SHIBA Inu (SHIB), is the biggest cryptocurrency competitor to DOGE and is even nicknamed the “Dogecoin killer”. SHIB is a breed name of Japanese dogs so the reference came from there. It is developed by an unknown developer called Ryoshi in August 2020. It runs on the Ethereum Blockchain. SHIBA Inu is a popular cryptocurrency among users and in this blog, you will get to know how you can buy Shiba Inu in India.
Even though Dogecoin does not have a fixed supply, SHIBA Inu has a fixed supply of 1 Quadrillion. SHIB is categorized as an ERC-2O token and is linked to a decentralized exchange known as ShibaSwap. To increase liquidity, Ryoshi locked half of the token in Uniswap and gave the other half to Vitalik Buterin who is the co-founder of Ethereum. Vitalik, however, made the decision to burn 90% of the coins and give the remaining 10% to India’s Covid relief fund.
SHIBA Inu is not limited to crypto, it also includes the NFT art incubator, NFT games, etc.
Why Buy Shiba Inu in India?
For any cryptocurrency, their use case and price matter a lot, and because of that, only the user wants to buy them. In the case of SHIBA Inu (SHIB), there are a lot of reasons.
Factors that helped SHIBA Inu to receive such popularity
High Quantity
Even after burning and sending it to charity the last 50% of the amount remained is a huge quantity as well. And because of such quantity, it is quite accessible to own the meme coin.
Low Price
Due to large quantities and easy availability the prices of SHIB are quite low. At the moment the price of 1 SHIB is $0.00001329 (₹0.001058). And the highest ever reached a price of SHIBA Inu was $0.000086158837 (₹0.0068) on 28 October 2021. At the price of one Bitcoin and Ethereum, you can buy millions of SHIBA Inu.
People interested in entertaining things
People are more interested in it and buy it because the concept is highly interesting to them. Things that become popular online and on social media quickly become a trend that people follow.
Backup from powerful people like Elon Musk
Elon is highly in favor of the meme coins, especially of DOGE, so every time he markets or talks about the meme coins the price increases, and the popularity of all the meme coins increases.
What can risk the growth of SHIBA Inu?
Changing Trends
Meme coins are extremely well-liked by people, and new coins are always creating, and changing trends. SHIB may therefore eventually be forgotten with the introduction of other cryptocurrencies. This meme coin won’t just vanish at random one day, although prices might fall for a while.
Easy availability leads to limited growth
Since there is a large supply and it is simple for anybody to use or purchase, there is no place for demand, yet the price of cryptocurrency is heavily influenced by demand. The restricted growth of SHIB is due to the prices not rising significantly if the demand is easily met.
How can you buy SHIBA Inu in India on Suncrypto?
You can get SHIBA Inu in a number of ways. It can be mined just by you, or you can accept it as payment for goods and services. The easiest and safest way to obtain it is through a trusted exchange like Suncrypto.
To purchase SHIB on the Suncrypto Exchange, follow these instructions: –
- Install the Suncrypto app from the App Store or Play Store.
- Fill out the necessary details to complete the KYC process.
- Deposit money into your Suncrypto account to purchase cryptocurrencies on the platform.
- Use the search feature to look up the SHIBA Inu meme coin.
- Choose the quantity, then click “buy.”
- And you have completed the buying process.
Since SHIBA Inu is a well-known cryptocurrency with a strong reputation, it is a suitable investment to start with at low prices. This is well enough reason for crypto users to be interested to buy SHIBA Inu in India. Despite the ease of the investment, a person should conduct their own research before making a purchase.
Visit the Suncrypto academy for additional news and information about cryptocurrency.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date. Occasionally unintended errors or misprints may occur. We recommend you to please do your own research or consult an expert before making any investment decision. You may write to us at [email protected].
