What is a Shiba Coin? (SHIB)
Shiba Inu coin (SHIB) is a meme-based cryptocurrency that is named after the Shiba Inu dog breed. It was launched in 2020 as part of a collection of dog-themed cryptocurrencies by an anonymous developer called Ryoshi. It’s meant to be a Dogecoin-compatible Ethereum alternative (DOGE). SHIB bills itself as the “Dogecoin Killer,” according to the SHIBA INU website.
SHIB is an ERC-20 coin that is in the process of converting to a Proof of Stake consensus method. ShibaSwap, a decentralized exchange, lies at the heart of the SHIB ecosystem. It also funds an NFT art incubator, which encourages dog-inspired artists from all around the globe to enter the NFT market with their Shiba Inus.
Shiba Inu began with a one quadrillion circulation supply, with its creator Ryoshi locking 50% of the token in Uniswap’s decentralized exchange to provide liquidity. The remaining 50% of the currency was transmitted to Ethereum co-founder Vitalik Buterin’s wallet, where the majority of it was burnt. The Shiba Inu cryptocurrency is traded on Binance under the symbol SHIB.
How can I get a Shiba Coin?
- Through a Bank Transfer
Stablecoins may be purchased by transferring funds from your account to the coin’s suppliers. Then, on an exchange, purchase Shiba currency using these stablecoins.
- Shiba Coin Trade
Shiba coins may be exchanged for a variety of cryptocurrencies.
- Using a Credit or Debit Card
Shiba coins may be purchased using a Visa or MasterCard. All major credit cards, including Visa and MasterCard, are accepted.
What Should I do After Purchasing Shiba Coin?
- Shiba coin should be kept in a safe place
Many Shiba coin owners keep their coins in the hopes of seeing their value rise. Your Shiba coin may be securely stored in your Binance wallet or in our Trust Wallet.
- Shiba coin trade
On a safe trading platform like Binance, you may exchange Shiba coin for 300+ cryptocurrencies.
- Obtain Shiba coins
Stake coins to get rewards. Staking allows you to get the most out of your staking coins that would otherwise be languishing in your wallet or trading account.
Most Commonly Asked Questions
Q: Is Shiba Inu a Scam?
A: No, Shiba Inu is most likely not a con. Many investors, on the other hand, see SHIB as a memecoin that grew in value as a result of the doggy-themed cryptocurrency bubble. While this is true, Shiba Inu has built an ecosystem around its coin, giving the project more usefulness than ever before. ShibaSwap is a decentralized exchange based on SHIB that garnered over $1 billion in total value locked (TVL) in the first 24 hours of its launch.
Q: Can the Shiba Inu reach $1?
A: Shiba will not reach $1. Because there are hundreds of billions of tokens in circulation, the price per token is incredibly low. However, given to the large supply, it would take more money than the US economy’s whole GDP to get anywhere near $1.
Q: Is it possible for a Shiba Inu to reach 1 cent?
A: With hundreds of billions of SHIB in circulation, reaching one cent will be incredibly tough. In fact, if SHIB reaches a market value of one cent, it will outnumber all other cryptocurrencies combined!