With the appearance of Dogecoin in 2013, also appeared the fever for dog-based meme coins. Thanks to the support of some celebrities, this coin – that started as a joke – became quite popular in the crypto world, so it wouldn’t be long before some other project emerged looking to compete with it.

This is the case of Shiba Inu, a meme coin that was born with the objective of taking advantage of the excellent momentum that Doge was going through, effectively getting its price to rise like foam for some time, something that provided huge benefits to many investors who knew how to take advantage of that moment, becoming instant millionaires.

For this reason, many investors and enthusiasts in the crypto world watch Shiba Inu closely in the hope that this cryptocurrency will return to the glory it had some time ago. After all, at its current market price, it is an asset that almost anyone can buy.

But, can Shiba Inu make you rich, and is Shiba Inu halal?

The short answer is, if we are defining rich as $1 million, then it is highly unlikely to become an instant millionaire because the market price of SHIB would have to increase significantly to turn a small investment of $1,000 into a million. Maybe it can make you some profit, but rich? That may be a challenge, and yes, Shiba Inu is halal.

In this post, I’m going to explain in more depth why it may be a challenge to become rich with Shiba Inu and also why it is viewed as a cryptocurrency that is halal, but first, let’s start at the beginning.

What is Shiba Inu?

Shiba Inu (SHIB) is a meme-inspired cryptocurrency developed by a group of people under the pseudonym of “RYOSHI” that runs on the Ethereum network – it’s an ERC-20 token. This cryptocurrency was launched to the public in August 2020 in a very particular way; 50% of the total supply of 1 quadrillion, was sent to Vitalik Buterin, the Ethereum founder. While the other 50% remained on the Uniswap exchange.

Shiba Inu is a cryptocurrency that, according to its developers, was born with a total focus on decentralization; that’s the reason why it didn’t receive any type of initial financing, nor does it have any type of entity that directs its steps; its evolution is in the hands of the community.

Currently, there are a total of 394.79 trillion tokens of this asset in circulation, with a good number moving between exchanges and user wallets, and the coin is already ranking among the 20 most popular cryptocurrencies at this time this blog post was published.

In addition to this, the Shiba Inu community is already building a decentralized exchange called ShibaSwap to compete against the big players in the sector and be able to give this cryptocurrency the place it deserves in the market.

Can Shiba Inu make you a millionaire?

If you had invested approximately $600 around March 8, 2021, when the price of SHIB was hovering around $0.00000002 then you would have acquired 30 billion Shiba Inu. This would mean that on October 25th, 2021, the value of your $600 investment would equate to approximately $1,150,000.

So yes, it was possible to become a millionaire by investing in Shiba Inu back in early 2021. But what about now?

Now, it is way more difficult. One can invest the same $600 and possibly make some profits, but to become a millionaire or rich, that can be a challenge.

A $600 investment in Shiba Inu at the time of writing this blog post, with the price hovering around 0.000038 per SHIB, would give you approximately 15,978,266 SHIB tokens; a far cry from the 30 billion you would have received back in March of 2021.

So, in order for your $600 investment to become 1 million USD, with the current price of Shiba Inu around 0.000038, this would mean that the price of Shiba Inu would have to increase to a market price higher than 0.06000000. This is staggering! Unless there are plans to burn a significant amount of SHIB, then the likelihood of Shiba Inu reaching this price is not only unknown but highly speculative.

But what are some price prediction points for Shiba Inu? And if you cannot become a millionaire, can you still make some profits?

What the analysts say

According to Wallet Investor, Shiba Inu could continue to increase its price gradually and by the end of 2026, it could reach a price of $0.00006 and even of $0.0004. Some analysis indicates that the sentiment of traders regarding Shiba Inu is strong, which combined with the predictions of different experts, suggests that the price of the SHIB token will continue to rise in the near future.

Yet, on the other hand, some analysts offer a more negative view of Shiba Inu, noting that the success of this coin is mainly due to people associating it with Dogecoin.

The problem is that none of these assets offers anything truly new in the cryptocurrency market, blockchain technology, or the world of finance; they aren’t like Bitcoin – the first cryptocurrency and largest store of value – or Ethereum with its smart contracts – but they’re totally driven by speculation and a single comment on social networks is enough to alter their price.

Price analysis and prediction sites like CryptocurrencyPricePrediction.com don’t even expect the value of SHIB to come close to $1. In fact, their analysis indicates that it may go as high as $0.0043159 by 2030 – this price changes periodically on the website so the number you see on this blog post may be different than on the Cryptocurrency Price Prediction website.

In other words, pessimistic analyzes indicate that Shiba Inu will sooner or later stop convincing investors. This is mainly due to the fact that Shiba Inu has no real value yet, so relying on long-term price predictions would be quite risky. Also, having very little time on the market doesn’t help in terms of the amount of information needed to generate accurate estimates.

Still, there is a possibility that Shiba Inu could get a huge sudden hit before totally losing its value.

UPDATE: In November of 2021 it was announced that the developers of Shiba Inu have partnered with former Vice President of Activision, David Volk, to develop a Shiba Inu NFT game and this has moved the price of SHIB upwards. If Shiba Inu can be a coin that has utility, then this will most likely lead to SHIB increasing in value.

Some factors to consider

Different experts and investors point out some factors that can influence the price of Shiba Inu and that those interested in this cryptocurrency should watch carefully.

Fear of missing out (FOMO)

When Shiba Inu hit the market in early 2020, no one showed interest in it. It held for a few months with minimal price and trade volumes, until suddenly its price started to rise and rise significantly. This ended up attracting the attention of many speculative investors who cannot bear to miss out on anything, a factor that will continue to influence the price in the future.

Comments from influencers

Some celebrities like Elon Musk have had an important influence on the upward or downward trend of some crypto assets. A comment from him on Twitter in May 2020 served to skyrocket the price of SHIB, putting it at $ 0.0000388 for a few days, and this could be happening again.

Dogecoin movements

We already know that Shiba Inu was inspired by and to stand up to Dogecoin. This means that anything that affects this latest cryptocurrency will end up affecting Shiba Inu prices in one way or another.

Shiba Inu vs Dogecoin

Although Shiba Inu and Dogecoin are very similar cryptocurrencies, there are some factors that can make a difference.

In terms of tokenomics, Dogecoin has an unlimited supply of units, which is an important factor in keeping the price of this cryptocurrency low.

On the other hand, Shiba Inu has a limit on the number of tokens issued to no more than 1 quadrillion, something quite high compared to most cryptocurrencies on the market.

Although theoretically, neither of the two are scarce, it’s important to remember that half of the SHIB supply was in the possession of Vitalik Buterin, who decided to burn 90% of these tokens, something that could influence the value of SHIB in the future.

Also, although Dogecoin has been on the market longer, has a higher market capitalization than SHIB, has a larger and better-established user base, and can be used to purchase goods and services, DOGE crypto largely serves as a digital medium to exchange value, without offering anything else.

On the other hand, Shiba Inu has ShibaSwap, the decentralized exchange (DEX) that will not only allow users to get more out of their SHIB tokens by being able to carry out purchase, sale, and exchange operations with greater ease and agility but will also allow them to generate additional profits by staking on their platform.

If ShibaSwap is successful, it could end up making Dogecoin a useless or unnecessary meme coin, increasing Shiba’s market capitalization.

Is Shiba Inu halal?

Is Shiba Inu halal? Scholars who share the general opinion that cryptocurrency is permissible would hold the opinion that Shiba Inu is halal because it can be regarded as “mal” (property), has permissibility according to the sharia, and does not violate the objectives of the sharia. Scholars would primarily classify Shiba Inu as an asset. There may come a time where it will be equally used as a currency and also classified as such, but for now, it would primarily be viewed as a digital asset.

It is also important to remember that ShibaSwap is different than the SHIB crypto. ShibaSwap is a DEX and SHIB is a crypto token so even if ShibaSwap is used for purposes that would most likely be considered haram – such as becoming a lending platform where lenders earn interest off of loaning out their crypto – then this does not mean that the SHIB crypto token is haram. The token is halal and how you use it will either be halal, haram, or makruh.

Should you invest in Shiba Inu?

That will depend on your financial standing, how much capital you have available to invest, your knowledge of what you are investing in, your financial obligations and responsibilities, and your tolerance for risk. Remember, Shiba Inu is a very new project in the market and although it has received a lot of attention from the media and has experienced some moments of glory, it’s still a risky asset.

A certain amount of risk is natural and permissible in Islam when investing, but wild speculation with no knowledge of what you are investing in, or unreal expectations of profit, or over-leveraging yourself is not a proper Islamic approach to investing.

So again we ask the question, can Shiba Inu make you rich? I don’t see someone investing $1,000 and becoming a millionaire – and of course, I could always be wrong – but even if you may not become rich, I do believe that investors can make some profit, especially if Shiba Inu continues to evolve and the coin gains more utility and functionality.

These are exciting times in crypto and it can be easy to get carried away with thoughts of enormous profits.

If you choose to invest, then be realistic with your expectations and be careful and cautious about people telling you that Shiba Inu will hit $1 or even $0.01. Investing in Shiba Inu is high risk, and in the end, Allah knows best.

PLEASE KINDLY SHARE THIS ARTICLE IF YOU’VE FOUND BENEFIT IN IT

Cryptocurrency mining, and especially Bitcoin mining, is a very attractive activity for many crypto enthusiasts. The possibility of obtaining rewards in the form of some coin with a high value in the market is an incentive for which even large companies and governments are after.

The problem is that, in the case of Bitcoin and some other crypto, mining is no longer within the reach of the common user, since this requires quite expensive special hardware that not everyone can afford, or obtain due to supply shortages. However, there is still a whole universe of altcoins whose mining process is possible using ordinary equipment, like the ones you and I have at home.

In its basic form, all you need to mine altcoins is a PC or phone, an internet connection, and special software, so if you’re thinking of getting into cryptocurrency mining, this is a good guide to get started.

So let’s take a look at the 10 Best Crypto You Can Mine with CPU and GPU today.

1. Ethereum

The Ethereum (ETH) network is currently a Proof of Work (PoW) blockchain which, although it’ll soon become a Proof of Stake (PoS) blockchain, still requires miners to work to obtain rewards.

What you need to mine Ethereum

Today, you can no longer mine ETH using only your CPU, so you’ll need to make use of GPUs. With a configuration with consumer graphics cards – preferably AMD or Nvidia – you can get good results when mining from home. You’ll also need to download a mining program like Geth, EthOS, or Claymore.

Ease of mining

ETH mining can be quite heavy if you don’t have enough computing power, as the network is very active and there are many transactions being processed.

Brief guide on Ethereum mining

The first thing you need to do is set up an Ethereum wallet to store the cryptographic keys that will allow you access to your crypto assets.

The next step would be to join a mining pool, which is necessary as mining has become complex and requires large amounts of hashing power. Some of the most popular pools today are Nanopool and Ethermine.

Another interesting option is cloud mining. In this case, a large mining farm rents computing power to interested people in exchange for a monthly fee, so they can mine cryptocurrencies without the need for special hardware.

The main disadvantage of this method is that most of these services tend to be scams, so you’ll have to do your research and be very careful in this case.

Please see my past blog post, 3 Reasons Why You Should Not Cloud Mine.

Is it profitable to mine Ethereum?

Ethereum mining is still profitable, but it also depends on several factors.

A rule that applies to basically all cryptocurrencies is that you must take into account the initial amount of the investment, in addition to the costs of the mining and electricity platform, especially the latter, since this is what will help you the most to determine if it’s profitable and after how long.

Fortunately, there are online calculators that can help you in calculating these costs.

What you can do with your coins

You have two options: sell ETH for an immediate profit or store it in a wallet as a long-term investment. In both cases, insha’Allah, you don’t have to worry, since ETH is the second most popular cryptocurrency after Bitcoin, so it’s widely accepted in many exchanges and online stores.

2. Ethereum Classic

As with Ethereum, Ethereum Classic (ETC) is a platform for the operation of smart contracts and dApps, with the goal of adhering to the principles of decentralization as much as possible.

What you need to mine Ethereum Classic

To mine ETC you need almost the same software and hardware as for ETH. Although in the case of ETC, the requirements are somewhat lower, since Ethereum Classic allows a greater share of the ETC market using GPUs of up to 3 and 4 GB.

Ease of mining

Mining ETC is fairly easy nowadays as the Ethereum Classic network is not as overloaded as Ethereum due to the lower transaction volume.

Brief guide on Ethereum Classic mining

Since with Ethereum Classic the hardware requirements are lower, mining alone is more feasible. Of course, you can always resort to a mining pool. Once you have your wallet, mining software, and graphics card configured, you only have to start mining.

Is it profitable to mine Ethereum?

The difficulty of mining and the hashrate of ETC is still very accessible, and if you live in a region where the cost of electricity consumption is cheap (about $0.10 KWH), mining ETC can be very profitable.

What you can do with your coins

As with Ethereum, you can use your ETC for trading or purchases on a wide variety of exchanges and online stores.

3. Monero

Monero (XMR) has become a favorite of many investors and miners due to its excellent performance in recent years. Between 2017 and 2018 it went from $10 to $494, providing a profit of almost 5,000%, and it’s still very attractive today.

What you need to mine Monero

Fortunately, you don’t need to buy expensive ASIC equipment to mine Monero, as you can use your computer’s CPU/GPU.

Ease of mining

Anyone with a computer can mine Monero, as the mining process is quite simple. However, the more powerful your hardware, the better.

Brief guide on Monero mining

As we already mentioned, you can mine Monero using a GPU with enough power. You will also need to install the XMR Stak mining software, which is currently fairly easy to configure. Finally, you only have to join a mining pool, MineXMR, Nanopool, or Moneropool.

Is it profitable to mine Monero?

Currently, mining Monero is quite profitable, considering that you don’t need too powerful hardware. In addition, the algorithm that Monero uses today is quite efficient and consumes little electricity.

What you can do with your coins

You can trade Monero on a good variety of recognized exchanges, although it is best to use DEX-type exchanges. On top of that, around 200 businesses that operate online accept payments with Monero.

4. Dogecoin

Dogecoin (DOGE) is another cryptocurrency that you can mine using GPUs and CPUs. This coin was launched in 2013 as a joke, and it ended up becoming a very popular crypto – thanks Elon?

What you need to mine Dogecoin

You can mine Dogecoin with a CPU, though preferably not with your phone. Of course, the best option will always be to build a good rig with several GPUs, as long as your pocket allows it. Regarding software, EasyMiner is a good option.

Ease of mining

Although it’s still possible to mine Dogecoin alone, due to the increased difficulty that the network suffered in 2018, the most recommended at this time is to be part of a mining pool.

Brief guide on Dogecoin mining

Mining Dogecoin is as easy as setting up your Doge wallet, joining a mining pool like Prohashing, Antpool, or Poolin, and start mining.

Is it profitable to mine Dogecoin?

2021 saw great growth in the price of Doge, standing in March at 0.056 with a reward of 10,000 for each new block in the network, with which you would be earning $560, not bad.

What you can do with your coins

Currently, and thanks to the popularity that Doge has gained in the crypto world, more and more online businesses and exchanges are accepting this cryptocurrency. You can even use the BitPay card for purchases at Mastercard points.

5. ZCash

ZCash (ZEC) uses the Equihash algorithm to process transactions, secure the network, and of course, generate new coins during the mining process. For miners, this reward consists of 3.125 ZEC per block, which is quite attractive considering the ZEC price in the market.

What you need to mine ZCash

To be able to mine ZCash, you need to use Nvidia or AMD GPUs, as CPU mining is not profitable. Mining alone is not recommended either, so it’s a better idea to join a pool, such as F2Pool or Poolin. Regarding software, EWBF Cuda and Optiminer are good options.

Ease of mining

Due to the increasing difficulty of the network, ZEC mining has become somewhat complicated on its own, although not as much as other cryptos. Mining a ZEC would take you more than 20 days with powerful equipment.

Brief guide on ZCash mining

To start with ZCash mining, you’ll only have to install and configure your GPUs, download a ZCash wallet software, install a ZCash mining program – like EWBF – and join a ZCash mining pool.

Is it profitable to mine ZCash?

Yes, Zcash mining can be profitable if you consider a mining hashrate of 140,000.00 H/s, + electricity costs, and pool fees.

What you can do with your coins

With ZCash you can pay directly at dozens of online businesses, either with your mobile phone or anywhere Visa is accepted.

6. Ravencoin

Ravencoin (RVN) is a cryptocurrency that resulted from an open-source project born from a Bitcoin hardfork, and that has become an excellent option for mining.

What you need to mine Ravencoin

This cryptocurrency has an algorithm resistant to ASIC equipment, so you can mine it with no problems using a rig with several GPUs, either alone or in a mining pool.

Ease of mining

Ravencoin is much easier to mine than other cryptocurrencies such as Bitcoin, Ethereum, or Litecoin since its algorithm – KaWPoW – requires less computational power.

Brief guide on Ravencoin mining

To start mining RVN, you just have to build your rig with enough GPUs, download the corresponding mining software – KawPoWminer, TeamRedMiner, or Gminer – and configure your wallet to receive your rewards. You can perform this process alone or in a mining pool.

Is it profitable to mine Ravencoin?

Each miner earns up to 5K RVN for each block added to the chain. With a rig armed with at least three GPUs at 72MH/s, you can mine one RVN every 0.021 days, which is equivalent to one block every three months. If you want to do it faster, you’ll need to add more GPUs.

What you can do with your coins

Ravencoin is still a cryptocurrency with a low level of global acceptance, but this is changing gradually for the better.

7. Grin

Grin (GRIN) is a cryptocurrency born in 2019 focused on maintaining the privacy, efficiency, and scalability of transactions within its blockchain. The project has been gaining a good following since its inception.

What you need to mine Grin

Grin has the peculiarity that it has two PoW algorithms for its operation. One of them allows mining through the use of high-performance GPUs, and the other is specific for ASIC equipment.

Ease of mining

Due to the aforementioned Grin features, added to how recent the project is, the mining of this cryptocurrency still presents an accessible difficulty for a large number of users.

Brief guide on Grin mining

You can participate in Grin mining using a GPU rig with at least 8 cards with enough power. You can do it alone or be part of a mining pool. You just need to configure your rig and download the appropriate software, such as Gminer or Lolminer.

Is it profitable to mine Grin?

Many people using a GPU configuration similar to the one mentioned above, manage to get around $200 a month throughput.

What you can do with your coins

Grin is still a very recent project and therefore it doesn’t yet have a high level of acceptance compared to other currencies, but it’s possible to trade it on some exchanges such as Hotbit, Gate.io, and others.

8. Beam

Like Grin, Beam (BEAM) is a cryptocurrency that uses the Mimblewimble protocol, which allows increasing privacy, scalability, and efficiency on the network. This crypto was created in 2019, and being ASIC resistant, it has become an attractive option for many users.

What you need to mine Beam

As it’s an ASIC resistant coin, you can only mine Beam using graphics cards of at least 4GB. CPU mining is not profitable.

Ease of mining

The mining difficulty in Beam will be increased every 4 years, as well as its reward decreased. But even so, it’ll be accessible through the use of GPUs.

Brief guide on Beam mining

As we have already mentioned, it’s perfectly possible to mine Beam alone, but there are also a good number of mining pools available to participate in if you want to increase your mining potential. Set up your equipment, mining software, and connect your wallet to get started.

Is it profitable to mine Beam?

At the time of writing this blog post, the price of Beam is around $0.50 and if we take into account its attractive features, in addition to its ease of mining, this is a crypto with a lot of potential.

What you can do with your coins

With each passing year, Beam gains more acceptance and presence on a greater number of exchanges, including some like Hotbit, and even Binance.

The bottom line

As you have seen, there are still a good number of crypto alternatives that don’t require a huge investment on the part of users and that can also provide excellent long-term benefits.

Remember that Bitcoin, Ethereum, or Monero were not worth much in their early days, but constant support from their communities made them what they are today.

PLEASE KINDLY SHARE THIS ARTICLE IF YOU’VE FOUND BENEFIT IN IT