- Backed by Ethereum protocols.
- Has the backing of Ethereum co-creator- as per the whitepaper.
- The price is so low, almost anyone can buy the token.
- Has its own decentralized exchange-named ShibaSwap.
- The origin is better planned than Dogecoin.
- Not immune to crypto sector volatility.
- Not suited for the beginners.
- It lacks own Blockchain system, so far.
- The decentralized exchange audit revealed some flaws.
With time, newer crypto coins hit the market but not all of them hit the bull’s eye. Some of these tokens manage to gain prominence within a short time. One such example is SHIB, denoting Shiba Inu – a new cryptocurrency. It has the logo of a Shiba Inu dog and that is why it is also referred to as the “Dogecoin Killer”. This decentralized cryptocurrency was created by a person known as Ryoshi. Since its inception, the coin has gained a lot of attention and it has been hogging headlines. It also has gained the backing of some veterans in the crypto sector.
The basics of Shiba Inu
The so-called DOGE killer was actually modeled after Dogecoin. Almost 400 trillion coins are in circulation and this is going to increase with time. Like many other crypto coins in circulation, SHIB’s price has soared and then plummeted a number of times. Shiba Inu tokens are listed on exchanges like WazirX, Uniswap. Its own decentralized exchange is named ShibaSwap and it allows traders to exchange Shiba Inu for some other cryptocurrencies.
It is not the same as Dogecoin. Dogecoin was created by the technology powering Bitcoin but Ethereum is what powers the Shiba Inu tokens. Dogecoin was created as a joke but Shiba Inu creators had some clear plans in their mind. It adheres to the ERC-20 token standard. It has been said that a maximum of one quadrillion tokens will be generated. The Shiba Inu ecosystem also has 2 other tokens- Bone and Leash.
The origin of Shiba Inu
The roots of Shiba Inu can be traced to the middle of 2020 when the Covid 19 pandemic was at full force- crippling the global economy and life at large. The coin was launched as an immediate challenger to Dogecoin. The coins share the same mascot- a breed of a Japanese dog. Shiba Inu became popular when Vitalik Buterin, the Ethereum co-founder donated trillions of Shiba Inu tokens to India for Covid relief. This was marked as the largest cryptocurrency donation ever made.
Should you invest in Shiba Inu?
Shiba Inu was made with the aim to enhance the earning potential of end-users. The creators wanted to set up an ecosystem accessible to the mass. So, the tokens were deliberately priced at less than a cent. Since the platform is quite new, it is hard to say where it will go. The investments are till now, speculative.
While having its own decentralized exchange is a nice thing and it gives the token an apparent edge over the others, it is not flawless, exactly! An audit of ShibaSwap threw up some major limitations and loopholes. These loopholes have since been fixed but that can surely make the investors worried.
Unlike Bitcoin, Shiba Inu has a very low value and its principal rival Dogecoin has a higher value. You cannot overlook the fact that it lost almost half of its value when Buterin made that donation to India. It has undergone a roller coaster ride in terms of price change. It is recommended that seasoned investors try the ecosystem first, owing to the volatile nature of this sector. It is possible that its value will soar again but no one can say when that will happen and how much it will increase.