What is Shiba Inu (SHIB)? Read Before You Put Money

Shiba Inu (SHIB) gained popularity dramatically. Here’s what you need to know about it before you decide to invest.

Perhaps it is safe to say that Dogecoin took center stage in the cryptocurrency markets since the beginning of 2021.

The coin that started as a joke has increased so much that, for a brief time, it became the 4th largest cryptocurrency by market cap, carrying a market cap value of over $70 billion. Indeed, an expensive joke.

This was made possible thanks to a flock of retail investors, a bunch of Reddit groups, and, of course, Elon Musk – one of Dogecoin’s most avid commentators. However, what this also did is propel a lot of clone coins, most of which are heavily inspired by DOGE.

Shiba Inu (SHIB), despite its claims of being something different – is an obvious example. Dogecoin carries the logo of the Shiba Inu dog breed, while SHIB uses it directly. With this in mind, we’ve decided to compile a comprehensive guide aimed at shedding some light on the cryptocurrency that took the market by a storm in just a few days.

  1. Introduction:
  • Shiba Inu (SHIB) gained rapid popularity in the cryptocurrency market.
  • Emerged in the wake of Dogecoin’s surge in early 2021, SHIB is one among many Dogecoin-inspired clone coins.
  1. SHIB’s Origin and Purpose:
  • Created as an “experiment in decentralized spontaneous community building.”
  • Aims to establish an ecosystem with tokens, a decentralized exchange (ShibbaSwap), and a community.
  1. Token Details:
  • SHIB is an ERC20 token, nicknamed the “dogecoin killer.”
  • Total supply is 1 quadrillion, with 50% locked as liquidity to Uniswap.
  1. Vitalik Buterin’s Role:
  • 500 trillion SHIB tokens (50% of total supply) sent to Ethereum co-founder Vitalik Buterin.
  • Concerns about concentration risk due to large token holdings by Buterin and other wallets.
  1. Shiba Inu Ecosystem:
  • Consists of three tokens: SHIB, LEASH, and BONE.
  • Shiba Swap, their decentralized exchange, is under development for staking and earning rewards.
  1. Things to Consider:
  • Limited official updates on the project, anonymous founder, and unclear development team size.
  • High concentration of token supply in a few wallets, posing potential risks.
  • SHIB’s significant price increase prompts questions about its valuation.
  1. How to Buy SHIB:
  • SHIB is available on various centralized exchanges, including Binance, Huobi, OKEx, and KuCoin.
  • Binance offers trading pairs like SHIB/USDT and SHIB/BUSD.
  • Leveraged contracts are available, but investing in cryptocurrencies involves high risk.
  1. Conclusion:
  • Readers are advised that the content is for educational and entertainment purposes only.
  • Investing in cryptocurrencies carries a high risk of capital loss, and caution is advised.

 

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