What is SHIB coin? To Buy or Not to Buy Shiba Inu Coin (SHIB)?

SHIB

(Shiba Inu Coin) is one of the most affordable cryptocurrencies today, with a price of only about $ 0.000026 per coin. Although it has a low price, its price increase over time can be described as staggering. This has led many people to start wondering what is SHIB coin, what is Shiba Inu coin, and whether or not to invest in Shiba Inu (SHIB). If you are also pondering over the Shiba Inu coin, let’s delve deeper into understanding it in the content of the article below.

What is SHIB coin?

At the time of its launch, SHIB was considered virtually worthless, with a price of 0.00000001 dollars. Investing in this cryptocurrency was akin to gambling because fundamentally, it had nothing and did nothing.

However, SHIB has increased several hundred thousand percent since it gained traction at the end of January and has continued to reach new highs in September – October 2021. Although the appeal of SHIB has diminished somewhat, its price remains relatively high compared to its early-year price.

Basic information about Shiba Inu Coin (SHIB coin):

• Shiba Inu coin (SHIB) is an ERC-20 token based on the Ethereum blockchain.
• Its official Twitter account has over 1.7 million followers, higher than other top cryptocurrencies like Cardano, Kraken, and Solana.
• Shiba Inu Coin, along with Dogecoin and hundreds of other cryptocurrencies, draws inspiration from pets and has created a “meme coin” industry.

Price of Shiba Inu Coin (SHIB coin) is updated in real-time::

Shiba Inu (SHIB)

$ 0.000026

How many Shiba Inu (SHIB) coins are there?

One thing that those looking to buy Shiba Inu Coin need to know is information about its total supply.

A total of 1 quadrillion SHIB tokens were officially introduced in 2020. One quadrillion means there are 15 zeros behind it, enough to show you just how many there are.

The total supply of SHIB is distributed as follows:

• 50% of the Shiba Inu supply has been locked in the Uniswap SHIB/ETH liquidity pool – a decentralized exchange.
• 50% of the supply was gifted to Ethereum founder Vitalik Buterin. The original creators did not hold any coins unless they bought them later on exchanges.

Vitalik Buterin used 50 trillion SHIB tokens, worth $1.6 billion, to support the Covid-19-affected community in India.

Vitalik Buterin also sent over 410 trillion SHIB tokens to a dead wallet address on the blockchain network. This effectively means that more than 40% of the circulating SHIB supply has been burned.

Shiba Inu also has a program to ensure its supply gradually decreases over time. Every time a user buys SHIB, a certain percentage will be burned through transaction fees. Therefore, as SHIB coin continues to be traded, its supply will decrease.

Why is Shiba Inu Coin so popular?

Shiba Inu Coin originated from the question: “What would happen if there was a cryptocurrency project entirely dependent on the community?”

Developers of Shiba Inu Coin also dubbed it the “Dogecoin Killer.” It is an ERC-20 token, meaning it is built on the Ethereum blockchain. Therefore, it can use Ethereum’s smart contracts to create DeFi products. However, this is not the reason behind the increasing popularity of SHIB; it likely stems from the following reasons:

• Riding the Dogecoin wave – Dogecoin, another meme coin inspired by the Shiba Inu dog of Japan, gained attention when its creators launched it as a “new version of Dogecoin.”

• The allocation of 50% of the supply to Vitalik Buterin, along with his subsequent burning of over 40% of the SHIB supply, drew significant attention to SHIB coin.

• Influence from Elon Musk, who posted images of his Shiba Inu dog on Twitter. This caused the price of SHIB coin to skyrocket and attracted many investors.

• Many people hoped that Shiba Inu would offer more utility to users compared to Doge Coin. Consequently, it has built a large and dedicated community in less than 3 years.

SHIB coin is deflationary

When Dogecoin was launched, it had a capped supply of 100 billion DOGE. By 2015, all DOGE had been mined. Afterward, the maximum DOGE supply was altered to allow the mining of an additional 5 billion DOGE annually. Currently, there are over 129 billion DOGE in circulation, and there is no mining limit.

In contrast, Shiba Inu Coin has a different supply system. The total SHIB supply was set from the start at one quadrillion tokens. Initially, 50% of these tokens were sent to Uniswap, a cryptocurrency exchange, while the remaining 50% were gifted to Ethereum’s founder, Vitalik Buterin. Interestingly, Vitalik burned 90% of the SHIB he received, and the remaining 10% was donated to the India Covid Relief Fund.

Furthermore, SHIB cannot be mined, and a portion of it is burned (destroyed) with each purchase of the coin.

=> While SHIB’s supply is larger than DOGE’s, SHIB is a deflationary currency that cannot be mined further and is continuously burned, which means that in the long run, SHIB’s value is less likely to decrease compared to DOGE.

In particular, the creation of a burn portal to “rescue” SHIB’s price is noteworthy. Shiba Inu hopes that reducing the SHIB supply will create a supply shock to drive SHIB’s price back up. Accordingly, the decentralized exchange (DEX) ShibaSwap has introduced a coin burning page called ShibaBurn. When connected to a wallet, users can “burn SHIB” by sending it to an address from which tokens cannot be recovered, essentially causing them to be permanently removed from circulation.

The Shiba Inu community predicts that 111 trillion SHIB tokens could be burned in the coming year..

You can track the status of SHIB tokens along with the Shiba Inu (SHIB) community at:

• • https://www.shibburn.com/

Shiba Inu coin is gradually moving away from the “meme coin” label

Shiba Inu is slowly evolving from a purely meme coin into an official ecosystem. In Shiba Inu’s development roadmap, it has plans for Layer 2 solutions, blockchain games, metaverse projects, DAO platform, and other exciting ventures. Specifically:

• Shibarium: Shiba Inu plans to release a layer 2 blockchain on Ethereum called Shibarium. The SHIB token is an Ethereum ERC20 token. Ethereum has been plagued by high gas fees and occasional transaction delays. Therefore, ERC20 tokens relying on the Ethereum network for transaction processing have been affected by high gas fee issues and slow transactions. The release of Shibarium is expected to significantly reduce transaction fees, or even reduce them to zero, according to Shiba Inu developers. Shibarium will also have SHIB staking and serve as a bridge for other blockchain projects.
• Shiba Eternity: Eternity is a card game based on SHIB and was created in collaboration with PlaySide studio. The game had an early trial version, but it was only introduced in Vietnam at the current time. The game was showcased at Gamescom 2022.

• Doggy DAO: In an effort to make the Shiba Inu ecosystem truly decentralized, Shiba Inu plans to establish a decentralized autonomous organization (DAO) called Doggy DAO, to give the Shiba Inu community, often referred to as ShibArmy, voting rights in important decisions for the future of the Shiba Inu ecosystem.
• ShibaSwap 2.0: ShibaSwap is a decentralized exchange (DEX) that allows users to swap tokens, stake tokens, and provide liquidity for pools. Version 2.0 of ShibaSwap will introduce new features, including the ShibaBurn coin burning portal.
• SHI Stablecoin: Some ecosystems have launched their own stablecoins. Shiba is following suit with plans to release its own stablecoin called SHI. A reward token called TREAT will also be launched alongside SHI.
• ShibaNet: ShibaNet will be a decentralized marketplace where users can buy and sell goods using SHIB tokens. It will run on the Shibarium layer 2 chain, taking advantage of very low gas fees and high transaction throughput that Shibarium will provide..
• Shib.io Metaverse: Shib.io Metaverse will consist of over 100,000 digital land parcels spread across four districts – Growth, Defense, Technology, and Currencies. Shiba Inu has partnered with The Third Floor, a long-standing collaborator and partner of Marvel Studios, to build the Shib.io Metaverse.

The Risks Shiba (Inu) Faces

Despite its promising aspects, Shiba (Inu) is currently facing several risks. The price of SHIB has dropped by about 80% from its all-time high (ATH) reached in October 2021. The entire cryptocurrency market and stock market are also grappling with common economic macro challenges, such as inflation and tightening monetary policies.

Furthermore, despite having a strong and growing community, many still perceive SHIB as a meme coin. Although it is gradually expanding its ecosystem, there are numerous competitors in each field, and they are generally considered to be technologically superior and have greater development potential compared to Shiba Inu.

The accomplishments and ongoing activities of Shiba Inu (SHIB) are undeniable, and it appears to retain potential for stable long-term growth in value. Recently, there has been a consistent rise in SHIB’s trading volume, largely fueled by ‘whales’ who are actively burning a considerable portion of their holdings. Alongside these token burns, there have been significant purchasing activities, including a notable instance where a whale acquired over 52 billion SHIB in a single transaction. Given its roadmap and upcoming releases, Shiba Inu (SHIB) seems poised to draw in new investments in the near future.

In summary:

These are the details about Shiba Inu Coin (SHIB coin). Hopefully, through this article, you have found answers to your questions about whether to invest in Shiba Inu Coin or not. If you still wish to trade, the Shiba Inu coin is available on several exchanges such as Binance, Coinbase, CoinDCX, Uniswap, KuCoin, among others. I wish you a wise choice and successful investments.