The Shiba Inu cryptocurrency was introduced in 2020 as a decentralized meme token. It quickly rose to popularity due to its relation to the DOGE coin, which itself was based on the Doge meme and became one of the most popular coins on the market.
In today’s article, we will discuss everything about SHIB so that by reading it – you can decide whether investing your time or money would be worth it for yourself too…
How does Shiba Inu work?
The Shiba Inu works within the Ethereum network. The reason behind this is very simple. This project was launched based on Ethereum. And the biggest owner of these coins is the Co-founder of Ethereum, Vitalik Buterin, who was gifted 50% of the tokens when Shiba Inu launched. So, SHIB also works by (PoW) and (PoS).
PoW stands for proof of work; the algorithm proves that a certain amount of work has been done to verify a transaction.
PoS stands for proof of stake, a different kind of way to fulfill transactions. PoS aims to provide consensus through block generation. It is a lot more cost-effective than PoW, and it helps prevent the centralization of hashing power, which is a big issue in the crypto world. The main feature about Shiba Inu is that it contains abundant supply. As per reports, in 2021, it will have one quadrillion of supply which is mind-blowing.
How to Buy SHIB tokens
You can purchase SHIB tokens on cryptocurrency exchanges like Kraken, Binance, Coinbase, etc. Create an account on one of these reputable exchanges that are currently trading SHIB tokens. The registration process is similar to creating any other online account. Transfer the USD/BTC/ETH you want to spend into your wallet on one of these exchanges.
After that, go to the SHIB/BTC market and click the “Buy SHIB” button. Choose your purchase amount in either BTC or USD (or other coins). The transaction will be progressed in a few minutes, with SHIB tokens showing up in your wallet.
History of Shiba Inu (SHIB)
Shiba Inu token, the first coin in the Shiba ecosystem, was listed on Uniswap. The original Shiba Inu was launched in August 2020. After some time, the Shiba Inu ecosystem is a fully functional decentralized cryptocurrency with its blockchain and a growing number of community members. Since June 2021, Shiba Inu has been a well-known cryptocurrency in a decentralized ecosystem with a growing number of light wallets.
In September 2021, Shiba Inu was listed on Coinbase, the largest US-based crypto exchange, causing its price to rise to 40%.
Investing in any project can be a good idea, but before you do, make sure to research the company behind it. You want your money going towards something that will be worth investing into and not feel like an expenditure with no future potential for returns on investment or growth opportunities.
Shiba Inu is a cryptocurrency that has been gaining popularity. One of the main reasons for this growth can be attributed to its listing on Coinbase in 2021, which saw Shiba post 40% gains within 24 hours and rise up from rank 500 with an overall market cap close at $1 billion.
This seems like one of those coins where you’ll get your money back multiple times over if it’s successful because each time, there will just be more people buying into something they believe in. But so is also the potential downfall, so beware of the risk if you proceed to buy this coin!
Shiba Inu (SHIB) FAQ’s
What’s the price of a single Shiba Inu coin?
The price of a Shiba Inu Coin fluctuates a lot. So it will even change due to the difference of time when you’re reading this.
Which person holds the most of Shiba Inu?
A defunct wallet built by Ethereum co-founder Vitalik Buterin is the largest holder of Shiba Inu Coin. And this alone carries about 50% of these tokens.
Will Shiba Inu make me rich fast?
Simply speaking, no, because it is impossible to predict if the value will go up or down. Many numbers of crypto investors suggest that Shiba Inu is a long-term investment. Also, its value shows a progressive record so far.
Total number of Shiba Inu coins in the trading market
Shiba Inu has a heavy circulation in the market with numbers of about one quadrillion. This also makes it unique with such a huge supply of coins or tokens.
Is Shiba Inu a short-term or long-term investment?
In the opinions of many crypto experts, it’s a long-term investment, but some experts say it may very well turn into a short-term investment. That’s because it has a highly progressive record so far.
What is the current price of Shiba Inu?
Today, the price of a Shiba Inu could have changed multiple times due to its fluctual nature.
What are the advantages of Shiba Inu?
There are several numbers of advantages:
1. Shiba’s Trading Volume Is Impressive
2. On Ethereum, SHIBA can work with a variety of projects.
3. It’s cheap to invest.
What drives the price of Shiba Inu?
Many factors determine the price for a Shiba Inu, but the main factors are two. One is supply and demand. And the second one is the influence of any exchange form or celebrity like Elon Musk, who gives the token PR.
Where can I store Shiba Inu?
You can use wallets like Jaxx, Metamask, Exodus or Myetherwallet for storing these tokens.
Is Shiba Inu a good investment for beginners?
It could be because it’s cheap to invest in compared to other cryptocurrencies. But the main thing is that you should be a good researcher or analyst to make profits from any investments.
How does Shiba Inu compare with other cryptocurrencies?
Shiba has under periods been more profitable than many altcoins out there. It’s been cheap to invest in, and the demand for this coin has been on the rise, which made it valuable. But some experts suggest that you should be careful of low-priced cryptocurrencies because chances are they will not make it through.