27.06.2022
Shiba Inu Coin — what is it?
Shiba Inu Coin (SHIB) is an ERC-20 token created on the Ethereum blockchain. The inspiration for the creation of such a coin, as well as the further logo of the cryptocurrency, was the Shiba Inu dog, which is also depicted on another «dog» coin — DOGE. Therefore, it is not strange that SHIB is often called the «Dogecoin killer».
In the community of crypto-owners, all coins that were based on certain memes received a second name, which is unofficial, of course — meme-cryptocurrency.
The Shiba Inu Coin community has exceeded 500 thousand people, there is no leader, and all participants are called ShibArmy. The community has its own rules, according to which a project cannot be created on a ready-made solution, while it must remain decentralized. The company has its own parody of white paper — woof paper, according to the content of which it is worth understanding that it is not possible to simply be a member of the community, it is necessary to take an active part in the development and promotion of the project.
Who and when created Shiba Inu?
SHIB was launched in August 2020 as a direct competitor to DOGE. The official creator of the Shiba Inu is Ryoshi, although it is rumored that there is another person behind the creation of the Shiba Inu, but he chose to remain an «unknown friend» of Ryoshi. Later, there were mentions that this friend is actually a very influential person in the crypto world, Ryoshi met him in 2019 at the Ethereum DevCon Conference in Japan.
The main goal of the project was to conduct an experiment by creating a decentralized crypto community.
During its not so long history, Shiba Inu has not been distinguished by a single non-standard history. For example, about 505 trillion SHIB coins were transferred to the creator of Ethereum, Vitalik Buterin. In their own woof paper, the creators indicated that the coins were burned in such an extraordinary way.
If Ryoshi is to be believed, then Shiba Inu Coin is endowed with the ability to outperform the price of Dogecoin without passing the $0.01 mark. But at the same time, its market capitalization has already reached 60% of DOGE's market capitalization.
The technical basis of the coin and its ecosystem. ShibaSwap Exchange
The main element of the ecosystem is the SHIB token, the emission of which at the initial stage was equal to 1 trillion coins.Slightly more than 40% of these coins were burned, so now there are about 50-60% of Shiba Inu Coins in circulation.
In addition to the Shiba Inu, two more coins belong to the ecosystem — Leash Dogecoin Killer (LEASH) and Bone ShibaSwap (BONE). Both coins were developed later than SHIB.
LEASH was originally created for the purpose of rebasing to track the Dogecoin rate, but later the developers decided to change it to the ERC-20 token. All LEASH coins are in circulation with a total supply of 107,647 coins.
BONE is a platform management token with an issue of 250 million coins. In 2022, it began to be used in ShibArmy voting.
In addition to the above three coins, the SHIB ecosystem includes DEX (decentralized exchange) ShibaSwap. The platform was developed by professionals from various fields, so their plans were to make the exchange the most popular and the largest in terms of trading turnover.
The structure of the ShibaSwap exchange is as follows:
- SWAP — provides the ability to exchange tokens on the Ethereum network. The largest liquidity is in pairs with the project coin.
- DIG — in this section, you can add assets to liquidity pools. When depositing funds, BONE is provided in return. Earnings from such operations can be tracked in the WOOF section.
- BURY — This section is for staking SHIBA, BONE and LEASH.
- WOOF — here you can invest LP tokens, as well as get all your rewards. Payments are made in BONE coins.
- NFTS — here you can find the necessary information about non-interchangeable SHIBOSHI tokens.
- DOGGY DAO — the main function of this section is to vote for your favorite couple in order to receive BONE in return.
- BONEFOLIO — all analytics on the platform operation is posted here, liquidity volumes, current profitability, etc. are displayed here.
Rewards on the exchange are paid once every two weeks in one block, and they are distributed among the liquidity provider according to the BONE Per Block (BPB) value.
Shiboshis NFTs
In October 2021, the Shiba Inu project released their 10,000 NFTs on the Ethereum blockchain called Shiboshis. These tokens are amazing with their variety and images of the Shiba Inu dog breed. For example, you can find a token on which a dog is depicted in sunglasses, in the image of a pirate, a king, an astronaut, a rapper, a rocker, etc. All Shiboshis are unique and collectible. You can purchase Shiboshis NFT tokens on the ShibaSwap exchange of the same name, or on specialized platforms that trade NFT.
The SHIB project development team also announced the release of the NFT game Shiboshi Game, which will allow you to use your NFTs in the gameplay.
Shiba Inu Coin vs Dogecoin
If you confuse Dogecoin and Shiba Inu cryptocurrencies, then it’s forgivable, because they both cost less than $ 1 and have similar logos with the image of the same Shiba Inu dog. They often think that this is one coin at all, but in fact they are tough competitors.In addition, SHIBA is unofficially called the «Dogecoin killer». Let's then understand the differences between these coins, so as not to confuse them further.
*Market capitalization and DOGE and SHIB rates are taken at the time of publication of the article.
Where to buy and how to store Shiba Inu (SHIB)?
Today, the SHIB cryptocurrency is traded on the most popular cryptocurrency exchanges such as Coinbase, FTX, Binance, KuCoin, etc. These platforms will quickly exchange USD, EUR or Tether, Dogecoin and other cryptocurrencies in exchange for SHIB. You can also make a purchase of a Shiba Inu on various cryptocurrency exchanges, such as Buycoin.online, for example. Here you will exchange Shiba Inu Coin in just a couple of clicks and a few minutes of your time.
There are several ways to store SHIB:
- Hardware wallets.This type of wallets store the keys to enter your wallet quite securely, without disclosing the owner's personal data. Trezor and Ledger are examples of such wallets.
- Cold wallets or offline storage. Such wallets are the most secure, because they do not require an Internet connection to use.
- Software wallets are special programs that are installed on your computer, they can also include mobile wallets. A good example for storing SHIB is Exodus.
- Exchanges. Many popular crypto exchanges not only trade Shiba Inu Coin, but also give permission to store their coins on the platform.
Prospects and forecasts for the development of Shiba Inu Coin
Although the SHIB coin is better known as a meme-cryptocurrency, the talk about it still does not stop, even after the loud falls of the Shiba Inu. According to the Google search engine, Shiba Inu Coin has become the third most searched cryptocurrency in 2021. To date, Shiba inu is on the 16th position by market capitalization according to CoinMarketCap.
The project does not stop and actively continues to develop, despite all the ups and downs. Already on January 24, 2022, the SHIB project notified its Twitter followers that they were part of a metaverse called Shiberse.
A few days later, on February 1, 2022, users tracked the SHIB rate at $0.00002171, and on February 7, after the network announced cooperation with Welly (fast food chain), the price of Shiba Inu rose to $0.00003493.
For some time, the price remained high until there was a global fall in the crypto market. The news about the launch of their own metaverse and the DAO did not help in any way in this case.
As a result of Russia's military invasion in Ukraine on February 24, 2022, the SHIB rate fell even more — $0.00002098 per coin.Since then, the Shiba Inu exchange rate has not risen much, or has remained highly volatile.
Nevertheless, many analysts do not let the coin die and predict a promising future for it.
WalletInvestor believes that in about a year, in May 2023, the price of 1 Shiba Inu coin will be approximately $0.0000346, and after 5 years, the rate may exceed $0.000121.
Gov Capital is more positive, because they say that the Shiba Inu will close 2022 at $0.000060, and in May 2023 the rate will be $0.000224, and in another 3 years SHIB will trade at the rate of $0.000528.
DigitalCoin Price specialists claim that the average price in 2022 for a Shiba Inu will be at the level of $0.0000153, during 2025 the rate will be $0.0000221, and in 5 years — $0.000028.
Whether all these predictions will be plausible and whether they should be believed or not, here, of course, the choice is yours.
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