Cryptocurrencies have seen increased interest in 2021 and the returns that many crypto investors are making beat the returns of the best Wall Street fund managers, let alone ordinary stock investors. Shiba Inu, which trades under the ticker symbol “SHIB,” is among the newest digital assets. How can you invest in Shiba Inu and should you?
Shiba Inu is another dog-themed cryptocurrency labeled as a “dogecoin killer.” The cryptocurrency is named after the dog breed Shiba Inu. It was founded in August 2020 by “Ryoshi,” who is an anonymous person.
Can Shiba Inu beat Dogecoin?
Both Shiba Inu and Dogecoin are meme-inspired cryptocurrencies. If anything, Shiba Inu is a joke Dogecoin, which is the original meme currency. In terms of popularity and returns over the last year, Dogecoin beats Shiba Inu hands down.
Thanks to Elon Musk backing Dogecoin, the cryptocurrency is very popular among many of his over 50 million Twitter followers. Mark Cuban is another celebrity who has backed Dogecoin.
Musk has allowed Dogecoins as a payment method on SpaceX, which is his privately held space exploration company. He also did a Twitter poll on whether Tesla should also accept Dogecoin as payment and most of the users voted in favor.
While Shiba Inu doesn't have the backing of celebrities like Musk and Cuban, it's growing in popularity, which is showing in its returns this year. Shina Inu calls itself an “experiment in decentralized spontaneous community building.”
Shiba Inu has positioned itself as a cheaper alternative to Dogecoin and says that the “token can remain well under a penny and still outpace Dogecoin in a small amount of time (relatively speaking).”
How to invest in Shiba Inu Coin
There are several platforms that allow you to trade in Shiba Inu Coins. The most popular ways to invest in Shiba Inu Coins are Uniswap, KuCoin, Binance, and Crypto.com. MXC.com, Hotcoin Global, Huobi Global, and OKEx, also allow you to trade in Shiba Inu Coin.
Meanwhile, Uniswap is the most popular platform to trade in Shiba Inu. According to Shiba Token, it has locked half of its supply to Uniswap.
Is Shiba Inu Coin on Coinbase?
Many investors wonder whether Shiba Inu Coin is on Coinbase. The crypto exchange went public in a direct listing last month and the stock hasn't taken off after massive gains on listing day.
Meanwhile, Shiba Inu Coin isn't on Coinbase right now. The platform allows you to add the digital asset to your watchlist and read news related to Shiba Inu. Currently, Coinbase doesn't have Dogecoin on its platform either, but it's in the process of adding Dogecoin.
In the future, Coinbase might also add Shiba Inu Coins to its platform if the digital assets continue to gain popularity among traders. Crypto exchanges earn a fat commission on trades on their platform and they might not want to miss out on a cryptocurrency that's getting popular.
Should you buy Shiba Inu Coins?
Dogecoin is getting accepted by some merchants. Dogecoins bulls unsuccessfully tried to cajole Amazon to accept the meme currency. As for Shiba Inu Coins, many retail traders see it as a “cheap” alternative to Dogecoins.
However, like Dogecoins, Shiba Inu might also need the backing of celebrities to get “mainstreamed” like Dogecoin has almost managed to achieve. For now, Shiba Inu is a speculative bet in a speculative cryptocurrency market.