SHIB is an experimental project in building a decentralized spontaneous community. SHIB is the first token of the project and allows users to hold billions or even trillions of SHIB, and confidently believes that this will be DOGECOIN KILLER, and is developed on the ERC-20 platform and it can surpass away from Dogecoin for a short period of time. So let’s get to know about Shiba Inu together. Whether Shiba Inu can become Doge Killer in the electronic currency system.
What is Shiba Inu?
Shiba Inu is a virtual currency with the Japanese Shiba dog logo created on the Erc 20 token platform.
From the early days of establishment, the founders took the image of the dog Shiba – a dog that is quite lovely but also extremely fierce, even sometimes aggressive.
Taking the image of a Shiba dog but with a scowling, fierce face with two sharp teeth has partly demonstrated the ambition to become a DOGE KILLER of the founders of this project.
Alt: Idea from a dog
History of SHIB
According to the SHIB website, SHIB is the “DOGECOIN KILLER” and is listed on their own ShibaSwap, a DEX. SHIB coin was created anonymously in August 2020 under the pseudonym “Ryoshi.” Ryoshi says about himself that he is a nobody and not important and that the efforts to unmask his identity, even if successful, would be underwhelming.
This meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin paired with headlines and tweets from personalities like Elon Musk and Vitalik Buterin. Vitalik Buterin was long believed to be the originator of this coin but denied such rumors on the Lex Fridman podcast on June 5, 2021.
Shiba Inu aims to be the Ethereum-based counterpart to Dogecoin’s Srypt-based mining algorithm. Shiba Inu and the SHIB token are part of a swarm of dog-themed cryptocurrencies, including Baby Dogecoin (BabyDoge), Dogecoin (DOGE), JINDO INU (JIND), Alaska Inu (LAS), and Alaskan Malamute Token (LASM). These lesser-valued tokens have attracted investors who missed the Dogecoin pump from 0.0002 to nearly 0.75 USD.
Shiba’s success sparked an avalanche of copycats, such as BitShiba, Shiba Fantom, Shibalana, King Shiba, SHIBAVAX, Captain Shibarrow, SHIBA2K22, SpookyShiba, and countless others. In total, there may be well over 100 Shiba Inu copies, and the number keeps rising constantly.
On Sept. 17, 2021, Coinbase, the largest U.S.-based crypto exchange, listed Shiba Inu on its platform. This news caused Shiba Inu price to rise by over 40% in the following two days, bringing the meme dog token into the spotlight again.
Shiba Inu has since attracted more interest from other exchanges as well. Bitso, Mexico’s biggest cryptocurrency exchange, announced in September that SHIB would start trading on its exchange. Giottus, an Indian crypto exchange, announced the same. Bitstamp, the biggest crypto exchange in Europe, said that it would list Shiba Inu for trading at the beginning of 2022. Korbit, a South Korean exchange, became the country’s first exchange to list the SHIB token in 2021.
Alt: What is Shiba Inu?
Where to buy Shiba Inu Coins?
- To own SHIB, you can follow the instructions below:
Step 1: Sign up for a Binance exchange account:
Alt: Sign up for a Binance exchange account
Step 2: Trade SHIB/USDT currency pair on Binance exchange.
Now you can hold SHIB directly on Binance or you can withdraw SHIB to a decentralized wallet platform such as Trust Wallet, Metamask, Imtoken, etc.
- You can buy at some exchange platforms like Binance, Crypto.com, Atomic Wallet, and KuCoin.
- Or you can also buy Shiba Inu coins on Uniswap (via Trust Wallet), where you can exchange Ethereum for Shiba Coins.
Should you invest in SHIB Coins?
Honestly, SHIB is an extremely high-risk investment. Early buyers may have made serious money, but that success was primarily based on the hype and not any technical advantages. The advice is that you’re better off with more useful cryptocurrencies or cryptocurrency stocks that have more long-term value. Shiba Inu can be used as a currency, but since it’s built on Ethereum, it often has slow processing times and high fees. So, you need to think carefully before you decide to invest.
Difference between SHIB and Dogecoin
They have different basic characteristics such as:
|Year of Launch||2020||2013|
|Price (21 July, 2021)||$0.000005801||$0.1641|
|Market Cap (21 July, 2021)||$2,330,228,325||$22,935,564,752|
|Circulating Supply||394,796.00B SHIB||130.54B DOGE|
|How Is the Network Secured?||Proof-of-Work currently transitioning to Proof-of-Stake||Proof-of-Work|