Shiba Inu Coin: Is It a DOGE Killer Indeed?
Shiba Inu appeared in the market less than a year ago but the coin has already attracted a lot of attention. The coin has grown in price by 8,050,720% within just 200 days. Now, the price is fluctuating around 0.000032 USD but the interest in the coin is still alive. Let’s try to find out what is so special about this coin.
What Is SHIBA INU Coin?
SHIBA INU was created in August 2020 by somebody named “Ryoshi”. It is an ERC-20 token that runs on the Ethereum blockchain. While it is a Dogecoin-based coin, it positions itself as a DOGE-killer.
It is a meme-coin that has been doing things differently from the very start. The initial supply of coins was 1 quadrillion, 50% of which were locked in Uniswap by the coin founder (we know only his pseudonym, nobody knows the real personality of Ryoshi). The other half was “burned” to Vitalik Buterin, the founder of Ethereum. It is known that Vitalik has given the majority of Shiba Inu coins for charity purposes during the COVID-19 outbreak in India. The rest 40% he burned to a dead wallet.
Shiba Inu is not the only coin that powers the network. Along with the SHIB coin, or SHIBA INU coin, which is the foundational cryptocurrency, there are also:
- LEASH - it used to be a rebase token but now, it is a fully functional token with a total supply of 107,646 tokens that will be used to reward the holders providing its liquidity.
- BONE - with the supply of 250,000,000 tokens, this token fits between the SHIBA INU and LEASH tokens. It will be used as a governance token that will allow its holders to participate in voting on the upcoming proposals on Doggy DAO.
Currently, SHIBA INU developers are working on creating ShibaSwap, a decentralized exchange where coin holders will get an opportunity to be rewarded with such coins as a BONE, LEASH, Ethereum, and even Bitcoin for coin staking or providing liquidity.
Recently, ETH-USDT, LEASH-BONE, and SHIB-BONE exchange pairs have been added to ShibaSwap. It has already attracted the attention of investors causing the coin value to surge by up to 20%.
SHIBA INU Community
While the coin is among the newest ones, it already has an impressive number of followers and supporters. This might be connected with comments and support from such prominent personalities as Elon Musk (So, after Elon Musk had tweeted that he would name his shiba inu dog Floki, the coin value surged for 16% to a high of $0.00000790) and Vitalik Buterin. However, this might be also due to Shina Inu’s funny and unconventional approach to its market positioning strategy.
As of now, the coin has a strong community in Reddit (more than 200,000 followers), Twitter (around 745,000 followers), and other popular social networks. This adds value to the coin and makes investors trust it.
A Coin with a Special Purpose
This is the only coin that dedicates itself to animal protection. This coin uses Amazon Smile to donate a percentage from Amazon purchases to help the Shiba Inu dog breed. To participate, it is enough to use a link on the website and to choose the Shiba Inu Rescue Association.
Where to Buy Shiba Inu
You can buy Shiba Inu on ShibaSwap by using a MetaMask wallet (there, you need to purchase Ethereum via the ERC-20 network and then swap it for Shiba Inu on ShibaSwap). You can also purchase Shiba Inu on LetsExchange, one of the first exchange services to list Shiba Inu. On LetsExchange.io, you can trade Shiba Inu for around 230 other coins and tokens. Other top exchanges where you can swap the coin are Binance, OKEx, Huobi Global, FTX, and Hotcoin Global.
Disclaimer
Please keep in mind that the above information is based exclusively on our observations and is provided for informational purposes only. It doesn’t constitute any kind of financial advice nor represents an official forecast. Cryptocurrency is a highly volatile asset, and you are investing in it at your own risk.