Is It A Good Idea to Buy Shiba Inu Coins in 2022?
2022-02-09 09:30:30
How Do You Buy Shiba Inu Coin
As a meme cryptocurrency that features the Japanese dog breed Shiba Inu as its mascot, Shiba Inu Coin (SHIB) was created in 2020 as part of a group of dog-themed cryptocurrencies and became household name in 2021; if you belong to a crypto household anyways. As an Ethereum-compatible alternative to Dogecoin (DOGE), Shiba Inu Coin was listed as a "Dogecoin killer" for a long time on the shiba inu official website. Since hitting a high in October, Shiba Inu Coin has been on a downward trend. So is it a good idea to continue to buy Shiba Inu in 2022? Let's find out here.
Pros and Cons of Buying Shiba Inu Coin
If you plan to buy Shiba Inu Coin, you’d better go deep into the crypto project and get to know its pros and cons as well as future potential in the market. Without prior knowledge about the digital asset before investing, it will increase your chances of suffering massive losses within a short period.
Pros of Investing in Shiba Inu Coin
. Lower price: With a trading price of around $0.000020 at present, Shiba Inu Coin is relatively cheaper than many cryptocurrencies. At such a price, you can see a 100% profit if it reaches $0.00040 in the future. So, it is better than investing in ETH or Bitcoin. And the relatively lower cost of SHIB will generate more activity on the digital asset in the short and long term, which will drive its price to rise quickly. There are more than 17,000 Shiba Inu coins at the disposal of traders, which shows long-term holders still have faith in this cryptocurrency.
. Impressive exchanges listings: SHIB is currently listed on many top exchanges, such as Gate.io that is preferred by a large number of investors. As of 2021, Gate.io was the first mainstream platform for trading blockchain assets that offered 100% audited collateral. It is also the world’s second-largest trading platform to buy, sell and trade Shiba Inu Coin.
Cons of Investing in Shiba Inu Coin
. Lack of independence and real-world utility: Unlike Bitcoin and Ethereum, Shiba Inu has virtually no use for investors outside of a cryptocurrency exchange. Without a strong infrastructure, it can only function as a transactional currency. Many investors have become accustomed to using cryptocurrencies in their daily transactions, which may prevent Shiba Inu Coin from breaking into a saturated market dominated by a few elites. Once SHIB is involved in relatively low trades over an extended period of time, people may avoid it. This could gradually lead to less liquidity flowing into the asset, trading volumes would be hit hard and prices would fall to new-high low.
. Extreme volatility: According to Coinbase, there is only a 13-day average holding period for Shiba Inu investors. So if the market speculators and momentum traders start to abandon ship all at once, a pullback could snowball quickly, potentially crushing long-term investors.
Should I Buy Shiba Inu Coins in 2022?
According to the experts, SHIB could command a trading price of $0.000028 by the end of 2022, soar to $0.000037 (2023), and settle at $0.000030 to close out 2024 in the short term. It may be a good idea to buy Shiba Inu Coin according to Gov. Capital. Although the forecasts show a positive light, you must know that risks versus reward are the two main factors existing in most investments. It’s wise for you to invest depending on your financial situation.
As a meme cryptocurrency that features the Japanese dog breed Shiba Inu as its mascot, Shiba Inu Coin (SHIB) was created in 2020 as part of a group of dog-themed cryptocurrencies and became household name in 2021; if you belong to a crypto household anyways. As an Ethereum-compatible alternative to Dogecoin (DOGE), Shiba Inu Coin was listed as a "Dogecoin killer" for a long time on the shiba inu official website. Since hitting a high in October, Shiba Inu Coin has been on a downward trend. So is it a good idea to continue to buy Shiba Inu in 2022? Let's find out here.
Pros and Cons of Buying Shiba Inu Coin
If you plan to buy Shiba Inu Coin, you’d better go deep into the crypto project and get to know its pros and cons as well as future potential in the market. Without prior knowledge about the digital asset before investing, it will increase your chances of suffering massive losses within a short period.
Pros of Investing in Shiba Inu Coin
. Lower price: With a trading price of around $0.000020 at present, Shiba Inu Coin is relatively cheaper than many cryptocurrencies. At such a price, you can see a 100% profit if it reaches $0.00040 in the future. So, it is better than investing in ETH or Bitcoin. And the relatively lower cost of SHIB will generate more activity on the digital asset in the short and long term, which will drive its price to rise quickly. There are more than 17,000 Shiba Inu coins at the disposal of traders, which shows long-term holders still have faith in this cryptocurrency.
. Impressive exchanges listings: SHIB is currently listed on many top exchanges, such as Gate.io that is preferred by a large number of investors. As of 2021, Gate.io was the first mainstream platform for trading blockchain assets that offered 100% audited collateral. It is also the world’s second-largest trading platform to buy, sell and trade Shiba Inu Coin.
Cons of Investing in Shiba Inu Coin
. Lack of independence and real-world utility: Unlike Bitcoin and Ethereum, Shiba Inu has virtually no use for investors outside of a cryptocurrency exchange. Without a strong infrastructure, it can only function as a transactional currency. Many investors have become accustomed to using cryptocurrencies in their daily transactions, which may prevent Shiba Inu Coin from breaking into a saturated market dominated by a few elites. Once SHIB is involved in relatively low trades over an extended period of time, people may avoid it. This could gradually lead to less liquidity flowing into the asset, trading volumes would be hit hard and prices would fall to new-high low.
. Extreme volatility: According to Coinbase, there is only a 13-day average holding period for Shiba Inu investors. So if the market speculators and momentum traders start to abandon ship all at once, a pullback could snowball quickly, potentially crushing long-term investors.
Should I Buy Shiba Inu Coins in 2022?
According to the experts, SHIB could command a trading price of $0.000028 by the end of 2022, soar to $0.000037 (2023), and settle at $0.000030 to close out 2024 in the short term. It may be a good idea to buy Shiba Inu Coin according to Gov. Capital. Although the forecasts show a positive light, you must know that risks versus reward are the two main factors existing in most investments. It’s wise for you to invest depending on your financial situation.
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