Over the last week, a meme-based crypto-currency has seen exponential growth. Yes, you read that correctly. Meme-based. Let’s assume that millennial ideas are in charge of the industry. With so much development, it’s the ideal time to talk about this cryptocurrency and its future prospects. We’re talking about the Shiba Inu coin, in case you hadn’t guessed. The cryptocurrency, also known as Shiba Tokens, saw a 35 percent surge in value. This happened shortly after it was introduced to the Coinbase cryptocurrency list.
What Is The Meaning Of Shiba Inu Coins?
Let’s start from the beginning. Shiba tokens are a decentralized cryptocurrency launched in August 2020 by an anonymous person named Ryoshi. The currency’s name is derived from the “Shiba Inu,” a Japanese dog breed whose image appeared on the dogecoin symbol. The millennial generation went a little too far with this one. Shiba Inu is an Ethereum Blockchain-based ERC-20 altcoin. The token’s whitepaper states that it intends to create an ecosystem consisting of three tokens with diverse supplies.
Leash and Bone are the other two tokens that are used at ShibaSwap. Most of the SHIBA vocabulary is based on something linked to dogs if that isn’t evident already. When Elon Musk indicated an interest in owning a Shibu puppy, the coin’s value soared by 300 percent.
What Is The Reason For Shiba Inu Coin’s Popularity?
Since the Dogecoins, the Shiba tokens have become one of the many pet coins that have acquired popularity. Simply explained, the Shiba Inu currency has performed exceptionally well because of the millennial concept of FOMO (fear of missing out). Investors who missed out on the dogecoin craze are now on the hunt for the next Dogecoin.
How much does a Shiba Inu coin cost in India?
As of October 25, 2021, the SHIB to INR rate is 0.003090. Shiba Inu Coin is an incredibly volatile cryptocurrency, so keep that in mind.
Ways To Purchase Shiba Inu Coins In India
Shiba Inu coins are not listed on several Indian exchange platforms. The procedure would be as follows:
- You need to use an authentic email address and mobile number to create an account.
- Submit appropriate documents such as an Adhaar Card and a PAN Card to complete KYC.
- Add funds to your account by linking your bank account or selecting from a variety of deposit methods.
- Purchase a Shiba Inu from Quick Buy or the Buy/Sell Option.
- Make your purchase. The cryptocurrency will appear in your Wallet once the order has been completed!
Shiba Inu Coin’s Future in India
Even though the current situation is gloomy, there is some good news on the horizon for the SHIBA token. According to some researchers, the Shiba Inu coin will experience a 30 percent rise in price over the following three months, and by the beginning of next year, the price will be such that if you buy now, you may get a 90 percent return. SHIB appears to have a bright future based on this data.