“A Decentralized Meme Token that Evolved into a Vibrant Ecosystem”
- Has developed a strong use case by launching a decentralised exchanged called ShibaSwap
- 40% of the supply was burnt by Vitalik Buterin
- Boasts of the strongest social media community (Shib Army)
- Generation of passive income by holding SHIB or providing liquidity
- The huge supply means 1 SHIB has a very low value currently
- A huge portion of the supply is under the control of a few whales
Shiba Inu (SHIB) in a nutshell
The Shiba Inu (SHIB) token is a meme cryptocurrency and is a direct competitor to the more well-known and pioneer meme coin: Dogecoin. SHIB does not have a specific purpose but is built as a joke or meme cryptocurrency. However, over time, meme coins have evolved to serve as payment currencies and have also developed significant use cases making them popular among investors. The Shiba Inu cryptocurrency is dubbed as the DOGE killer and has surprised everybody in the crypto-verse by its sudden and baffling growth. For a coin with such a mammoth supply, entering the coveted list of top ten cryptocurrencies by market cap (its now at number 13) was a massive achievement and it made SHIB a household name.
The Shiba Inu developers handed over half the supply into Vitalik Buterin’s Ethereum wallet right at its inception. Vitalik is the founder of Ethereum and this was a risky bet as a potential rug pull would have meant that SHIB’s value would have gone down to zero and made the coin worthless even before its proper launch. However, luckily for SHIB, Vitalik Buterin burnt 40% of the coin’s supply reducing the total supply and increasing the prices of SHIB. Further, in a move that resulted in a lot of positive press for Shiba Inu, he donated 10% of SHIB to boost India’s Covid relief effort. It was free publicity for the Shiba Inu coin and made news around the world. Retail investors and whales flocked and purchased SHIB in record numbers but it's still a very volatile crypto and highly risky investment and will take some time before the price can stabilize.
The initial total supply of SHIB was 1 quadrillion tokens but the supply has reduced since then. The current total supply of SHIB is 589,737,271,202,617.
50% – Vitalik Buterin (Donated 10% to India Covid relief effort and burnt the remaining 40%)
50% – Uniswap (for liquidity and sale)
Has Shiba Inu been audited and doxxed?
Yes. SHIB was audited by CERTIK and has been doxxed. The team behind Shiba Inu publishes regular documentation via press releases and is active on social media channels.
Trust & Fairness: 3
Exchanges & Swaps: 3
Overall Rating: 3.5
Detailed Review of Shiba Inu (SHIB)
The Shiba Inu is an interesting coin, and perhaps depicts the power of a decentralized community. Meme coins are driven by social media engagement and a loyal community. The Shiba Inu crypto has the most loyal community of followers, second only to Dogecoin. The supporters managed to shill the coin repeatedly on various social media channels, especially Twitter. Even Elon Musk was not left far behind and tweeted an image of his pet dog, Shiba Inu leading to a rise in the price of SHIB.
However, meme coins usually face a dilemma: what real-world problem do they solve? Riding on community support can guarantee short-term success but long-term survival needs some technology and use case. To solve this conundrum, Shiba Inu invented the ShibaSwap, a decentralized exchange that offers the ability to swap Ethereum tokens including SHIB. However, the exchange has seen limited success and has not been widely adopted.
The developers behind SHIB also launched two other secondary tokens called BONE and LEASH. These can be bought from the ShibaSwap exchange. All three tokens of the Shiba Inu ecosystem serve different purposes. SHIB can be staked for earning BONE rewards and a further 0.3% of all ETH transaction fees that is generated on ShibaSwap. Staking SHIB can, therefore, help in generating a passive income for its holders. Similarly, LEASH can also be staked to earn rewards. BONE is a governance token and can only be purchased on ShibaSwap.
Let’s talk about some numbers. The price of one SHIB was $0.00000011 on April 11 2021. It is currently trading at $0.00003967 at the time of writing. These are gigantic returns and very few assets can provide such attractive returns in such a short period of time. The SHIB cryptocurrency truly reflects the power of a decentralized community and early adopters have gained handsome returns from their investments.
Shiba Inu (SHIB) FAQ
Where to Buy SHIB?
Since the Shiba Inu is a popular cryptocurrency and has managed to even enter into the top ten list of cryptos by market cap for a brief time, it is available for trading on most exchanges.
You can buy SHIB on Binance, FTX, Huobi global, KuCoin, CoinBase, Gemini, Ploloniex, OKEx, WazirX, Bitbns, Currency.com, CoinDCX, Zebpay, CEX.IO, Hotbit, BitMart, DigiFinex, Kuna, CoinEx, EXMO, and Bitrue.
You can buy SHIB either through cash via P2P (peer-to-peer), credit or debit cards, or through other cryptocurrencies.
If you already hold some crypto, then you can use the coins to purchase SHIB directly through the native decentralized exchange known as ShibaSwap. All you need to do is connect your wallet such as Metamask and select the appropriate coin pair that you wish to use for purchasing SHIB (for example: BTC/SHIB or ETH/SHIB). The decentralized exchanges are a quicker and easier method that guarantees anonymity as you do not have to deposit fiat currencies or complete a KYC process before purchasing the Shiba Inu token. You can also use SHIB for purchasing other altcoins through the decentralized route as explained above.
Some popular decentralized exchanges include Uniswap, PancakeSwap, SushiSwap. You could also use the native decentralized exchange offered by Shiba Inu which is known as ShibaSwap.
What Can you do With the Shiba Inu?
Hodl as a long-term investor: The developers of Shiba Inu have managed to build a decentralized exchange and marketplace called ShibaSwap. You could stake the SHIB coins you hold and generate a passive income. You could also simply hodl it and gain from its price appreciation in the long term.
Swap SHIB to other ETH tokens: You can use SHIB and directly swap to other altcoins on a decentralized exchange. The process is quick and simple and is described below.
How to Swap SHIB to other altcoins
Simply head over to a decentralized exchange and connect your wallet. Then, select the amount of SHIB you wish to spend (factoring in transaction fees) and swap it for another crypto token. You will receive the tokens in the same wallet.
In conclusion, the Shiba Inu coin needs to come up with more potential use cases to build its reputation and enhance its value in the long term. It is a powerful meme token and has given strong competition to Dogecoin but it remains to be seen if it can continue to survive in the long term. The price is very low and may seem an attractive investment as a small-cap token. The ability to generate passive income through staking SHIB is also an attractive option.
How To Buy Shiba Inu SHIB?
Check our youtube channel to see how to buy Shiba Inu!