at $0.00000163, compared to a lower $0.0000006 in mid-April, according to CoinMarketCap.
Shiba Inu hit its peak of $0.00004 on April 20 but has since dropped to its current level.
In comparison, Dogecoin is currently worth $0.60 - up from $0.005 at the beginning of the year.
The value of Dogecoin has surged thanks to celebrity backing, while a bunch of Reddit threads also called for it to hit a value of $1 per coin.
How risky are the Shiba Inu tokens?
Investing is always a risk but investing in cryptocurrency is an even higher risk as they are VERY volatile, so you should be prepared to lose cash.
There is also no guarantee that you can convert cryptoassests back into cash, as it may depend on the demand and supply in the existing market.
Plus, fees and charges may be higher than with regulated investment products.
Cryptocurrency firms aren't regulated in the way that other financial firms are. This means that you won't have any protection if things go wrong.
Ms Streeter said: "Investors should treat trading in crypto currencies with extreme caution, and dabble at the edges of their investment portfolio, only with money they can afford to lose."
While Nigel Green, chief executive of deVere Group, added: "Extreme caution should be exercised before investing in un-tested cryptocurrencies.
"The price swings can be expected to be wild and there's a legitimate risk that investors could get burned.
"There are major differences between the likes of Bitcoin, which runs on cutting edge tech and has a limited supply giving it scarcity value like gold, amongst other valuable attributes; and unknown digital tokens which seemingly have no inherent value."
Learn how and where to buy Shiba Inu
Stage 1: Create a Wallet
- The first step is to create a wallet.
- Go to the MetaMask website and download the browser plugin.
- Then create an account.
Stage 2: Add Binance Smart Chain
Now when you have a wallet to store your currencies in, we need to add the correct chain network.
1. Click the MetaMask icon on the top right of your browser. Then on the dropdown menu where it should say "Etherium Mainnet".
2. Now we type in the following:
Stage 3: Buy BNB
Create a Binance account. Their website is well made and should guide you through the steps to create your account.
Stage 4: Transfer BNB to Your Wallet
Now when you have some BNB.
1. Open your wallet in Binance exchange, select Binance coin (BNB), and click withdraw.
2. Go and open MetaMask. Ensure that the wallet is on the Binance Smart Chain network, and after that, copy the address by clicking on it.
3. Paste the address you copied from MetaMask in the address field.
4. Click Binance Smart Chain and enter the amount you wish to transfer below and submit. You should see the BNB coin on the left side.
5. On the next window, you will get a confirmation for withdrawal.
After a minute, the transaction will appear in your MetaMask wallet, so you will be good to go.Stage 5: Finally You can Buy Shiba Inu
Now when you have BNB in your wallet, you can simply buy Shiba Inu Coin from Pankcakeswap. If you encounter some issues, try adjusting slippage tolerance.
The writer is Alamu Tosin. I have three strong passions in life - football, blogging and movies - in that order. I love spending time with friends talking about the important things in life and hate nothing more than 'authority' and hypocrisy. My personal believe in life is that once an individual sets his/her mind to achieve something, it is totally possible. And oh!, I am a strong Lannister, because I always pay my debt. For writing or fixing gigs, contact [email protected].
