What Is Shiba Inu Coin (SHIB)?
Shiba Inu (SHIB) is a meme created in August of 2020. The Shiba Inu is a Japanese dog, and also the mascot of Dogecoin - another cryptocurrency that has meme origins. SHIB is a ERC-20 token. This means it runs on Ethereum's blockchain. The total supply is 589.59T, which is the current circulating stock.
How to Buy Shiba Inu Coin (SHIB)?
You can buy SHIB with USDT here on Toobit. Read our guide on
How to Buy Crypto on Toobit for more information.
Where to Sell Shiba Inu Coin (SHIB)?
You can sell SHIB to USDT here on Toobit. Read our guide on
How to Trade Spot on Toobit for more information.
Will SHIB Burn Impact Shiba Inu coin Price?
In cryptocurrency, "burning" refers to the deliberate removal of tokens in circulation. This reduces the total supply. Burning involves sending certain tokens (SHIB or Shiba inu) to an "burn" address. This renders them unusable and unreachable. This reduces the supply of SHIB and could increase its value.Shiba Inu Burn tracker explained recently why Shiba Inu burning does not affect SHIB prices. The tweet stated that burning alone does not affect prices without uniformed and substantial token investment. You also can know more shiba inu news on Toobit.
What is Shiba Inu Coin Used For?
SHIB can be used as both a cryptocurrency token and a store for value. It also facilitates international payments. ShibaSwap is Shiba Inu’s native DEX. ShibaSwap is said to be the best place to purchase SHIB, other ecosystem tokens such as BONE (a token for community governance) and LEASH (another ERC-20 token).
What is Shiba Inu Price Now?
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What is the changing trend of SHIB Price?
SHIB initially had a total supply of 1 quadrillion tokens, with half of the supply being sent to Vitalik Buterin in May 2021. Buterin burned 90% of the tokens and donated the remaining 10% to charity. However, there is no further mechanism in place to reduce the supply of SHIB.In 2021, SHIB has been highly volatile, experiencing significant price fluctuations. It saw a substantial increase in May, followed by a sharp decline in the following weeks. After a period of sideways trading, SHIB surged in October, reaching an all-time high of $0.000089 before experiencing a correction.The market momentum for shiba inu is largely influenced by Tesla CEO Elon Musk, known for his interest in dogecoin. Musk's involvement in the cryptocurrency space has generated excitement for SHIB, with his actions, such as getting a Shiba Inu puppy named Floki Frunkpuppy, contributing to market surges.
How does Shiba Inu coin work?
Most meme currencies lack utility, but Shiba Inu stands out with its community-driven rescue campaign for Shiba Inu dogs and diverse ecosystem that includes ShibaSwap, a decentralized exchange. Users can trade SHIB, the token associated with Shiba Inu, for other cryptocurrencies on this peer-to-peer platform. By providing liquidity and staking SHIB, LEASH, and BONE tokens, users can earn interest within the ecosystem.BONE, a governance token with a total supply of 250 million, allows holders to influence the Shiba protocol through the Doggy DAO. This decentralized autonomous organization enables members to propose and vote on changes independently. BONE is also used to incentivize liquidity providers on the ShibaSwap platform.Originally designed as a rebase token linked to dogecoin, LEASH has since evolved into a store of value coin within the Shiba ecosystem, with only 107,647 coins in circulation. ShibaSwap offers various functionalities such as providing a liquidity pool, cash out options for rewards, staking opportunities, asset swapping, and an analytics dashboard called Bonefolio to monitor returns.Additionally, Shiba Inu offers Shiboshi NFTs, which comprise 10,000 unique pixelated images of cartoon Shiba Inu dogs. With the SHIB price on the rise and the ecosystem continuing to expand, Shiba Inu offers a comprehensive and engaging experience for cryptocurrency enthusiasts.
How is Shiba Inu coin related to Dogecoin?
Shiba Inu Coin (SHIB) and Dogecoin (DOGE) are meme-inspired cryptocurrencies that have gained significant popularity in the cryptocurrency industry. Dogecoin, created in 2013, was initially intended as a humorous take on the burgeoning crypto market. On the other hand, Shiba Inu Coin has expanded its offerings with additional tokens and a decentralized exchange platform called ShibaSwap.Both SHIB and DOGE are known for experiencing significant price volatility, often influenced by social media trends and endorsements from celebrities. Despite their origins as jokes or memes, these coins have garnered a devoted following and have proven to be viable investment options for some.It's important for potential investors to conduct thorough research before diving into either of these cryptocurrencies, as their tokenomics and goals vary significantly. As with any investment, understanding the fundamentals of the project and its potential for growth is crucial in making informed decisions in the cryptocurrency market.
What are the risks of holding Shiba Inu coin?
SHIB Price: SHIB, a popular meme coin within the cryptocurrency industry, is known for its high price volatility. Traders and investors should be aware of the potential for significant price swings, which can result in either substantial gains or losses.Speculative Nature: The price of SHIB is often influenced more by speculation and market sentiment than by underlying fundamentals. Factors such as social media buzz or celebrity endorsements can lead to sudden and dramatic changes in price.Regulatory Risks: Government regulations play a key role in shaping the future of cryptocurrencies like SHIB. Various countries have taken different approaches, ranging from banning them outright to implementing stringent regulations. Changes in regulatory policies can impact the price and availability of SHIB and other cryptocurrencies. Investors should stay informed about regulatory developments to make informed decisions.
How Many SHIBA INU (SHIB) Coins Are There in Circulation?
The SHIBA INU website indicates that they locked 50% of the total token supply on Uniswap, ensuring its scarcity and value. The remaining 50% was sent to Vitalik Buterin as a gesture, who in turn donated 50 trillion SHIB tokens, equating to $1 billion at the time, to India's Covid Crypto Relief Fund. Buterin then burned 40% of the total supply, reducing circulating token availability and potentially increasing value for holders.
