With the “Big Two” cryptocurrencies, Bitcoin and Ethereum, accounting for 62 percent of this $2.66 trillion in market value, it’s no surprise they’re getting a lot of credit for this tremendous surge. Shiba Inu, a meme-based coin, has left these “blue-chip” cryptocurrencies, and honestly, every other digital currency, in the dust in 2021.
A single SHIB token may be purchased for $0.00002879 when the curtain falls in 2022. In Oct. 27,2021, SHIB coins were fetching as high as $0.00008841. Shiba Inu earned a peak gain of 1368.67per cent in less than ten months by going from ten zeros to four! In other words, if you did buy at midnight on January 1, 2021 and sold at the high on October 27, 2021, you could have turned $0.83 into more than $1 million.
What is Shiba Inu? Brief Introduction
Shiba Inu is an ERC-20 token created by Ryoshi, a Japanese individual. SHIB is a decentralized community-building token. Its first token, which is called the DOGECOIN KILLER, enables users to hold Billions of them.
SHIB is the main currency in the ecosystem. It has a capped supply of one quadrillion. The second token is LEMASH, and the third token is BONE.
ShibaSwap is a decentralized exchange that enables users to “dig”, “bury”, “fetch”, and “swap” tokens. It works seamlessly across Ethereum.
An analysis of ShibaSwap’s centralization risks revealed that developers could withdraw all of their ERC20 token boneTokens to any arbitrary address.
Vitalik Buterin, who is the creator of Ethereum, donated 50% of the supply of the token, causing the price to tank. However, the SHIB’s official website maintained that He is a “friend of the project.”
Features of Shiba Inu Coin
Shiba Inu Crypto, which was launched in August 2020, is a rival to the popular Dogecoin. The mascot of the platform is Shiba Inu.
Shiba Inu are Ethereum-based tokens.
- Although it is getting much attention, SHIB is only one of the three tokens in the Shiba Inu ecosystem.
- The initial plan was for the LEASH token to be a rebase token, but they will not rebase once the Shiba Inu Cryptocurrency unleashed it. This coin has a unique appeal, as it only has a limited supply.
- The BONE token is a middle ground between the more popular cryptocurrencies like the LEASH and the Shiba Inu.
- It is a governance token that allows holders to vote on important issues for the following year.
- ShibaSwap is a part of the ecosystem that enables users to transact with each other. It is a decentralized exchange that serves as the main component of the Shiba Inu ecosystem.
- ShibaSwap is a safe environment for people to trade cryptocurrencies. Its goal and purpose are to create a secure environment where people can trade cryptocurrencies.
- The SHIB token is the first cryptocurrency that allows users to hold trillions of them. The creators of the coin are planning on launching more tokens in the future.
- Dogecoin is a decentralized digital currency that uses the same technology as Bitcoin. Its base price is pegged to Ethereum. Ethereum powers the currency.
- Due to its popularity, the Shiba Inu coin is still working on its price more than its utility. On the other hand, Dogecoin has also established itself as a medium of online transactions.
Although it’s only known as a meme coin, its increasing popularity has already affected the crypto market. Its value is expected to rise again as its active buyers will help boost its value.
SHIB- The Digital Asset
SHIB is a cryptocurrency and is needed for doing anything on the Shiba Inu platform. Whenever SHIB is used to execute smart contracts on the network, it is referred to as gas.
Use of SHIB INU CRYPTO
SHIB is used for the following:
- Payments: Shiba Inu Coins are also used for payments. Users can send it to another user just like cash, and this payment does not require any centralized authority.
- Transaction’s fee: Every Shiba Inu action from using Dapps to payments requires a fee payment in SHIB.
History of Shiba Inu Coin Price
1 Shiba Inu was worth $0.0000388 in May 2021, and presently 1 Shiba Inu = $0.000007112, but have you ever wondered how Shiba Inu reached these new highs?
Let us discuss in detail the price history of Shiba Inu Coins.
In the initial days, liquidity was very low. There were only a few investors in the cryptocurrency market, and there were many price fluctuations.
SHIB was launched in August 2020 as a Dogecoin rival,
- When Shiba Inu was founded, its price was $0.00000001, and the first significant price change in Shiba Inu was in May 2021; it was trading at $0.0000388.
This intense bull run attracted numerous investors and helped SHIB Token gain the #50th spot in the Crypto world.
- A majority of people started to invest their money into cryptocurrency. From that time, the whole Crypto market rebounded from the loss and continues to make newer heights.
- SHIB is popular because of Elon Musk and Vitalik Buterin. Recently, Vitalik donated $50 trillion to the Indian-Covid relief fund.
- Shiba Inu and the cryptocurrency market are emotionally driven; any news or event in the outside world adversely affects the price.
But what has happened in history will help us figure out how Shiba Inu will perform in 2022.
Shiba Inu Price Prediction
Because of the privacy implications, Shiba Inu Coin price projections are gaining attention. A quality and respect that it extends to all of its investors and well-known figures such as Elon Musk and Vitalik Buterin. In reality, anonymity is the trademark of SHIB, which has been the focal point of all Shiba Inu tokens’ operations as they gain worldwide acceptance and popularity in the cryptocurrency market, making it an excellent investment.
When people believe that something is of value, it is a common phenomenon that its value keeps increasing, which is happening with Shiba Inu. The public’s interest and attention are growing due to the large number of funds in circulation.
- Shiba Inu token already touched it’s all-time high and is now 20% below its new all-time high.
- Everyone started hearing about it, but SHIB regained and made a new high after crashing.
- After the recent crash, people looking for opportunities to buy Shiba Inu Coin at the dip will now get suitable options, increasing the chances of a unidirectional move.
Taking Historical Observations into Consideration
The cryptocurrency market is incredibly volatile, and not all predictions come true. However, we can glean some indications from history to help us predict what lies ahead. Similarly, Shiba Inu tokens’ recent price surge can be linked to that of Ripple and Litecoin. Shiba Inu price may be destined for a 90 percent drop shortly, based on the trend they propose. Yes, the price of XRP increased by 62,452 percent in 2018 to US$3.3778 from US$0.0054. Litecoin gained 24,613 percent in a relatively short period of time. However, both cryptocurrencies saw a 90% drop shortly following their initial increases.
Recent Project Updates
Throughout the year, the Shiba Inu system has grown tremendously. ShibaSwap, the SHIB decentralised exchange (DEX), was built by developers. It also witnessed the introduction of Bone , the protocol’s governance token. Along the process, it has been listed on numerous exchanges, soared hundreds of percentage points, and had over half a million people request a listing for Robinhood. Shiba Games is now taking over the Shiba Inu roadmap.
With the launch of ShibaSwap, the world’s first decentralized investment fund, the exchange has marked its first significant milestone.
- Inuoshi “Shytoshi” Kusama, Project Manager of Shiba Inu Yoshi, talks about the movement’s initial success.
- Soon, members of the Shiba swap will gain access to the civ platform’s long-term benefits, which include a new privileged wolf list status and various other perks.
- By 2025 or 2026, the Shiba Inu token will reach 1 cent. Its rapid rise in popularity was mainly due to the celebrities and influencers who were captivated by its unique charm and the number of investors.
- Another factor that influenced its stability was its majority ownership by Japanese individuals.
It is still too early to tell what will happen if she purchases a cryptocurrency, but if it goes up, it will reach 0.0005 in a couple of months and one by 2030.
Shiba Inu to create a metaverse game
Shytoshi – a major developer in Shiba Inu’s developing decentralised community – said that Shiba Inu Games would be pursuing its first project in the form of a decentralized metaverse in reaction to Facebook’s Meta.
While he couldn’t give the particular name of the Huge studio, he did reveal data about the leadership and previous projects, sparking suspicion that the studio could be Avalanche Games, Jam City, or Animoca.
Ways to enter the SHIB Inu cryptocurrency market.
One can enter into the world of SHIB through investing. Since there is no single authority present in cryptocurrency, it runs on the mechanism of Blockchain, which is truly decentralized.
Crypto is not only decentralized but also a distributed system. All transactions’ record (ledger) is available publicly and stored on numerous computers in a network in real-time. Now, you must wonder how the transaction is getting verified before getting added to the ledger? Cryptocurrency uses cryptographic algorithms for transaction verification rather than using a central banking system.
Various cryptocurrencies are available on any exchange. Investors can buy and sell them depending on their goals and objectives.
Before starting trading, you must complete the necessary steps to establish a valid account and pay using a cryptocurrency exchange. This step includes the verification of your identity and other documents.
Trading Shiba Inu Coin in Inda via exchange
The easiest way to invest in cryptocurrencies is by choosing a cryptocurrency exchange. This process involves five key steps. Aside from selecting a cryptocurrency exchange, there are also various ways to invest in SHIB.
- To trade or sell SHIB Tokens, you need to open your account with any Crypto exchange.
- You can buy Shiba Inu coins on various crypto exchanges and can convert them into any other Cryptocurrency.
- After buying, you can also transfer your SHIB tokens to your wallet and keep your private key safe.
Traditional (fiat) currencies can be used to convert and accept cryptocurrencies.
How to buy Shiba Inu Coin In India?
A Beginner’s Guide on how to Buy Shiba Inu in India
Step 1: To begin, you must first create a digital wallet.A digital wallet stores all of your cryptocurrencies and communicates with other users via blockchain technology. A thorough study is required before deciding where to put your money. Today, BuyUCoin is one of the fastest and popular digital wallets on the market.
Step 2: Create a User Account. To register and open a service account, go to the official BuyUCoin website. Create your crypto-trading account by selecting your country and agreeing to the terms and conditions.
Step 3: Complete the KYC. KYC is required in the Indian jurisdiction. Your information is protected and encrypted, and it is only stored in Indian data centres. You will be transferred to another URL to complete your KYC. A picture of your pan card is required. The mobile number associated with your Aadhaar is required.
Step 4: Verify with Google in two phases. Download the Authenticator app to add two-factor authentication to your account. If enabled, you will be required to provide a 6-digit one-time password along with your email and password every time you log in to your account.
Step 5: Fill in the bank information. Fill in the required information, including your name credentials, the account holder’s name, and the IFSC number.
Final Words
Indeed, as it has demonstrated, SHIBA Token is capable of surprising investors with large profits. If you invest well, there should be no need for heartbreaks or exuberant explanations. Indeed, Elon Musk has shown support for the Shiba Inu token as a meme coin, referring to it as a Dogecoin killer. Before investing in any token, it is also advisable to seek financial counsel.
Cryptocurrencies look fascinating and have huge potential, but you should always invest in SHIB or any other cryptocurrency by researching properly and implementing your strategies.
*This post is provided for informational reasons only; we recommend that you consult with your financial advisor before making any investment decisions.