Not surprisingly, many people may ask, “What is this Shiba Inu coin?” Right now – the relatively new cryptocurrency has been growing so fast over the past weeks that it has been noticed everywhere.
And if it sounds familiar, it should come as no surprise because it uses the same Dogecoin features, the famous cryptocurrency that Introduced as a joke and launched in 2013.
In fact, the Shiba Inu coin has a lot in common with the Doge. Not only do they get their name and shape from the behavior of a Japanese Shiba Inu dog, but the Shiba Inu coin is actually a new version of Dogecoin.
Here is everything you need to know about Shiba Inu coins.
Brief introduction of Shiba Inu coin
Shiba Inu founded in 2020 by a mysterious founder, known only as Ryoshi. At first glance, you might see people know that Shiba Inu dog for as a charm, and you think it’s The same as Doge, but it’s worth a look.
The idea behind SHIB was to create a cryptocurrency that was, in theory, 100% decentralized and run by its community. and it is based on Ethereum.
As of June 17, 2021, 394.796 billion SHIBs were in circulation. It is noteworthy that there is a quadrillion – one million billion – of Shiba Inu coins. This means that, at least for now, the price of Shiba Inu coins will remain relatively low.
This does not mean that it will not increase in some cases, but the large volume of potential supply will reduce the price to some extent. It will certainly not reach the $ 1 mark without causing serious financial disruption. But low coin prices also mean growth potential as long as people remember it.
As Ryoshi wrote in the white paper SHIB: “We have the ability to cross the Dogecoin value exponentially without crossing the $ 0.01 mark.”
Another thing to note about the number of Shiba Inu coins is that half of the total supply was given to Ethereum founder Vitalik Butrin, who burned 90% of them in May 2021, equivalent to 410 trillion tokens worth approximately $ 6.7 billion. “I do not want to be this kind of source of power,” he said at the time.
Also in May, Buterin donated 50 trillion coins worth about $ 1.2 billion to India COVID-19 Crypto Relief Fund. The billionaire said it was “an opportunity to turn the bubble of behavior patterns into something that can actually be useful to people.
What is Shiba Inu Coin?
The Shiba Inu was launched in August 2020 but recently has grown significantly.
This is part of the Dogecoin fluctuations over the past few days. Some crypto fans expected to see the Dogecoin rocket as valuable, perhaps even crossing the $ 1 mark. Instead, it fell from about $ 0.70 to $ 0.42 and is still not very reversible. In contrast, Shiba Inu has been rocketed.
The woof paper of Shiba Inu Coin (a white paper with a doge theme) describes it as a potential Dogecoin killer because it can “significantly outperform Dogecoin, never exceeding $ 0.01.”. ” Currently, the value of the Shiba Inu coin is significantly lower than that.”
Sometimes called a Shiba Token, the Shiba Inu coin is described as a “joke”. This may seem unkind, and the fact is that joke or not, it has the potential to add value, especially if people continue to invest their money in the hope of a big profit.
Shiba Inu coins are listed along with coin exchanges with the symbol SHIB. The Shiba Inu blockchain is the Ethereum network, which is a well-established place for cryptocurrency and has been chosen by the developers for its stability and features.
Shiba Inu Coin
What makes Shiba Inu Coin special?
We hope that some of the decisions made by the creators of Shiba Inu will help make it a usable currency. Among the moves they made was to give away half of the available coins, which they described as “burning”. Although this is not a traditional cryptocurrency.
Normally, burnt coins will not be available – but 50% of Shiba Inu went to a wallet, that belonged to Ethereum founder Vitalik Butrin. Apparently, this was a strange decision to prevent large investments by other investors, which could affect its usability for trading.
Vitalik Buterin currently has 333,000 Ethereum, valued at about $ 1.4 billion. His assets in Shiba Inu are worth more than $ 15 billion.
It seems that the next step of SHIB is to create its own exchange called ShibaSwap. It allows users to exchange their SHIBs with other cryptocurrencies in a decentralized exchange.
Users can also use and hold Shiba’s other cryptocurrencies, LEASH, and BONE, which will be launched soon.
No launch date has been announced for ShibaSwap, although the company says “ShibaSwap is undergoing security tests, audits and final updates to prepare for a safe launch.” If this happens, it could affect the price of Shiba Inu coins.
Another thing to note about the Shiba Inu coin is that it has a dedicated online fanbase. Given the very low price of the Shiba Inu coin and its extremely limited use, it is great to have about 30 Facebook groups dedicated to it and a subReddit with 172,000 members.
Although it is easy to say that these sites are not exactly a place to discuss the usefulness and trends of cryptocurrencies, you should visit them for being positive, upbeat, enthusiastic, and welcoming places for people interested in SHIB are credible. There are certainly a significant number of Shiba Inu coin dealers online, so it makes sense to think that this monkey coin has not yet disappeared.
Of course, it’s recent listing on Coinbase has meant that The Shiba Inu coin price forecast will positively be affected.
What is ShibaSwap?
ShibaSwap is a Decentralized Exchange under the Shiba Inu project, where you can reverse other Cryptos with Shiba Inu coins or vice versa. Coin sponsors describe it as “a safe place to trade your valuable cryptocurrency while staying decentralized.”
This service has not been launched yet, and anyone who intends to use it must first research its suitability. If you use coins available to buy Shiba Inu, you may run the risk of losing money.
Why this dog? What is with the Internet and Shiba?
Originally used for small games, the Shiba Inu is a native breed of Japan. It is reported that this breed is so hard to be trained.
“Shiba Inu will come when he wants to – or not. He has been described as stubborn, but free thinking is probably a more positive way to describe him” says Dogtime.com.
They are basically cats in the world of dogs, which explains why the Internet has reached them so spectacularly.
The meme “doge” created around a picture of a dog named Kabusu living in Japan with Atsuko Sato. Kabusu was in the photo looking with suspicion at the camera with her paws crossed. This fantastic photo was adorned with comic sans text, often followed by a triple pattern using broken English. “Very fun, very funny, wow” is a classic sequence of behavioral patterns.
Like many behavioral patterns, it works instantly and captures the imagination of Internet users who spread it very widely.
Shiba Inu coin price
If you look at the cryptocurrency market, you’ve probably heard of Dogecoin, an online currency that has grown from a joke to a trend. Following the recent success of meme coins, many people are looking for similar cryptocurrencies that may replace DOGE.
One of the most popular is Shiba Inu. But what is going on with this coin and, more importantly, what will happen to it? Let’s take a look and see if we can predict Shiba Inu’s price.
What is the current price of Shina Inu coins?
Recently, Shiba Ino experienced stratospheric growth. On May 10 it was worth $ 0.000039, but has fallen sharply since then and is currently worth around $ 0.000016.
It may not seem like much – and it really isn’t – but it represents a 1,500 percent increase in a few weeks, and that’s enough to make people sit up and pay attention.
History of SHIB price points
Let’s take a look at the SHIB price history and see if it can help us predict the price of the Shiba Inu coin. As we said, it launched in August 2020, it was worth somewhere in the region of $0.0000000001. It remained at that level for approximately the first 9 months of its life. But then something happened.
When DOGE rallied in early May 2021, people started searching for the next dogecoin, and many of them settled in SHIB. This meant that on May 8, the day Elon Musk appeared on Saturday Night Live, the price exploded from $ 0.000005246 to $ 0.00001883, an increase of about 260%. While Musk’s presence at the American Television Institute really lowered the price of DOGE, SHIB continued to expand, reaching a high of $ 0.0000388 on May 10th.
However, the cryptocurrency market received a lot of attention on May 19, and SHIB was affected. It fell to $ 0.000007046 on May 21 and reached $ 0.00001159 on May 24, but did not reach near its peak and traded around $ 0.000007 on the morning of June 15.
However, something great happened that evening. To the surprise of many analysts, the Coinbase exchange announced that it was listing SHIB, which would push the price of the Shiba Inu coin from $ 0.00000728 to $ 0.000009331 in more than an hour, an increase of 28%. The sudden boom was accompanied by a drop in prices and on June 17, it stood at $ 0.0000079.
But what about the future? Some people have predicted the price of Shiba Inu coins.
Looking to the future, Wallet Investor sees little return on coins. It says it will reach $ 0.000017 in one year and $ 0.00006 in five years.
Meanwhile, gov.capital says it may reach $ 0.000018 at some points in June 2022 and around $ 0.00002 in late 2022 and early 2023. The site says it may reach $ 0.00003 in August 2023 and $ 0.00004 in July 2024. It may reach $ 0.00005 in June 2024 and $ 0.00006 in May 2026.
Finally, DigitalCoinPrice says it may reach $ 0.00001158 at some point this year and $ 0.00001478 in 2022. It is forecasted to be $ 0.00002320 in 2025, $ 0.00002612 in 2026, and $ 0.00003491 in 2028.
Where can I buy Shiba Inu coins?
You can also buy SHIB through Uniswap (via Trust Wallet), which requires you to replace Ethereum with SHIB.
Binance recently announced that it will list selling currencies. This is important because smaller exchanges may not have the consumer confidence of larger sales centers. Binance serves smaller crypto exchanges which have an influence on them to list particular coins such as SHIB.
Binance warns that Shiba Inu is a more volatile coin than many others, and warns anyone interested in getting involved that it may see significant changes in coin value.
You can also buy Shiba Inu in Coin Kong, a platform that works with Euro currency and gives people in the EU access to it without converting it into dollars.
How to buy Shiba Inu in Binance
To buy Shiba Inu in Binance, you have to buy Binance USD (BUSD) or Tether (USDT) and trade it with SHIB.
Binance does not support seven states: Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, and Vermont. If you live in any of these states, you cannot purchase SHIB in Binance. If you live in the United States, be sure to visit the Binance US operating system.
How to buy Shiba Inu coins and avoid high costs of Ethereum gas
There are ways to avoid Ethereum fees, but keep in mind that if you live in a country with strict crypto rules, the applications that can help you avoid these high fees will not available for you. KuCoin, for example, is a highly recommended platform for curbing the high fees of ETH but is not available in New York.
However, if you are not a New Yorker, you can use KuCoin to buy SHIB at a lower rate. It’s a bit complicated, but it’s worth it. You must first purchase XLM on Coinbase. Next, transfer the XLM to the Atomic Wallet app and exchange it for Binance Coin (BNB). Transfer BNB to your KuCoin account, replace it with Tether (USDT), and buy SHIB.
You can also buy SHIB directly through Crypto.com, which also has lower fees, but this operating system is currently experiencing a large influx of new members, so the processing takes several days. On the positive side, there is no swapping involved, so it may be worth waiting.