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SHIBA INU: Everything you need to know

SHIB

Source: – Wikipedia

The virtual currency industry today has had a boom in popularity and growth in the past couple of years and I believe that it will continue this way for the coming future as well. The simplest evidence of this being that almost everyone presents here today is aware of the crypto world and its working but, for a minority of you who still don’t know about the entire concept of cryptocurrencies. Let me explain it to you. 

In short, crypto is nothing but just a form of virtual assets that can be spent on goods and services, just like physical currency but over the internet of course. Apart from this, it operates using something known as blockchain technology which can be used to verify as well as record transactions over various computer networks, and if you are worried about the security of your investment, you will be relieved to know that crypto is highly secured, all thanks to cryptography. 

Also, this industry is very well capable of stepping outside the overall control and jurisdiction of central authorities and government because of its decentralized design. Today, the crypto marketplace has managed to introduce a number of new currencies and to attract global potential investors. 

Over the years, people have gained confidence in the industry and earned huge profits from their investments. But the sad reality of the entire concept is that just like every coin has two sides, crypto is no different. While being a source of passive income and allowing you to earn great profits, its volatile and uncertain nature has caused people to bear huge losses as well. The prices and values in the marketplace are almost unpredictable and can change the entire course overnight. 

Talking of a lot of currencies available today in the crypto marketplace, some of the most popular and best-selling currencies on a global level include Ethereum, Bitcoin, Baby Doge, Dogecoin, Cardano, Binance Coin, and a lot more. Having multiple options to choose from can provide you with the ability to pick the one which you think is right for you but at the very same time, it can lead to high competition and confusion in the marketplace. 

Now that you are familiar with crypto and have a basic understanding of the industry, it will be much easier for you to understand what we have with us today, SHIBA INU. To know more, I suggest you read further. 

What is SHIBA INU (SHIB)?

SHIB

Source: Morioh

A few years ago, there was a dog who got really popular through a meme that floated over the internet, that dog was Shiba Inu. The dog inspired a lot of people around the globe to invest in crypto tokens that have his face on them. SHIBA INU is just one of the tokens that benefit from the famous Dogecoin that was introduced a couple of years ago and was a huge success. Based on Dogecoin, there has been a lot of currencies including Baby Doge and the recently launched Wifedoge. 

SHIBA INU is nothing but an ERC-20 token that works on the Ethereum network, which means that it has been hosted and developed on the Ethereum blockchain instead of having one of its own. The SHIBA INU project is nothing but “an experiment in decentralized spontaneous community building”, says the project’s mysterious founder, Ryoshi. 

Not to mention, the whitepaper of the platform is hilariously dubbed by its creators as the “woof-paper”, which lists numerous social media influencers, leaders in international chatrooms, as well as many meme makers as a portion of the community that is behind the success of Shiba Inu. Apart from this, SHIB is the native token of the platform that as a matter of fact has increased by nearly sixty percent in the past couple of weeks, since July. 

As per the SHIBA INU website, SHIB is dubbed as the “DOGECOIN KILLER” and the token will be listed on Shibaswap. For those of you wondering, what is ShibaSwap? Allow me a chance to explain. The team behind the platform also decided to develop their very own decentralized exchange known as ShibaSwap that allows you to “bury”(stake coins), “dig”(provide liquidity) as well as “fetch”(retrieve tokens from SushiSwap or Uniswap). Also, Shiba Inu was introduced in August last year but still, the founder of the token is anonymous. 

After its launch, the coin gained value and speed at a very quick pace as a community of potential investors were already drawn towards the dog-faced token combined with the tweets and support of people with celebrity status and huge business tycoons like Elon Musk and Vitalik Buterin, to whom Ryoshi, the said founder of the platform has given half of the total token supply. Just for clarity, Vitalik Buterin is the creator of the Ethereum network.

SHIB

Source: ibtimes.sg

Buterin is known to have burned as well as donated all of his holdings in May this year, resulting in a surge in the price of the token. After this incidence, the SHIB whitepaper was updated saying that this was a good choice and was good for the coin as well and that Buterin is a “ friend of SHIB”. Not just that, some SHIB investors also started believing that Buterin was also an investor in SHIBA INU. 

It is being said that, Shiba Inu was focused on being the Ethereum based equivalent to the Scrypt-based mining algorithm of the infamous Dogecoin. As previously mentioned, both SHIB and SHIBA INU tokens are just a part of the stream of dog-themed virtual currencies including Dogecoin(DOGE), Baby Doge(BabyDoge), Alaska Inu(LAS), as well as JINDO INU(JIND).

In simpler words, these lesser valued tokens have managed to seek the attention of investors who weren’t a part of the Dogecoin’s pump from nearly 0.0002 to about 0.75 US dollars. According to the token’s website, SHIB is just an experiment of sorts in impulsive community building that is decentralized. The website also states that SHIB is just the first token and it allows users of the platform to hold as many tokens as they want whether it may be Billions or even trillions of them. 

It is an assumption that this ERC-20 only token will be able to remain under just a penny and still manage to outpace the much popular Dogecoin in a very small period of time. Basically, it is just another altcoin that is deliberately looking to take befit of the existing trends as well as unsuspecting investors. 

Also, ShibaSwap that we talked about earlier, received an audit that disclosed the centralization risks involved in the project where a developer has the means and authority to take away ERC20 token and boneToken to any random address that they desired. Apart from this, as per the token’s whitepaper, the intention of the project is to create an ecosystem that consists of three tokens, each having different supplies. 

SHIB

Source: Republic World

As you know by now, SHIB is the foundational currency of the ecosystem, having a maximum supply of nearly one quadrillion, which itself is much higher than any other usual virtual currency. Other than this, a second token of the platform being, LEASH which has a maximum supply of 107,646 tokens, and lastly, there is BONE with a maximum lifetime supply of nearly 250,000,000 tokens.

Talking about the statistics, it is worth mentioning that, as previously mentioned, Ryoshi started with a quadrillion tokens which is equivalent to a thousand raised to the power of five. Ryoshi is then known to have locked away half of the tokens in decentralized finance(DeFi) Protocol known as Uniswap and as for the other half, he burned(destroyed) them, worth nearly a billion dollars to Vitalik Buterin for safekeeping. 

Buterin then donated trillions of tokens to India in order to help people with the spread of COVID-19, making it the largest ever cryptocurrency donation before burning forty percent of the entire supply to something known as a “dead wallet”.

For those of you wondering what is it that makes SHIBA INU special if compared to other currencies? Let me help you with that. The platform’s website invites every dog-inspired artist from all over the globe to promote the “artistic Shiba movement” as they look forward to bringing their SHIBA INU community onto the NFT markets. 

Other than this, SHIBA INU has also managed to develop a campaign of sorts making use of Amazon smile to gain donations for the rescue operations of the real Shiba Inu dogs with the help of the Shiba Inu Rescue Association.  

How is SHIBA INU different from Dogecoin?

SHIB

Source: Markets Insider

I believe that most of you are already familiar with Dogecoin considering its popularity in the crypto world but if not, Dogecoin is a cryptocurrency that started off as a joke back in the 2013 model year, featuring a Shiba Inu dog on the face of its token. Surprisingly the token managed to catch the eye of elite business tycoon Elon Musk and thus it got massive support from potential investors on a global level.

SHIBA INU managed to get benefitted from the fame and popularity of the Shiba Inu dog but is it really different from Dogecoin? Let’s find out. Shiba Inu as mentioned before is an ERC-20 token that works using the Ethereum blockchain, which means that it can be developed and hosted, all on the Ethereum blockchain without having one of its own but that’s not the case with Dogecoin, as it has its very own blockchain which helps the currency in its operations. 

Other than this, one of the major factors that set apart Shiba Inu is the platform’s own decentralized exchange, ShibaSwap. This exchange helps Shiba be part of the DeFi ecosystem on the Ethereum network and enables its users to get a benefit from certain functionalities including staking and gaining yield as well as swapping tokens, which Dogecoin prohibits.

Investing in SHIBA INU

SHIBA

Source: GameRevolution

As of today, the price of SHIBA INU is nearly 0.000008 US dollars with a twenty-four-hour trading volume of 2,582,938,879 US dollars. As a matter of fact, in just the past twenty-four hours, the price of the currency has gone up by about 26.82 percent and with a market cap of 3,330,987,156 dollars, SHIBA INU is currently placed at 47th position as per the CoinMarketCap rankings. The current circulating supply of the token as discussed previously is nearly 394,796,000,000,000 SHIB coins with a maximum lifetime supply of 1 quadrillion. Also, in just a week’s time, the price of the token has gone uphill by 25.01 percent.

As far as investing in the token goes, reading so far you might have gotten a fair understanding of the SHIBA INU tokens and by now you should be very well capable of deciding on your own, whether or not investing in SHIBA INU is the right thing for you to do or not. However, SHIBA INU is the latest meem coin to receive attention from blockchain investors all around the world. Also, as a matter of fact, the market of the so-called “meme-coins” today is pretty huge, all thanks to Elon Musk and others who have been supporting the currency from the very beginning. 

SHIBA

Source: Nomics

I sincerely believe that if you want to see a billion or trillion tokens of something in your online crypto wallet, Shiba Inu is the one for you and as per global experts on the field, it might also be the right investment strategy for now. Seeing the currency’s popularity since it was first introduced and the overall popularity of dog tokens over the past couple of years, I believe investing in SHIBA INU might just be the right thing for you to do and can prove to be a worthy investment with good returns in the coming times. 

Not just that, it is important for you to understand the fact that, just like any other digital currency in the market, SHIBA INU too have its own risk and you should invest only if you are willing to take those risks and bear any losses if at all necessary. Also, it is advised that you should never invest more than what you can afford to lose and do your own research and not just go with the hype created by people over the internet. 

If you are wondering as to where can you buy SHIB? let me help you with that. some of the most popular crypto exchanges that have SHIB listed on them include Binance, OKEx, Mandala Exchange, Huobi Global as well as FTX to name a few.

In conclusion, What are your thoughts on SHIBA INU? Do let us know in the comments below. To know more about various cryptocurrencies, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!

Also read: AC Milan Fan Token: Everything you need to know

 

 

   

  

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