What is Shiba Inu? Learn about SHIB . cryptocurrency

• What is Shiba Inu?
• Outstanding Features of Shiba Inu
• Pros and cons of Shiba Inu
• Conclude

What is Shiba Inu?

The concept of Shiba Inu

Shiba Inu is a demo in decentralized spontaneous community building and another meme coin similar to Dogecoin.

Right from the early days of establishment, the founders of the project took the image of a dog Shiba - a dog quite lovely but also extremely fierce, sometimes even aggressive. Taking the image of a Shiba dog but with a scowling, fierce face with two sharp teeth has partly shown the ambition to become a DOGE KILLER of the founders of this project. 

Project team and development process Shiba Inu

There is not too much information about the development team as well as the development process of the Shiba Inu project. 

Functions of SHIB . cryptocurrency

SHIB is the token of the Shiba Inu ecosystem. They have the following basic functions:

• Tokens used for transactions in the ecosystem.
• Do rewards on ShibaSwap. 

Allocate SHIB tokens

SHIB tokens are allocated according to the following ratio:

• Lock on Uniswap: 50%.
• To Vitalik Buterin: 50%.

Basic information about SHIB token

Price: 0.000008252 USD (Price was recorded at the time of writing 01/07/2021)

Market capitalization: $3.2 billion

Total supply: 1 million billion tokens

CoinMarketCap ranking position: 28

Outstanding Features of Shiba Inu

Special token allocation mechanism

The developer team of this project has deposited 50% of the supply on the Uniswap exchange as a reward for those who provide liquidity and also dispose of the Private Key to make sure that no one can recover the account. account to get them back.

With 50% of the total tokens remaining, they did something that no other project dared to do before. That is to send all these tokens to the personal wallet of Vitalik Buterin – the father of Ethereum (ETH). 

Special token allocation mechanism.

ShibaSwap

Shiba Inu Tokens are used on Shiba Inu's Shiba Swap platform, where users can stake their tokens for interest through staking rewards. In addition, Shiba Swap also plans to integrate non-fungible tokens (NFTs) into their platform after launch. Overall, there will be 3 different tokens native to Shiba Inu's platform: Shiba Inu (SHIB), Leash (LEASH), and Bone (BONE).

The aim and purpose of ShibaSwap is to create a safe environment where cryptocurrencies can be traded. They also insist on keeping the system completely decentralized as their loyalty lies with the holders of the Shiba Inu token.

Shibaswap feature.

Tokens

SHIB is just one of three tokens in the Shiba Inu ecosystem. Along with Shiba Inu tokens, there are also LEASH tokens and BONE tokens.

The LEASH token is initially set to a rebase token pegged to the price of Dogecoin. However, once Shiba Inu "releases" the LEASH tokens, they will announce that they will not re-base. LEASH differs from SHIB in that the supply is limited to around 100,000 tokens, giving the coin a different appeal than the SHIB Shiba Inu token.

The Shiba Inu team describes the BONE token as an intermediary between the Shiba Inu and LEASH tokens. BONE has a supply of 250,000.00 tokens and is a governance token that allows holders to vote on important issues for the coming year. The more BONEs a holder holds, the more weight their vote will have on future issues. They also announced on their website that the BONE token will take decentralized finance (DeFi) to the next level.

Token feature.

Pros and cons of Shiba Inu

Advantage

• Massive community: It can be said that the success of Shiba as it is today largely comes from the support of the community - passionate fans of the "meme" movement. With nearly 300,000 followers on Twitter and more than 70,000 members on the Reddit community, just any good news to increase the price, immediately the price of Shiba will be responded strongly.
• Controlled supply: Unlike many other projects whose supply is not transparent and is kept mostly by developers, Shiba's founding team has chosen a new way. Thanks to this tactic, supporters have more confidence that the project's developers cannot "discharge" and run away. However, Vitalik is also a human being and whether Vitalik will sell off 50% of his tokens to collect billions of dollars is no longer a big question mark. 
• Cheap: The price of this token when it was first launched had up to 7 zeros after the comma, making it only a few hundred dollars that users can own billions of tokens. This has a huge psychological effect. Because for new entrants to the market, there will not be much knowledge about the market capitalization or total supply of tokens.

Defect

• With "moving" cryptocurrencies like SHIB, investors should follow the strategy of winning quickly to preserve assets. The reason is that the price of these cryptocurrencies can "collapse" at any time.
• SHIB token is not a form of fraud, but many objects can take advantage of people's enthusiasm and concern about SHIB to perform fraudulent acts to appropriate property.

Instructions for trading with SHIB token

Guide to owning SHIB tokens

To own SHIB token you can:

• Buy directly on exchanges that support the purchase and sale of SHIB tokens.
• Do quests to get rewards on ShibaSwap.

Instructions for storing SHIB tokens

SHIB token is built and developed on the ERC20 platform, so investors can store it on ERC-20 standard-supporting e-wallets, for example:

• Myetherwallet Wallet : Mycrypto,  Metamask . 
• Hardware wallets: Ledger Nano S , Ledger NanoX, TreZor , imToken. 
• Applications:  Trust Wallet , Atomic Wallet.

Exchanges that support buying and selling SHIB tokens

Currently, SHIB token has been traded quite a lot creating large and small cryptocurrency exchanges around the world including: Binance , Huobi , MXC.com, Uniswap , OKex, Hotbit, Gate.io, ...

Conclude

Shiba Inu has climbed to become the 2nd most valuable project in the crypto meme movement. This result was obtained only 2 months after the debut of Shiba Inu. For investors, if they buy SHIB from the beginning of March, they have earned a profit of 15 times the initial capital.

However, as TraderH4 mentioned earlier, investors need to be careful when it comes to cryptocurrencies and especially meme coins. SHIB is a relatively new currency and there is not much information available regarding these tokens. This means that it is very difficult to determine the position of the currency. While Shiba Inu's price hike since its release has been phenomenal, in investing nothing is certain. Hope readers after this article will have an overview of what Shiba Inu is and its potential!

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