Shiba Inu (SHIB) Cryptocurrency: Is It A Buy Now?

Last Updated March 26th 2022
5 Min Read

Shiba Inu (SHIB) coins are having a tough winter this year. The token is trading 70% below the all-time highs of late october 2021, including a 30% drop in the first three months of 2022. In particular, many shiba investors flinched when the crypto market crashed in the beginning of this year. 

Did Shiba Inu deserve the stalled charts of recent months or is the meme coin veteran a no-brainer buy today? Let's find out.

While Bitcoin is an obvious choice for investors entering the market, others look for cheaper and promising altcoins to add to their portfolio. An altcoin refers to an alternative digital asset. Each of these altcoins operates according to its own rules.

Shiba Inu is one such promising altcoin. The crypto token is named after the dog breed on the mascot of another popular cryptocurrency, Dogecoin, a crypto asset that started as a joke but has become immensely popular. So is SHIB a buy, hold, or sell right now? Read on to find out. 

A Market-Beating Cryptocurrency — But For How Much Longer?

Learn about the network fundamentals of Shiba before investing.

Shiba Inu (SHIB) is a new breakout meme token that has captured the interests of the crypto investment community. Many view this token as a knock-off of Dogecoin. Developers created both these projects with a light-hearted approach to spread awareness.

Notably, there are many similarities between Doge and Shiba Inu. However, the latter has gained a reputation as the "DOGE killer," attracting a lot of attention. It has emerged as a popular choice among investors, especially in the wake of a bear market in assets like Bitcoin and Ethereum. 

The meme coin market has been trending for a few months now. Thanks to a solid stream of positive promotion from celebrities and renowned entrepreneurs, meme coins like Shiba Inu and Dogecoin have experienced record gains. Interestingly, meme coins or "joke coins" are not technological upgrades or revolutions. They are more like a social phenomenon.

Investors and community members that missed out on the Dogecoin craze are eager to look for the next big thing. SHIB appears to have positioned its market entrance well to capture this wave as the network has seen some impressive growth since its inception. 

Check Out: How To Make (Or Lose) Money With Shiba Inu

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

The Road Ahead For Shiba Inu 

A few aspects of Shiba Inu’s work, features, and developments are currently making headlines. 

High Visibility 

SHIB inspires dog-enthusiastic artists worldwide to foster what the creators refer to as the ‘artistic Shiba movement,’ bringing the community to the NFT market. This makes it one of the most-searched cryptocurrencies in the US, and more crypto exchanges than ever accept and support SHIB. As a result, aggregate SHIB holders have surged above $1 million. 

In addition to this, celebrities also have a significant impact on the value of crypto assets. Shiba Inu saw a major boost in prices after Elon Musk tweeted pictures of his dog Floki. This surge continued since, pushing the SHIB token to all-time highs. Musk is not the only celebrity to endorse Shiba. A few other popular supporters include Guy Fieri and Mark Cuban. With such names behind a project, you can be sure that it has a very high chance of doing very well in the future. 

Accessibility and Security

Various crypto exchanges have added support for SHIB, making it an asset easy to access. For example, WazirX exchange, a subsidiary of Binance, one of the largest and most established crypto exchanges globally, listed Shiba Inu after Ethereum creator Vitalic Buterin donated about $1 billion worth of tokens to support Covid-19 containment in India. 

Soon after, the coin doubled its price and has continued to rise since then. In addition to Binance, you can also find the SHIB tokens on Uniswap, Kukoin, Huobi Global, and other multinational exchanges.

The listing on all these exchanges means that users will not find it difficult to sell their coins. There will be more than a ready market. This aspect makes the token a worthwhile investment both in the long and short term. 

Earning Potential for Holders 

Shiba Inu aims to provide users with massive earning potential. The main goal behind the network was to formulate an ERC-20 token and ecosystem that was priced low enough that any user could own millions of them. Therefore, they intentionally launched the SHIB tokens priced well below a penny to make the platform profitable by hitting $0.01. To this extent, the developers have indeed succeeded.

Apart from the opportunity to earn some profits, Shiba Inu is mostly about having fun. These joke tokens are designed to help bring awareness about the blockchain sector. Coins like Shiba Inu and Dogecoin have managed to bring similar-minded investors together in a short span.

Should You Buy, Hold, or Sell Shiba Inu Today?

Shiba Inu crypto is a buy right now, It has formed a new base in the right market conditions and setting a potential buy point. SHIB coin is trading well below its 50-day and 200-day moving average lines. Also twnty-two analysts rate Shiba Inu a strong buy.

Be sure to keep an eon on the overall crypto markets. If it turns negative, don't try to fight the general crypto market trend.

Investors wonder if they should choose Shiba Inu against its rival meme coin, Dogecoin. But what differentiates SHIB from its rivals is its status as the ERC-20 token. This indicates that the crypto runs on the Ethereum blockchain. As an Ethereum-linked token, Shiba Inu can participate in various decentralized finance (DeFi) projects. This functionality provides those on the Shiba Inu network with greater utility and real-world applications. 

While both SHIB and DOGE tokens can be considered stores of value, Shiba Inu arguably provides more utility to its users. Additionally, the Ethereum network's move to the proof-of-stake model might also prove beneficial in this regard. 

Don't Miss: Shiba Inu Price Prediction

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Shiba Inu is not the safest investment, yet it has surprised its investors with astonishing profits. While it may be risky, with enough luck and liquidity, it can soar again. So if you are looking for cryptocurrencies to buy now and hold in 2022, SHIB is a good option and makes for a safe investment. 

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

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