From time to time, a cryptocurrency becomes very popular and creates a craze. That’s the case of Shiba Inu (SHIB), a cryptocurrency anonymously launched in August 2020. Many crypto traders and investors hurried to purchase this digital asset. Soon, they had good profits. Now, several investors are trying to convert SHIB to USDT. Why so? Let’s take a look at it in detail.
The SHIB coin uses the shiba inu dog as a motif for its logo. It is not the first cryptocurrency project to do it. There are several dog-themed coins in the crypto market:
- Dogecoin (DOGE)
- Baby Dogecoin (BabyDoge)
- Alaska Inu (LAS)
- Jindo Inu (JIND)
- Alaska Malamute Token (LASM).
From the list above, only DOGE has attracted many investors owing to its spectacular price hike from $0.0002 to nearly $0.70. Now, the team behind SHIB claims this coin is the ‘Dogecoin Killer.’ Such claims and several tweets by Elon Musk and other personalities have attracted a lot of attention.
2021 was an excellent year for Shiba Inu. The coin went from being practically worthless to an all-time high price of $0.00008845 on October 21, 2021. While the value per coin seems low, the return on investment (ROI) from this coin has been a whopping 2,595,339.65% (as of November 2021). Unfortunately, the Shiba Inu price is highly volatile. By the end of November 2021, the price of this coin was approximately half the all-time high.
Some traders and investors tried to withdraw the SHIB holdings in the days following the all-time high. However, a lack of liquidity did not allow everyone to cash out their digital assets. Those that kept their SHIB coins saw how their value halved.
Using Tether to Combat the Effect of Volatility
One of the most effective ways to combat the negative effects of volatility is swapping for a stablecoin. Tether is a stablecoin that mirrors the price of the US dollar. In this way, there is no need to take cryptocurrencies off the crypto sphere. Crypto swaps can be performed in crypto-to-crypto exchanges. If you use an instant exchange, you won’t need to register or open an account. That’s the most convenient option.
Most crypto-to-crypto exchanges list the prices of a large variety of cryptocurrencies like the XTZ price, SHIB price, etc. Hence, by comparing different exchanges, you can find one that offers competitive rates. Once you choose a platform to exchange Shiba Inu to Tether, you should do the following:
- Indicate the amount of SHIB coins you want to exchange.
- Provide your wallet address to get the Tether coins.
- Send the SHIB coins to the wallet address that the exchange provides.
In general, these are the steps to follow on any instant exchange. To make sure you get profitable rates, you can use the LetsExchange platform. This instant exchange uses the so-called SmartRate technology to find the best rates among a pool of various leading exchanges. You don’t need to do anything for the exchange to find the best rate. You simply need to type in the details of your Shiba Inu to Tether transaction.