Over the past few weeks there have been many price movements to buy cryptocurrency, with a few surpassing their previous All-Time-Highs. The same could be said for a Cryptoasset reaching the media this week, Shiba Inu (SHIB), which is another meme-inspired coin. The meme-coin is based of the Japanese dog breed which resulted in the creation of Dogecoin (DOGE). The Cryptoasset has seen prices increases of over 150% in the last 7 days.
Recently, the price to buy the meme-coin SHIB has increased to a new All-Time-High (ATH) of $0.00008845. Though each individual coins is worth much less than 1 penny or cent, the asset has turned heads and ascended to number 8 in capitalisation of all cryptoassets. Despite begin a ‘cheap’ Cryptoasset to purchase, many investors are still advising users to research the project and coins before making an investment.
Many analysts within the market have warned investors not to just buy the hype around a coin, but to research what they are buying. Further to the coin being a meme-coin, SHIB is an altcoin which is part of group of cryptoassets that are viable cryptocurrencies to Bitcoin (BTC). Due to how the altcoin cryptoassets are categorised, it has been speculated by many analysts that these are much more volatile, and trader should take caution when making an investment.
Founder of the coin, Ryoshi, had introduced the cryptoasset on Ethereum as this is already a secure and trusted network, inherently procuring security for those looking to invest in the project. Experts have also warned that cryptoassets designed and developed within another blockchain are more likely to be underdeveloped, than if they we maintained on their own native network.
To conclude, no matter the cryptoasset, it is always recommended to complete thorough research and due diligence into any that you are looking to invest in, beyond just the sudden hype that may have flooded the media.
You can purchase Shiba Inu over on BC Bitcoin, where you can safely start investing today!