What is SHIB and how does it work?
SHIBA INU ($SHIB), also known as SHIBA TOKEN, is a decentralized cryptocurrency built on the Ethereum blockchain. Branded as the “Dogecoin Killer,” SHIB has seen stable growth, relatively speaking.
Where can I use SHIB?
At the time of writing, SHIB isn’t widely used in the commercial sense but has a very promising outlook for practicality and real-world adoption. In fact, in May 2021, Vitalik Buterin, a co-founder of Ethereum donated $1 Billion worth of SHIB to India’s Covid Crypto Relief Fund. The charity has slowly used the donated SHIB and turned it into liquidity, so as not to seriously affect the overall price of SHIB. Even though most cryptocurrencies are experiencing corrections, SHIB seems to fight off those very large dips that others are seeing in their portfolios.
What is good about SHIB? What are its advantages?
SHIB has a very promising outlook. The community for SHIB has grown substantially in a very short amount of time and with the upcoming release of a decentralized exchange platform, SHIBASWAP, the price of SHIB may skyrocket in the not too distant future. To date, there are over half a million people holding SHIB. The growth continues to grow steadily.
Tell about your SHIB investment and trading experience
I invested in SHIB in late March 2021 after being introduced to the community via social media. I think there is something to be said about the community of a meme coin. It is important to the overall growth. If you have a solid foundation of people who believe in it and support it, I believe that’s a good sign for the developers to continue to support it and work hard. I have attained a bit of a following on Twitter because of my support for SHIB. There are a lot of people who like to beat up on the coins they don’t support. I do not condone this and generally, stay away from communities that I see that type of behavior run rampant. The SHIB community is a very generous community. Many in the SHIB community have vowed to donate portions of any gains from their investment in SHIB. I personally will be doing the same. For some it is an animal charity or a social justice charity, for me, it will be a donation to an Alzheimer’s research foundation. That holds a very special meaning to me.
Why is it important to monitor SHIB social engagement and community growth?
Meme coins are very volatile. There is nothing guaranteed to happen during certain events. Take for instance Elon Musk and his hosting gig on Saturday Night Live. More than any speculation, most people believed DOGE would skyrocket after. Unfortunately, the price of DOGE fell significantly and continues to be in a correction period.
I say unfortunately because I also hold DOGE and I haven’t sold any of it. DOGE has a very solid backing of people who can give DOGE a real-world application and use. I think SHIB is on the same track and so I hold both, even though SHIB is nicknamed the “Dogecoin Killer.” I’m not a fan of that name and I believe it sends the wrong message. I’ve urged publicly on my social media that the Dev Team for SHIB should denounce it and remove it from their website. It would greatly improve the overall adoption of crypto. That just goes to show you how closely you should follow the trends and especially the chatter on social media. Twitter, Reddit, and Discord are excellent places to be when trying to follow the latest on crypto. As for the platforms, CoinSocialStory is also a good venue for monitoring crypto updates, especially on social engagement.
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Disclaimer: Eric Sykes is not a financial advisor and this should not be read as financial advice.