Meme-cryptocurrency SHIBA INU (SHIB): history of creation, pros and cons, prospects and forecasts

It is impossible to calculate the exact number of electronic coins and tokens today, projects based on cryptocurrencies already known to us are constantly being updated and improved, and completely new independent cryptomonets are being created.

The new Shiba Inu ERC-20 token launched on the Ethereum blockchain in August 2020, using the same technology as Bitcoin. The creator of this token hides his real name under the nickname Ryoshi. Ryoshi's main goal was to move away from the habitual mindset of users and rigid state social structures. The founder of the cryptocurrency created an official document, a crypto-coin passport called “Woof paper” (woof-list), which consisted of 28 pages.

Shiba Inu developers called the project “Meme Coin” (meme cryptocurrency), because they consider this coin an alternative to Dogecoin, already known to everyone, Elon Musk’s favorite crypto coin, which has gained immense popularity on the network. The creators of the Shiba Inu cryptomoneta took as a basis the symbol of the Doge project — a dog of the Shiba Inu breed and released their own version of the meme crypt. Hence the unspoken name of the Shib token appeared — "Dogecoin Killer", whose task is to overtake Doge by market capitalization.

Technical description of the coin:

The Shiba Inu coin consists of three tokens:

• Shiba Inu is the main currency of this system, its supply is 1 quadrillion tokens;
• Leash is the second currency with a supply of 107,646 tokens;
• Bone is the latest currency in this ecosystem, with a supply of 250 million tokens.

The developers of this crypto-coin sent 50% of their crypto assets to the Uniswap exchange, and the rest of the tokens were transferred to Vitalik Buterin, the creator of Ethereum, for holding. In their opinion, such retention of coins on Vitalik's account was supposed to guarantee stable growth of the project, but despite the expectations of the team, in May 2021, Buterin gave part of the money for a donation to the Covid-Crypto Relief Fund to combat coronavirus in India. Against the background of such a decision, the exchange rate of the shiba cryptocurrency fell sharply, but even such a phenomenon did not scare off thousands of cryptomaniacs who continue to trade this coin.

Pros and cons of SHIBA INU cryptocoin:

Advantages:

• NFT support;
• Based on a reliable Ethereum blockchain, which ensures the security and reliability of the token;
• Work with solid platforms;
• The project is managed by the community, which gives it a lot of support;
• A well-coordinated development team whose goal is to create the best decentralized ecosystem in the world;
• Rapidly growing capitalization.

Disadvantages:

• High commissions on exchanges when withdrawing funds;
• Dependence on expert opinions and actions of persons in the crypto industry;
• Limited list of exchanges where Shiba Inu is traded;
• There is no reliable information about the creator of the token;
• Lack of practical application.

How to mine shiba inu?

Since it is impossible to mine cryptocurrency in the traditional way of mining, it will be possible to earn it on the ShibaSwap liquidity service or by staking on the Binance exchange. It is much more convenient and profitable to mine cryptocurrency using exchanges for an ordinary user or an absolute beginner in this business.

If you want to have shib cryptocurrency in your arsenal, then we advise you to familiarize yourself with the Shiba Inu faucet. On the tap, you will have to play a simple game, after which you can earn money. This faucet distributes coins every hour, the amount reaches from 20 to 30,304,000 Shib. All you need to do is register on this faucet and indicate the address for withdrawing earned funds. A Metamask or Binance wallet is perfect here.

Now, in a similar way, you can earn bitcoin and other crypto-currencies, just by playing different games. Although many users are still skeptical about such faucets and ignore them, the rest of the users successfully earn their cryptocurrency without much effort.

Where to buy and how to store SHIBA INU (SHIB)

Almost all crypto wallets are suitable for storing Shiba Inu, since the SHIB token was launched on the Ethereum blockchain and is an ERC-20 standard token.

SHIB is sold and bought on such world-famous crypto exchanges as Binance (which is the most active exchange for trading this crypto coin), OKEx, Kucoin, Huobi, Coinbase, Probit Global, Crypto.com, ShibaSwap and others. You can buy coins only for USDT and BUSD.

Exchange ShibaSwap 

Since the popularity of the Shiba token has increased tens of thousands of times in recent months, Ryoshi and his development team decided to create a new unique DEX exchange.

ShibaSwap is a newly created exchange of the SHIBA INU project, which is decentralized (DEX) and based on the Ethereum blockchain. The ShibaSwap service allows users to use different options for financial instruments and operations to achieve their own goals, such as staking, farming, liquid pools and trading through an automatic market maker (AMM).

Recall that the ecosystem of this project consists of three ERC-20 tokens of the standard: Shib — token number one, which is used for trading and storage on different wallets. Leash is a secondary token designed for pools. Bone is a management token that is credited to the user's account as a reward for transferring liquidity, farming and staking trades and transactions on the ShibaSwap exchange. Also, this token allows you to vote for changes and development of the ShibArmy project.

ShibaSwap has already gained popularity and trust among digital money users. The project was also approved by Vitaly Buterin and Elon Musk. They claim that the project attracts not only ordinary users, but also large investors, with its supply of liquidity and high percentage of farming rates.

According to statistics, the ShibaSwap exchange has already entered the top 20 decentralized exchanges in the world in terms of trading volume.

Shiboshis NFTs

Due to the lightning success, SHIBA INU decided to develop its own NFT tokens on the OpenSea trading platform, where absolutely all users can use various options for digital collectible assets. NFT Shiboshis tokens are presented in the form of cartoon puppies, which are different from each other. For example, there is a SHIB puppy with chewing gum, a bone, or even a full-fledged image of a pirate.

At the time of writing, the price of such a coin starts from 0.6 Ethereum and reaches 50 ETH. Such expensive shiboshi are distinguished from other coins by unique bat-like headdresses, many say that they are so similar to Iron Man and Batman.

Shiba Inu coin: forecast and development prospects

Despite its young age, Shiba Inu has been at the peak of hype for almost two years now and does not slow down its capitalization, which has increased from $8,000 to $4.9 billion. And in about 6 months, the Shiba Inu price increased by 30,000%. Such a sharp rise in cryptocurrency attracts an increasing number of new users to carry out transactions of various kinds.

In recent months, thanks to the ShibaSwap exchange, the ecosystem of the token has improved. Now the commissions for exchanges are lower than, for example, in Uniswap. Also, the creators have developed several ways to generate income through liquidity or rates for those who have tokens in their arsenal.

Nevertheless, the developers keep their global plans for the further development of the project secret, which in turn is a significant disadvantage in a period of high competition and great user confidence in those projects in which they are confident. In addition, cryptocurrencies are largely dependent on the opinion of large crypto owners and influencers, which has already been proven by several tweets by Elon Musk about DOGE. It is possible that another such tweet can completely "kill" Shiba Inu coin. Despite this, according to CoinMarketCap statistics, Shiba Inu coin is the 11th crypto coin in the world (at the time of writing) by market capitalization, which attracts the attention of an increasing number of crypto investors.