Shiba Inu was among the most popular digital assets in 2021 and exceeded Bittokens by 43 million views and therefore becoming the alpha among the dog-themed digital assets. Shiba Inu is a meme-based token that has the Japanese dog breed Shiba Inu as its mascot.
The token started to gain such immense popularity that its prices rose by ten times in October 2021, and it became available on more and more platforms. So, if you’re looking for methods to trade this meme-based crypto in Singapore, follow this article keenly.
What Is A Shiba Inu Token?
Shiba Inu token (SHIB) is a digital asset based on a meme. This dog-themed crypto was created by an anonymous developer called Ryoshi. It was called a competitor of Dogetokens as a joke in the meme tokens category, and since then, it is also known as Dogetokens killer.
It first originated in 2013 as a meme featuring the Shiba Inu dog breed. But soon later, this meme developed into a multi-billion dollar project.
It is an ERC-20 token and is transitioning over time to a proof of stake consensus mechanism. It has a decentralized exchange called ShibaSwap. It also gives the NFT artists a boost by encouraging them to bring more Shiba Inu-inspired NFTs to the NFT market.
Shiba Inu Tokenomics
Is there a limit on the number of tokens that can be minted?
The Shiba Inu tokens came into the market with a total supply of 1 quadrillion tokens.
The Shiba Inu tokens also have this interesting feature which burns a percentage of the purchase value as a transaction fee whenever the token is purchased. This implies that the supply of the SHIB will decrease with an increase in its trade.
The SHIB developers locked 50% of the tokens to Uniswap, the decentralized crypto exchange platform. This implies that the developer of the SHIB tokens owns them if and only if they have purchased them from the cryptocurrency exchange platforms and cannot dump tokens on the community.
The other 50% of the total supply is with Vitalik Buterin, the creator of Ethereum.
What Is The Current Price Of Shiba Inu Tokens?
The current price of SHIB is $0.000029 or S$0.00003975, with an increase of about 0.9% in its price in the last 24 hours. You can check the rates in real-time at https://www.coingecko.com/en/coins/shiba-inu/sgd
Current Value And Growth Charts
At the time of writing, the price or current value of the Shiba Inu token is $0.000029 or S$0.00003855764. The market cap is at $16.16B, and the circulating supply is SHIB549.06T.
As per the growth charts, the meme coin is seeing a perpetual increase with minor bumps once in a while. You can check the same in real-time at https://www.coingecko.com/en/coins/shiba-inu
Is The Shiba Inu Token Regulated In Singapore?
Given that Shiba Inu is a decentralized cryptocurrency, it is not regulated by Singapore.
It is a bit difficult to make accurate predictions about a meme-coin such as Shiba Inu as their growth is directly proportional to the hype it was able to generate. It generated a very good hype in 2021, earning it a rank among the top cryptos of the year 2021.
Expected Annual Return Of Shiba Inu Tokens?
The website cryptopredictions.com (https://cryptopredictions.com/shiba-inu/) expects SHIB to reach new heights and predicts its price to be $0.000084 in the first quarter of 2022. It also predicts that the token will grow to $0.000088 by the third quarter of the year.
By the year 2023, it is expected that the coin may reach $0.0001 and show a growth of 163% in this span of 12 months.
How To Buy Shiba Inu Coin In Singapore?
Following are the most straightforward methods you can use to buy Shiba Inu tokens on these major platforms in Singapore:
Buy Shiba Inu COin Through Coinhako
The steps to buying SHIB on Coinhako are as follows:
- Deposit some Singapore Dollar (SGD) amount in your SGD wallet using either of the two methods, XFers or direct FAST transfer.
- Go to “trade.”
- Search SHIB in the list and select it.
- Click on “Buy.”
- Enter the amount of SGD you want to spend to buy SHIB. You will see the amount of SHIB you can purchase in real-time. The amount of SHIB here is dependent on the market rates prevailing at the time.
- Verify and confirm the transaction. SHIB will be credited to your account.
Buy Shiba Inu COin Through Crypto.com
The steps to purchase Shiba Inu tokens on the Crypto.com app are as follows:
- Go to your crypto.com crypto wallet and find SHIB from the list of cryptos.
- Click on “buy SHIB .”You are charged the prevailing market rates to buy the token.
- Select your preferred payment method from the options- debit/credit card, crypto wallet, and fiat wallet.
- Debit/credit card: you can directly buy SHIB but with a 3.5% fee.
- Crypto Wallet: trade with other cryptocurrencies you have in your crypto wallet for SHIB. Though, you can only use either USDT or USDC to accomplish the task.
- Fiat Wallet: purchase SHIB using fiat currency. However, you can only use either a EUR or AUD fiat wallet.
So if you want to use SGD to purchase SHIB, you are required to use either of the methods:
- Use SGD from your fiat wallet to buy USDC.
- Use USDC in your crypto wallet to buy SHIB.
- Confirm the trade, and the SHIB will be credited to your account.
Can I Earn Interest In My Investment In Shiba Inu?
Yes, you can earn interest in your Shiba Inu holdings. The lending protocol called Euler finance activated the Shiba Inu token. So, now the Shiba Inu holders can lend or borrow tokens and earn interests in return.
Following are the steps to follow to earn interest on your SHIB holdings:
- Download and install the Euler app.
- Create your account.
- Complete the verification process.
- Click on the “transaction” button. You will find a list of cryptos from which you can select your assets.
- Select the assets, that is, SHIB, and click on “approve.”
- Tap on “deposit.”
- The cryptos deposited will remain in the wallet until some other user borrows that asset, SHIB, by selecting “borrow.”
So the other user will have borrowed your Shiba Inu tokens while you earn interest on the number of holdings borrowed.
Also Read: Can Shiba Inu Coin Reach 50 Cents?
Why Is The Shiba Inu Token Great For Singapore?
The Shiba Inu holders are allowed to lend out coins to borrowers and earn interest on them. This makes Shiba Inu tokens great for Singapore as they will open the doorways to sharing economy or collaborative consumption in Singapore.
Sharing economy is one where people share ownership of an asset with others without actually owning or getting into the hassles of servicing that asset themselves.
Why Is The Shiba Inu Token Great For Business?
As per the growth charts and price predictions, the Shiba Inu coin shows great potential. In fact, looking at its growth in the year 2021, if a person had invested $100 in the Shiba Inu token, they would have got about $45,274,000.
Similarly, with the growth pattern predicted for the year 2022, it is promised that the meme coin will give good returns. But, Shiba Inu is an extremely volatile and unsafe investment to make. Therefore, the investments should be made with utmost caution.
Moreover, the developers of the Shiba Inu tokens realize that being built on the Ethereum blockchain, it can make its used for multiple purposes. So far, it can be used at stores to buy products and to make online payments.
It can be used as a means of payment for business purposes such as leasing cars, office space, and other equipment. This is great for businesses because they can now tap the resource pool of the sharing economy to get access to the assets they need without having to purchase these assets themselves.
Also Read: Will Shiba Inu Coin Reach $1000?
Difference Between Shiba Inu And Dogecoin
Dogecoin and Shiba Inu, both cryptos, are based on Shiba Inu, the Japanese hunting dog breed. But Dogecoin has a larger fansbase and richer history than Shiba Inu tokens.
Dogecoin has its own blockchain, while Shiba Inu doesn’t. Both the coins employ different consensus mechanisms to make transactions and create new coins.
Dogecoin uses the Proof-of-Work model, whereas Shiba Inu is transitioning into the Proof-of-Stake model. Dogecoin’s purpose was to allow the owners to give tips while making online payments.
Shiba Inu, on the other hand, saw the opportunity for more utility and development as it is built on the Ethereum network.
What Can You Buy Using SHIB?
There are many online merchants who accept cryptos like SHIB for payments. You can use SHIB to buy products like video games, real estate and make online payments.
Conclusion
Shiba Inu is a meme coin that is often known as a Dogecoin killer. It started off as a joke and ended up seeing a billion-dollar growth. The value of the Shiba Inu tokens depends on the hype that is created for these tokens in the market, like Elon Musk tweeting about the coin.
The coins have been showing good performance so far and are predicted to give the same or even better performance in the future. If you are buying a Shiba Inu token in Singapore, you can use any crypto exchange platforms like crypto.com, Binance, and Gemini. All these platforms provide a simple and easy way to purchase tokens.
