Differences between Investing vs Trading
Differences between Investing vs Trading
Sometimes, parodies become serious. This is certainly the case with the Shiba Inu Coin, which was initially launched in 2020 to make fun of popular memecoins such as Doge. Since then, crypto investors have begun to take it seriously. Following the surge in popularity of Doge in 2021, this jokey competitor began to feel the benefits, rising in value significantly.
As a memecoin, Shiba Inu does not have a lot of real-world utility and is largely viewed as an entirely speculative asset. Shiba Inu has a huge total supply, and its value is driven entirely by the sentiment of its most dedicated fans. Here's what you need to know about the memecoin to end all memecoins, also known to some as the "Doge killer".
The story of Shiba Inu Coin offers a fascinating parable of the history of cryptocurrencies. Originally launched as a joke to make fun of "pump and dump" memecoins, a total of 1 quadrillion (that's a 1 with 15 zeros) Shiba coins were minted at the launch in August 2020.
Half of the total supply was locked into the Uniswap SHIB/ETH liquidity pool, a decentralized exchange that serves an automated market maker system. The other half was donated to Vitalik Buterin, the founder of Ethereum. He almost immediately "burned" nearly all of these coins by sending them to a dead crypto wallet, while the remainder of his share (worth $1.2 billion at the time) was donated to India's COVID-19 relief fund.
It wasn't until Elon Musk (the founder, CEO and CTO of Tesla Motors) started gassing up memecoins on Twitter that Shuba Inu really took off, rising from $0.000000000056 to a high of $0.00008616 in October 2021, a 150 million per cent increase. Since then, the price of Shiba Inu has consistently fallen, reflecting a wider loss of interest in memecoins.
Shiba Inu Coin is one of the most volatile memecoins around. Its price is driven entirely by the sentiment of users and the coin is highly vulnerable to market manipulation.
As such, buying and investing in Shiba Inu coins with the long game in mind is a risky game to play. Of course, the coin is very, very cheap, meaning that you could always spend a few cents on some coins and hope that they jump up in value in a few years.
However, the more popular option for some is to trade the coin and attempt to profit from day-to-day price fluctuations. Transaction times are fast and fees are low, meaning it is easy for day traders to hold positions in Shiba Inu. But make no mistake, trading Shiba Inu successfully depends on your ability to stay one step ahead of extreme volatility.
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* The spreads provided are a reflection of the time-weighted average. Though Skilling attempts to provide competitive spreads during all trading hours, clients should note that these may vary and are susceptible to underlying market conditions. The above is provided for indicative purposes only. Clients are advised to check important news announcements on our Economic Calendar, which may result in the widening of spreads, amongst other instances.
The above spreads are applicable under normal trading conditions. Skilling has the right to amend the above spreads according to market conditions as per the 'Terms and Conditions'.
How to trade Shiba Inu?
In order to trade SHIBUSD, you will first need to find a reputable CFD broker that offers this option. Once you have found an exchange, you will then need to create an account and deposit funds into it. Once your account is funded, you will be able to place orders to trade Shiba Inu. It is a volatile cryptocurrencies and as such, it is important to use stop-loss orders when trading it in order to limit your losses in case of a sharp price movement.
If you are looking for a more advanced trading strategy, you can also try using leverage when trading SHIBUSD. Leverage allows you to trade larger amounts than you have available in your account, which can potentially lead to larger profits. However, it also comes with a higher risk of losses, so make sure you understand how it works before using it.
When was Shiba Inu released?
Shiba Inu Coin was released on August 1, 2018. The project is a fork of Dogecoin, and its native token is known as SHIB. The coin is named after the Shiba Inu dog breed, which is also the face of the Dogecoin logo. Shiba Inu Coin has a total supply of 1 quadrillion SHIB, and its block time is 60 seconds. The coin uses the PoW consensus algorithm and can be mined with ASICs. Shiba Inu Coin's main use case is to be used as a tipping currency on social media platforms such as Twitter.
What is the future of Shiba Inu?
Despite the recent price surge, there is still a lot of uncertainty surrounding this relatively new cryptocurrency. The future of Shiba Inu Coin will be heavily influenced by the overall market conditions for cryptocurrencies. If the market continues to be bullish, then SHIB is likely to continue its upward trend. However, if the market turns bearish, then SHIB could experience some corrections.
Another important factor that will influence the future of SHIB is adoption. If more people start using and accepting this cryptocurrency, then its value is likely to increase. On the other hand, if adoption remains relatively low, then SHIB's price could stagnate or even decline.
How to monitor the Shiba Inu?
If you're interested in tracking the Shiba Inu Coin exchange rate, there are a few things you can do. First, you can check out online exchanges that list SHIB/USD prices. You can also find helpful information on social media and forums dedicated to cryptocurrency trading. Finally, consider using a trading platform like Skilling to get real-time updates on SHIB prices.
Why Trade [[data.name]]
Make the most of price fluctuations - no matter what direction the price swings and without capital restrictions that come with buying the underlying crypto asset.