Cryptocurrency Shiba Inu is the latest digital token to attract interest from investors.
The self-proclaimed ‘Dogecoin Killer’ has seen its market value soar of late, with a 1,900% increase this last week, 37,929% this last month and up 2,081,399% over the year.
Shiba Inu not only features the same breed of meme dog as Dogecoin but also appears to be working along the same lines of using a running joke as a way to enter the crowded market.
What is Shiba Inu?
As is the case with most cryptocurrencies new to the market, there is little known about Shiba Inu at present other than its high increase in popularity and market value of late.
The crypto token is shown as SHIB and allows users to hold billions or trillions of them.
Its website states: “Nicknamed the DOGECOIN KILLER, this ERC-20 ONLY token can remain well under a penny and still outpace Dogecoin in a small amount of time (relatively speaking).”
The cryptocurrency is the first token to be listed and incentivized on the coin’s own decentralized exchange platform, ShibaSwap, according to its website shibatoken.com.
What is the price of Shiba Inu?
Shiba Inu has seen its market value percentage skyrocket in the early days of May 2021.
It has recorded increases in the short term but how does this translate into pounds and pence?
It’s market value is listed at £0.000023 as of Tuesday 11 May 2021, according to Coinbase.
In comparison, Dogecoin is listed as having a price of £0.37, compared to the more established cryptocurrencies of Ethereum £2,808.39 and Bitcoin £39,438.91.
Elon Musk-owned Tesla bought $1.5 billion (£1.1b) of Bitcoin in February 2021 and the electric car company said it was planning to accept the crypto as payment.
While billionaire Musk hasn’t been shy about his love of Dogecoin, joining calls to send ‘Doge to the moon’ and asking Twitter users if Tesla should accept the crypto too.
How can I buy Shiba Inu in the UK?
Users in the UK can buy and trade Shiba Inu tokens via cryptocurrency exchange platforms such as Coinbase, Binance and OKEx, as well as ShibaSwap.
OKEx CEO Jay Hao said: “I appreciate their experimental spirit, which is exactly what the blockchain and crypto space needs.
“As an exchange, we are delighted to be able to offer a diverse portfolio of cryptocurrencies, including memetic tokens, to allow a comprehensive investment experience for our valued customers.
“The Shiba Inu community has been gaining strong momentum from the weekend deposits, and we look forward to witnessing its robust development. We are happy to be the first major exchange to offer SHIB to open the crypto gateway to these enthusiasts.”
What are the warnings with cryptocurrencies?
The world of cryptocurrencies can be a tricky field to navigate for the uninitiated.
In late 2020, Brits were banned from buying some cryptocurrencies after a rise in the number of people making bad investments and losing money.
The Financial Conduct Authority (FCA) warns people about the risk of investing in cryptocurrencies, referencing price volatility, product complexity, charges and fees, marketing materials and consumer protection.
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