Sometimes called a Shiba Token, the Shiba Inu coin is described as a “joke” by some. That might seem uncharitable, and the reality is that joke or not, it has the potential to grow in value, especially if people continue to pour money into it hoping for a big return. It’s no surprise that many people might https://coinbreakingnews.info/blog/fio-how-to-how-to-use-fio-flexible-i-o-tester-to/ be asking ‘What is Shiba Inu coin? ‘ right now — the relatively new cryptocurrency has enjoyed such rapid growth over the past week that it’s gaining attention everywhere. In comparison, only a single Bitcoin address holds more than 1% of the BTC supply, and just three more have over half a percent.
- When you’re seeking out new investments, there are a few factors to consider.
- The Japanese describe the breed as “spirited” and the internet reports that they can be somewhat challenging to train.
- The Shiba Token website says 50 per cent of the total supply has been locked to Uniswap – but is still open to public circulation.
- Referred to as Layer 2 solutions, they make transactions faster as well as cheaper.
- Founded in 1993, The Motley Fool is a financial services company dedicated to making the world smarter, happier, and richer.
As such, no one individual entity is supposed to have control or decision-making power over the token or the ecosystem. SHIB has followed a similar path to the OG memecoin Dogecoin since the communities of both coins are hard at work to find a real use for their currencies. SHIB wasn’t created to solve any particular real-world problem, like Bitcoin, Litecoin, Ethereum, XRP, or indeed most of the top blockchain projects at least claim to do. Notably, the Shiba Inu community has been developing its own Layer 2 solution called Shibarium, with speculation that it would use BONE as its gas token. Like that of Dogecoin, Shiba Inu’s community is also involved in philanthropy.
These long strings of numbers, both in terms of tokens owned and the price per token, make calculation difficult. As such, some SHIB investors multiply their holding of SHIB tokens by an optimistic future price of $0.01 per SHIB or even $1, mostly just for simplicity’s sake. You can purchase Shiba Inu on many major exchanges, given its status as a consistent top 20 coin and the massive community behind it. It can also be purchased on the ShibaSwap DEX and other decentralized exchanges on the Ethereum network. As an ERC-20 token on Ethereum, SHIB doesn’t really have to do any pulling since it’s carried by ETH.
SHIB = 0.00001017 USD
The investment information provided in this table is for informational and general educational purposes only and should not be construed as investment or financial advice. Bankrate does not offer advisory or brokerage services, nor does it provide individualized recommendations or personalized investment advice. Investment decisions should be based on an evaluation of your own personal financial situation, needs, risk tolerance and investment objectives. Given the above, it’s hard to see Shiba Inu reaching the $1 mark anytime soon. Quite honestly, it’s even hard to see Shiba Inu reaching the $0.01 mark anytime soon. And on top of that, Shiba Inu can no longer lay claim to being the most popular meme coin in the crypto market after getting “bonked” this year.
While there is a small chance Shiba Inu could thrive over the long term because of its loyal fanbase, it’s not the strongest investment right now. If you’re a risk-averse investor, this cryptocurrency may not be the best fit. Nobody can be sure whether it will still be around in a decade or two, and if it does stick around, it’s tough to predict which cryptocurrencies will be the most successful.
- Moreover, even the surge in the SHIB burn rate over the past week further fueled optimism for the token, as witnessed by the SHIB price.
- This content represents the writer’s opinions and research and is not intended to be taken as financial advice.
- It is analogous to the free-float capitalization in the stock market.
- “Much amusement, very witty, wow” is a classic arrangement of the meme.
- If you can burn enough coins for a long enough period of time, the thinking goes, you might be able to make a sizable dent in the circulating coin supply.
Tokens used in these strategies generate “Woof” returns in the form of Bone tokens that are distributed to token pools known as “Puppy Pools,” according to the woof paper. Shiba Inu also has other aspects of a community, including ShibaSwap, its own decentralized platform for trading coins, and Shiboshis, a type of non-fungible token (NFT). Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Therefore, at a price of $9.63, Shiba Inu’s total market value would be $5.67 quadrillion — or 13 times the value of all the wealth on Earth. While Shiba Inu isn’t alone in the struggle for adoption, it’s definitely lagging behind other tokens.
About SHIB
Movements have their own value, and this sense of community, itself, offers an investment thesis to many. Specifically, SHIB tends to be stored in an Ethereum-based wallet, as it exists in the form of an ERC-20 token on Ethereum. There has been a lot of speculation around SHIB being https://crypto-trading.info/cryptocurrency-market/ listed on popular neo-brokers. In October 2021, this led to Shiba Inu’s ‘market capitalization’ overtaking that of Dogecoin. There were 1 quadrillion SHIB tokens in existence at launch, but 50% of that was sent to Vitalik Buterin, who burned most of it and donated the rest.
Bitcoin & Shiba Inu coin recover as NFT for Ethereum & Polygon released
Crypto is volatile and it’s not typically backed by any assets, so avoid wagering money that you can’t afford to lose. That backing by assets and cash flow is something that differentiates a traditional investment from a cryptocurrency. With a stock, you’re investing in the future of that business, so if it does well, your investment will do well over time.
Live Shiba Inu Price Today
SHIB was created in August 2020, at the same time that Dogecoin was starting to emerge from a relatively stable price point of $0.002 to trend upwards. The term ‘memecoin’ originates with Dogecoin, https://currency-trading.org/cryptocurrencies/yearn-finance-votes-to-inflate-yfi-token-supply-by/ which is named after a famous meme of a Shiba Inu dog. The Shiba Token website says 50 per cent of the total supply has been locked to Uniswap – but is still open to public circulation.
The History of Shiba Inu (SHIB)
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Put simply, if every person, every business, and every government converted all of their cash and assets into Shiba Inu, it would only warrant a price of $0.73 per token. So investors who are buying the dip in Shiba Inu here in the hopes of picking up the same mind-bending returns as in 2021 have unfortunately set themselves up for disappointment. With a regular bank account, the U.S. government guarantees up to $250,000 of your money in the event of a crisis, and there’s insurance available for larger amounts. But these protections don’t exist in the crypto realm, not even when trading with enormous cryptocurrency brokers like Robinhood or Coinbase.
