Are you looking to know more about What is Shiba Coin and Shiba Coin Review? Since its inception, the Shiba coin has been in the news. The Shiba Inu coin derives its name and symbol from an Ina Shibu meme coin. The dog’s picture inspired people worldwide to invest the money because they were attracted to it. SHIBA INU’s website is listed on their own ShibaSwap, a decentralized exchange.
The Shiba Inu coin was created under the pseudonym “Ryoshi” in August 2020, and the creator claimed that his identity is anonymous. Any attempts to reveal his true identity had been disappointing so far.
The charm of the coin, combined with articles and tweets from celebrities like Elon Musk and Vitalik Buterin, led to gaining a community of investors and the coin’s value. This article will go into an in-depth analysis of what is Shiba coin and a Shiba Coin review.
Overview
Coinbase, the largest crypto exchange in the United States, added Shiba Inu to its platform on September 17, 2021. Due to this revelation, Shiba Inu’s price increased by almost 40% in the following two days, bringing the meme dog token into the spotlight.
Since then, Shiba Inu has received a lot of attention from other exchanges. SHIB began trading on Bitso, Mexico’s largest cryptocurrency exchange, in September. Giottus, an Indian crypto exchange, reported the same. Bitstamp, Europe’s largest crypto exchange, has announced that Shiba Inu will be listed for trading in 2022. The SHIB token became the country’s first to be listed on Korbit, a South Korean exchange, in 2021.
Characteristics of Shiba coin
Shiba coin is unique, as its name has inspired many artists to create their versions like this, and this thing helped people understand what is Shiba coin. We cannot deny that it is the first-ever meme-based cryptocurrency coin with a dog reference. Here are a few characteristics we need to know about the Shiba coin:
- Shiba Inu is named after a Japanese dog breed.
- Vitalik Buterin donated over $1 Billion worth of SHIB coins during the pandemic.
- The meme coin claims itself to be the doge coin-killer.
- Shiba Inu coin is becoming popular in the crypto market, and its popularity is at par with the doge-coin.
- It is developed over an Ethereum network that is the building rock. Thus it can essentially run Ethereum-based Dapps.
- As of writing this article, the Shiba coin has a market value of 1.1 Trillion.
- It has a total supply of a quadrillion tokens.
- SHIBA and DOGE are completely different because Shiba is compatible with Ethereum, and it can create crypto apps like Shibaswap.
- The Shiba Inu coin community system plans to create an NFT platform and DAO- based governance system for the mining of Shiba coins.
Trading & Mining
Shiba coin is becoming more and more popular on different trading platforms. Users can purchase Ethereum relevant coins from different exchange platforms, including Binance, Huobi, and Coinbase. Additionally, there is a Shiba swapping option on Uniswap.
You can start mining Shiba by making an account on any of these platforms and linking your bank account for trading. People often do not try Shiba mining and keep wondering what is Shiba coin. They don’t even try to know how beneficial it can be in the future.
In addition, You may use any of the cryptocurrency mining platform’s conversion features directly on the Shiba Inu coin page to check the live Shiba Inu price. These platforms show the fiat currency of your choice. SHIBA/USD, SHIB/GBP, SHIB/AUD, and SHIB/EUR are some of the most popular Shiba Inu pricing pairs.
Shiba Coin Ecosystem
- Shiba Inu ($SHIB): It is the primary currency. With one quadrillion (1,000 trillion) supply, Ryoshi put half of it in Uniswap (for liquidity) and the other half in Ethereum co-founder Vitalik Buterin’s hands for protection. When the Delta version of the coronavirus hit the world in May 2021, Buterin contributed more than 50 trillion Shiba Inu coins, valued at over billions, to a COVID-19 relief fund. Buterin also “burned” — or permanently removed from circulation — 40% of Shiba Inu’s entire supply to a “dead wallet” shortly after.
- ShibaSwap: ShibaSwap is a Defi platform that aims to create a secure environment for cryptocurrency trading while remaining decentralized. ShibaSwap is the best place to buy and sell SHIB and LEASH.
- Shiba Inu Incubator: The incubator attempts to find ways to reward creativity and inventiveness beyond popular art mediums such as painting, photography, and computer depiction.
- Shiboshis: Ethereum Blockchain has over 10,000 Shiba Inu-generated non-fungible tokens (NFTs). Each of them has unique characteristics that make each Shiboshi collectible.
- Leash (LEASH): The Shiba Inu ecosystem’s essential token, Leash, represents the opposite end of the spectrum. It has a total supply of only 107,646 tokens compared to the billions of Shiba Inu tokens.
- Bone (BONE): With 250,000,000 tokens, Bone falls between the other two tokens in the circulation supply. The SHIBArmy can use this governance token to vote on upcoming proposals.
Price statistics for Shiba Coin (21st March 2022)
● $0.00002498 is the price of one unit of Shiba Coin
● The market rank is number 15.
● Shiba Inu holds 0.71 percent of the market share.
● Its market cap is $13.8 billion.
● Trading volume grew by 8.89% in the last 24 hours, resulting in $639,679,264.16 worth of trades.
Shiba Coin Mining
With each passing year, cryptocurrency is becoming more mainstream, and I believe that smart investors should consider adding some crypto exposure in the future.
Over 700,000 private Ethereum wallets hold Shiba Coin in one year of its inception. I believe that the price will rise in the long run as more people join the network.
According to statistics, less than 2% of the total crypto portfolio should have Shiba coin. Though we can predict that SHIB will have future use cases because people will be able to use SHIB to pay for goods and services.
At current pricing, users can buy 170,000 SHIB tokens with just a $5 investment on Coinbase.
Is it safe to invest in Shiba Coin?
You might wonder whether the Shiba Inu coin is safe, so here we are breaking the technical jargon for our readers to make their own decisions. Shiba coin is an Ethereum-based ERC-20 token. In his most recent blog post, Ryoshi stated that Shiba Inu would design its solution that would be more decentralized than Polygon or BSC.
According to Ryoshi, Shibarium is constructed by a “highly skilled blockchain team” with prior experience constructing such solutions. Shibarium will be released “soon,” according to developer Eric M on the Shiba Inu server, though he did not provide a time of its release.
After a Shiba coin review, the report found that a group of people think that Shiba Inu is a risky investment by any traditional measure. On the other hand, there are significant advantages if ShibaSwap becomes more popular. Though Shiba does not bring anything new to the Defi system. But since it runs on the Ethereum Virtual Machine, it may have more applications than dogecoin.
Investing cryptocurrency in projects like ShibaSwap has many pros and cons. For example, the coding may allow the creators to defraud investors of their funds. Scams that cost consumers millions of dollars are getting more and more regular in the name of the DEFI system. If code auditors or hackers have access to the code, they can rule out this option. Though this is all in theory at the moment, as ShibaSwap has not proven itself to be a safe investment platform.
Shiba Coin review: Detailed Overview
With a Shiba coin review, everybody understands that this meme cryptocurrency is doing great in the market. That is why people are considering investing in Shiba coins because it has been making rounds on social media as the next big thing. We know that the cryptocurrency market is filled with ups and downs, and people might lose or win vast amounts of money.
You can become a millionaire overnight or have nothing in the account just because of the market’s high volatility.
Since cryptocurrencies are so volatile and are not regulated, investing in them is risky already. Because of the lack of uniqueness in the Shiba coin review, the fact remains that most of the coin’s value is based on impulsive trading by their obsessive supporters. Investing in the altcoin/meme coin area is itself a considerable challenge. If you are thinking about investing in Shiba Inus, here are some things to consider.
Low Price
When Shiba coins’ prices decrease, the market becomes aware of the situation. Even after its notable increases, Shiba Inu (SHIB) costs a fraction of a cent, meaning that a few hundred dollars can buy millions of SHIBA tokens. $100 would be enough for you to buy nearly 1.5 million SHIB tokens. Its highest price recorded up till now is $0.00007482. At the current price of $0.00002925, you will be able to buy 3.4 million SHIB tokens in hundred dollars.
Shiba coin review reveals that currently, the coin has extremely low usefulness and no convincing use case as of writing this article. Even though Shiba Inu-based NFTs are now accessible and its Ethereum base may provide smart-contracting capabilities in the future.
Shiba coin skyrocketing price
Shiba Inu’s peak market valuation of $41 billion puts it in the same league as many S&P 500 firms that have been around. The cryptocurrency industry is working successfully for the kids and has grown revenues and profits for most of that time. Talking about the Shiba coin review, Shiba Inu and Dogecoin’s combined value was more significant than the market capitalization of 388 S&P 500 firms.
Future of Shiba Coin
We all know that the Shiba coin is a meme coin that has reached out to people through social media. We do not expect it to be down from now onwards.
Many investors out there believe that Shiba Inu coins will rise in the future. There is a prediction that it could rise to $0.0001 by 2025 in the market. The predictions are based on the increase in active buyers and investors in the market. However, the hopes are high. It is currently among the top 50 cryptocurrencies today, and it would be a rational decision to invest.
On the other hand, let’s not give hope to the people because Shiba Inu coins have a limited supply. It has a finite number of almost one quadrillion tokens to accommodate investors in the future. Some stock market experts believe that this popular coin will remain popular for a smaller period.
Let’s not forget that investments in the stock market or cryptocurrency are a risk altogether. There is no surety of winning or losing. However, Shiba coin review reveals that it has potentially stable enough to remain on the list of top cryptocurrencies for an extended period.
Game Changer For Early Adopters
Shiba coin review includes its hits in the industry as well.SHIB started trading at $0.00000000051 on August 2, 2020. Therefore, at its peak of $0.00007482 on October 29, 2021, it had gained an incredible 14,670,488 percent! This means that a $1 investment in SHIB on August 2, 2020, would have grown to $146,705 by October 29, 2021.
Conclusion
Shiba is one of the popular cryptocurrencies because, on average it is mentioned in almost 50000 social media posts on Twitter daily. Recently it ranked number 6 in the most mentioned cryptocurrencies.
In the cryptocurrency market, the prices of coins increase and decrease. These fluctuations in the market make and break the industry. Investing or not investing in cryptocurrency is entirely up to the users. Still, users need to do their own research about the ranking of different types of cryptocurrency. Shiba coin is still fluctuating in the industry, and it depends upon you whether you want to take the risk.
We suggest you do a lot of research, read between the lines of the Shiba coin review and then decide whether to invest in Shiba or not. There are risks in investing in all cryptocurrencies, and you have to choose which one is best for you.
