SHIB, also known as Shiba Token, was developed in August 2020 by the anonymous “Ryoshi.” SHIB is a decentralized cryptocurrency.
It was launched a year ago and has been named after Shiba Inu, the popular Japanese dog race. A meme of a puppy, Kabosu, who lives with Atsuko Sato in Japan, was taken from a picture of the dog. The meme now plays a key role behind SHIB and Dogecoin’s inspiration.
ShibaSwap is the decentralized cryptocurrency exchange owned by the project where you can trade other SHIB crypts or vice versa. It’s yet to launch, so third parties like Binance and Kucoin are the only choice left.
A single SHIB coin is almost invaluable –- less than 0.0012 at 10:00 a.m. from May 18. But in the last few weeks, its trade has risen massively as it is listed in additional trade. After Elon Musk, the founder of Tesla, had tweeted, he wanted a shiba pup to possess. The crypto market was excited, and prices rose 300%. SHIB is also referred to as Dogecoin’s satirical rip-off.
SHIB once again headlines when Vitalik Buterin, the Ethererum founder, said he was donating almost $1 billion to finance India’s second Covid Wave Battle. India has earned 500 ETH and 50 billion SHIB from the Covid Crypto Relieve Fund. Buterin owns 50% of the total coins which gives him extraordinary control over the future of the currency.
SHIB token is often said to be a Dogecoin murderer, as both are regarded as meme currencies which started because of the muscular content. They currently neglect fundamentals, and there are few ways to invest it directly. Musk’s recent pessimism about Bitcoin has further fuelled the Dogecoin rally, but many enthusiasts believe a ripple effect will push SHIB also into the mainstream arena.
Dogecoin is developed with the same Bitcoin technology, while Ethereum is a SHIB based technology. It’s a fungible token, and you can keep billions or even trillions of them, since its worth is microscopic.
Unfortunately, after its August 2020 launch, it’s nearly zero takers and its high on May 11, 3:30 a.m. was 0,0029 a.m. In the past week, the token lost nearly 40% of its worth, and organic growth appears to be impossible.
Binance warns that the SHIB is more volatile than many, and warns anyone who wants a stake to see major shifts in the value of the coin.