BigONE’s View: What Has Been the Performance of the Shiba Inu Coin in the First Half of the Year? Should You Buy It?

The Shiba Inu coin (SHIB) is one of many ‘animal tokens that have become more and more popular since the rapid development of Dogecoin (DOGE). Dogecoin is an imitation cryptocurrency launched in 2013 to make fun of people buying cryptocurrencies that they don’t fully understand. Its light-hearted approach has attracted a wide fan community, and the tweets of Tesla founder Elon Musk and other celebrities helped increase the price of Shiba Coin. The problem is that Dogecoin has never had a plan or goal. It may be interesting and fun, but its market value is larger than several multinational companies. Therefore, as an investor, you may want to have an active team and business plan. Regardless of whether there is a business plan, Doge has spawned a lot of pet coins due to the sharp increase in prices, including Shiba Inu coins.

Should you buy Shiba Inu?

Shiba Inu’s purpose and technical capabilities are slightly better than Dogecoin. You can buy it on several mainstream cryptocurrency exchanges, including BigONE. It even has a whitepaper (a ‘Woof Paper’) describing the project as a “100% community-based cryptocurrency experiment”. Shiba Inu has performed well in the short term as token buyers and whales are looking for the next Dogecoin, and this alone may push the price higher. But BigONE believes that investing in potential short-term gains is never a good investment strategy because cryptocurrency is risky, and short-term investments may result in you losing all your money. Since its inception, Bitcoin has risen in value more than 13 million times. From this, it can be gathered that long-term investment is the best choice for cryptocurrency investment. At present, due to the overall market, the price of the Shiba Inu coin has fallen. For interested token buyers, this represents a good opportunity.

BigONE’s concerns about ‘animal’ currencies

Although ‘animal coins are appealing as an investment, BigONE is unsure how or whether their popularity will translate into practical applications. Dogecoin, for example, has grown in popularity to the point that it may achieve momentum as a mainstream digital payment currency. However, the digital payment field is already congested, and this issue could worsen if countries decide to launch their own official digital currencies.

Likewise, we can see token buyers discussing buying and holding Shiba Inu coins on social media in the hopes of driving up prices. However, we saw someone on Reddit post that they had borrowed money and invested it in SHIB, which is extremely concerning. It is often assumed that if everyone continues to buy, everyone will eventually become wealthy. This is an understandable temptation, but it is not the case. Prices will decline once people start selling, and some people will end up losing all their money. Making a risky investment with borrowed money is never a good decision. This is why the amount you invest should not exceed the losses you can afford.

Shiba Inu coin’s warning to token buyers

Putting aside people’s general concerns about meme tokens, BigONE found that Shiba Inu’s website and the white paper also raised red flags:

⦁ Anonymous founder

There is precious little information on the Internet about the mysterious founder of Shiba Inu Coin, Ryoshi. This may be a good thing in BigONE’s view because it means that cryptocurrency can be truly decentralized and exclusive to the community. But it is worth noting that this is also more likely a cynical attempt to manipulate potential investors. BigONE believes that when you want to invest in a new cryptocurrency, it is best to look at the experience of its founders and check whether they have participated in scams or failed projects.

⦁ Influencer binding

Shiba Inu tried to portray Ethereum founder Vitalik Buterin as the hero of SHIB, but this is a bit exaggerated in our view. Buterin did not request or express his desire to get 50% of the SHIB tokens Shiba Inu gave him. Moreover, Ryoshi privately decided to donate a certain percentage of the money to the dog rescue charity without voting on it with the community, thus rigidly linking a project that had nothing to do with it.

Shiba Inu’s white paper only recommends that users support the Amazon Smile Rescue Association, but Shiba Inu has not really done anything to help those abandoned animals.

⦁ Misleading language

Shiba Inu talked about establishing a decentralized ecosystem called DECO, but what it describes is a decentralized exchange, which does not make sense because there are already many such exchanges. In addition, they are usually built on the Ethereum platform, which is an ecosystem where other applications and cryptocurrencies can readily be built upon. But what BigONE does not understand is what is Shiba Inu using to make its own ecosystem?

It is undeniable that dogs are adorable, whether they are Shiba Inu or not. Recently, another meme token, DogeCola, has captured people’s field of vision. According to reports, it is a decentralized, practical, and valuable cryptocurrency. It claims that its block speed is ten times faster than Dogecoin. In addition, the team and the community also plan to launch the first Doge drink on the market, which is where its name comes from. This means that it will become the world’s first cryptocurrency to expand the crypto market to the food sector. The cryptocurrency will be listed on the BigONE shortly, and interested token buyers can follow it on the cryptocurrency exchange.

About BigONE

BigONE is a global cryptocurrency exchange that provides a platform for trading various cryptocurrencies. It was founded in 2017 and registered in the Netherlands. The group operates in Russia, Brazil, Vietnam, Seychelles, Singapore, Japan, and Indonesia, providing marketing, investment, and blockchain technology research & development.