A lot of people have become interested in cryptocurrencies lately. This interest is partly the result of motivating success stories in the media. We all have heard about early Bitcoin (BTC) investors that hit big with modest initial investments. Also, we have recently heard stories related to Shiba Inu (SHIB).
Shiba Inu was the best performer in the crypto market in 2021. Within a year, its price increased +32,431,073%. A few investors that benefited from such a price hike became rich. However, the SHIB price dropped gradually. Many investors that did not sell their SHIB holdings now worry about the future of this coin. It does not seem to be recovering.
Therefore, some investors have decided to swap their SHIB holdings for more promising cryptocurrencies. Binance Coin (BNB) could be an excellent alternative asset to invest in. Unlike Shiba Inu, Binance Coin seems to be regaining value. With the help of a SHIB Binance Coin converter, you can swap your SHIB holding for BNB quickly. But is this move convenient? Could it be more profitable to hold your SHIB coins?
To answer the questions above, let us understand what SHIB and BNB are in the first place. Then, we can discuss whether swapping SHIB for BNB is convenient and, if so, on which platform you should exchange these coins. Let’s begin!
What Is Shiba Inu?
‘Ryoshi,’ an anonymous developer, created Shiba Inu and launched it on August 1, 2020. According to its creator, Shiba Inu was an “experiment in decentralized spontaneous community building.” In principle, the community will entirely run this cryptocurrency to show what can happen in such cases.
This cryptocurrency’s logo features a Shiba Inu dog, which was popularized in the crypto world by Dogecoin (DOGE). Besides the Japanese dog as a logo, these two cryptocurrencies have some similarities. However, unlike Dogecoin, Shiba Inu runs on the Ethereum blockchain. It has created the decentralized Shiba Swap application, which makes liquidity pools. Users receive interest and fees from crypto swaps performed on this exchange.
Shiba Inu claims to be the ‘Dogecoin Killer.’ However, this cryptocurrency suffers from high instability. For example, the tweets of some celebrities like Elon Musk referring to DOGE or SHIB can cause wide price swings for these digital coins. While a few investors received significant gains from their SHIB holdings, it is unlikely a huge price hike will occur again.
How to Swap SHIB for BNB?
An instant crypto exchange is an easy and fast way to exchange SHIB for BNB. Besides quick swaps, you can benefit from better crypto exchange rates in most cases. There are additional benefits like the possibility to swap cryptocurrencies without registering. This feature is essential for users that want to remain anonymous in the crypto space.
But the main question remains, is it profitable to swap SHIB to BNB? To answer the question, it helps to look at the price forecasts for this digital coin. As of the first week of April 2022, each BNB coin sells for approximately $451. Experts believe this coin could end this year at $500, although $540 is possible. In the worst case, BNB will not trade for less than $470 by the end of 2022.
In the following years, BNB will gain more value. It will likely sell at $610 by the end of 2023 and $770 by the end of 2024. However, higher prices can occur. In 2025, BNB could trade at a maximum price of $850. As seen, the BNB projections are better than the SHIB price forecasts (no more price surges are expected). Hence, the decision of whether to swap SHIB for BNB is yours.