Shiba Inu - A general summary

Is Shiba Inu a good investment?

Shiba Inu Network's native token is called SHIB. As a result, this coin will be the energy source for the Shiba Inu network. Additionally, this token serves as a reward for all platform users. Members of the global SHIB army can benefit from earning SHIB by participating in the network through this.

So, what is Shina Inu coin? Shiba Inu (SHIB) is an Ethereum blockchain-based ERC-20 token. SHIB is compelled to follow Ethereum's limitations and guidelines as a result. On the plus side, SHIB can take advantage of all the advantages ETH's network has to offer. Through it, SHIB token owners can use their coins in the majority of ETH-compatible applications available today.

Shiba Inu's technology is based on the Ethereum blockchain. It seeks to increase public understanding of cryptocurrencies and, through its token, to unite the crypto community. ShibaSwap is a separate decentralized exchange that is part of the SHIB network. With the help of this exchange, users may buy, sell, and trade crypto assets in a secure manner.

An anonymous person by the name of Ryoshi developed the Shiba Inu coin in August 2020. We do not know who the true creator of the system is, much like the case with Satoshi Nakamoto and Bitcoin. Ryoshi may not only be one person; he or she may actually be a group of people.

An "experiment" created within the Shiba Inu Ecosystem, Shiba Inu Coin is a decentralized cryptocurrency that fosters community. Shiba Inu coin is rapidly becoming a preferred option for investors in the cryptocurrency market and has already supplanted some Dogecoin marketplaces. As a community of investors were lured in by the charming charm of the coin along with articles and tweets from individuals like Elon Musk and Vitalik Buterin, this meme coin swiftly acquired speed and value. Long thought to be the creator of the Shiba Inu, Vitalik Buterin refuted these claims on the Lex Fridman podcast on June 5, 2021. Soon after, keywords like “Shiba Inu Elon Musk”, “how to mine shiba inu” or “shiba inu price” quickly trended, the price of shiba inu also increased significantly thanks to events like this.

Shiba Inu mechanism

Shiba Inu mechanism

The creators of the Shiba Inu token introduced a new currency-burning mechanism on April 23, 2022, to enable burners to create a passive income stream. ShibBurn, a burning site, offers users a new token in exchange for burning SHIB tokens. Holders burned 20 billion Shiba Inu on the web in just five days after it launched.

When 176 million SHIB tokens were burned at a Christmas party in December 2021 and another 162 million in February 2022, the meme coin was thrust into the spotlight.

A portion of the existing supply of cryptocurrency is burned by sending it to a "burn address" or "zero address," also known as a "dead wallet," thus eliminating it from use. Since no one else has access to these wallets' private keys, any crypto tokens supplied to this address cannot be reclaimed. By burning cryptocurrency tokens, developers establish a deflationary system in which the steadily declining quantity stimulates demand and raises prices.

Creators of Ryoshi's Vision (RYOSHI) and Shiba Inu collaborated on the creation of ShibBurn. The massive $6.7 billion SHIB token burn that Vitalik Buterin planned for mid-May 2021 served as the model for the ShibBurn portal. Three burn addresses are present, two of which are dead wallets and one of which is a "black hole" address. The black hole address is the same wallet that was used to rename Shiboshi NFTs on the network, while the first wallet was the same one used in Buterin's burn, the second one is used for ShibaSwap listings (a DeFi project built on Ethereum), and the third wallet is used for the black hole address.

The ShibBurn webpage regularly updates and disseminates real-time data, according to the official blog. The creators keep a record of all burn transactions on their server, which is accessible to anyone at any time via the company website. The same data can be accessed via Etherscan as well. Out of a total supply of 1 quadrillion SHIB tokens, 410.34 billion have already been burned, or 59 percent, according to the Shiba Inu burn tracker Trackshiba.

Developers of Shiba Inu have also disclosed that they are planning to enter the Metaverse within the next several days. Users will be able to purchase any of the 1,00,595 virtual land plots in the Shiba Inu metaverse through a sequence of activities. Soon after debut, 36,431 land parcels constructed on a portion of four distinct virtual districts would be made accessible.

Should people invest in Shiba Inu?

Shiba Inu Metaverse

Shiba Inu Metaverse (Source: Internet)

Shiba Inu Metaverse and Shibarium

In an effort to increase the usefulness of SHIB, the development team unveiled a metaverse, a virtual reality undertaking fueled by non-fungible tokens (NFTs). Users can create digital land parcels here by using ETH or the equal amount in SHIB tokens. It's interesting to note that additional Shiba Inu-related tokens, BONE and LEASH, will likewise play varied functions as various metaverse phases are realized.

The team's objective is to develop an enjoyable, realistic, and dynamic world where players can explore, generate passive revenue, and gather in-game resources. It's significant that the metaverse will enable users to create and distribute their own projects. On SHIB: The Metaverse, there are 100,595 parcels of land in total. When metaverse's inaugural phase officially began on April 13, 2022, 36,431 of the total number of digital lands were made available.

The SHIB: The Metaverse's land parcels are organized according to how desirable their locations are, like the majority of other metaverses out there. Naturally, lands in advantageous locations are worth more than others. The original idea was to make it possible to mint unlocked lands using only ETH. But afterwards, the team chose to include the SHIB token as a minting currency, increasing the token's usefulness.

Despite the fact that users have started buying SHIB lands, the SHIB metaverse won't be made public until Shibarium, a forthcoming layer 2 scaling network that will eventually host the whole Shiba ecosystem, is put into operation. The idea is to create a layer 2 ecosystem on top of Ethereum's layer 1 network to accommodate the memory and computational needs of the rapidly growing Shiba ecosystem. The project plans to launch a stablecoin named SHI on the layer 2 solution in addition to hosting the SHIB metaverse on Shibarium.

The debut of a brand-new website where upcoming developments and expansions, including the release of SHIB: The Metaverse, will take place is another noteworthy development that occurred at the same time that SHIB: The Metaverse was introduced.

Shiba Inu price prediction

The Shiba Inu's pricing history got off to a terrific start, rising 27,000% in just a few short weeks. Although the Shiba token had a stellar success in terms of percentage, it's crucial to note that the token price did not even get to one cent.

SHIB all-time price

SHIB all-time price (Source: CoinMarketCap)

On October 28, 2021, Shiba Inu's price reached an all-time high of $0.00008, according to information from CoinMarketCap. After SHIB was listed on various exchanges, this took place. Shiboshi NFT tokens that are non-fungible were also introduced by SHIB. The market capitalization of SHIB reached a record high of about $34.29 billion on the same day. Although the price fluctuates constantly, much lower than the peak price, the sentiment in the Shiba Inu market cap remains optimistic. With a market worth of more than $7 billion at the time of writing and a token price of approximately $0.00001315, Shiba Inu is ranked #12 on the cryptocurrency list.

Though the SHIB token, also known as Shiba Inu coin, is only recognized as a meme coin, it is becoming more and more popular, and more people are becoming interested in participation, which indicates a different but brilliant future. InvestingCube.com says that the Shiba Inu coin will climb once more. Active buyers could potentially assist this token's worth increase even though there isn't much fluctuation between its price and its value. In a more active buyer's market, the value may increase to $0.00001040. Although it might not seem to have much worth right now, its popularity could one day have a big impact on the big investors in the crypto market.

To answer the question “Is shiba inu a good investment?”, the author could say: Shiba Inu is a longer-term investment. Thus it gets more challenging to guess how much SHIB might be worth in 2025. All you need to know is that, according to the vast majority of forecasts, Shiba Inu is one of the cryptocurrencies that might triple your investment by 2025.

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Shiba Inu latest news

Shiba Eternity

Shiba Eternity on App Store

Shiba Eternity on App Store

The Shiba Inu crew has been putting in significant effort since 2021 to prepare for an extremely remarkable entry into the game industry. In a Medium blog post titled "The Future of Gaming Is Shib," the project lead of Shiba Inu, Shytoshi, stated that although he could not provide "exact" details about the game his team is developing (due to worries about how quickly many other people would try to steal the concept), he did reveal that their new games division, Shiba Inu games, has hired renowned veteran video game designer and developer William David Volk to lead the design and implementation of their new games.

Shiba Eternity is a collectible card game (CCG) that is being created in partnership with a known AAA game production studio PlaySide Studios, according to information released by the Shiba Inu team on August 2nd, 2022. Both iOS and Android versions of this game will be available. Shiba Eternity has 10,000 Shiboshi heroes, jaw-dropping aesthetics, hundreds of distinctively stunning cards, action-packed battles, and an atmosphere with awe-inspiring lore that pulls you into each heart-stopping confrontation, according to the Shiba Inu discord channel.

Meanwhile, analysts predict that if the subsequent rebound persists, Shiba Inu (SHIB) prices may approach pre-crisis levels. The Crypto Fear & Greed Index increased to 45, suggesting bullish feelings in the cryptocurrency market, which sparked the attention of whales and regular investors in the meme coin SHIB. Large trade volumes helped to fuel the rise, driving Shiba Inu prices to a 4-month high of US$0.0000177. The release of the video game Shiba Eternity, according to cryptocurrency specialist Lark Davis, is the primary motivator behind the meme coin.

The moves of the whales

One of the best ways to find out “Is Shiba Inu a good investment” is to track the whales or advocates' steps. Through this method, investors could predict somehow about the price or the market trend, thus making a right decision on their own.

One of the Shina Inu latest news is that a Shiba Inu whale bought 20,000 billion SHIB on July 4. At that time market price, this amount of digital currency is worth about 210 million USD. Previously, this wallet address was said to have sold off the XRP digital currency to buy memecoins.

The Shiba Inu whale's transaction

The Shiba Inu whale's transaction (Source: Internet)

These transactions caused the amount of XRP held by this whale to decrease by 5%, Shiba Inu to increase to 20.89%. The Shiba Inu whale "bottom-fishing" of the memecoin took place before the release of the project's Shibarium-2 layer.

During the month of May, the memecoin whale wallet address did not have any activity. By May 31, this wallet address had accumulated more than 25 trillion Shiba Inu, worth about $271 million. Data from Etherscan shows that the aforementioned amount of SHIB was transferred from the Binance exchange to a personal wallet.

Ryoshi, the founder of Shiba Inu, claims that he does not hold any SHIB coins and has given 50% of the total supply of this cryptocurrency to Vitalik Buterin, the creator of Ethereum after its release. This move essentially gave Buterin control of the market. The founder of Ethereum can manipulate the price, and sell all the meme coins when he wants. However, the CEO of the Ethereum blockchain "burned" 90% of his Shiba Inu holdings. The remaining 10% of coins will be transferred to a charity to fight the epidemic in India in 2021.

Another notable news around Shiba Inu is that SHIB whales keep collecting Shiba Inu despite the bear market. One of the top 10 wealthiest Ethereum whales, Gimli, has been adding more SHIB tokens to their account as the market has been falling (according to the whale’s tweet on July 28th 2022). Two whales purchased 533 billion tokens ($3.5 million) in total, according to WhaleStats, which tracks uploaded accounts. Gimli took 386 billion tokens by himself, while BlueWhale0159 added an additional 147 billion tokens.

SHIB also remains the most collected altcoin among the wealthiest Ethereum investors. SHIB Coin has recently struggled to avoid losing despite whale purchases and game changes.

>>> Related post: Which are the best meme coins to invest in?

FAQs about Shiba Inu

Where to buy Shiba Inu?

Besides Shiba Network's ShibaSwap exchange, SHIB can also be found in centralized exchanges like Binance and Bithumb Global. Therefore, crypto traders with accounts on these exchanges can easily buy, sell and trade SHIB. Moreover, these exchanges sometimes provide other features where traders can invest their crypto and earn rewards such as Binance Saving, stake, etc.

>>> Read more: Top 10 No-KYC crypto exchanges

How can I get free SHIB?

Free SHIB tokens are not simple to get by. However, you can provide services and accept SHIB payments if you don't wish to purchase Shiba Inu tokens. Shiba Inu tokens can also be earned by taking internet surveys. Just be careful to only complete these surveys on reliable websites, as there are numerous frauds where you risk losing access to crucial information that would later be used against you.

Why Was Shiba Inu Called the "Dogecoin Killer?

The founder of Shiba Inu, Ryoshi, claims that the reason SHIB is known as "the Dogecoin killer" is because its value is "primed and ready to surpass the value of Dogecoin." Ryoshi continues by saying that even if SHIB never reaches $0.01, its popularity and usefulness will cause it to be proportionately more valuable than Dogecoin.

Disclaimer:
This article is intended for and only to be used for reference purposes only. No such information provided constitutes advice or a recommendation that any investment or trading strategy is suitable for any specific name.