Shiba Inu Scam – Here’s All You Need To Know

If you want to invest in the cryptocurrency Shiba Inu, you should first know people’s opinions about whether it is a scam or not. Here is an unbiased opinion about the trending Shiba Inu cryptocurrency.

Created in August 2020, Shiba Inu aka Shiba Token is a decentralized cryptocurrency. This token was created after the famous Dogecoins. The name idea for this cyptocurrency came from a dog breed upon which the logo of Dogecoin was based on. This currency is created by an anonymous founder named Ryoshi.

As the current supply of Shiba Inu peaked, people are curious to know about its legitimacy. If you are among those users, this post will enlighten you with all the details you need to know about its legitimacy.

What Is Shiba Inu Coin

Like many other digital coins circulating, Shiba Inu is also a cryptocurrency that can be exchanged on ShibaSwap, Kucoin, CoinBene, Probit Global, CoinDCX, WazirX, and some other digital platforms.

According to the official website of Shiba Inu, it is the first token that allows the users to an infinite number of them. There is no restriction over the number of Shiba Inu tokens you want to keep.

The website further explains that the safest place to buy or sell SHIB is Uniswap. Furthermore, ShibaSwap is also in the process to go live. It is undergoing some final security tests and audits; soon it will be ready for a smooth launch.

As soon as the market cap of Shiba Tokens settled on $7.03 billion on the 13th of May, users started to inquire about the legitimacy of this digital currency. Some users have the opinion that Shiba Inu is a Scam, while many of the people have a different opinion.

Is Shiba Inu Coin A Scam?

After going through various websites, we have found that this company operates illegally and without a proper financial regulatory license. People have also filed various complains about the currency. Various websites have also advised their users to withdraw the funds as soon as possible, but this doesn’t necessarily stand true.

According to some recent reports, the value of these digital coins has grown 1,051.16% in some recent days. The price of Shiba Inu has reached $0.00034 from $0.000002 which is about a 1700 per cent increase in the value. This sudden growth has turned the crypto trend towards this emerging digital currency.

The hype about Shiba Inu Coins has emerged right after Dogecoin’s value has declined. Currently, Shiba Inu is making rounds in the crypto community. The crypto enthusiasts are promoting Shiba Inu with all their power, resultantly, it has gained quick attention from people worldwide.

Shiba Inu Coin 2021

As soon as the value of Shiba Inu has skyrocketed, people have taken it to various social media platforms. Users form the social media platforms including Twitter, Reddit perceive this currency as the new Dogecoin. People who were looking for higher returns lately are choosing to invest their money into SHIB.

Readers should also know that these digitals tokens do not have any intrinsic value. These are just developed to earn money and there is no underlying value behind the coins. So, they may or may not give you a higher profit margin.

It can rapidly lose its value if the market loses trust in them, so it is important for people to think before investing in coins like Shiba Inu. People should also consider the negative outcomes because such coins can bring quick profits but sometimes they might also bring huge losses.

You may also want to know about Amazon Raffle Scam

Final Verdict

Though Shiba Inu Coins aren’t a scam but they may bring huge losses if its market value drops. If you still want to buy Shiba Inu Coins then you can get these from crypto exchanges like Binance and Sushiswap.

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