Shiba Inu: All You Need To Know About SHIB Coin

•  Sheba Anu is currently the most popular meme cryptocurrency with 27,000,000% YTD benefits.
• The SHIB token was inspired by Dogecoin, a popular cryptocurrency that grew in 2020 thanks to Elon Musk's tweets.
• SHIB is a high-risk cryptocurrency that can reach new heights or crash just as fast. Use your diligence before buying.

Irina Vaneeva/iStock via Getty Images

Shiba Inu (SHIB-USD) is an Ethereum-based cryptocurrency token that has attracted 714,000 holders since its launch in August 2020.

It is currently the 20th largest cryptocurrency with a market cap of $ 10 billion.

Many corrupt investors shun new altcoins such as SHIB and focus on secure cryptocurrencies such as Bitcoin (BTC-USD), Ethereum (ETH-USD), and Cardano (ADA-USD).

However, you will not be able to achieve huge ROI by investing in older, more established cryptocurrencies. Sheba Anu is a perfect example of how new altcoins can reach the moon in just a few months.

In this article, I discuss the history behind Shiba Anu and the many reasons why investors might consider keeping SHIB tokens for a long time. As always, I will point out several major risk factors that could affect prices.

How the rise of Dogecoin affected Shiba Inu Token.

The cryptocurrency market exploded at the onset of the global epidemic, and many people turned to popular coins such as the bitcoin as a hedge against inflation.

At the same time, Elon Musk began tweeting about Dogecoin, a popular cryptocurrency created in 2013 as a joke.

Enough is enough, corrupt speculators joined in and Dogecoin rose 69 cents but crashed after Elon Musk's appearance on Saturday Night Live and in May 2021 Dogecoin was called "a stir".

The symbol of Dogecoin is the Shiba Inu dog. Thus the whale (people who have a large number of coins) paved the way for Shibu Inu after throwing Dogecoin.

What is Sheba Inu Token?

Shiba Inu is a token that runs on the Ethereum blockchain for added security and convenience. The name originates from Japan and represents a special breed of dog.

SHIB was created anonymously in August 2020 under the name "Ryoshi".

During the ICO, Ethereum founder Vitalik Buterin was issued 1 quadrillion tokens with 500 trillion tokens allocated.

Battery donated 50 trillion tokens to the India Code-19 Relief Fund and burned the remaining 450 trillion tokens in a dead wallet.

Burning means that these tokens are still on the blockchain but they are closed and will never come into circulation.

The remaining 500 trillion tokens were locked up in UNICEF and the creators threw away private keys.

The idea behind Sheba Anu was to create a fair and honest cryptocurrency that would allow everyone to use SHIB as a trusted currency for transactions and value sharing.

I suggest reading the Shiba Inu White Paper for a more in-depth analysis of how and why the founders created the SHIB token.

Shiba Inu Token is 27,000,000% higher than January 2021.

Believe it or not, the SHIB has grown by an incredible 27,000,000% since January 2021 and many Shiba Inu whales have become millionaires due to the famous meme coin.

Meme coins like SHIB rely on a lot of pumping of social media and celebrities which leads investors to FOMO in high risk cryptocurrencies.

In October 2021, Elon Musk raised the price of a SHIB token after posting a picture of his Sheba Anu dog Flocki on his Twitter account.

SHIB tokens rose 600% in a few days, but JPMorgan CEO Jamie Damon crashed the bitcoin after calling it "junk."

Whenever the value of a bitcoin goes down, altcoins like Sheba Anu usually fall even further.

The Blush Case for Sheba Anu

Now that I've covered the important background information on Shiba Anu, I want to talk about the many fast catalysts that could send a lot of SHIB tokens in the future.

Lists of large crypto exchanges are a big catalyst for small altcoins as many corrupt investors only trade cryptocurrencies available on Coinbase or Robinhood.

Coinbase added the Shiba Inu token in September 2021, and Change.org has requested that Robinhood do so. Further uplists could lead to a massive increase in holders, which could have a positive effect on prices.

Total holders is a huge metric for determining the value of future cryptocurrencies because more holders means that investors are buying tokens and storing them in their Ethereum wallet.

According to Etherscan, Sheba Ano has 700,000 holders and could surpass 1 million holders in the near future. These are private addresses and do not include SHIB holders who store their crypto on exchanges such as Coinbase or Binance.

Millions of people in total have SHIB tokens and the network is likely to grow in the future. Similarly, the bitcoin gained prominence with a growing user network and more functional wallets.

Second, the Sheba Innovation Development Team launched its DEX under the name Sheba Sweep so that users can obtain additional tokens by providing liquidity or accumulating their assets using 2 Tokens, Lash and Bone.

ShibaSwap is a mix between UniSwap and Aave, providing an easy way to exchange tokens and gain interest within the same ecosystem.

When you provide liquidity to the pool, you are rewarded for keeping the network secure. There is a risk of SHIB flash crash and you may lose your liquidity investment.

To get started, you need a DIG (Liquidity Provider) to get the SSLP (ShibaSwap Liquidity Provider) token. They allow you to perform other tasks such as stocking and production farming.

Once you have some SSLP tokens, you need to start WOOFing to get your bone.

BONE is the reward for adding lock-in value to the liquidity pool.

If you just want to earn interest on your tokens, BURY is an easy way to get incredible yields in a stack pool.

Stacking your SHIB, BONE, or LEASH alias BURY will get you a return based on the proportion of the entire pool.

You can claim 33% of your weekly rewards but the remaining 66% should be discontinued for 6 months.

If you are interested in a comprehensive tutorial on how to use ShibaSwap, read this complete ShibaSWap tutorial for more information.

Third, the low SHIB entry price is very attractive to most corrupt investors who think Bitcoin is too expensive.

Shiba Inu is cheap enough for the average person to buy it and use it for payments.

NowPayments, a cryptocurrency provider, has added the ability to accept SHIBs as payments on popular eCommerce store platforms such as Shopify, WooCommerce, Magento, and Opencart.

More and more people will start using Sheba Ano Token as money instead of just speculative meme tokens.

Risk factors: SHIB wheel dumping, lack of interest, and future ICOs

Most cryptocurrencies are controlled by wheels, often dropping their tokens and crashing prices.

According to Coincarp, the top 100 SHIB holders own 80 +% of the total supply and a few wheels have the power to send prices down sharply.

Wheel dumps occur near the end of the meme cycle as retail investors send FOMO in tokens and send higher prices. If you want to avoid being dumped, just buy dips and avoid FOMO in any cryptocurrency.

Lack of interest is another problem as Sheba Anu spent almost 5 months trading at the same price when no one cared about tokens.

If Elon Musk didn't tweet about his new Sheba Anu dog, the SHIB token could still be under the radar. It may take months for the next big pump.

Third, I expect that after seeing the success of Dogecoin and Shiba Inu, enough copycat meme coins will be available to launch ICOs. This will divert attention from SHIB and encourage FOMO buyers to throw away SHIB tokens in favor of the next most popular meme token.

Please note that cryptocurrencies are risky so do your own research before investing in any coin or token.

Conclusion

Cryptocurrencies are becoming more mainstream with each passing year and I think sensible investors should consider adding some crypto exposure going forward.

Shiba Inu is just over 1 year old and has tokens in over 700,000 private Ethereum vaults. As long as more people join the network, I expect the price to go up in the long run.

However, I will be careful until you deal with major losses. I am currently allocating less than 2% of my crypto portfolio to SHIB as I believe that people can use SHIB as payment for goods and services in the future.

I bought a SHIB token on Coinbase and at current prices it is cheap enough to buy 170,000 tokens with an investment of only $ 5.

You don't need a ton of money to make a starting position, but the sheba molecule can grow a lot as the token ecosystem grows over time.