3 Threats Behind the Shiba Inu Coin Here are the explanations

Lovata Andrean

3 Threats Behind Shiba Inu Coin
3 Threats Behind Shiba Inu Coin

Rancakmedia.com – Shiba Inu coin surged to become the best-selling cryptocurrency in 12th place. Its fame grew due to billionaire 'Meme Lord' Elon Musk who sponsored the dog logo coin that this meme originated from.

However, there are elements to keep in mind when investing or trading Shiba Inu. It is conceivable that these coins may lose their value in the future. The following summarizes this article about the Shiba Inu Coin Threat from The Motley Fool.

The Threat Behind Shiba Inu Coin

1. Transactions in the real world are still lacking

Several currencies in the market crypto still suspect a lack of real world value. Before protesting 'but Dogecoin is up!', let's explore further.

Dogecoin is accepted by more than 1.700 companies worldwide, including film company AMC Entertainment. But it took Dogecoin eight years to reach this level of popularity. Compared to Shiba Inu, Dogecoin seems like a widely recognized digital token.

After more than a year since its launch, online business directory Cryptwerk observed that only 88 mostly unknown companies accept SHIB as a means of payment.

2. On average, they are only detained for less than a week

Based on statistics from Coinbase, the average Shiba Inu coin holder only keeps their coins for approximately 6 days. The percentage growth in value of Shiba Inu has shot up to 5.100.000 percent since August 1, 2020 but the average of this coin only holding for less than a week is a warning to be careful and wise in investing.

3. Historically, short-term gains don't last long

For example, cryptocurrency mining business Bit Digital (NASDAQ:BTBT) was the best-performing stock of 2020, posting a gain of about 3.700 percent. Bit Digital specifically focuses on mining Bitcoin (BTC), the largest digital currency by market size. But in 2021, Bit Digital shares are down 51 percent, which is actually down from about 81 percent in mid-July.

In fact, there is nothing wrong with investing in cryptocurrency. However, considering the very high volatility, which can rise and fall over hours or even minutes, extra calculations and studies must be done on the right momentum to invest. The key is, don't just join in.

Conclusion Regarding the Threat Behind Shiba Inu Coin:

Shiba Inu coin surged to become the best-selling cryptocurrency in 12th place. Its fame grew due to billionaire 'Meme Lord' Elon Musk who sponsored the dog logo coin that this meme originated from. Only 88 mostly unknown companies accept SHIB as a means of payment. On average they are only imprisoned for less than a week.

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Lovata Andrean

Hi, I'm Lovata, I'm not Ai but I am a content writer for SEO, Technology, Finance, Travel, Cooking Recipes and others. I hope this can be useful for all my friends. Thanks