A new breed of dog has appeared on the cryptocurrency market. If you've been keeping an eye on the crypto market over the past week, you've probably seen mentions of the Shiba Inu or SHIB token.
Everyone already knows about the Dogecoin coin, which has grown from a simple joke started in 2013 to become one of the cryptocurrencies with the largest market capitalization. While the SHIB token may appear similar to Dogecoin at first glance, SHIB actually positions itself as a “Dogecoin killer.” Today we will tell you everything about SHIB, LEASH and BONE tokens.
Dogecoin's recent surge in value has quickly become legendary, and the dog-themed memecoin has received a lot of attention online and even in mainstream news. One of the much-touted factors behind Dogecoin's recent rise is the fact that multi-billionaire Elon Musk seems to have taken a liking to the meme coin. However, an even more important reason for Dogecoin's growth is the simple fact that a coin based on memes has become its own meme.
Along with Dogecoin, the latest known dog-themed meme coin is the SHIB token. The Shiba Inu token has seen tremendous growth over the past month. However, since the coin is new to the market and is a meme, there are many uncertainties. Therefore, we are going to dive deeper into the world of meme coins in general and the Shiba Inu token (SHIB) in particular to give you more information about the “Dogecoin Killer”.
What is SHIBA?
Shiba Inu was created in August 2022 by an unknown person who used the pseudonym Ryoshi. But there is a lot of information that Vitalik Buterin provided very serious assistance in the launch and development of Shiba Inu.
In August 2022, a huge dedication article was published in which Ryoshi described what Shiba is.
Here is a link to this article with the original title (ALL HAIL THE SHIBA! (an experiment in decentralization) - https://allhailtheshiba.medium.com/all-hail-the-shiba-an-experiment-in-decentralization-87e3792e92f2
The SHIB token was an experiment in creating a spontaneous decentralized community.
In this article, Ryoshi himself calls himself a poor guy and describes three rules for launching and developing Shiba Inu:
- Spend $0 on the project, because... he had no money.
- Because he invested $0 into the project, he will only own tokens if he buys them in the same way as everyone else.
- He will not pay a single Shiba token for advertising or promoting the project because he does not own a single token. At the time of launch.
At the moment, the Shiba telegram channel has 184,000 subscribers - https://t.me/shibainuthedogecoinkiller. Which suggests that Shiba Inu has a very serious community.
What are meme coins?
To understand SHIB, the price development of the SHIB token, and the overall risks associated with this type of cryptocurrency, we must first understand what meme coins are.
The origin of meme coins is quite simple to explain - their purpose is to have fun, potentially make money, or just do it “for the meme.” Thus, meme coins differ from outright scam in that they are not created with any malicious intent. The power of memes is that they have the potential to go viral and become quite well known on the Internet.
Most meme coins tend to rise and fall depending on current sentiment. One of the driving factors behind the extreme price increases seen by both Dogecoin and SHIB tokens is believed to be FOMO - the fear of missing out. It's not hard to understand this fear since people have made millions from these meme coins. However, in these cases, it is very important to understand that with such high rewards comes equally high risk.
Ryoshi's anonymous helper in launching Shiba Inu
He met his anonymous friend of Ryoshi fame at 2019 DevCon V in Japan. And this anonymous friend provided Ryoshi with 10 ether (ETH) in order to provide liquidity for the ETH/SHIB trading pair on the UniSwap decentralized exchange.
Shiba is an RC20 token, i.e. it is built on the Ethereum blockchain. Therefore, this anonymous helper made it possible to trade Shiba Inu on Ethereum using UniSwap.
But who is this assistant for whom 10 ethereum was nothing?
Technology
Shiba Inu is positioned as a decentralized ecosystem based on the SHIB coin. Shiba Inu is part of the larger Ethereum ecosystem, and SHIB is an Ethereum ERC20 token.
The developers’ choice of Ethereum is explained by their readiness for change - probably the preparation of Vitalik Buterin’s team for the ETH 2.0 update. With it, the Proof-of-Stake protocol will finally come into force, which promises to make the network more flexible in management and productive, which means it will attract more users. The Ryoshi team itself is focusing on higher transaction speeds and lower transaction fees with the launch of v2.0.
At the center of Shiba Inu is ShibaSwap, a decentralized exchange close to full release.
In addition to the exchange itself, ShibaSwap offers users to earn special BONE tokens. Those who provide their SHIB to the platform to maintain liquidity can claim rewards. BONE is also a governance token: the more BONE a user has, the more weight his voice will have in deciding issues about the further development of the network.
The third ecosystem token, Dogecoin Killer (LEASH), can be used for staking. In exchange for the temporary transfer of LEASH, users are provided with xLEASH. In turn, xLEASH gives the right to claim a portion of the BONE generated in the network.
ShibaSwap tokenomics from the Woofpaper technical/marketing document.
The developers plan to take funds for payments to those who allocated their SHIB to support the exchanger from commissions and BONE tokens.
Shiba Inu's source code remains unavailable for viewing.
Launch and distribution of Shiba Inu offering
No one received tokens after the launch. 50% of the entire supply was sent to the Uniswap exchange for trading, and the remaining 50% was received by none other than Vitalik Buterin.
Shibu Inu was built entirely on Ethereum and its anonymous friend was none other than Vitalik Buterin. It provided liquidity for trading Shiba Inu on the Ethereum blockchain.
But after the start, Vitalik Buterin destroyed 90% of the tokens worth billions of dollars, and donated the remaining 10% to charity to combat Covid19.
SHIB Metric
The price growth of the Shiba Inu token (SHIB) has been exponential since its launch. As of May 12, the price of one token was $0.00003066, and the growth since launch has been amazing. Since the launch of the SHIB token in August last year, the price increase has been approximately 1,000,000%, which would surprise anyone. Along with this huge increase since its release, the price of SHIB has increased by almost 1600% in the last week, from May 5th to May 12th.
The market capitalization of the SHIB token reached $11,779,000,587 as of May 12, placing it in 20th place in the CoinMarketCap ranking. The total supply of SHIB is 1,000,000,000,000,000,000 and the number of tokens in circulation yesterday was 394,796,000,000,000,000.
However, cryptocurrencies in general are quite volatile, and this development only proves how much the price of SHIB can fluctuate over a short period of time. This was further demonstrated on May 13 when the price of SHIB fell by almost 42% within 24 hours. This means that the price on May 13th fell to $0.00001642, which is about half the price of the all-time high reached two days ago. This sharp drop in prices also reduced the market capitalization from almost $11.8 billion to approximately $6.6 billion in just one day.
First rise in Shiba Inu price
For a long time, about 8 months, the Shiba Inu rate did not change and was $0.00000005. After a series of tweets by Elon Musk about currency memes, the Shiba Inu rate rose sharply, and never returned to its minimum prices, being at the level of $0.0000500.
You know that you can mine cryptocurrency not only on video cards, but also on a hard drive.
Token: Shiba Inu (SHIB). Earning money with investments.
Let me introduce to you; Shiba Inu.
CoinGecko: https://www.coingecko.com/en/coins/shiba-inu
Official website: Link
Russian-speaking telegram group: Link
Shiba Inu: The Dogecoin Killer
It's still crazy cheap. The price at the time of writing is 0.0000000069 (nice). This is a young coin, only 6 months old, but it already has almost 8,500 holders. During the last week of January and the first week of February, its daily volume exceeded $20 million on several days and peaked at over $70 million. This is INSANE for such a young coin. It attracts attention. This coin is ridiculously cheap right now, but can be quite difficult to obtain. Now.
SHIB has its own dedicated exchange, ShibaSwap, which is scheduled to be released later this month (the exact date is not yet known). The ShibaSwap project is led by Team RFII, an experienced team of crypto developers. Its goal is to make it easier to obtain SHIB directly and reduce or eliminate most of the fees associated with purchasing the coin. With the advent of ShibaSwap, the community agrees that the value of the coin is likely to skyrocket once the exchange launches. If you get in now while it's still very cheap, you'll likely see pretty good payouts throughout the year, if not within the next two months or so. At the launch of SushiSwap, SushiCoin saw a jump of over 300%; I can't promise that ShibaSwap will be that big, but the community is confident that this coin will take off within a year.
So yes, SHIB is tiny and that could be a problem right now. But it has INSANE potential, and if you're one of the first, it could become popular very soon.
The current supply of tokens is 500 trillion. There was originally 1 quadrillion, but half of all coins were sent to Vitalik Buterin's wallet under the promise that he would hold and not sell. 500 trillion is still a LOT (it would take something like 10 trillion market cap to reach $0.10), BUT the developers are ACTIVELY discussing token burns. We are not yet sure how much or if this will happen for sure, but it could drop to 1 trillion, causing the value of the remaining tokens to not only skyrocket, but also make it easier for it to continue to rise.
In addition to this, SHIB is REALLY growing. If it didn't exist, there wouldn't be any discussion about token burning. A small core team of developers is still actively working on the project, and these developers are VERY active in the SHIB groups on Discord and Telegram. They are VERY involved in the community and make sure that its members can participate in the development of the token. It is a community coin, but there is still a core development team working to support the coin and its growth. To say otherwise sounds like there is no developer support behind it, which is not true.
Russian-speaking group in telegram: Link
The forum administration has no relation to the forum users and the information they publish. Terms of use
Is Shiba Inu worth investing in and could it cost $1?
The most reliable strategy for investing in cryptocurrencies is to look for coins and projects with a strong development team, a reliable and close-knit community, and cryptocurrency projects that are supposed to solve real problems in the real world.
These are solutions for which you or other people will want to pay real money (fiat or cryptocurrency). Will you or other people be willing to pay to solve the problem that a cryptocurrency project is solving?
XRP solves the problem of cross-border payments. This problem interests all people who send and receive money from other countries. XRP has a strong team, the strength of which was indicated by the SEC itself, which has not been able to defeat them for more than a year. XRP also has a reliable and close-knit community.
If you want to invest in XRP or other coins, we recommend the Binance exchange as the most reliable and largest crypto exchange in the world.
You can invest no more than 5% of your deposit into meme coins.
What is the Shiba Inu project?
Purchasing SHIB, LEASH and BONE tokens
The Shiba Inu developers recommend only one way to purchase these tokens. They recommend using Uniswap to purchase both SHIB and LEASH. The developers claim that the reason for this is that Uniswap is secure and that other centralized exchanges have a history of locking funds. Uniswap is a well-established exchange that is trustworthy and can be used to exchange these tokens.
On the other hand, BONE tokens are not yet available. However, the Shiba Inu team promises that they will be on sale soon. They also promise that more information on how to purchase BONE tokens will be provided in the near future.
You can currently purchase SHIB tokens on the largest cryptocurrency exchange, Binance.
What are the risks of Shiba Inu?
Trading cryptocurrency always involves risk due to its volatility, so you should be prepared to make losses. You also have no guarantee that you will be able to effectively convert crypto assets because it depends on supply and demand.
Crypto investment fees may be higher than traditional investments. These cryptocurrency companies do not have the same rules as regulated entities.
Streeter said: “Traders should approach the crypto market with caution and invest money they could lose without worry.”
But deVere Group director Nigel Green points out: “You need to be very careful with unproven crypto investments.”
Shiba Inu has little experience in cryptography, but has seen significant growth. The risk of the Shiba Inu, like other cryptocurrencies, is high, but this will not change its popularity.
Investors understand what they are up against, and even if the losses are exponential, they know there is potential to get their money back quickly. The Shiba Inu remains a high-expectation cryptocurrency that will not reach Bitcoin levels, but will also enter the market and generate profits.
Five stars: SHIB, BAND, SRM, XTZ and CVC already on FREE2EX
Where can the average Belarusian user buy SHIB? In addition to Western platforms, there is now a reliable, regulated option: the FREE2EX crypto exchange. Starting November 2022, the platform supports the purchase and trading of SHIB on the spot market.
In addition to SHIB, FREE2EX has added four more interesting cryptocurrencies with large capitalization:
- Band Protocol (BAND): A cross-chain oracle that delivers up-to-date data to applications on different blockchains. It belongs to the dynamically growing Cosmos ecosystem, as it is created on the basis of the Cosmos SDK tools.
- Serum (SRM): decentralized crypto exchange on the Solana blockchain. Also supports the exchange of tokens issued on Ethereum and other networks.
- Tezos (XTZ): a fast blockchain with support for smart contracts, which already has 135 applications in its ecosystem.
- Civic (CVC): a user verification (KYC) platform for decentralized finance.
Promotion: all week – 0% trading commission Shiba Inu and other popular coins
To celebrate the addition of the “Fab Five” to the site - SHIB, BAND, SRM, XTZ and CVC - FREE2EX is launching a special promotion. All week long, altcoins are available for trading without commission, that is, completely free.
