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shiba-inu

What is Shiba Inu Coin? Explanation SHIB course and forecast and everything you need to know about SHIB

With cryptocurrencies like Ethereum and Dogecoin hitting new all-time highs, investors are always looking for the next crypto ready to explode. One such cryptocurrency is the Shiba Inu cryptocurrency, which has been in the spotlight since the recent rise and fall of Dogecoin.

In this article, we’ll tell you everything you need to know about Shiba Inu, so you know what it is, how it works, and where to buy SHIB. In other words: you will really find everything you need here before you decide to invest in Shiba Inu.

What is the Shiba Inu Coin?

Not much is known about the Shiba Inu. The token appears to have been created to compete with Dogecoin. The website claims that Shiba Inu is a spontaneous, decentralized community-building experiment.

The token represents the same Japanese hunting dog, the Shiba Inu, that has gained popularity thanks to Dogecoin. Even Elon Musk wants a Shiba Inu puppy because of Dogecoin. So we cannot deny that Dogecoin has ensured that the Shiba Inu is extremely popular.

The website states: “This token is our first project and allows users to own billions, even trillions. Called the DOGECOIN KILLER, this SINGLE ERC-20 token can stay well below a dollar and still surpass Dogecoin in a short amount of time (relatively speaking).”

The team also says that everyone should buy Shiba Inu coins on the open market, ensuring a fair and complete distribution where developers have no special tokens to dump on the community.

However, there may be risks associated with these “get-rich-quick” coins. While returns have seemed very attractive in the past, several of these tokens have gone bankrupt in recent months. That also means that all the people who invested in these coins have lost a lot of money. And that could happen to you too if you buy these types of coins at the wrong time. Therefore, always read carefully before you actually make the purchase.

The characteristics of this token are unusual as 50% of the total stock has been burned in Vitalik Buterin’s wallet. Buterin is the founder of Ethereum and is a trusted and well-regarded figure in the crypto community. This may have been done to allay fears that this project would be a “rug pull”, meaning the project developers would drive up the price, dump their holdings, make a profit and exit the company, causing the token holders with worthless assets would be left behind.

What is the Shiba Inu Coin?

Not much is known about the Shiba Inu. The token appears to have been created to compete with Dogecoin. The website claims that Shiba Inu is a spontaneous, decentralized community-building experiment.

The token represents the same Japanese hunting dog, the Shiba Inu, that has gained popularity thanks to Dogecoin. Even Elon Musk wants a Shiba Inu puppy because of Dogecoin. So we cannot deny that Dogecoin has ensured that the Shiba Inu is extremely popular.

The website states: “This token is our first project and allows users to own billions, even trillions. Called the DOGECOIN KILLER, this SINGLE ERC-20 token can stay well below a dollar and still surpass Dogecoin in a short amount of time (relatively speaking).”

The team also says that everyone should buy Shiba Inu coins on the open market, ensuring a fair and complete distribution where developers have no special tokens to dump on the community.

However, there may be risks associated with these “get-rich-quick” coins. While returns have seemed very attractive in the past, several of these tokens have gone bankrupt in recent months. That also means that all the people who invested in these coins have lost a lot of money. And that could happen to you too if you buy these types of coins at the wrong time. Therefore, always read carefully before you actually make the purchase.

The characteristics of this token are unusual as 50% of the total stock has been burned in Vitalik Buterin’s wallet. Buterin is the founder of Ethereum and is a trusted and well-regarded figure in the crypto community. This may have been done to allay fears that this project would be a “rug pull”, meaning the project developers would drive up the price, dump their holdings, make a profit and exit the company, causing the token holders with worthless assets would be left behind.

How can I save my SHIB?

If you want to store SHIB in a wallet, you can do this in most cases by using the wallet of the crypto exchange you use for your purchase. Think, for example, of the wallet of Binance or Bitvavo. It is also possible to store SHIB in a MetaMask wallet. Since the SHIB tokens are ERC-20 tokens, you can store them in almost any wallet. This is because Ethereum projects are the most common projects. So you really never have to worry about this.

However, storing your tokens and coins in a software wallet (also called a hot wallet) is not the best and safest way. This is because these wallets are connected to the internet at all times. This means that there is always a possibility that hackers can get into the wallet. And that would mean they also have a chance to steal your SHIB tokens.

Would you like to keep your SHIB safe? Then it is better to use a hardware wallet, which is also known as a cold wallet. These wallets are many times more secure than a hot wallet because they can be disconnected from the internet. It is in fact a USB stick, which you can physically keep. By storing the hardware wallet in a safe, your SHIB tokens are protected against hackers. In that case, you must of course ensure that you do not lose your hardware wallet. Ledger and Trezor are the best-known and most used hardware wallets, which we can also recommend to you.

The course of Shiba Inu

According to data available on CoinMarketcap, at one point, Shiba Inu grew more than 120% in 24 hours and a whopping 1,970.57% in the last 30 days.

It is seen as an alternative to Dogecoin. Also, the token has reached a market cap of more than $13 billion. By comparison, Dogecoin’s valuation is over $61 billion. Based on this, you could therefore say that it is actually a competitor.

The price of SHIB tokens fluctuates a lot. As a result, it can happen that it is smart to buy Shiba Inu at one time, and it is anything but wise to do so at another time.

It is best to keep a close eye on the live price for this.

Why has the price of SHIB tokens increased so much?

The performance is mainly due to speculation, with crypto traders looking for the next gold nugget after Dogecoin. This coin had reached the $60 billion market cap, partly because it was heavily promoted by Elon Musk.

The price of the coin jumped all the way after Binance started offering the coin. Other popular Chinese exchanges such as Huobi and OKEx have also started trading the coin.

In addition, the Shiba Inu has taken a leap as a result of the popularization of the currency in China. Many social media influencers in the country have continued to promote the product on platforms like Weibo and WeChat.

Conclusion 

The name “Shiba Inu” comes from the breed of dog associated with Dogecoin, so it is a direct reference to its closest competitor. However, SHIB token, which describes itself as a “Dogecoin Killer”, seems to have bigger ambitions than the altcoin it was inspired by. The team also has several future plans in mind.

For example, the Shiba Inu platform plans to launch a DeFi-based BONE currency in the near future, as well as art on NFT marketplaces and donations to charities that rescue Shiba Inu dogs. Because of this, there may still be a future for Shiba Inu Coin. However, it must also be taken into account that the team behind this project cannot realize these plans at all. After all, it is a meme coin, and you can generally expect little from it.

However, SHIB, which describes itself as a decentralized mega-coin, joins Safemoon, Dogelon, Dogecoin and SafeRat without a doubt. The value of these types of coins has recently risen very quickly, after which it also fell again. In that case, the value is purely based on the hype. Therefore, do good research into the token of Shiba Inu, and then decide for yourself whether you think it is wise to invest in this coin.

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