Should I Buy Shiba Inu Coin in 2022: Pros And Cons

Launched in 2020, Shiba Inu was meant to beat Dogecoin in market capitalization. While Dogecoin is currently slightly ahead in this race, SHIB has managed to establish itself among the top 10 tokens by market cap. The token still attracts a lot of attention, and many experts view it as an interesting choice for long-term investments. In this article, we explain how SHIB works, why it’s so popular, and whether you should consider buying it for your crypto portfolio.

About Shiba Inu

The project was presented to the public in August 2020 by an unidentified entity known as Ryoshi. It’s based on the Ethereum blockchain and employs the proof-of-stake algorithm for confirming operations in the network. Just like other cryptocurrencies, Shiba Inu is decentralized, and that basically means a transaction should be confirmed by common users to be included in the database. The native token of the network is called SHIB. Its total supply is 10 quadrillion, but just about 5 trillion are circulating.

The price of SHIB has seen several impressive surges, but now it seems to stay relatively far from the all-time high value. While some experts claim that this is a predictable end for a coin based on memes and hype, others urge investors to buy the token while it’s still cheap, expecting a recovery in the near future. You probably ask yourself: well, who should I believe? Should I buy Shiba Inu Coin or look for some other option? Let’s look at the facts.

Useful and popular

Shiba Inu seems to be an extremely popular project with lots of supporters: their official Discord group has about 150 thousand members. The community is enthusiastic and novice-friendly, and it involves several celebrities such as Elon Musk or Mark Cuban. By the way, that enthusiasm looks justified: the Shiba Inu blockchain allows its users to use smart contracts directly, and Dogecoin can’t do that. That means SHIB potentially has more various applications.

Volatile and not popular enough

SHIB may have a strong community, but it’s hard to tell apart from thousands of other altcoins. It’s not widely adopted by any major companies outside of the crypto world, and that definitely limits the price growth potential. Moreover, SHIB is a highly volatile memecoin, and it’s a very risky investment. Even if you are enthusiastic about the token, make sure not to invest too much to avoid devastating losses.

Leave a Comment