Cryptocurrencies have gained immense popularity in recent years, and one such digital asset that has caught the attention of investors is Shiba Inu. Inspired by the famous meme coin Dogecoin, Shiba Inu is a cryptocurrency that has gained immense traction in the crypto space. In this article, we will take a closer look at what Shiba Inu is, how to mint it, where to buy it, and why its current traded volume is important in determining its future price.
Shiba Inu Coin: What is it?
Shiba Inu is a decentralized cryptocurrency launched in August 2020 by an anonymous individual or group using the pseudonym “Ryoshi.” The coin was created to pay tribute to the Shiba Inu dog breed, which is a popular breed in Japan. The project’s mascot is a Shiba Inu dog, similar to Dogecoin’s mascot, a Shiba Inu dog meme.
How to Mint Shiba Inu Coin?
Minting Shiba Inu involves a process called “yield farming,” where users provide liquidity to the Uniswap exchange in exchange for SHIB tokens. To mint SHIB tokens, users must first purchase Ethereum (ETH) and convert it into Wrapped Ethereum (WETH). Afterward, they can add liquidity to the SHIB/WETH pool on Uniswap and receive SHIB tokens as rewards.
Where to Buy Shiba Inu Coin?
Shiba Inu can be purchased on various cryptocurrency exchanges such as ByBit, Bitfinex, Binance, and Coinbase. The process of buying SHIB tokens is straightforward, similar to buying other cryptocurrencies. Users need to create an account on the chosen exchange, complete the verification process, and deposit funds to buy SHIB tokens.
Shiba Inu Traded Volume on the Rise?
The traded volume of a cryptocurrency is the total amount of it that has been exchanged on a given exchange. The traded volume is a crucial metric that indicates the level of interest in a particular cryptocurrency. A higher traded volume means that there is more demand for the cryptocurrency, which could indicate a potential price increase. Additionally, higher traded volumes can also lead to increased liquidity, which is essential for a cryptocurrency’s stability.
Shiba Inu traded volume was recently seen increasing by more than 50% in the past day. There is a high probability that prices are going to increase.
SHIB Price Prediction: Wil Shiba Inu price increase?
Since the start of the year 2023, SHIB managed to increase in prices by more than 60%. If we look at figure 1 below, we can notice that SHIB has strong uptrends followed by minor adjustments. The current trend of SHIB is showing an uptrend in place, that should in theory continue to rise and break the previous high of $0.000015.
Can SHIB Coin reach $1?
If Shiba Inu were to reach a value of $1 per coin, its total market capitalization would amount to approximately $550 trillion, which is an exceedingly high valuation. To put things into perspective, the entire budget of the United States for the year 2022 was approximately $5 trillion. Given these figures, it is highly unlikely that SHIB will ever attain a price of $1.
Understanding the importance of traded volume is essential for investors as it indicates the level of demand and liquidity, which can affect the cryptocurrency’s price. As with any investment, it’s important to do your own research and assess the risks before investing in Shiba Inu or any other cryptocurrency.
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