Shiba Inu Coin

[Matt83]

Someone has recommended investing a small amount of money into Shiba Inu coin.

I know a few people are knowledgeable on Crypto, I would like to know peoples thoughts?

Will it emulate Dogecoin?

Shiba Inu coin is fascinating.

It was started as a bit of a scam and they paired it with eth and sent half the supply of the liquidity to Vitalik Buterin (one of the founders of Ethereum). Vitalik sent it all (worth $1bn at the time) to the Indian Crypto Covid Relief project, (founded by Sandeep Nailwal, COO of Polygon/Matic) just as the Indian outbreak was hitting its peak and Modi was being arsey about foreign donations (as he and his mates werent getting a cut).

So basically

1. Its a meme coin, it has no real fundamental value - they do unpredictable things like shoot up out of nowhere and crash horribly out of nowhere.

1. It has a place in crypto-folklore, which means that it will probably stick around for a while and it had a good chance of being another doge.

1. Buying Shiba Inu coin does nice things for folks in India, as it keeps the price higher and therefore means that the ICCRF can do more.

1. The majority of the supply is in the hands of the ICCRF, and they have a vested interest in not crashing the price, but keeping it sustainable and relevant, and the team behind the ICCRF are very crypto savvy.

But, ya know, its crypto..ignore the FUD, dont FOMO and do your own research.

Some background here - m.economictimes.com/tech/tech-bytes/how-to-use-50-trillion-shiba-inu-in-covid-hit-crypto-wary-india/articleshow/82633384.cms

Weird! I’ve just been reading up on this. From what I can make out it’s rather a token? Looks interesting from an investment point of view!
How can you trade this though? You can’t trade directly back into fiat can you?

@CharlieB93

Weird! I’ve just been reading up on this. From what I can make out it’s rather a token? Looks interesting from an investment point of view! How can you trade this though? You can’t trade directly back into fiat can you?

Its an ERC 20 token running on the Ethereum blockchain.

There is a USDT and a BUSD market on Binance, and Binance allows you to withdraw to GBP.

@Cailleachian thanks! Might be worth a punt