SHIBA INU (SHIB) Token: Cryptocurrency Overview

There is a term Kingmaker in English, which means “kingmaker” in Russian. In the epoch of absolutism, this was called an influential lord or a group of noble people, who contributed to coming to power of this or that dynasty and could influence decisions of their suzerain, and often simply dictated his will. The first person to earn such a title was the English Earl of Warwick. During the War of the Scarlet and White Rose, he first helped Richard of the House of York to become regent and then enthroned Henry VI.

In the blockchain community, billionaire Elon Musk could well claim the title of Kingmaker. With a few tweets, he could raise the price of any given cryptocurrency hundreds of times or bring down any level of blockchain capitalisation. We know how he boosted Dogecoin and lowered bitcoin earlier in the year, but the topic of today’s review is not them, but the SHIBA INU coin.

As soon as it went public, it was dubbed the Dogecoin killer. It would seem how one meme-cryptocurrency can compete with another, there is enough space for dozens of similar projects in this niche, if only there were demand. At first, SHIBA INU Token wasn’t of much interest, but then it took off, and in the fall, the rate suddenly jumped up. SHIBA INU crypto went up in price five times in a matter of days, and those who invested well in it in the spring may think about buying a new car. Who knows, maybe it will rise even more, and will be sold if not for $1, then at least for one rouble. Let’s take a look at what this crypto-project is and what are the prospects of SHIBA INU in the digital coin market in the near future.

What is SHIBA INU (SHIB)?

SHIBA INU is called the “little brother of dogecoin” but it is essentially one of the ERC-20 tokens. When the dogi joke went too far, and the first dogecoin coin came close to BTC and ETH in terms of capitalisation, it had many imitators. Shiba has always stood out because of its aggressive marketing campaign and the support of major market players. After Binance Exchange added tokens to its list of supported tokens, and in several pairs at once, it was obvious that this project was just doomed to success.

Initially, it was created for the purpose of experiment, the essence of which was the full transfer of management to the decentralized community. And, it can be said that the experience was a success. The platform provides users with an opportunity to make money on a liquidity pool and P2P exchange, and thanks to its growing popularity and attractive prospects, the coin has become increasingly interesting for big investors. Though, of course, the project does not bring anything new to the decentralised finance market. The only trump card is the prospect of super profits if the creators manage to bring the coin to its original target rate of $0.01. As of 10/28/2021, the value of SHIBA INU is equivalent to 0.0050 or 0.00007165 USDT in rubles at the exchange rate of Binance.

Technical features of SHIBA INU (SHIB)

Project Name SHIBA INU
Token type ERC-20
SHIB Trade ticker
Base blockchain $14,889,032,910
Current offer 394,796,000,000
Maximum offer no data
Developer’s website https://www.shibatoken.com
Technical documentation https://github.com/shytoshikusama
Observers https://etherscan.io/token

SHIBA INU (SHIB) history and team

SHIBA INU cryptocurrency was launched in 2020 by a group of anonymous developers. Its founder publishes posts on social media under the pseudonym RYOSHI RESEARCH. From what Reshi says, he is a regular crypto trader who has decided to create a decentralised, community-driven ecosystem. The developers have no privileges and do not hold a stock of coins.

Half of the 1,000,000,000,000,000 SHIB was blocked on Uniswap so that it could pay fees to liquidity providers in deficit pools. Another 500 trillion SHIB was sent by developers on their own initiative to Ethereum project leader Vitalik Buterin. Contrary to expectations, he did not conduct a burn, but donated some of the assets (100 trillion SHIB) to charity. The coin fell in price, but immediately attracted attention and subsequently began to grow slowly. And then there was a sharp spike. Those who sold the coin earlier realised that they were in a hurry.

There is a well-known case where two New Yorkers, siblings James and Tommy, unable to develop their business because of the COVID-19 pandemic, decided to invest eight thousand dollars in SHIBA INU. They are now millionaires. Such is the story of another mock meme cryptocurrency and its fans.

Mining SHIBA INU (SHIB)

You can’t mine SHIBA INU cryptocurrency by traditional mining on video cards or ASICs. But it can be earned on the SHIBASWAP liquidity pool, link https://shibaswap.com/#/ or by steaking on the Binance exchange.

Every hour, a small amount of coins are being handed out by SHIBA INU Crane, link https://shiba-faucoin.com/sign/. Sign up, specify your withdrawal address (your Metamask wallet will do), and get 20 to 303,030 SHIB every hour, playing a simple game.

Once bitcoin and then dogicoin were distributed in similar way, and many users ignored cryptocurrencies, not wanting to waste their time, and probably most of them regret it bitterly now. Don’t miss your chance even now.

Where to buy SHIBA INU (SHIB) cryptocurrency, available exchanges

The best web platform to buy SHIBA INU is the Binance exchange. USDT, BUSD and fiat currency pairs are supported.

The main advantages of Binance:

Large selection of cryptocurrency pairs;
Decent depth of exchange stack;
Extensive set of tools for market analysis;
User-friendly interface, in 30 languages;
And most importantly, very low commissions for trading operations;

SHIB Coin is traded on Coinbase Exchange, OKEx and other reputable platforms. A complete list of exchanges and exchange pairs, current exchange rates and other information is available at https://www.coingecko.com/en/coins/shiba-inu or on Coinmarketcap service.

Shibaswap and Uniswap (v2) can be traded by connecting to the service via Metamask or another compatible wallet. How to choose the right SHIBA INU wallet is what we’re going to tell you right now.

SHIBA INU wallets (SHIB)

SHIB cryptocurrency can be stored in any wallet that supports ERC-20 standard tokens. To add SHIB to a Metamask wallet, select the import tokens option, open the “Custom” tab and enter the smart contract address: 0x95ad61b0a150d79219dcf64e1e6cc01f0b64c4ce in the appropriate field.

The rest of the items will be filled in automatically and you only need to confirm the token import, after which it will be displayed on the main account page below the Ethereum balance. Keep in mind, the transaction fee is paid in ETH. Before connecting your wallet to Shibaswap or Uniswap to purchase a SHIB token, top up your Ethereum balance.

SHIBA INU (SHIB) outlook

Let’s try to make a forecast for SHIBA INU project for the near future and fantasize about more distant perspectives. You do not have to be a soothsayer to say that while the market is in an uptrend, the rate of the coin will rise. But when the period of global correction comes, the situation will depend on the community and big investors.

As long as the whales keep the coins in their wallets and the number of addresses grows, your investment is safe. However, this can be said about almost any blockchain project. Optimistic forecast for 2025 is published on crypto-sites, according to which 1 SHIB will be $0.01 by that time, and will grow up to five cents after that. It’s up to everyone to believe it or not. Investing into cryptocurrency you must not forget about risks diversification.

Conclusion

The outlook is there and quite good. It is worthy of the nickname DOGECOIN KILLER, because it is growing in value much faster. But success based on hype alone is very fragile. One tweet from Ilon Musk could shatter all the dreams of small investors. Developers need to build on the positions they have achieved by making the token more useful within the underlying ecosystem and the crypto industry as a whole.

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