Shiba Inu Review

When Did Shiba Inu Launch?

For the most part, cryptocurrencies are designed to solve some specific tasks to meet human needs. For example, the creator of Litecoin was developing a faster analogue of Bitcoin. Binance Coin was invented as a means of payment for the exchange of the same name. And Bitcoin itself was quite revolutionary for its time. The first cryptocurrency was conceived in order to create a financial system without intermediaries in the form of banks and the state (to deprive the state of the monopoly on issuing money by offering an alternative). But the developers of Shiba Inu went the farthest in this matter. They just wanted to make money without really offering anything.

It is not known for certain who created the Shiba Inu. All we know is the nickname of the anonymous developer Rayoshi. Most likely, this is such a sonorous reference to the pseudonym of the creator of Bitcoin – Satoshi Nakamoto. The guys clearly caught the mood of the Internet audience. At that time, there was a popular meme-cryptocurrency – Dogecoin. And, due to hype, the Shiba Inu project took off.

What Is Shiba Inu?

Surprisingly, this crypto has nothing innovative. It functions on the Ethereum blockchain. In fact, the tokens themselves (SHIB coins) are not aimed at trading in the strict sense. All their charm lies in the beautiful name in honor of the dog breed, a couple of funny stories on the official website and – in fairness – in an extremely devoted community..

Is Shiba Inu a Scam? 

The only thing you can do with Shiba Inu in the first place is to speculatively earn on the growth of the exchange rate, since the volatility of the exchange rate is really high. This is a clear example of how a product that does not have innovations and unique features, broke into the top in terms of capitalization due to proper marketing and advertising.

Is Shiba Inu Mining Possible?

Mining of Shiba Inu with the help of special equipment is not provided. The only way to acquire this cryptocurrency is to deposit your savings on ShibaSwap (a specialized trading platform from the creators). Or buy it on well-known third-party exchanges: Binance, Coinbase and others. In general, it was initially stated that one quadrillion tokens were issued. Half of which were thrown into free circulation. The rest were transferred to the wallet creator of Ether, Vitalik Buterin. Among the reasons for this act was "secure storage". At the same time, it is known that Buterin donated part of his tokens to charity, and “burned” a part, that is, destroyed it.

You can also get Bone tokens. Bone is a governance token. The more of these knuckles you have, the more weighty your voice in making managerial decisions. Their total number is 250 million.

Another Shiba Inu ecosystem token is Dogecoin Killer (Leash). It is used for staking. As stated on the website, "Luxurious rewards are provided for holders." Besides that, you can exchange Leash for Bone. There are not so many of them in circulation – 107,646. Leash can be purchased, like SHIB, on ShibSwap. Also, both of these tokens are available on various centralized exchanges.

What Is Shiba Inu Price Dynamics? 

The price of a SHIB has never been equal to even a cent. The price is still low and anyone can buy it. In addition, the total supply of a quadrillion almost guaranteed that there would be no shortage of Shiba Inu.

Initially, this token, which appeared in the summer of 2020, was worth just over $0.000000005. However, in May 2021, the price rose sharply. The price rose by 16,000 times, after which a strong correction began. The next sharp jump up was observed in October 2021. It was then that the historical price maximum for this crypto was set – $0.00008. Then the crash happened again.

Although the Shiba Inu correction is ongoing at the moment, this does not prevent the cryptocurrency from entering the top 20 by capitalization. The price of Doge Killer (Leash) largely follows the movement of SHIB. The all-time high was also observed in the fall of 2021 and was over $4,300. The graph of the governance token, Bone, bears little resemblance to SHIB It has been steadily declining since July 2021.

What Is Shiba Inu Metaverse?

Not so long ago, information appeared about the creation of a metaverse, named Shiberse. Obviously, this is a combination of the word universe and the name of the Shiba Inu breed. In fact, it is supposed to be a kind of digital world where everyone will interact with everyone, and where you can buy anything. All this will be somehow tied to the crypto.

At the same time, the head of one of the Shiba Inu departments, Shitoshi Kusama, believes that their project will differ from the idea of Mark Zuckerberg. So far, there is little specifics about Shiberse. The only thing is that the developers showed a beautiful picture on Twitter: a digital Shiba Inu dog with a hammer in its teeth stands in the middle of the forest. Entering the metaverse market could help the cryptocurrency gain a second wind. 

Is Shiba Inu Coin Legit? 

What steps are the creators of Shiba Inu taking to stay afloat? What prices for tokens should we expect in the future?

Most likely, more companies will begin to accept Shiba Inu as a means of payment. And it will be not only small startups, but also large corporations. For example, now you can pay for your purchases on sites such as Amazon or eBay. Surely the developers will continue to delve into the DeFi and NFT markets. The topic has been on the hype all of 2021. Why not continue? 

In October 2021, the first batch of non-fungible Shiboshis tokens with images of Shiba Inu dogs was launched. In addition, the developers continue to support the legend that they love their dogs. Shiba Inu has its own volunteer organization for the protection of dogs from violence – Shiba Inu Rescue Association. In order to support them, you can use the service from Amazon – Smile. You need to buy something there, then choose Shiba Inu Rescue Association. Amazon Smile will pay a percentage of the cost of your purchases.

It is difficult to say something about the price of tokens, since there are no fundamental factors behind the cryptocurrency. In this regard, it will be very important for developers to keep the supply of coins in balance. For it is generally not limited; on the other hand, there have already been cases of burning tokens. It is also necessary to keep abreast of events in order to capture modern hype trends. Thus, Shiba Inu is a tool for lovers of speculative trading on meme tokens. Demand for crypto is mainly determined by the advertising campaign and the growing army of fans, and not by fundamental technical premises.

 

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Author
Maxim Katrich
18.08.2022
Crypto enthusiast, editor of BitOnfeed, expert on the NFT industry.
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