What Is Shiba Inu SHIB?

In January 2023, the Shiba Inu community leadership introduced Shibarium, a layer two blockchain designed to run on top of Ethereum. It is supposed to reduce congestion, introduce staking into its ecosystem, lower gas fees, and provide a framework for decentralized applications and Web 3 expansion. Shiba Inu is an Ethereum-based altcoin (a cryptocurrency other than Bitcoin) that features the Shiba Inu—a Japanese breed of hunting dog—as its mascot. Shiba Inu is widely considered to be an alternative to Dogecoin; in fact, proponents of Shiba Inu tout it as “the Dogecoin killer.”

  • Shiba Inu is a great example of how newer altcoins can pump to the moon in just a few months.
  • Regulations are the giant elephant in the room when it comes to cryptocurrency.
  • Some trades have become the stuff of investing legend, such as George Soros’ wager against the British pound in 1991 or the short subprime mortgages trade by John Paulson from 2007 to 2009.
  • The Motley Fool reaches millions of people every month through our premium investing solutions, free guidance and market analysis on Fool.com, top-rated podcasts, and non-profit The Motley Fool Foundation.

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 https://topbitcoinnews.org/front-end-developer-job-profile-what-does-a-front/ evaluation of your own personal financial situation, needs, risk tolerance and investment objectives. $INU is a 100% community-based and decentralized token on the ERC20 blockchain.

Sure, there was Dogecoin, but there really weren’t any other mainstream meme coin competitors. Founded in 1993, The Motley Fool is a financial services company dedicated to making the world smarter, happier, and richer. The Motley Fool reaches millions of people every month through our premium investing solutions, free guidance and market analysis on Fool.com, top-rated podcasts, and non-profit The Motley Fool Foundation. At the moment, there are no major financial institutions that have invested in Shiba Inu. Although financial institutions are starting to show interest in cryptocurrencies, most of the interest has been focused on the leading coins such as Bitcoin, Ether, Cardano, XRP, Litecoin, and others.

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Beating out heavy players such as Shiba Inu, PEPE and BONK, COQ is currently noting significant increases. All of this makes it very difficult for Shiba Inu to regain its traction with meme coin investors. Arguably, the hottest meme coin of 2023 hasn’t been Shiba Inu at all — it’s been Bonk, which is up a staggering 10,000% this https://currency-trading.org/software-development/ico-development-company-hire-ico-developer/ year. With some elementary-school math, it’s possible to understand why a price target of $1 is so far out of reach. A price of $1 multiplied by a circulating supply of 589 trillion coins gives you an implied valuation of $589 trillion. Shiba Inu is an ERC-20 token without its own blockchain, and mining the coin is not possible.

Coq Inu is also likely going to witness a similar fate and end up ignored soon after. This is nearly a quarter of the total value of the meme coin, raising concerns surrounding the liquidity of the token. Furthermore, the likes of PEPE, BONK, Shiba Inu, Baby Doge Coin and more have already proven that the hype of a memecoin is terminal.

What is Shiba Inu Coin?

The remaining 500 trillion tokens were locked in Uniswap and the creators threw away the private keys. During the ICO, there were 1 quadrillion tokens issued with 500 trillion tokens allocated to Ethereum founder Vitalik Buterin. Shiba Inu Rescue Association also accepts it via the campaign run by the Shiba Inu community. User Gossip Shiba explained why the upcoming NFT project, Shiboshis, is bullish for the Shiba Inu ecosystem.

How Many INU Tokens Are There in Circulation?

I bought SHIB token on Coinbase and it’s cheap enough to buy 170,000 tokens with just a $5 investment at current prices. However, I would caution going all-in unless you can deal with massive losses. I’m currently allocating just under 2% of my crypto portfolio to SHIB because I believe people could use SHIB as payments for goods and services in the future. The majority of cryptocurrencies are controlled by whales who often dump their tokens and crash the price.

Where to Trade SHIB

We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. The author has not received compensation for writing this article, other than from FXStreet. Nowadays, it almost seems like there has been a frenzied meme-coin breeding program featuring those lovable Shiba Inu dogs. With the BONE token, the Shiba Inu community members can take part in its governance and vote on possible changes and upgrades to the network. Furthermore, as an ERC-20 token, there could be gas fees attached when buying the Shiba Inu token.

‘ right now — the relatively new cryptocurrency has enjoyed such rapid growth over the past week that it’s gaining attention everywhere. Bitcoin (BTC) price has shown resilience in December, resisting selling pressure coming from a weekly supply barrier. It comes as traders exercise patience, resisting the urge to book profits and looking at the bigger picture as 2024 has multiple bullish catalysts lined up for Bitcoin. Coq Inu, a meme coin built on Avalanche, has been trending over the past couple of days in the meme coin space.

What is Shiba Inu Token?

Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. While we strive to provide a wide range of offers, Bankrate does not include information about every financial https://cryptonews.wiki/how-to-buy-samoyed-coin-how-to-buy-samoyedcoin-buy/ or credit product or service. Normally, the burnt coins would be unavailable — but Shiba Inu’s 50% went to one wallet, that of Vitalik Buterin, a founder of Ethereum. This strange decision was supposedly to prevent large holdings by other investors that could impact its usability for transactions.

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