Whether one should buy Shiba Inu?

Anyone who is into crypto currency must have heard about Shiba Inu(SHIB). This coin has created many crypto millionaires. At one time during September 2020, it was trading at $0.0000000003 then it went all the way upto $0.00007957 during October 2021. That is enormous growth of 26523300%. That means if someone would have invested $1 in September in Shiba Inu(SHIB), he would have $265233 in October 2021. Currently, Shiba inu is trading at $0.00003466, down 57% from its ATH. So, the question is whether you should buy Shiba Inu at the current price? Before answering this question let us first know a little about Shiba Inu coin.

SHIB was created as a meme coin, a Dogecoin ripoff. It was called Dogecoin killer and it even surpassed Dogecoin in marketcap. Its surge started with a tweet of Elon Musk and after that it has been a talking point among the Crypto community. So lets consider the following points before arriving a answer to our question:

Supply: Shiba Inu(SHIB) is having a supply of 549 trillion coins, which is huge. This huge supply is negative for Shiba Inu since less supply will create more scarcity and will boost the coin price. However, many Shiba Inu coin burns are going on. After Ethereum’s founder Vitalik Buterin burned 410 trillion Shiba Inu coins more than 1000 coin burns have taken placeon Shiba Inu network. Most recent being the 239 million SHIB burn by Bigger Entertainment, a music publishing group. Almost 14.5 billions Shiba Inu coins have been burne since Vitalik Buterin’s initial burn of 410 trillion SHIBs. The burning events will likely continue in future and it is good for the Shiba Inu as far as price is concerned.

Community: At present, Shiba Inu has one of the strongest community. Official twitter account of Shiba Inu(SHIB) coin have over 2.3 million followers, which is more than many other polular coins such as Cardano and Solana. Normally, its community is known as SHIBARMY.

Real word use: Though it started as a meme coin but it has some real world use also. Shibaswap is a decentralised exchange where users can trade SHIBs and othe crypto currency. Its founder is planning a massive coin burn event which will pave way to Metaverse.

Final Verdict: Though SHIB has already delivered massive returns to its holders but seeing the coin burn events, strong community and it may also emerge as a metaverse coin. It doesn’t hurt to. add some SHIB coin to your crypto portfolio after all it is the most popular coin of 2021. Do let us know if you have any questions or suggestions in the comment box below.

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