3 Things You Must Know Before Buying Shiba Inu Tokens

Ilustrasi Token Shiba Inu (News Agency)

JAKARTA – In the midst of the skyrocketing popularity of Shiba Inu (SHIB) some time ago. Investors began to be interested in buying Shiba Inu because the price was below Rp. 1 and the increase was very high.

Some time ago, many investors glanced at the coin, dubbed the "Dogecoin Killer". However, before investing, users should know a few things as reported by VOI from Express.

1. Shiba Inu is a token

Shiba Inu Coin is a cryptocurrency token that allows buyers to get SHIB in large quantities because the price is very cheap compared to other coins.

SHIB has its own decentralized exchange platform called ShibaSwap. As much as 50 percent of the entire supply of bearable Shiba Inu coins has been locked at Uniswap. While the rest has been sent by the founder of Ethereum, Vitalik Buterin to be burned some time ago.

Shiba Inu tokens use the Shiba Inu dog symbol, just like Dogecoin. SHIB experienced a high increase before the market crashed a few days ago.

2. Copy of Dogecoin

A market analyst, Susanah Streeter of Hargreaves Landsdown stated that the token has been created to emulate the success of Dogecoin.

"This (token) features the same dog that became a meme and aims to emulate the success of DOGE which (successfully) turned a joke (coin) into a money making machine," Streeter said.

Previously, the price of Dogecoin skyrocketed after getting support from influential people like Elon Musk and Mark Cuban. On the other hand, the Dogecoin community on Reddit is trying to push the DOGE price up to 1 US dollar.

3. The legitimacy of the Shiba Inu is still in question

Despite its skyrocketing popularity, little is known about the SHIB token, including its uses and fundamentals. That means, the risk that surrounds the Shiba Inu token is quite high. Even though it is high risk, novice investors should research first before investing.