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What is Shiba Inu (SHIB) coin and what you should know about it!
Shiba Inu is one of the latest meme cryptocurrencies to hit the market, we round up the most important things you need to know before investing!
Shiba comes as crypto world fans are on the hunt for the next Dogecoin like story!
Before we continue, we have to make sure that you understand that buying cryptocurrency assets as well as stocks / shares is a high risky business. Investing IS NOT a guaranteed way to make money, so make sure that you always invest what you can afford to lose!
1. What is Shiba inu?
Shiba Inu is ERC20 token on the Ethereum blockchain, Shiba is meme token similar to Dogecoin (with the difference that Dogecoin runs on its own blockchain), users can hold trillions Shiba tokens! The Shiba tokens are listed and incentivized on its own decentralized exchange ShibaSwap.
The official website claims to have burned to Ethereum founder Vitalik Buterin 50% of the total supply and the remaining 50% locked forever in Uniswap wallet.
The tokens feature the same Shiba Inu dog as Dogecoin, which has rocketed in popularity recently.
2. Shiba value has surged in 24 hours
The value of Shiba Inu is currently sitting at $0.00003526, compared to a lower $0.0000006 in mid-April, according to BullsInvest.com Market Cap.
At the time of writing, it’s up by almost 160% in 24 hours but it's obviously starting from a low number so rises will appear bigger.
In comparison, Dogecoin is currently worth $0.45 - up from $0.005 at the beginning of the year.
A number of Dogecoin look-alikes have thrived thanks to the recent surging value of the Shiba Inu-themed coin.
3. Shiba aims to become the Dogecoin killer!
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, told The Sun the token "appears to have been created" to give Dogecoin a run for its money.
She added: "It features the same dog which became a meme, and aims to replicate Dogecoin’s success of turning a joke into a money making machine.".
The value of Dogecoin has surged thanks to celebrity backing, while a bunch of Reddit threads also called for it to hit a value of $1 per coin.
From the official Shiba token website we can read: "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)."
Investing is risky and you could lose it all
Investing in crypto coins is gambling with no guarantees that the asset will grow in value. Of course that apply for all tradable assets
Cryptocurrencies are VERY high risk and a speculative investment, with limited track records and no underlying value.
There is also no guarantee that you can convert crypto assests back into cash, as it may depend on the demand and supply in the existing market.
And again .. about Shiba token
- SHIB hails itself as an “experiment in decentralized spontaneous community building.” Indeed, this cryptocurrency is looking to cash in on the success Dogecoin has had in this domain.
- The SHIB cryptocurrency token is the first token released by the company’s founder, Ryoshi.
- Other crypto options coming include BONE, which is set to take “the power of Defi to the next level.”
- SHIB is currently available on Binance, a popular decentralized exchange. Its founders are also testing their own ShibaSwap exchange, and hoping for a launch soon.
- According to Shiba Inu’s website, 50% of the total supply was locked in Uniswap.
- Additionally, “the remaining 50% was burned to Vitalik Buterin, and we were the first project following this path.”
- The goal of these moves was to provide fair and complete distribution, where developers can’t dump tokens on the community in the future.
5. From where I can purchase Shiba coin?
So, You are Ready to invest in the Wild West where everything is possible? Binance the No1 by volume and user base exchange have listed SHIB coin.
Don't have Binance registration? Click here and get -20% discount on trading fees! Exclusively for the BullsInvest.com community!