Shiba Inu (SHIB) is a new cryptocurrency that has generated a lot of buzz from the very start, rising in price by more than 25 times in two days. It is an ERC-20 token - the creators chose the Ethereum blockchain because they consider it the most secure, decentralized and time-tested.
The editors of Profinvestment.com will talk about exchanges with Shiba Inu - where you can buy or sell SHIB for fiat, cryptocurrencies, stablecoins. There are already quite a lot of such sites; the token was quickly listed on popular sites.
SHIB token
Shiba Inu (SHIB) is an Ethereum-based token. As an ERC-20 token, it enjoys the full security and support of the Ethereum ecosystem. Ethereum is currently the largest decentralized Dapp and token ecosystem in the world. The platform supports over 200,000 tokens and thousands of networks built on its infrastructure.
SHIB is the main utility token of the Shiba Inu ecosystem. This token serves several purposes, such as paying commissions and rewards. You can also use it as a cryptocurrency. Users can send a value globally in seconds using SHIB. It is safe and secure as it uses the Ethereum blockchain. SHIB launched with 100 billion tokens.
The developers of Shiba Inu are planning to launch a DeFi token called BONE. This token will play a vital role in the main ShibaSwap DEX protocol. Users will be able to stake this token and receive rewards in the future.(2021)
The developers of the SHIB token have definitely done their research. The platform promises to bring together a variety of core features and notable trends to drive greater market movement. Additionally, the ultra-low price of these tokens has helped them see growing interest. Since the project is still very new, it is very important to invest only what you are willing to lose. (as of 2022)
Once their decentralized exchange, Shiba Swap, is ready (which is currently supposedly in the testing and auditing phase), users will be able to stake their tokens and receive rewards. For staking SHIB, users receive xSHIB, for staking LEASH - xLEASH, and for staking BONE - tBone.
According to the white paper, the incentives are as follows:
There are also incentives for xLEASH and tBONE owners.
What to read before buying
Even though SHIB cryptocurrency has one of the fastest growing communities with hundreds of thousands of people on various social networks, there are a few things to keep in mind when exploring the project.
- Firstly, there are only two posts on their official Medium page - the first was a development announcement, and the second was an update that appeared many months later and did not contain any noticeable updates.
- The founder of SHIB is anonymous - it is truly unclear how many developers are working on the project, and there is no exact roadmap as to when users can expect updates to the project and results such as the Shiba Swap exchange.
- The total supply is 1 quadrillion tokens - that's a lot!
- Half of them were allegedly burned because they were sent to Vitalik Buterin. It's up to debate whether he'll do anything with them, but given his status in the community, it's unlikely he'll do anything to harm the ecosystem. However, there are many token holders who own a high percentage of the remaining 50%, which is a red flag.
- As of this writing, the SHIB token has already risen over 18,000% over the past few months, qualifying it to enter the top 20 cryptocurrencies with a market capitalization of $12 billion, according to CoinMarketCap. Is SHIB overvalued? Time will show.
Atomic Wallet
Cross-platform wallet supporting over 300 tokens. You can use the wallet in the format of a desktop application for Windows, MacOS and Linux (versions available for Ubuntu, Debian and Fedora), as well as a mobile application for Android and iOS. The mobile version can be downloaded from Google Play and the App Store, versions for computers and an APK file for Android can be downloaded from the official website of the wallet.
When creating a wallet, you generate a private key and a Seed phrase (it is recommended to write it down and save it separately - it is necessary to restore access to the wallet), which will be stored in the memory of the device used as storage. Inside the wallet you will find the address for receiving transfers, as well as the necessary functionality for sending coins.
Additional features of Atomic Wallet include:
- Instant exchange with cashback – more than 60 pairs supported.
- Buying cryptocurrency with a bank card.
- Cryptocurrency staking.
The service does not adhere to the KYC policy and does not collect any data about its clients. You can use your wallet anonymously, no one will ever block your funds.
Prospects
As with Dogecoin, skeptics say that large holders will sell their shares of Shiba, thereby sharply reducing the price of the asset. However, the possibilities for this are limited. For example, the second largest Shib holder had $176.5 million worth of tokens, but did not sell them. This probably happened because the liquidity available on the exchanges was only enough to receive about $4 million. For this reason, from May 3 to May 9, among the 50 largest Shib holders, only one sold tokens.
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Ledger Nano X
A hardware wallet produced by the French company Ledger since 2019. The Nano X model replaced the Nano S model, which became the leader in sales worldwide (more than 1.3 million wallets). Ledger hardware wallets support storing ERC-20 tokens, so you can store SHIB in them.
The Ledger Nano X wallet is a small device that resembles a regular flash drive. Its dimensions:
- Length – 72 mm
- Width – 18.6 mm
- Thickness – 11.75 mm
- Weight – 34 g
The wallet body is made of plastic and brushed stainless steel and consists of the storage itself and a protective cap. It contains control buttons with which you can confirm operations, and a small (dimensions - 128x54 px) display. There is also a USB Type-C connector on the case, which allows you to connect the wallet to a computer. The storage is powered by a lithium-ion battery (capacity – 100 mAh), the battery life reaches 8 hours.
To send cryptocurrencies, you need to connect your wallet to your computer (Windows 8+, MacOS 10.8+ or Linux) or smartphone (Android 7+ or iOS 9+) and use the Ledger Live application.
The kit includes:
- Hardware wallet
- USB-A to USB Type-C cable
- Booklet
- 3 recovery sheets
- Keychain strap
The cost of the wallet (on the official website) is 10,699 rubles (excluding VAT and duties).
Trezor Model T
A hardware wallet produced by the Czech company Trezor since 2018. Model T became the replacement for Model One, the very first crypto hardware wallet in the world. Trezor wallets also support ERC-20 tokens, so they can be used to work with SHIB coins.
The Trezor Model T wallet is a small device that resembles a keychain. Its dimensions:
- Length – 64 mm
- Width – 39 mm
- Thickness – 10 mm
- Weight – 22 g
The wallet body is made of plastic. It houses a touch LCD display (dimensions – 240x24 px), a slot for a micro-SD card and a USB Type-C connector. Inside the wallet is a 144Hz ERM (Cortex-M4) processor running on a custom Trezor Core system. To send cryptocurrencies, you can connect your wallet to your computer (Windows 10+, MacOS 10.11+ or Linux) or smartphone (Android).
The kit includes:
- Hardware wallet
- USB-A to USB Type-C cable
- Magnetic wallet storage dock
- 2 recovery cards
- Branded stickers
The cost of the wallet (on the official website) is 164 euros.
Problems and solutions
Shiba Inu is committed to providing users with more earning opportunities. The main goal of the project was to create an ERC-20 token and ecosystem at a low enough price that anyone could own millions of them. They deliberately launched the project’s tokens at a price well below a penny. The strategy is to make the platform profitable by simply gaining $0.01. In this regard, the developers have succeeded so far.
How did it all end?
In five days, the SHIB price has increased by more than 2 000%
.
Subsequently, the price of the coin fell along with the entire market, caused by Musk's announcement that Tesla would no longer accept Bitcoin as a form of payment
.
Later, in the first week of October 2022, the coin regained some of its lost value
when Musk shared a photo and name of his new
Shiba Inu
.
Overall, from January to October, the price of SHIB increased by more than 27,000,000%
.
