The world of cryptocurrency got even more exciting with the arrival of Shiba Inu. The cryptocurrency that calls itself “Dogecoin killer” was developed in August 2020.
On 10th May 2021 Shiba Inu got listed on the world’s largest cryptocurrency exchange. Binance in its official tweet said that Shiba Inu is similar to Dogecoin and an experiment in the decentralized community building. It listed Shiba Inu in its innovation zone for trading.
Another success for Shiba Inu was when Coinbase decided to list it on its platform. Starting from 17th September 2021 Coinbase users can sell, receive or trade Shiba Inu.
Credit to these successes Shiba Inu has entered the top 50 cryptocurrency group. But is investing now in Shiba Inu safe? Is it a good investment decision? Or do you need to keep your watch for future investment opportunities?
Shiba Inu is based on Ethereum Blockchain. It is ERC-20 altcoin of Dogecoin which in itself is the altcoin of Bitcoin. The new cryptocurrency has already gained popularity in the crypto market.
Here is all you need to know about Shiba Inu before making any investment decision.
what is shiba Inu?
Shiba Inu is an ERC-20 token which like other cryptocurrencies is developed on Ethereum. In August 2020 an anonymous Indian by the name of Ryoshi launched this token.
Being based on the Ethereum network it runs similar to it on the Proof of Work (PoW) and Proof of Stake (PoS). Each Shiba Inu token has equivalent value and is fungible to support NFT art incubator projects. Moreover, the Shiba Inu tokens are sent and stored on the Ethereum address.
The official website of Shiba Inu states that it is a decentralized meme token that is slowly making its way into the crypto ecosystem. The logo of Shiba Inu is a Japanese breed dog that goes by the same name.
It is surprising to note that Shiba Inu from the very start targeted Dogecoin. The mascot of Dogecoin represents the same Japanese dog as on Shiba Inu. With time Shiba Inu acquired the nickname “Doge killer”.
The creators of Shiba Inu to be accurate created three coins. SHIB, LEASH and BONE together make up an ecosystem. Currently, the Shiba ecosystem has a supply of 1 quadrillion SHIB tokens. SHIB is the foundational currency of the SHIBA ecosystem. LEASH is the second currency in this ecosystem with 107646 tokens. BONE has a total supply of 250,000,000 tokens.
They also developed a decentralized exchange called ShibaSwap. The ShibaSwap allows the users to dig, bury, fetch and swap coins. It functions similar to other exchange systems based on Ethereum like Uniswap and SushiSwap.
Shibaswap has a ‘Bury and Dig’ feature that allows you to stake your tokens while also offering liquidity. The term “dig” or “digging” is used on the platform to describe the process of creating liquidity. Liquidity pools give prizes proportionately based on the number of tokens invested on ShibaSwap.
— Shib (@Shibtoken) September 19, 2021
how shiba inu started?
Shiba Inu has become the second biggest meme token after Dogecoin. Dogecoin also started as a joke based on the viral canine meme.
Shiba Inu whitepaper says “SHIB is an experiment in decentralized spontaneous community building. SHIB token is our first token and allows users to hold Billions or even Trillions of them. Nicknamed the DOGECOIN KILLER, this ERC-20 ONLY token can remain well under a penny and still outpace Dogecoin in a small amount of time (relatively speaking).”
Ryoshi started with 1 quadrillion Shiba Inu tokens. Half of the total tokens worth $1 million was burned for safekeeping to Vitalik Buterin. He is the co-founder of Ethereum. The rest of the Shiba Inu tokens were locked in Uniswap.
Buterin to support India overcome the crisis of the Covid-19 pandemic donated trillions of Shiba Inu coins. He donated 50 Trillion Shib coins to different charities like Givewell and Methuselah Foundation. By donating Shib coins worth $1 Billion, the Ethereum co-founder made the largest cryptocurrency donation in the world till now.
But he donated only 60% of his balance of the Shiba Inu tokens. The rest 40% he burned to a “dead wallet”. However, he says that he will give these gifted meme tokens to deserving charities.
shiba inu market statistics
- Shiba Inu as of 25th September 2021 is trading at $0.00000738 with a 4.99% increase from its previous day.
- The current Shiba Inu market cap is $2,916,149,115.21
- Shiba Inu prices surged by 35% after Coinbase announced to list it.
- At present, the new meme token has a circulating supply of 500 Trillion SHIB coins.
- The total supply of SHIB coins is 1 quadrillion.
- According to Coinmarketcap, Shiba Inu is in the 45th position in the crypto market.
- Shiba Inu from its launch has gained a striking 455544.06% on its value.
is shiba inu a safe investment for you?
Compared to Bitcoin, Shiba Inu is priced at a much lower price. You can buy millions of Shiba Inu coins without burning a hole in your wallet.
People who were far-sighted and bought millions of SHIB tokens in the starting have had huge benefits. Since its launch, Shiba Inu ROI has gone up by 455544.06%.
But these do not make this new meme token a safe investment.
The audit of ShibaSwap brought to light major centralization and privilege risks. The audit report states that a developer with authority could “withdraw all the ERC20 token and BONE Token to any arbitrary address”.
Though the Shiba team says the issues that the audit reported have been resolved, we are not so certain.
Experts predict that Shiba Inu is destined to go up in the crypto market. The Market Realist says that Shiba Inu would touch $0.000061 in the next 5 years. However, there are experts like Liam Andrew Wright who believes the opposite. According to him, these Ethereum based coins have surged up the graph due to social media hype.
Cryptocurrency projects, no matter new or old comes with their own set of risks, challenges and loopholes. You will get many experts who predict the rise of crypto only to see it crash after few months.
It is always safe to research the cryptocurrency or digital asset that you are eyeing to invest in. Once you go through its working fundamentals, market statistics and challenges, you are capable to take a better investment decision.