More Dog-Themed Coins: The Story Behind Shiba Inu, the "Dogecoin Killer"

Can you still become a millionaire by investing in Shiba Inu? Yes, it is possible, though not as likely as it once was.

The Motley Fool published an article by Sean Williams on 4 November 2021, If You Invested $100 in Shiba Inu 15 Months Ago, Here's How Much You'd Have Now. Granted, the entire cryptocurrency market has taken a tremendous tumble since then. But at that time when SHIB was up 14,000,000%, it would have been worth around $14 million if you sold it then, from your $100 investment.

There are many stories like these all over the news and the internet

“Brothers wake up millionaires after $257 investment in ‘joke’ crypto coin. On the morning of April 17, two brothers in Westchester, New York, woke up to learn that they had become millionaires overnight, thanks to an unlikely wager on a cryptocurrency that was originally created as a joke.”—7NewsAustralia.

“Shiba Inu millionaire retires at the age of 35 after $8,000 bet. A dad has explained how he became a millionaire in just six months after making a risky $8,000 bet on Shiba Inu. The former supermarket warehouse manager named Rob has been able to retire at the age of 35, after investing in the popular meme coin.”—NY Post.

Nothing says one of these stories couldn’t be written about you, but the odds of it happening are astronomical. That’s why they’re called “bets” or “gambling.”

There’s nothing wrong with making a small wager now and then, just don’t use money you can’t afford to lose, and do the research to move the odds a little more in your favor.

SHIBA INU - HUGE NEWS! (BIG SHIBA INU COIN NEWS)

$SHIB $LEASH #SHIBArmy

What is SHIB?

SHIB is the native token of Shiba Inu, a dog-themed meme coin. It is an ERC-20 token that has drastically increased in popularity since the success of Dogecoin.

“Shiba Inu is commonly referred to as the “Dogecoin (DOGE) killer” because of its enormous popularity. SHIB grew to become the second-largest canine-inspired coin in the crypto space and aims to be the Ethereum (ETH)-based counterpart to Dogecoin’s Scrypt-based mining algorithm.”—Coin Market Cap.

This token has a limited supply of one quadrillion (if you could consider that “limited”), with 50% of the amount locked as liquidity, and Vitalik Buterin, Ethereum’s co-founder, holding the other 50%. Likewise, Buterin reportedly burned $6.7 billion worth of SHIB in November ’21. He’s still worth around $1.46 billion.

Apart from SHIB, Shiba Inu also has Doge Killer (LEASH) $1,255 and Bone ShibaSwap (BONE) $0.75 tokens. These currencies are proven but very risky, so you shouldn’t rush to invest without proper research and a plan.

In fact, most prefer trading these tokens rather than investing. However, trading the $1,250 LEASH token might be unrealistic unless you're already a millionaire.

If you’re not aware, there is a different approach to trading than investing

Investing is usually a long-term play on stocks or cryptocurrencies; whereas, trading is short-term. Investopedia defines the difference like this:

“Investing takes a long-term approach to the markets and often applies to such purposes as retirement accounts. Trading involves short-term strategies to maximize returns daily, monthly, or quarterly.”

The expected volatility of these meme coins makes them a better material for short-term trades. These trades could be enhanced if the trader knows how to use “puts” and “calls.”

“Buying crypto options can often offer investors a relatively low-cost and low-risk solution for trading digital assets compared to trading crypto futures or perpetual swaps.”—Coin Desk.

However, the advantages of trading these dog-themed crypto coins are that they’re cheap, aside from LEASH. Therefore, the chances of a high reward could be proven with a small investment if a celebrity or whale talks it up on social media, as Elon Musk did with DOGE.

There is some merit in chasing a meme coin like SHIB for short-term gains, which was released in August 2021, and has already created a few millionaires.

If you had bought just $50 worth of SHIB, then, when it hit $0.00008 two months later, on 27 October 2021, it would have made you a millionaire.

Of course, you would be liable for the tax income on that transaction at the capital gains percentage rather than the long-term investment rate. To get accurate tax information, consult a tax adviser.

What Is ShibaSwap & DEX?

Shiba Inu SHIB coin has a decentralized exchange; ShibaSwap.

“ShibaSwap is the native decentralized exchange (DEX) of the Shiba inu coin project; a popular meme coin and leading competitor of dogecoin that has risen to fame over the last 18 months. DEXs operate differently from centralized platforms such as Binance and Kraken by allowing users to swap tokens without the need for an intermediary or counterparty.”—Coin Desk.

The exchange platform enables users to buy and sell tokens. It also allows you to swap different tokens. Non-fungible tokens (NFTs) are non-interchangeable units of data stored on a blockchain that can be sold and traded. You can also trade NFTs called Shibatoshis.

Shibatoshis are a collection of about 10,000 unique NFTs related to the ShibaSwap ecosystem. Other functionalities of the platform are checking portfolio analytics and collecting rewards.

Trade carefully with NFTs from any platform. Even some of Mark Cuban, the eccentric billionaire owner of the Dallas Mavericks NFTs, have recently come under scrutiny. Therefore, I would be skeptical of anyone’s NFTs until proven otherwise. Many are said to be plagiarized or flat-out fakes.

SHIB Price Data from Coin Market Cap

“The live Shiba Inu price today is $0.000026 USD with a 24-hour trading volume of $977,280,966 USD. We update our SHIB to USD price in real-time. Shiba Inu is down 7.30% in the last 24 hours. The current CoinMarketCap ranking is #14, with a live market cap of $14,469,179,905 USD. It has a circulating supply of 549,063,278,876,302 SHIB coins and the max. supply is not available.”—Coin Market Cap – 20 FEB 22.

SHIB to USD All-Time Chart

Final thoughts about DOGE, SHIB, & other dog-themed Coins

Meme coins might have started as a joke, but some are quickly rising in value and popularity. This is particularly evident when Mark Cuban and Elon Musk publicly voice their opinion about these dog-themed meme coins.

DOGE could be considered the “leader of the pack” as far as these coins or tokens are concerned, as it was the first coin to get the market's attention.

Some might ask, how could DOGE be the leader when LEASH is selling for $1,250 compared to DOGE's current price under one USD? You must consider the Market Cap, and the fact there are only around 107,000 LEASH in circulation.

However, SHIB seems to be pushing DOGE for a place in the show. Whether you invest in or trade meme tokens is up to you but remember to rely on updated facts that you research thoroughly.

DISCLAIMER: This article is for entertainment and informational purposes only. It should not be considered financial or legal advice. Not all information will be accurate. I am not a financial adviser, and anything I propose should be considered friendly banter to show you what is possible if you invest your money in these vehicles. However, there are no guarantees. Consult a financial professional before making any significant financial decisions.

Stephen Dalton is a retired US Army First Sergeant with a degree in journalism from the University of Maryland and a Certified US English Chicago Manual of Style Editor. Also, a Top Writer in Nutrition, Travel, Fiction, Transportation, VR, NFL, Design, Creativity, and Short Story.

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