The Shina Inu token was created in August 2020 by Ryoshi. The name stands for a dog breed that’s also been used in another famous token. SHIB is used online as a digital currency that people can trade and invest in.
Briefly about Shiba Inu
The mascot is one thing that keeps the conversation going about the Shiba token. Choosing the same mascot as Dogecoin makes some people skeptical about this token. However, it helps carry on the meme nature of Dogecoin. In fact, Shiba Inu views itself as a better version of Dogecoin, thus the nickname Dogecoin killer.
A decentralized meme token, evolving into a vibrant ecosystem.CryptoLists.com
SHIB is a token that takes its moniker from a cuddly dog with the same name. However, you should never confuse it with the similar canine-themed Dogecoin. It operates on a decentralized network through the blockchain. The blockchain database manages and tracks crypto, thus recording and verifying all transactions. It runs on the Ethereum blockchain, thus offering the functionality and safety of the platform.
Utility of Shiba Inu?
SHIB is divided into multiple tokens to help with the crypto ecosystem. Therefore, you can trade the token or use it as a medium of exchange. More so, it is only limited to 107,646 units, thus making it the most limited of all Shiba Inu-related tokens.
Currently, there are over 250 million units of the token. These units can be used to vote on different proposals. The coin also offers different aspects to its community, including the ShibaSwap. It’s a decentralized platform for trading Shiboshis (an NFT) and coins.
Shiba Inu Price detailsERC20 Contract address: 0x95ad61b0a150d79219dcf64e1e6cc01f0b64c4ce
›› SHIB tokenomics and social media
Advantages at Shiba Inu+ The Shiba Inu token has a solid community.
+ SHIB has seen among the highest gains among meme coins.
+ ShibaSwap may help users earn returns.
Disadvantages- It’s uncertain whether it will stay popular.
- Not a lot is known about the developer.
- The token is not an independent blockchain.
- There is infinite competition in the meme token space.
Costs▪ Rated at 9/10
When trading the token, you will encounter different transaction or trading costs from the platforms. Binance is one of the cheapest, with a 0.1% trading fee. You will find a 0.08% or 0.1% free at OKEx.
The other trading platforms have higher charges with 0.5% at Coinbase and 0.2% at both Huobi and Gate.io. Since this is a ERC-20 token, the fees are higher than most other blockchains.
Reputation and Buzz▪ Reputation rated at 9/10
▪ Buzz rated at 9/10
The token has risen substantially during its existence. However, this doesn't make it an excellent investment for most people. Traders are looking to understand what they are buying, and they understand that the coin has the potential to rise or not in value.
The only way of currently making money with the tokens is to trade them. Therefore, the current key driver for this coin is speculation and optimism. This coin can be a brilliant investment if you practice the greater fool theory of investing as a trader.
The price is currently tiny, and some traders view this as a lottery ticket since they can easily afford it. You will come across people hoping for SHIB to go up even a single cent to cash in. while this might be the case in the future, the odds are high.
Is SHIB a good investment?
There are different answers to this question depending on who you ask. The token is like all the other cryptos with high volatility and risk.
Will SHIB get to 1 dollar?
Nothing is stopping the token from reaching 1 dollar, but it's a long way there. Currently, on 8th of February 2022, the market capitalization is 17.3 billion USD, making it the 13th highest valued cryptocurrency. The token is trading at around $0.00005 when writing this.
Is SHIB real?
Yes, it is. It’s an ERC20 token, and it can be sold, bought, and traded.