In English there is a term Kingmaker, translated into Russian it means “kingmaker”. In the era of absolutism, this was the name given to an influential lord or a certain group of people of the noble class who contributed to the rise to power of a representative of a particular dynasty, and could influence the decisions of their overlord, and often simply dictated their will to him. The first person to earn such a title was the English Earl of Warwick. During the Wars of the Roses, he first helped Richard of the House of York become regent, and then brought Henry VI to the throne.
In the blockchain community, billionaire Elon Musk . With a few tweets, he can raise the price of a particular cryptocurrency hundreds of times or bring down a blockchain project of any level of capitalization. We know how he promoted Dogecoin and lowered the Bitcoin rate at the beginning of the years, but the topic of our today’s review will not be them, but the SHIBA INU coin.
Immediately after entering the exchanges, it was called the Dogecoin killer. It would seem that how can one meme-cryptocurrency compete with another, there is enough space in this niche for dozens of similar projects, if there was a demand. And at first, SHIBA INU Token was not of much interest, but then things progressed, and in the fall the rate suddenly skyrocketed. The SHIBA INU cryptocurrency has risen in price fivefold in a matter of days, and those who have invested well in it in the spring may think about buying a new car. Who knows, maybe it will grow even more and will be sold, if not for $1, then at least for one ruble. Let's look at what this crypto project is and what are the prospects for SHIBA INU in the digital coin market in the near future.
What is SHIBA INU?
SHIBA INU is called the “little brother of dogecoin” but, in fact, it is one of the ERC-20 tokens. When the dogi joke went too far, and the first dog coin approached the capitalization level of BTC and ETH, many imitators appeared. Sheba has always stood out from the crowd thanks to an aggressive marketing campaign and the support of major market players. After the Binance exchange added to the list of supported tokens, and several pairs at once, it was obvious that this project was simply doomed to success.
Initially, it was created for the purpose of an experiment, the essence of which was the complete transfer of control to a decentralized community. And we can say that the experience was a success. The platform provides users with the opportunity to make money from a liquidity pool and P2P exchange, and thanks to its growing popularity and attractive prospects, the coin has become increasingly of interest to large investors. Although, of course, the project does not bring anything new to the decentralized finance market. The only trump card is the prospect of receiving excess profits if the creators manage to bring the coin to the initially planned rate of $0.01. As of October 28, 2021, the cost of SHIBA INU in rubles is equivalent to 0.0050 or 0.00007165 USDT at the Binance exchange rate.
Technical features
| Project name | SHIBA INU |
| Type of token | ERC-20 |
| Trading ticker | SHIB |
| Basic blockchain | 14 889 032 910$ |
| Current offer | 394 796 000 000 000 |
| Maximum offer | No data |
| Developers website | https://www.shibatoken.com |
| Technical documentation | https://github.com/shytoshikusama |
| Reviewers | https://etherscan.io/token |
SHIBA INU course chart
According to the SHIBA INU website, SHIB is a “DOGECOIN KILLER” and will be listed on its own decentralized exchange, ShibaSwap. The Shiba Inu coin was created anonymously in August 2020 by a user under the pseudonym “Ryoshi.” The meme coin quickly gained momentum and value as the investor community was drawn to the coin's cute charm coupled with headlines and tweets from the likes of Elon Musk and Vitalik Buterin.
Shiba Inu aimed to be an Ethereum-based counterpart to the script-based mining algorithm Dogecoin. Shiba Inu and the SHIB token are part of a pack of dog cryptocurrencies including Baby Dogecoin (BabyDoge), Dogecoin (DOGE), JINDO INU (JIND), Alaska Inu (LAS) and Alaskan Malamute Token (LASM).
Who are the founders of SHIB?
SHIBA INU WoofPaper has three reasons why their team created SHIB:
- “We started from scratch, with nothing.”
- “The brilliant minds behind Shib have never collaborated before.”
- “We love Shiba Inus dogs.”
What makes SHIBA INU unique?
The SHIBA INU website invites artists from around the world who are inspired by dogs to contribute to the “Shiba Art Movement.”
SHIBA INU has also created a donation campaign to rescue real Shiba Inu dogs in conjunction with the Shiba Inu Rescue Association using Amazon Smile.
How many SHIB coins are in circulation?
The SHIBA INU website states that they have locked up 50% of the total supply of tokens on Uniswap, and have “thrown away the keys!” The remaining 50% was "burnt for Vitalik Buterin."
There are several other tokens on the SHIBA INU website - LEASH, BONE.
At the beginning of May 2022, dog meme tokens such as Shiba Inu had transaction volumes in the hundreds of millions of dollars.
On May 13, Vitalik Buterin (who was given half of the tokens by the developers) announced that he would donate a large amount of these tokens to a fund dedicated to India's COVID relief efforts. The SHIBA developers did not expect Buterin to sell his tokens, so the relief fund (as of May 18) will have to figure out how to sell the tokens in order to use the relief money without causing a ripple in the SHIB market. After Buterin's announcement, SHIB fell 44%.
How is the SHIB network secured?
According to information presented in SHIB's 22-page WoofPaper, SHIB is based on Ethereum, a proof-of-work blockchain that is currently transitioning to proof-of-stake.
Where can I buy SHIBA INU?
SHIB is listed on Huobi, Binance, Gate.io, Uniswap, OKEx and other exchanges.
History and team
The SHIBA INU cryptocurrency was launched in 2022 by a group of anonymous developers. Its founder publishes posts on social networks under the pseudonym RYOSHI RESEARCH. Judging by Resha's words, he is an ordinary crypto trader who decided to create a decentralized ecosystem governed by the community. Developers do not have any privileges and do not keep a supply of coins.
Half of the 1,000,000,000,000,000 SHIB were locked up on Uniswap to pay fees to liquidity providers in defi pools. The developers, on their own initiative, sent another 500 trillion SHIB to the head of the Ethereum project, Vitalik Buterin. Contrary to expectations, he did not carry out the burning, but donated part of the assets (100 trillion SHIB) to charity. The coin fell in price, but immediately attracted attention and subsequently began to slowly grow. And then there was a sharp jump. Those who sold the coin earlier realized that they were in a hurry.
There is a known case when two New York residents, brothers James and Tommy, unable to develop their business due to the COVID-19 pandemic, decided to invest eight thousand dollars in SHIBA INU. Now they have become millionaires. This is the story of another comic meme-cryptocurrency and its fans.
Wait for the Shiba upgrade
There have been reports in the crypto space that Shiba Inu developers are now actively working on creating a solution for scaling the second-layer network (layer 2) and may soon announce its launch.
Sponsored
Sponsored
Ryoshi, the creator of the Shiba Inu project, previously reported on work on a solution called “Shibarium” in his blog. Now users began sharing screenshots of the conversation on the Discord platform, where this topic was further developed.
In particular, the developer of the ShibaSwap project, Eric M, said that the launch of Shibarium could take place “very soon.” However, he did not give any exact deadlines, but only added that “a timeline is not needed if you trust the project. This is how Shib has always worked.” Moreover, he said, “giving a clear deadline is not a guarantee of success.”
What do you think? Share your thoughts with us in the comments and join the discussion in our Telegram channel.
However, Eric M emphasized that the implementation of such a significant solution cannot happen without any preliminary announcements, “silently”, since this will require some preparation and upgrade of the entire network.
It is noteworthy that the Shiba team was not discouraged by the decline in the project’s coin rate after the previous aggressive rally. Moreover, according to on-chain data, the number of Shiba Inu hodlers has increased by 7% over the past 20 days. Perhaps the expectations of new technical solutions from the project played a significant role in this.
Mining
It will not be possible to mine the SHIBA INU cryptocurrency through traditional mining on video cards or ASICs. But it can be earned on the SHIBASWAP liquidity pool, link https://shibaswap.com/#/ or by staking on the Binance exchange.
Every hour, a small amount of coins is distributed by the SHIBA INU faucet, link https://shiba-faucoin.com/sign/. Register, provide a withdrawal address (Metamask wallet is suitable) and receive from 20 to 30,303,030 SHIB every hour by playing a simple game.
Once upon a time, Bitcoin was distributed in a similar way, and then Dogecoin, and many users ignored crypto faucets, not wanting to waste time, and, probably, most of them now bitterly regret it. Don't miss your chance now.
Where to buy cryptocurrency, available exchanges
The best web platform to buy SHIBA INU is the Binance exchange. Pairs with stablecoins USDT, BUSD and fiat currencies are supported.
Main advantages of Binance:
- Large selection of cryptocurrency pairs;
- Decent depth of the order book;
- Extensive set of tools for market analysis;
- User-friendly interface, in 30 languages;
- And most importantly, very low commissions for trading operations;
SHIB coin is traded on COINBASE Exchange, OKEx and other reputable platforms. A complete list of exchanges and exchange pairs, current rates and other information are available at https://www.coingecko.com/en/coins/shiba-inu or on the Coinmarketcap service.
You can trade on Shibaswap and Uniswap (v2) by connecting to the service through METAMASK or another compatible wallet. We will now tell you how to choose a suitable SHIBA INU wallet.
SHIBA INU Wallets
SHIB cryptocurrency can be stored in any wallet that supports ERC-20 tokens. To add a shiba to your Metamask wallet, you need to select the import tokens option, open the “Custom” tab and enter the smart contract address in the appropriate field: 0x95ad61b0a150d79219dcf64e1e6cc01f0b64c4ce .
The remaining points will be filled in automatically and you will only have to confirm the import of the token, after which it will be displayed on the main page of your account at the bottom under the Ethereum balance. Please note that when performing transactions, the commission is paid in ETH. Before connecting your wallet to Shibaswap or Uniswap to purchase the SHIB token, top up your Ethereum balance.
Development prospects
Let's try to make a forecast for the SHIBA INU project for the near future and dream about more distant prospects. You don’t have to be a soothsayer to say that as long as the market is in an uptrend, the price of the coin will rise. But when the period of global correction comes, the state of affairs will depend on the community and large investors.
As long as the whales keep the coins in their wallets and the number of addresses grows, your investment is safe. However, this can be said about almost any blockchain project. The portal cryptonew.ru published an optimistic forecast for 2025, according to which 1 SHIB will be $0.01 by that time, and then it will rise in price even up to five cents. Believing this or not is a personal matter for everyone. When investing in cryptocurrency, do not forget about risk diversification.
Shiba Inu looks into metaverses
Shiba developers have previously stated that to launch Shibarium they will not have to wait for the Ethereum network to be updated to ETH 2.0, scheduled for next year. An effective second-tier scaling solution will potentially help the project significantly reduce commissions. Reducing the cost of transactions can give a significant impetus to the growth of the coin’s popularity.
There is another important advantage of the planned update. The introduction of Shibarium could make it easier for the project to enter the metaverse space, which, judging by rumors, the Shiba Inu team is actively thinking about. At least, this is what many other projects are now striving for, trying to take advantage of user interest in this niche, in which there are still unoccupied places.
Mastering the metaverse will require a robust scaling solution that can reduce transaction costs and ensure high transaction speeds. The high popularity of Shiba as a meme coin, coupled with the Shibarium solution, can be the key to the further success of the project.
