Shiba Inu Coin is currently the 13th most popular cryptocurrency globally, and it's not hard to see why. This digital currency, which features the beloved Shiba Inu dog meme, quickly became a popular choice for investors in 2021 when its market capitalization reached its all-time high.
While it's often compared to the more established Dogecoin, Shiba Inu Coin has a unique appeal with its low market price and community-driven development. Many people have been drawn to its affordability and the potential for high returns in the future. But is it a smart investment or just another hype?
Let's examine what makes Shiba Inu Coin (SHIB) so popular and whether it's worth investing in.
What Is Shiba Inu, and How Does It Work?
Since Shiba Inu is an Ethereum-based currency, its debut and compatibility with the expansive Ethereum ecosystem were determined by Ethereum.
Ryoshi decided to launch his meme coin on Ethereum because the platform is "safe and well-established," enabling the project to continue operating in a decentralized manner while making it available to many users.
The Shiba Inu ecosystem may be broken down into three different tokens as follows:
The Shiba Inu is the currency the project is named after, and it has a total supply of one quadrillion coins. Ryoshi asserts that they have given up their entire interest in the coin, putting half of it in a liquidity pool and giving the other half to Vitalik Buterin, who was one of the original developers of Ethereum. Buterin chose to destroy most of his cryptocurrency rather than keep it for himself, giving away more than one billion dollars to charity.
The Shiba Inu has Leash as its second token. There are only 107,526 coins currently in circulation. Bone is the governance token for Shiba Inus, granting the SHIB Army the ability to vote on upcoming proposals. With 230 million tokens, Bone possesses the second-highest currency in the system.
History of Shiba Inu
In 2020, an unknown person or group called Ryoshi produced a token named after the dog to continue the sequence of dog meme cryptocurrencies. After a massive price increase in 2021, it overtook Floki Inu, Akita, and Dogelon Mars to become Dogecoin's main competitor.
The SHIB coin increased from its inauguration price of $0.000000000056 in August 2020 to its all-time high price of $0.00008845 in October 2021, for a gain of an astonishing 150 million percent.
Another landmark in the coin's history was when Ethereum's chief engineer and co-founder Vitalik Buterin donated $1 billion in SHIB to help India combat the disastrous spread of COVID-19.
What Does the SHIB Coin Do?
In the following paragraphs, we shall learn some of the potential uses of Shibcoin.
Investment
The use of Shibcoin as an investment vehicle is one of its primary applications. Shibcoin's value, like that of other cryptocurrencies, is subject to rapid fluctuations; investors who buy and sell at opportune moments stand a better chance of making a profit. The cost of one Shibcoin skyrocketed in the first few months of 2021, eventually reaching a new high value of $0.00008845 in October. However, similar to the value of other cryptocurrencies, the value of Shibcoin is susceptible to fluctuation, and consequently, it may only be appropriate for some investors.
Shopping Online
Shibcoin is a form of currency that may be used as a payment option for online purchases. Users can purchase products and services using the digital currency Shibcoin because some online businesses are willing to accept it as a means of payment. This may be especially helpful for persons who desire to conduct their financial dealings anonymously or who wish to steer clear of standard payment methods that demand disclosing personal information.
Charity
Donations to charitable organizations have also been made using Shibcoin. The Shiba Inu community responded to the COVID-19 epidemic by donating Shibcoin to various organizations actively fighting to combat the virus. The Shibcoin community has also donated to animal welfare organizations, including groups dedicated explicitly to Shiba Inu dogs. It is possible to remain anonymous when making charitable contributions using Shibcoin, which makes this option appealing to people who value their discretion highly.
Trading
Users can profit by buying and selling Shibcoin on one of the many cryptocurrency exchanges that support currency trading. Technical analysis is a tool that traders can use to forecast future market movements and make more educated trades. Traders should proceed cautiously and perform adequate research before investing in Shibcoin because trading it, like any other cryptocurrency, is not without risk.
How to Buy SHIB Coins?
CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including SHIB, users can now trade easily and seamlessly. To purchase SHIB on CoinEx, follow the steps below.
- To access CoinEx's services, register for an account by clicking "Register". Existing users can log in.
- After logging in, deposit funds into your CoinEx account using one of the supported cryptocurrencies or deposit methods supported by the exchange.
- After depositing fiat or cryptocurrency, go to the SHIB trading page, choose a trading pair, and specify the amount of SHIB to purchase.
- To buy SHIB tokens, choose the appropriate trading pair, specify the desired quantity of SHIB, and trade the paired token for SHIB.
SHIB FAQs
How are Shiba Inu coins different from Dogecoins?
Shiba Inu coins and Dogecoins are well-known cryptocurrencies; nevertheless, there are numerous critical distinctions between the two. The Shiba Inu coin was first intended to be a joke in response to the cryptocurrency known as Dogecoin, but it has already garnered its fanbase. Although both cryptocurrencies use comparable technology and operate in a decentralized manner, Shiba Inu coins have a smaller market capitalization and are seen as more speculative.
How many Shiba Inu coins are there?
The circulation supply of Shiba Inu coins is around 589,541,726,782,624. On the other hand, the total supply is 589,606,656,882,734.
Will Shiba Inu coin reach $1?
No analysts or algorithm forecasting sites had forecasted that SHIB value could reach $1 as of April 11th. These forecasts, however, might be wrong due to Shib’s volatility.
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