To learn “What is Shiba Inu coin? Overview of electronic contracts SHIB” Kienthuccoin will overview coin movement “animals.” It can be said that thanks to Dogecoin, the “animal” coin movement is one of the most explosive trends in recent times. With the skyrocketing price increase of more than 36,000% in just the past 30 days of Shiba Inu Coin, it is enough to see how hot this “meme” trend is.
Even more surprising when on May 10, Binance – the world's largest cryptocurrency exchange, listed this token on its exchange. This is an excellent gift for SHIB holders.
So what is the Shiba Inu cryptocurrency that Binance is so interested in? In this article, Kienthuccoin will share more closely about SHIB – Shiba Inu Coin and its future in the world cryptocurrency market.
What is Shiba Inu coin?
What is Shiba Inu coin? Shiba Inu Coin – abbreviated as SHIB is a cryptocurrency representing the Shiba Inu project. SHIB is issued as an ERC20 token. To be able to own SHIB, in addition to buying this token on exchanges, users can also receive rewards through providing liquidity on Uniswap.
The idea of Shiba Inu Coin:
From the first days of its establishment, the project's founders took the image of a Japanese dog – Shiba – a dog that is quite lovely but also highly fierce, even sometimes aggressive.
Taking the image of a famous dog in Japan – Shiba 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.
What is unique about Shiba Inu Coin?
Unique Features of SHIB:
- The Shiba Inu project developer team sent 50% of the supply to the Uniswap exchange as a reward for those who provided liquidity and threw away the private key to make sure no Can someone recover the accounts to get them back.
- With 50% of the remaining tokens, 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).
The reason why Shiba was born:
If shopping, to sell products quickly, people often create them with related stories for better marketing and product development.
Likewise, a well-known coin/token needs a compelling story. Let's see what the story of this token is.
The Shiba can be considered an adorable dog from Japan, but it is not easy to raise and take care of. For this reason, many Shiba dogs are often abandoned and in need of rescuing all over the world.
To protect them, the founders of this project have called for help from the community by using the Amazon Smile feature to organize donations for the foundation through the purchase of goods on Amazon. From there, help make the most of the abundant resources from Shiba Inu Coin fans.
The reason why SHIB – Shiba Inu Coin Rises Strongly
Responding to the Dogecoin Movement
Perhaps the main reason for the sharp increase in the price of SHIB in recent times is the response from the “meme coin” movement.
When the money source from Dogecoin fans gradually gets bored because the current capitalization of Doge is too high, and it isn't easy to grow strongly in the coming time.
That's also when tokens dubbed DOGE KILLER with a good story like Shiba appeared and occupied a part of Doge's capitalization, thereby increasing in price galloping.
It can be said that the success of Shiba as it is today derives in large part from the support of the community – avid fans of the “meme” movement.
With nearly 300,000 followers on Twitter and more than 70,000 members on the Reddit community, just about any good news to increase the price, the Shiba Inu token will immediately be reacted strongly.
Unlike many other projects with non-transparent supply and kept mainly by developers, the founding team of Shiba Inu chose a newer way, which is to send all 50% total circulating supply for Vitalik and the remaining 50% as a reward for participants.
Thanks to this tactic, supporters believe 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.
When it was first launched, the price of this token had up to 7 zeros behind the comma, making it only a few hundred dollars that you can own billions of coins.
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 coins.
So, with the mentality that if the SHIB goes up 1 dollar, even if it only takes 0.1 dollars, they will soon become billionaires. The fact that many people share such simple thoughts will cause the demand for this token to increase more and more.
- Name: Shiba Inu
- Token: SHIB
- Standard: ERC20
- Contract: 0x95ad61b0a150d79219dcf64e1e6cc01f0b64c4ce
- Total Supply: 1,000,000,000,000,000 (1 million billion tokens)
How to own tokens
However, to avoid liquidity risk when trading. Traders should buy at exchanges with high trading volumes such as Uniswap, Binance, or Huobi.
How to store SHIB
Conclusion about Shiba Inu Coin:
Honestly, following the trend of “animal” coin or “meme” coin has helped many people from empty hands to become millionaires in just a few months. However, people still miss the FOMO but all print all their assets into SHIB -Shiba Inu Coin and then split the account a few times.
It is not wrong to follow a trend to have a “huge” profit in a short period to eat the price difference, but you should carefully consider the gains and losses to allocate capital wisely. Reasonable, absolutely should not be too FOMO to all in the tokens following this trend. Follow Kienthuccoin to update more new knowledge about crypto, blockchain, digital asset investment.
FAQs about Shiba Inu Coin
How many tokens are there from the Shiba Swap project?
From the Shiba Swap platform, investors will see there are three different tokens, Shiba Inu (SHIB), Leash (LEASH), and Bone (BONE).
How secure is the SHIBA INU network?
According to SHIB's 22-page WoofPaper, SHIB is based on Ethereum, a proof-of-work blockchain that is now moving to proof-of-stake.
Where can I buy SHIBA INU (SHIB)?
SHIB is listed on the top: Binance, Uniswap, OKex, Hotbit, Huobi, MXC.com, Gate.io… and other exchanges.