In the last couple of weeks, it appears that all crypto financiers are speaking about the Shiba Inu token (SHIBA) while the financial media are discussing it a lot. What is understood about this cryptocurrency, and why is it called ‘the Dogecoin killer‘‘? In this post, we attempt to illustrate fully the current position of the new cryptocurrency on the marketplace and what the future holds for it.
What Is the Shiba Inu Coin?
The SHIB cryptocurrency is a token of the Shiba Inu ecosystem, which from the very beginning got the nickname’the Dogecoin killer ‘. In a couple of weeks of its existence, the SHIB rate has increased by 27,000%, although its rate still does not reach even one-tenth of a cent. This is the first token to be listed on the ShibaSwap decentralized exchange after its launch.
At the end of summer 2020, SHIB was released on the Ethereum blockchain as an ERC-20 token. In total, 1 quadrillion coins were created. Half of them were moved to the Uniswap DEX, and the keys were ruined. The second half of the coins was moved to the founder of Ethereum, Vitalik Buterin. The developers of the task discuss this as follows:
Vitalik Buterin burned 90% of the Shiba Inu tokens that were kept in his wallet by sending them to a non-existent address. In overall, Butein destroyed 410 trillion tokens worth $6.5 billion. On May 13, Buterin contributed $1 billion to fight COVID-19 in India. The developer moved 500 ETH and more than 50 trillion Shiba Inu tokens worth about $1.14 billion to the India COVID-Crypto Relief fund at the time of the deal. Buterin likewise guaranteed to donate the staying Shiba Inu tokens for charity, however for longer-term purposes.
The Shiba Inu job means to become a full-fledged decentralized community. The main point of the job is to offer the neighborhood 100% rights to handle the procedure. The job resembles Dogecoin and even parodies it, however the designers of Shiba Inu declare far more severe strategies. At the moment, the whole Shiba Inu community is under advancement, which, according to the developers of the task, will include a possession exchange, an NFT market and a decentralized exchange ShibaSwap.
Several leading cryptocurrency exchanges announced the listing of a brand-new SHIB token. According to CoinMarketCap, SHIB struck its all-time high of $0.0000388 on May 10. This happened after the crypto exchange Binance included the choice to trade SHIB. On the same day, SHIB’s market capitalization hit a record high of more than $13.5 billion. Nevertheless, it has actually weakened its position and, at the time of composing, remains in 31st place with a market cap of $2.72 billion.
Now the token is trading on major exchanges: Binance, Coinbase, FTX, OKEx, and even the Indian equivalent of Binance– WazirX.
It is needed to discuss that our team behind the Changelly and Changelly PRO platforms aims to keep our users approximately date on the current crypto jobs. That is why you can seamlessly exchange SHIBA token to over 200 cryptocurrencies that are currently readily available on instantaneous crypto exchange Changelly. Another excellent news is that you can also trade SHIB to BTC on our full-featured cryptocurrency exchange Changelly PRO.
Shiba Inu Price Prediction in July 2021
Since its creation (July 31, 2020, according to CoinMarketCap), SHIB has revealed substantial growth in a short period of time. The coin may reach 0.000011 in August 2021.
The graph below programs the Shiba Inu cost dynamics in BTC, USD since the creation of the ‘Dogecoin killer’.