Is Shiba Inu going to replace Dogecoin anytime soon?
Cryptocurrency has managed to become a global sensation, as more and more investors start to saturate the market. But despite cryptocurrencies getting so many new investors, it is not struggling in the slightest to keep up with the demand. Furthermore, it also helps that the variety of crypto in the market right now allows for all these investors to come in and make the necessary trades.
But of all the cryptocurrencies that are in the market, few stand out as much as Dogecoin. While it is certainly not as successful as the poster child of the crypto market, Dogecoin has done pretty well. What started out as a joke and parody of cryptocurrencies now has an impressive backing. But it looks like there’s a new coin out to take its throne.
In just this last week, the cryptocurrency Shiba Inu gained over a million new traders. That’s because people switched out their Dogecoin for shiny new currency. According to FX Street, many traders got the option to do so from the exchange ChangeNOW.
Traders took advantage of this so they could gather more SHIB coins before it gets listed on Robinhood. So far, it’s a rumor that the new cryptocurrency will go up on the zero-commission platform that allows currency exchange.
Robinhood is among the most common investment and crypto exchange platforms out there. Once Shiba Inu coin ends up there, it will be a final milestone among many, considering it already captured Coinbase.
But it doesn’t seem like much of a rumor, because fans speculation has grown stronger due to other factors. For instance, retail trading application Public, which is a Robinhood competitor, added the SHIB token to their list of digital currencies. According to a spokesperson of the company, this is a good way for them to offer users more options for investors.
But this doesn’t mean they won’t take measures to ensure traders invest safely. He mentioned that considering the volatile prices of cryptocurrencies, the platform will show reminders to users that warn them about the volatility of digital assets. This can help ensure that investors make safe and smart decisions with appropriate context. Nevertheless, all risk aside, investing in digital currencies is a good way to be in control of one’s wealth and assets without the worries of centralization.
Of course, the FCA, which is short for Financial Conduct Authority, has warned traders that the crypto market is volatile. Hence, it’s best to be cautious when investing. In a statement, they explained that investing in digital assets or in lending that’s linked to the crypto industry in some way involve high risk. Consequently, if investors do opt for such assets, they should be willing to bear an immense financial risk that could mean losing all their money.
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