The Best Crypto Exchanges to buy and hold Shibainu (SHIB)

The Best Exchanges to buy and hold Shibainu (SHIB)?

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Launched in 2020, SHIB is a “decentralized meme token” designed as an Ethereum-based alternative to Dogecoin (DOGE). SHIB trades at $0.000008338 per token, with a circulating supply of $394 billion, with a total market cap of $3.3 billion.

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What is Shibainu?

Shibanu originated from the concept of “meme coins”, tokens with no intrinsic value, themed around internet memes and other social media trends. Meme coins such as DOGE and SAFEMOON are known to be more volatile than other altcoins, and their price fluctuates significantly due to hype rather than specific technologies or services.

In the case of Dogecoin, although it initially started as a joke, it has grown into one of the largest cryptocurrencies in the world. Dogecoin traded at $0.009 on January 6, 2021, but surged sharply over the next six months, reaching a high of $0.71 on May 8. Since then, Dogecoin has plummeted to $0.23 as of July 6, but has gained 2444% in just six months.

Like Bitcoin (BTC), Dogecoin has spawned a variety of dog-themed imitation coins such as SANSHU, BabyDoge Coin and ELON. Shiba Inu hasbecome one of the biggest meme coins, dominating headlines associated with famous crypto figures such as Vitalik Buterin and Elon Musk.

One of the main ways that Shibainu differs from Dogecoin is that Dogecoin utilizes a script-mining algorithm, while Sibainu is built on the Ethereum ERC-20 standard. The creator of Shiba Inu, who works under the pseudonym ‘Ryoshi’, said, “We built this token with Ethereum because the platform is already secure and well-established.”

Shiba Inu is backed by a social media community of over 130,000 followers on the token’s Twitter account. Many of the so-called ShibArmys can be found on Twitter of famous crypto figures (especially Vitalik Buterin). Shiba Inu agrees with community-oriented growth and describes himself as “an experiment in building decentralized voluntary communities”.

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About Shibainu

A common criticism raised against all meme coins is their lack of usefulness. Shivanu differs from many “moonshot” crypto projects in that it does not include any form of automatic liquidity creation protocol. Instead, the Shibanu Project is working on the development of ShibaSwap. Shivaswap is expected to be a community-driven DEX centered on the ecosystem of SHIB and two other tokens.

• Dogekiller (LEASH:SHIB related token) functions as opposed to Shibinu in terms of toquenomics. Originally viewed as a rebase (or elastic supply) token fixed at the price of Dogecoin, LEASH has since been repurposed in the opposite direction. LEASH trades at $3,314 per token with a maximum supply of $107,647 with a total market cap of $356 million.
• BONE (SHIB-related token) is still under development but is expected to serve as a governance token for the Shiba Inu ecosystem. This project claims that BONE will “take the power of Decentralized Finance ( DeFi ) to the next level”. According to the Shiba Inu Whitepaper, the supply limit of tokens is 250 million and can only be used on the Shiba Swap DEX.

It should be noted that the Shiba Swap DEX project does not appear to offer any value proposition other than to serve as a marketplace for ERC-20 and SHIB ecosystem token exchanges. Due to the growing popularity of Defi, Shiba Uni is just one of the few high market cap meme coins that have adopted the idea of ​​creating a DEX (Dex, Decentralized Exchange). With dedicated DeFi projects like Uniswap and Sushiswap (SUSH), it’s not yet clear what these DEXs will bring to the crypto space.

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SHIB Price Trend

The price of Shiba Inu was fairly stable until a big jump in early May. The token went from $0.00000006 on April 6th to $0.00000846 on July 6th, showing a sharp rise of around 14000% in three months. Shibainu reached an all-time high of $0.000032 on May 11th but plummeted to around 20% of its value on May 22nd. The token price has remained fairly stable since the correction, down only 4% over the past month.

Shiba Inu currently ranks 29th in market capitalization, with about 394 billion SHIB in circulation. Unlike Togecoin, tokens boast a maximum supply. Even though it’s incredibly high. The project pegged 50% of the total token supply on the UNI decentralized exchange and the remaining 50% was “burned” to Vitalik Buterin.

Shiba Inu’s success over a number of imitation rivals is largely driven by social media and the community. Like Dogecoin, this project also benefited from Elon Musk’s social media presence. Shortly after Musk posted the name “My next Shiba Inu is Floky” on Twitter on the 25th of last month, the Shibainu coin grew more than 17%.

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Shiba Inu and Vitalik Buterin

As mentioned in the Shibainu whitepaper, 50% of the total supply of tokens was “burned” when transferred to Buterin’s address. Many people in the Shibainu community thought the tokens were gone, but others noted that the tokens were not actually burned because a rug pull was possible. As the price of SHIB continued to soar, attention was focused on the 505 trillion Shibainu Coins in Buterin’s wallet worth over $8 billion by May 9, 2021.

Sibainu is not the only project that has “ burned ” the tokens of Buterin’s public e-wallet. Many other meme coins such as Akita Inu (AKITA) and ELON have also undergone a similar “burn”. Given that Buterin did not participate in the project and never agreed to receive tokens, members of the crypto community have criticized the “burning” as merely a marketing stunt.

On May 13th, Buterin caused a stir by taking a huge amount of Meme Coins from his wallet. He started by selling 660 billion SHIB, 140 billion AKITA and 43 billion ELON to roughly 12,000 ($63 million) Ethereum. When his trades started to fail (perhaps due to lack of liquidity), Buterin started sending tokens to charity instead. For Buterin’s donation, 50 trillion Sibainucoin ($1.2 billion) was donated to the India Covid relief fund of Sandeep Nalwal, the founder of Polygon (MATIC), and about We donated $431 million worth of AKITA.

Sibainu price plummeted about 38% right after Buterin’s donation, with some trying to send a statement to the Mimcoin project to stop sending tokens without Buterin’s consent.

it was theorized that Others pointed out that Buterin may have been frustrated with ERC-20 meme coin mania paralyzing the Ethereum network, causing oil prices to skyrocket. Buterin’s move gained popularity with those who were frustrated by the plethora of meme coins in the crypto space, but it also drew anger from many who saw their asset values ​​plummet.

Just a few days later, on May 17th, Buterin went a step further and burned 90% of the remaining SHIB in the wallet since May 13th. A total of 410 trillion SHIB was burned, bringing Buterin’s net worth to $6.74 billion, buterin wrote that the remaining 10% of the transaction hash would be donated to charities focused on large-scale, albeit in a “long term” direction.

Buterin’s message also explains his rationale for burning the tokens, stating that eventually the tokens should be moved “for security reasons only” and that every trade would have impacted the market. Buterin said he was impressed by the overall reaction of the MemeCoin community to his donation, but he also argued that the project should stop sending tokens without his consent. Buterin’s message ended with a reaffirmation of his principle that “I don’t want to be that kind of arena of power.”

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Summary

Among the tokens that seek to reproduce the success of Dogecoin, Shibainu has proven to be the most successful coin. In addition, the continued growth of the token has stimulated many investors chasing success like another DOGE, but it is difficult to find any evidence to support its value.

There is no mention of the development team in this project, and the only public ‘Ryoshi’ remains completely anonymous. Like Safemoon, Shibainu’s website and white paper have a rich design, but lack practicality and technical skills. The project is currently focused on DEX development, but even this does not appear to offer much value other than creating additional assets for speculation.

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