Shiba Inu gains 10% in 24 hrs; may grow two fold soon, believe analysts

New Delhi: Hailed as Dogecoin killer Shiba Inu coin has the momentum on its side as its market cap ballooned more than $3.4 billion since its launch and it registered 10% gains in the past 24 hours.

The value of Shiba Inu (2 June 2021) has fluctuated between a 24 hour low of $0.00000835 and a high of $0.00000946, at the time of writing.

The market cap for Shiba Inu (SHIB) is $3.47 billion at the time of writing whereas, for Dogecoin the market cap for the currency is $$48.39 billion, which is a slight dip from where Forbes had placed it, earlier in May 2021.

When will it reach the mark of $1?

All the analysts and experts are eyeing the mark of  USD 1 for the Shiba Inu but when it will reach the target is anybody’s guess. But, good news for the investors is that despite the big sell-off around the world Shiba Inu’s price has rebounded from the bottom.

Shiba Inu is building a new decentralized exchange (DEX) to compete with the competitors Uniswap and Sushiswap. If it receives a small fraction of success like the two other Decentralized Finance markets have received, the most gaining currency will be Shiba Inu being the native currency of the new DEX. It can also skyrocket the value of the coin to hit the mark of $1.

So is this the right time to buy Shiba Inu?

Yes, this is the right time to buy as the price is stable. Right now you can buy 1,47,500 Shib coins at just Rs 100, isn’t it great. You can buy the coin right now as it is expected that prices might go higher.

How to Buy

If you are looking to buy Dogecoin or Shiba Inu coin, you can use these apps:

1, WazirX

Download the WazirX app and sign up for the account. Before you start investing in Dogecoin, you need to do eKYC and enable the 2 Factor authentication. You also need to add your bank details to add and withdraw money.

Once you have added your bank account and perform KYC, you can check the available list of coins for trading. Tap on the Buy button in front of Dogecoin and then enter the amount you want to invest in the Dogecoin. You can make payments directly through bank deposit, credit card, debit Carr or UPI.

2. CoinSwitch

CoinSwitch is another notable and safe cryptocurrency exchange in India that lets you purchase and trade Dogecoin in India. You need to install the app, signup using your phone number, and add your bank account. As the app deals with crypto trading, you also need to do KYC. Once you have added your bank account, you can purchase the Dogecoin using Indian currency.