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03.07.2022
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Cryptocurrency is a budding field which has witnessed emergence of new terminologies aimed at making…
Something you need to know about Shiba Inu Coin
Bitcoin landed with a thud, breathing life into the dormant cryptocurrency ecoystem. But since its advent, bitcoin seems to just have provided room for the emergence of new coins which in their own right contonue shaping crypto at large. Shiba Inu coin is a typical example of budding coins that strive to find their proper space among the giant cryptos in existence today. So what is all these about the Shiba Inu coin? Here is something worth your curiosity.
WARNING: Investing in crypto, or other markets, can be of a high risk for your savings. Do not invest money you cannot afford to lose, because there is a risk for losing all of your money when investing in crypto, stocks, CFDs or other investments options. For example 77% of retail CFD accounts lose money.
The Shiba Inu is a coin fuelling the Shiba ecosystem. It entails three tokens including LEASH, BONE, and SHIB. Users may deposit, swap, or stake these tokens into liquidity pools in the ShibaSwap decentralized exchange. Through this, you can earn rewards and interest.
The person who developed Shiba is anonymous. However, people believe that it is Dogecoin’s alternative. As investors believed that it was invented to kill Dagecoin. Apart from that, it was launched in August 2020.
Shiba Inu is dog-themed crypto. The main aim of developing Shiba Inu was to answer the question, “What would happen if a cryptocurrency project was 100% run by its community?” In short, it is highly aimed at experimenting the decentralized spontaneous community building. Also, it is doing well in the market and it has over 500,000 members.
The Shiba Inu Ecosystem
The Shiba ecosystem consists of three tokens including Shiba Inu (SHIB), Leash, and Bone. Shiba Inu is the foundational currency of the project. It started with a supply of about 1 quadrillion. The founder who is anonymous but known as Ryoshi locked about 50% of the coins. However, the other 50% were sent to Vitalik Buterin who is the co-founder of Ethereum. The aim was for him to keep them safe.
In 2021, Buterin made a donation of 50 trillion Shiba Inu coins. They were worth about $1 billion during that time. The donations were made to a COVID-19 relief fund in India. The nation was really suffering after the entrance of Covid 19. What amazes me is that after that Buterin permanently removed 40% of Shiba Inu to a dead wallet.
Bone fits in between LEASH and SHIB. This is in terms of its circulation supply. Its total coin supply is 250,000,000 tokens. Besides, it plays an important role in the governance of Shiba Inu. The reason is that it gives the SHIB Army the chance of voting on any upcoming proposal.
LEASH is also an important coin in the Shiba Inu ecosystem. It represents the other end of the spectrum of the ecosystem. Its total supply is only 107,646. This is less as compared to that of Shiba Inu and Bone.
Furthermore, the ecosystem includes Shiboshis, Shiba Inu incubator, and Shiabswap. Shoboshsis have over 10,000 Shiba Inu-generated non-fungible tokens (NFTs). They are written in the Ethereum blockchain.
Shibaswap offers a safe place for trading cryptos even as they remain decentralized. SHIB as well as LEASH should be sold and bought through ShibaSwap. On the other hand, Shiba Inu Incubator shifts focus from popular artists like a painting to honor creativity.
The Process of Buying Shiba Inu Coin
To purchase Shiba Inu, you can do so through the crypto exchanges. Besides, since it is issued as an Ethereum, Shiba Inu is compatible with most of the Ethereum ecosystem. The first step when purchasing Shiba Inu is creating a free account in one of the crypto exchanges including Shiabswap, Binance, Coinbase, and eToro.
The second step is adding a payment method. The different payment methods that may be used include debit card, bank account, or initiating a wire. After that, the next step is starting a trade. At this point, you select the option of Buy from the provided list of options.
The fourth step is selecting Shiba Inu from the given list of assets. You can do this by searching Shiba Inu on the website. This is done by searching in the search bar. When it shows up, tap it in opening the purchase screen.
The next step is entering the amount that you need to buy. You can do this by typing in your local currency. After that, they will automatically convert it into Shiba Inu amount. The last step is finalizing the purchase. When ready, you should tap the Preview button and there you will get your purchase details. After ensuring that everything is okay, confirm the purchase.
The Advantages of Investing in Shiba Inu
The first advantage of this token is that its founder is unknown. That is what has worked to the advantage of Bitcoin. In short, it has made the investors dissociate the crypto from any person. Therefore, any issues related to the founder may not influence the price of Shiba Inu.
Since Shiba Inu was created, it has proven to be a millionaire developer. As the crypto world increasingly becomes crowded, Shiba Inu has built a reputation of being a top meme coin. It can rally with great margins in a short period. In the future, it may emerge as one of the top cryptocurrencies.
The other advantage of Shiba Inu is that it is cost-effective. This issue has attracted lots of investors to invest in the coin. Moreover, crypto trading asset price plays an important role in assisting a trader to utilize the percentage change in tracking gains. However, all these mainly depend on the number of coins that have been purchased.
Moreover, Shiba Inu is a favorite token of Elon Musk. Even though he argues that he does not own any of its coins, his tweets usually affect the prices of Shiba Inu. Therefore, I believe that his tweets have positively influenced the price of this coin. This is because since he is involved, it means that its value is high.
The Disadvantages of Investing In Shiba Inu
Shiba Inu is not an independent blockchain. The reason is that the coin is based on the blockchain of Ethereum. Additionally, SHIB lacks innovation. Furthermore, its team is not doing anything to change the coin’s infrastructure.
As an investor, Shiba Inu provides one with greater risk but then has a lower potential for rewards. Cryptocurrency demand and supply are the reasons behind its popularity. The issue with SHIB is that it has a record-breaking performance. This issue makes it tempting for a trader to be whipped high gains. In addition, if enough coins are put for sale, then the increase in supply may make it dive.
