Everything you need to know about Shiba INU Coin

Everything you need to know about Shiba INU Coin

Everything you need to know about Shiba INU Coin

Do you know what Shiba INU is? Don’t worry; here’s detailed information available on the same, so stick to the end, and you will develop a great understanding of the topic.

Shiba INU is a decentralized cryptocurrency created by ‘Ryoshi,’ an anonymous group or person. The name ‘Shiba INU’ was kept on a breed of dog which belongs to Japan and originates in the Chubu region. This meme coin was launched as a Doge-Killer or rival of Dogecoin. Shiba INU is characterized as a pump-and-dump scheme and a meme coin. Being a digital currency, you can find Shiba INU only online.

Also Read : The value and demand for Bitcoin are growing-Here’s why!

This community-building cryptocurrency is a kind of experiment developed in the Shiba Inu Ecosystem. Like many other coins, it is also built on the Ethereum blockchain network. It has only been approximately two years, but the Shiba INU coin has become a popular choice amongst Crypto-Market investors, and it has taken over a few Dogecoin markets. On October 29, 2021, the price of Shiba INU was more than tenfold, with a market capitalization of $41 billion. Till May 31, 2022, after seeing a drop in the market, the coin ranked amongst the top ten meme cryptocurrencies.

Everything you need to know about Shiba INU Coin | Torimura.com
Everything you need to know about Shiba INU Coin

Shiba INU is also denoted as SHIB; this token aspires to be an alternative to the popular meme coin Dogecoin (DOGE). This kind of token supports the development of Shibaswap, a decentralized exchange, and NFT art incubator project. Bitcoin is designed to be scarce, but unlike that, Shib INU is intended to be intentionally abundant with its supply of one quadrillion.

Also Read : What is SafeMoon? A Beginners Guide to this cryptocurrency

Origin of Shiba INU

Do you know how Shiba INU originated? If not, then in this part of the write-up, you will be able to gather information about it.

The originating year of the Shiba INU coin is August 2020. There needs to be more precise information regarding the identity of the coin’s creator, like the situation with Satoshi Nakamoto and Bitcoin. So, it is thought that Ryoshi would not be the name of an individual but of a group.

Do you know that Shiba INU is an altcoin of Dogecoin and Dogecoin is an altcoin of Bitcoin; so, isn’t it interesting to understand this whole chain?

With its following crowds, persistence, and memes, it has become insanely popular amongst several crypto exchanges. But is this the only reason the Shiba INU coin has become popular? No, there are various other reasons too. Like, Elon Musk, the founder of Tesla, tweeted regarding his interest in a Shiba pup; because of this, the crypto market was excited, and the prices rose by 300%.

Vitalik Buterin’s Ethereum wallet allocated approximately 50% of the supply during the launch. An ATL of USD 0.000000000056 to $0.000084, the price of SHIB skyrocketed; a 150,000 times increase. Vitalik donated 10% of SHIB holdings to a COVID-19 relief in India; the remaining 40% was almost burnt. It was one of the most significant donations, worth about $1 billion.

Also Read : 10 Best Cryptocurrencies to Invest In 2023

Brief information on Shiba INU

According to a “woof paper,” Shiba Inu developed to answer a simple question ‘What would happen if a cryptocurrency project was 100% run by its community?’ The founder of the Shiba Inu coin, Ryoshi, has attributed the coin’s origin to an ‘experiment in decentralized spontaneous community building.’ As per Ryoshi, something more substantial can be built with the collective decentralization power compared to the centralized team.

The principles of over 500,000 members of the SHIBArmy are as follows:

•Project began with 0, from 0, to create something out of nothing.

•It wasn’t founded from the preassembled team or an existing community, and

•A feeling of love for Shiba Inu dogs.

As Shiba INU is ERC- 20 token, it is hosted by and created on the Ethereum blockchain and not on its blockchain. In the paper, Ryoshi also stated that he built the Shiba INU ecosystem based on Ethereum because it was well-established and secured. It also allowed the project to remain decentralized.

About the Shiba INU Ecosystem

The ecosystem of Shiba INU consists of three tokens which are Shiba INU (SHIB), Leash (LEASH), and Bone (BONE). Now let’s know about all these three tokens in brief.

•Shiba INU (SHIB): It is the foundation currency of the project. The supply started with one quadrillion, out of which Ryoshi locked 50% in Uniswap. The other 50% was sent to Vitalik Buterin, Ethereum co-founder, for safekeeping.

In May 2021, more than 50 trillion Shiba Inu coins were donated by Buterin to an Indian COVID-19 relief fund while the nation was dealing with the Delta variant of the coronavirus. Shortly, Buterin was permanently removed or ‘burned’ from circulation- Shiba Inu’s total supply of approximately 40% to a kind of dead wallet.

•Leash (LEASH): Leash is the Shiba Inu ecosystem’s second token representing a different end of the spectrum, with approximately 107,646 tickets in total supply compared to the trillions of Shiba Inu tokens.

•Bone (BONE): With a total supply of approximately 250,000,000 tokens, bone fits in between Shiba INU and Leash in terms of circulation. It is designed in such a way that it will allow voting by the SHIBArmy on upcoming proposals.

Also Read : Crypto a better investment option or not?

The ecosystem also includes:

•ShibaSwap: The aim of ShibaSwap, a DeFi platform, is to offer a safe place for trading cryptocurrencies while they remain decentralized.

•Shiba INU Incubator: They aim to shift the focus beyond art forms like photography, painting, and others.

•Shiboshis: These are almost 10,000 Shiba Inu-generated NFTs written on the Ethereum blockchain using different traits, making each of them collectible and unique.

Buying Shiba INU

Are you looking for the steps that need to be followed to buy Shiba INU Coins? Here’s what you need to know.

Firstly, you need to create a MetaMask wallet; then, you will have to send the Ethereum to your wallet; this can be done by purchasing directly or transferring from exchanges such as Coinbase, with the use of the ERC-20 network while transferring the Ethereum. After that, you need to connect your MetaMask wallet to ShibaSwap. At last, Swap ETH for BONE, LEASH, or SHIB tokens.

Pros of buying Shiba INU coins

Here are a few benefits that would let you invest in Shiba INU coins.

•Shiba INU Coins are the favorite tokens of Elon Musk

•The prevailing price and tokenomics are significant reasons to invest in the Shiba INU.

•It has been proven to be a millionaire creator

•It can dethrone the dogecoin

•Around the Shiba INU, you can still find Robinhood buzz

• good growth has been seen in the Shiba INU coins value.

Also Read : What is Blockchain? Will it change the future of money?

Is it a good investment?

If you are confused about purchasing Shiba INU coins and thinking if it is a good investment, then here you will find various critical information that will guide you in making a solid decision.

Shiba INU has grown a lot in a shorter period, but don’t stick to only this fact; instead, you need to understand the whole concept in detail.

Shiba INU is a cryptocurrency where any of your investments are not backed by cash flow or any asset. The only way of making money is when someone is willing to buy your coins by paying more. The key drivers are speculation and optimism about cryptocurrency. When you get someone to buy cryptocurrencies by paying more than being a trader, you win; it is also known as the more excellent fool theory of investing. Traders in the trading sector consider Shiba INU a crypto lottery ticket as they can afford it.

Shiba INU can be traded on platforms like Binance, MEXC Global, and Coinbase Exchange. Some of the popular trading pairs for Shiba Inu in the market are SHIB/PHP, SHIB/USD, SHIB/INR, SHIB/CAD, SHIB/AUD, and SHIB/GBP.

Price analysis and forecast of Shiba INU coin between 2022 to 2030

As per the crypto analysts, it is found that Shiba INU’s price might reach almost $0.0001 in 2022. It is also predicted that by 2023 the cost of the Shiba INU coin will touch $0.00015; by 2025, the cost of the Shiba INU will touch $0.0002 and by 2030, the price of Shiba INU will touch $0.01 and will make it an all-time hit.

In 2022, positive developments have been seen in Shiba, INU.

The minimum price in 2022 is estimated to be $0.00001307, the average price might be around $0.00001359, and the maximum would be approximately $0.00001501.

In 2023, Shiba INU will have a good start where the minimum trading price will be $0.00001959, the average cost will be $0.00002014, and the maximum price can be around $0.00002271.

A new high can be created in the year 2024, where the minimum trading price would be approximately $0.00002941, the average trading price can be $0.00003041, and the maximum would be $0.00003360.

While in 2025, the minimum price of Shiba INU coin might be $0.00004183, the average trading SHIB price can be $0.00004335, and the maximum would be $0.00005048.

As per the experts, in the year 2026, the minimum of Shiba INU can be $0.00006186, the average can be $0.00006359, and the maximum can be $0.00007480.

The prediction for the year 2027 says that in that coming year, the Shiba INU price can be as minimum as $0.00009350, the average price can be around $0.00009605, and the maximum would be $0.00010739.

In 2028, the Shiba INU might see a price of a minimum of $0.00013749, an average of $0.00014230, and a maximum of $0.00016276.

According to some technical analysis, it is found that in the year 2029, the price of Shiba INR will trade between $0.00020573 to $0.00024440.

Whereas the experts predicted that the minimum price of the Shiba INU coin would be $0.00035649, the average would be $0.00030921, and the maximum would be $0.00029857 in the year 2030.

Also Read : What is blockchain? How does it work?

Difference between Shiba INU Coin and Dogecoin

Do you know there are a few differences between Shiba INU Coin and Dogecoin? Unlike DOGE, SHIB is entirely compatible with the ecosystem of Ethereum. Let us know about other differences in brief.

Development

Shiba INU coin: It is built on the Ethereum Network.

Dogecoin: Developed with the usage of the same Bitcoin Technology.

Use-Cases

Shiba INU Coin: Working on price more than its utility because of hyped popularity.

Dogecoin: To some extent, it has been established as an online payment medium.

Value

Shiba INU Coin: The importance of Shiba INU Coin is approximately $0.000007378.

Dogecoin: Its value is somewhere around $0.261711.

Availability

Shiba INU Coin: Its availability is around 394 million.

Dogecoin: It has 130 billion of availability.

Also Read : Know how investing in crypto is the best tax-saving plan

Conclusion

Shiba INU coin has inspired people on global fronts for investing money.  The logo of this currency depicts a dog and was inspired from a meme. Some of the currency exchange under Shiba INU Coin will be Binance, BTCEX, Deepcoin and others.

Shiba has a maximum limit of 589,735,030,408,323; out of which 549,000,000,000,000 had been mined as of mid-2022. Approximately 7% of the SHIB is left to be mined. The nickname earned by Shib INU is the Dogecoin killer; it gained this name because SHIB’s value is ‘primed and ready to overtake the value of Dogecoin.’ Ryoshi also said that the publicity and utility of the Shib will be more than dogecoin even if it never hits $0.01.

The best thing about Shiba INU is that even after so much gain, it costs a fraction of a cent which makes it quite affordable to many. It has limited utility and has yet to have a compelling use case. But Shiba INU has high volatility, which can turn the world upside down or the other way. It has also achieved the objective of Ryoshi, its founder by creating something from nothing.

The Shiba INU coin has been in the news since October 2021, as it moved amongst the top ten cryptocurrencies. Because of this, it attracted a large number of traders. The launch of Shiba Inu NFTs enthused crypto investors. Shiba INU can be risky as cryptocurrencies can be volatile, but if you invest correctly, the risk might be lower. So, before investing in the Shiba INU, have in-depth knowledge about the same.

Leave a Reply

Your email address will not be published. Required fields are marked *