Shiba Inu Coin - The Next Dogecoin?

The markets have gone crazy. No longer is value important - instead, there are millions of speculators gambling on what sounds cool or who want to be part of a social experiment. Of course, the bubble will burst - but things in the past have gone up a lot longer than rational people expected.

I am a fan of Buffett and invest mostly in boring Vanguard ETFs, but am not opposed to having a small gamble occasionally. It's probably better than a lotto ticket.

Some recent craziness:

  • Afterpay
  • Gamestop
  • Dogecoin
  • Housing Market
  • Sharemarket
  • Bitcoin

In January Google Trends indicated a trend in interest in Dogecoin. $100 "invested" then would be $4500 now.

Yesterday Google Trends indicated a trend in interest in the Shiba Inu coin. More about the coin: https://www.hitc.com/en-gb/2021/05/10/can-the-shiba-inu-coin...

Like the Dogecoin, it is also a meme coin and has started with a very low value. Currently around USD $0.00003662. Will it goto $1 or will it crash and burn? Who knows?

I just bought a small amount on Coinspot. BTW: Coinspot is offering a $10 referral bonus on the first deposit if you click on an Ozbargain referral link. Link: https://www.ozbargain.com.au/node/437263

EDIT: I hardly spent any time looking at this coin. I've just noticed other crap that's gone up stupidly. Maybe an experienced crypto person can give their take? BTW: I expect it to go to nothing in the future.

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Comments

  • +1

    cool

  • +1

    But the eth guy owns half of it

    • I haven't researched it. That would be too much common sense.

      • I haven't read the white paper but I know everything about Bitcoin!

  • +2

    Need to work on your shilling skills bro.

    • Thanks mate

  • Time to sell shiba coins because its on ozb. There are some articles who said that the creator owns most of it. Enjoy funding their retirement with your savings.

    • That's why I decided to gamble (only $25) on it. I didn't really read the articles but hope that it's an awful coin. Recently what seems to be taking off are the things that have the absolute worst fundamentals. The worse it is, the more chance of it going crazy.

      • Do you really think your $25 is going to turn into millions of dollars eg: if you had bought $25 worth of bitcoin years ago? Unlikely.
        What's more likely is your $25 goes to nothing, or goes to $50. woohoo.

        • drops to $19, minimum withdrawal $20 with $7 fee.

      • Isn't it on the ETH chain and fees would be more than $25?

        • Whilst that may be one way to buy it, you can easily just buy it on Coinspot with a 1% fee.

  • is there a supply limit?

    • I don't know. I hope not. (but I think there might be) That was my thinking about dogecoin.

  • +4

    there are way too many sensible questions in this thread

  • Just burn your money…. quicker… Same Result

  • I just bought a small amount on Coinspot.

    But shiba inu coin is not available for trade on coinspot. Please correct me if I'm wrong.

    • you're wrong.

    • Yep they have added it. I will throw some shrapnel at it.

      • Got it. Thanks!!

        • +1

          Just go to Buy and Sell and put 'shib' in the search bar. It's a shitcoin with no fundamentals but most of the money coming in at the moment don't care for fundamentals.

      • My $2 is already down to $1.87!

        Although looks like only 5 coins on all of Coinspot are green in the last 24hrs

  • +2

    Bought 1k yesterday now worth 2k, diamond hands or not?

    • Depends what it will be worth tomorrow.

    • Stake them into my wallet. 0x00000000000000000

  • Worth a punt, if it hits $1 then I'll have about $500k, unlikely to happen but I am a dreamer.

  • +2

    Seriously there is no way this coin is going anywhere near $1, that would make it the most valuable commodity/company on earth……..you need to look at Market Cap when investing. This coin is already (ridiculously) in the top 15. You also need to jump on the bandwagon early to make the massive gains.

    When everyone is talking about it, or it's gone up 2000% in the past week it usually means it is too late.

  • +4

    I bought this coin back in February after a random Redditor posted about it. This coin actually started back in August 2020 and went through multiple pump phases over the months.

    Is it a scam?
    Well, it started as a joke. Shiba Inu is called "the doge killer". That was the whole idea of this coin at the beginning. Now, there is actually a use case for those who are interested. That's called Shibaswap and it's being audited now before the official release (read the white papers as it is quite complicated).

    Why someone owns 50% of Shiba?
    That someone is Vitalik Buterin, one of the founders of Ethereum. He didn't buy the coins, the devs sent him 50% of the supply to burn liquidity. It is now a common practice for new coin creators to send half of their supply to him as it is believed that VB would never sell any of these coins. First, it doesn't need that money, and second that would send a very bad signal that could crash the entire market.

    Will it reach $1?
    In theory, it's possible. In practice, yeah not gonna happen lol. This coin has a circulating supply of 500 000 billion. At $1 that would give a market cap 500 larger than Bitcoin… With all the hype, I still think it will go up though, maybe double or triple in the coming days.

    If you want to have fun with it, remember to put only what you can afford to lose!

    • +1

      Looks like this precedent of sending half supply to Vitalik Buterin for him to keep forever has been broken.
      https://cryptopotato.com/vitalik-buterin-sells-off-dogecoin-...

      • +1

        Yes, that was quite a surprise and the market is dropping fast lol. That's definitely a warning for all meme crypto to actually burn their supply instead of sending it to VB.

        On the positive side, it puts Shib under the spotlight and shows that crypto can be used for good causes. VB didn't sell his holding (he still holds 45%), he just sent $1B worth of shib to a Covid organisation in India. This organisation is run by the founder of Polygon which is another major crypto. It also shows to the Indian government (which wants to ban crypto) that there is some real use case behind it.

  • Interestingly on google trends it is #1 in Australia but all the way down at #20 in the United States. Why does Australia have 2.5x as many searches as USA?

    • +2

      ozbargain post pump :D

      also what's the period of the trend? perhaps it's the time zone?

  • Stay away from these scam coins including safemoon, they are zero tangible value

  • +2

    This is an infomercial.

    The amount of people who are promoting all kinds of dodgy coins as get rich quick are just doing it to line their own pockets. Karma is going to come back to bite.

    They keep on saying crypto is empowering the poor through decentralised finance. It sounds like poor ripping off the poor and having a haha. Just like Elon goes onto SNL and says Doge is a "hustle" after he egged everyone else on to buy it. It is just billionaires having a laugh. It isn't new. It is just like buying penny shares. Except this time less rich people (maybe poor) get to rip off the gullible and poor.

  • +1

    This is called a pump and dump.

    If you have money to lose, put it in and pull out when you're happy. Typically the dump happens within two weeks.

  • Just bought $91.67 worth (spare change I had lying around in Coinspot), will it reach $1? No way. Will it 3x / 4x / 5x in value? Likely. Then I'll sell and reinvest into ETH / BTC during a dip.

    • It already 30x in the last few weeks. 5x would make it around top 8, very unlikely IMO.

  • All the dog meme coins are pumping. On a side note, Mark Zuckerberg just revealed his goat's name is Bitcoin. Rumors floating around again he has an incredible $10bn worth of Bitcoin. We'll see.

  • You can buy on Crypto.com and Binance easily.

  • This thing drop 35% today. Sigh.

  • +1

    Do you still have your stake OP?

    Up 958% since Musk tweeted about it.

    I've jumped on board and bought in, should be fun!

    • Classic Musk pump n dump…. oldest trick in the book

      • Seems to be holding up ok

    • +2

      Yah checked last night was surprise it was from $40 to $190

      • +1

        Checking again today, it's to the roof! $372.

  • My 2 cents:
    I've noticed lately certain crypto sites offerinh big prizes for people who purchase a decent amount of shib coin,

    Wondering if this is the reason for its popularity atm.

    I bought and managed to sell in the last peak and crash.

    Kept hearing it was a ponzie type scheme too.

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