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What is Shiba Inu? Is There Usefulness in This Memecoin?
08/14/2023
What is Shiba Inu? Does this Cryptocurrency so talked about and questioned actually have any use? In this article you will discover points about this Memecoin that you had no idea about!
What is Shiba Inu? Is There Usefulness in This Memecoin?
What is Shiba Inu?
The Shiba Inu Cryptocurrency is a token based on the Ethereum network that uses the image of a Shiba Inu dog as its symbol. It was created in 2020 by an anonymous person named Ryoshi, who wanted to compete with Dogecoin, another cryptocurrency inspired by a dog meme of the same breed.
Shiba Inu calls itself the "Dogecoin Destroyer" and has a fan community called SHIBArmy. Shiba Inu has a total supply of 1 quadrillion tokens, of which 50% were locked on the Uniswap platform and 50% were burned by Ethereum co-founder Vitalik Buterin.
Shiba Inu is also developing its own ecosystem called ShibaSwap, which includes two other tokens: LEASH and BONE. LEASH is a limited supply token of 107,646 units that offers incentives and rewards on ShibaSwap.
BONE is a governance token that allows users to vote on proposals for the project. Shiba Inu also supports dog-inspired artists and Shiba Inu dog rescue institutions.
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Facts about Shiba:
Among some curiosities mentioned above, here are others:
- Shiba Inu supports dog-inspired artists and dog rescue organizations Shiba Inu12;
- Shiba Inu was listed on Binance, the world's largest cryptocurrency exchange, in May 2021, which boosted its price and popularity;
- Shiba Inu received support from personalities such as Elon Musk, CEO of Tesla, and Mark Cuban, owner of the Dallas Mavericks, who praised the coin on their social networks;
- Shiba Inu was the coin used for the largest cryptocurrency donation in history, when Vitalik Buterin donated over $1 billion in SHIB to the Crypto Relief foundation, which helps fight disease in India;
- Shiba Inu is planning to release a game based on its NFTs called Shiboshi, which are 10,000 unique digital collectibles inspired by the Shiba Inu dog;
- Shiba Inu is an ERC-20 token, which means that it is built on the Ethereum network and can be traded for other tokens on the same network.
Is it worth buying Shiba?
Buying a Shiba Inu is a personal decision that depends on several factors, such as your risk profile, your investment horizon, your knowledge of the project and the cryptocurrency market, among others. We cannot make an investment recommendation, but we can provide you with tips on Financial Education.
Shiba Inu also faces some challenges and risks, such as high market volatility, competition from other cryptocurrencies, uncertain regulation, technical issues, fraud and scams, among many others.
Furthermore, Shiba Inu has a very large supply of tokens, which may limit its upside potential. Therefore, it is important to be aware of the news and events that may affect the project and its price.
Many investors (or speculators) believe in "token burning" to drive the price of Shiba up, but the amount of tokens issued is so large that this will have little effect on the price of the cryptocurrency. So be careful what you read out there.
According to some web sources, shiba inu price prediction varies greatly depending on the methods and scenarios used. Some sites are more optimistic and others are more pessimistic, which is why it is important to do your own analysis and expose yourself little to the asset if you want to buy.
Lucas Lippe
The idea of freedom is fascinating and Bitcoin gives us that in many ways. Explaining ideas of a decentralized web on the Bitcoin Lovers website.
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Disclaimer:
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