Shiba Inu is a relatively new coin created in August 2020. It is an Ethereum based altcoin whose mascot is a Japanese breed hunting dog called Shiba Inu. The cryptocurrency industry considers this coin an alternative to Dogecoin but fundamentally different in structure and purpose. Shiba Inu is one of the biggest coins in terms of market capitalisation, with a value of more than $21 billion. It is currently ranked at number 13 on Coinmarketcap.
Shiba Inu has shown tremendous growth for the last few months. This year, Shiba Inu has grown by more than 47 million percent enabling a few lucky people to make massive profits. However, its price, like any other cryptocurrency, has been fluctuating due to varied reasons. If you are looking to invest in this coin, here are a few reasons that you can consider.
All cryptocurrencies are volatile. It means that their prices could swing on either side at any time. For that reason, you must take caution. Never invest any money that you would not be willing to lose. Diversifying your investments in various coins instead of just putting everything in one project is the best way of doing it.
1. Listed in multiple exchanges
There is a strong correlation between the value of a digital coin and access. If a coin is easily accessible, then its value tends to grow. More investors can buy and speculate it is spiking its demand. Shiba Inu has been on various exchanges but has recently got listed in a few others, including OKEx and Binance. Its price surged significantly when it was listed on these two exchanges in May 2021. In October, Shiba Inu got a listing in Coinbase Global, the biggest exchange in the United States of America
