Shiba Inu may not be the first cryptocurrency that pops into mind. However, it has been among the best-performing cryptocurrencies by market cap. In 2021, this meme-themed cryptocurrency delivered one of the greatest financial returns with a 43,800,000% increase in its market value.
Unfortunately, speculation over the stability of cryptocurrencies sent the token plummeting, ending the year with a 78% loss. But 2023 prospects are looking up for Siba Inu, with the token climbing 44% in January alone to reach a live price of $0.00001163 even as the coin partnered with brand Welly, a Naples-based fast food company.
Background of Shiba Inu
Shiba Inu is a meme-themed cryptocurrency similar to Dogecoin in that they both have a dog’s face on the coin. Initially, the supply of SHIB was at one quadrillion tokens. However, almost half of the tokens were burned, leaving 549 trillion in circulation.
The abundance of the coins was intentional and the reason for its low price. It is improbable that the coin will reach the $1 live price, but even as it is, it is still worth paying attention to.
Shiba Inu’s Partnership With Welly
In early 2022, a fast food restaurant based in Naples, Italy, as its first real-life application, a move announced by the coins lead developer and founder Shytoshi Kusama.
Originally Welly’s goal was to offer healthy fast foods to its customers. But the fast food joint also wanted to offer more value to its patrons, giving birth to the idea of partnering with the SHIB community. Following the partnership, the restaurant started accepting the coin as a mode of payment and used the Shiba Inu dog as its official image. The collaboration gave the SHBU community a 15 percent stake in the company.
By the end of January 2022, the Shiba Inu-themed burger joint had already signed a deal to see the restaurant open a joint in Dubai. According to earlier reports from the company, it had received hundreds of requests from investors seeking to open franchises worldwide. If all goes well, the company may be on its way to becoming a global brand in the fast food industry to join the league of other players such as McDonald, Taco Bell, and KFC.
How Can Investors Purchase Shiba Inu
Since the cryptocurrency world came crashing in 2021-2022, investors have been pessimistic about investing in crypto. The most recent blow to cryptocurrencies was the collapse of FTX, which went under while owing approximately three billion dollars to its creditors and customers.
Still, there are signs of the cryptocurrency regaining its lost glory, albeit at a much slower pace, with Shiba Ibu showing great potential for growth in the future. If you are a serious cryptocurrency investor, a good move would be to throw your net wider over various cryptocurrencies to avoid the chances of getting into losses.
Also, it would be wise to invest in more stable cryptocurrencies such as Tether, Binance, USD coin, Ethereum, and Bitcoin. If investing in cryptocurrency sounds too risky for you, you can consider other different ways to invest online for the maximum return on your investment.
Shiba Inu is among the cheapest cryptocurrencies today. Also, it is among the most promising in terms of performance. According to experts, the prospects for SHIB looks good, so it’s a investment worth placing some of your money into.
You do not have to invest huge loads of cash. With as little as $100, you can purchase as many as 4 million tokens. Which a small investment like this you will be able to hold on to them and see what the future holds.