Shiba Inu (SHIB) has been on a massive run since early last month. The hype returned with a Coinbase listing in early September. Shortly afterwards, news of a crypto-whale buying billions of SHIB sparked another run. Founded by Ryoshi, here is all you need to know about this hot project.
What is Shiba Inu (SHIB)?
Shiba Inu is a meme cryptocurrency inspired by Dogecoin’s success. Hence, it thrives on the social aspect of the crypto-industry. Shiba Inu lives on the Ethereum blockchain. Therefore, it is an ERC-20 token as per the token issuance standards of Ethereum. The token ticker for Shiba Inu is SHIB, and it is on many exchanges, including tier-1 exchanges.
How Much is SHIB worth?
Presently, SHIB is trading at $0.00002965 and has managed to get snatch #12 spot on CoinGecko. This is a remarkable feat for the new token. Additionally, SHIB is also doing $10 billion in trading volume across exchanges.
How Many SHIB tokens Exist?
The SHIB tokenomics are very interesting. Shiba Inu has a total of 1 quadrillion tokens. According to CoinGecko, there are 497 trillion tokens in circulation. From its launch, founders locked 50% of SHIB token supply in Uniswap as liquidity.
Where Can I Buy SHIB?
SHIB is already on many exchanges. For example, the token is available for trading on CEXs like Binance, Coinbase, OkEX, and Huobi. SHIB is also available on decentralized exchanges such as Uniswap and Sushiswap. Binance also offers SHIBAPERP, a derivative of SHIB for trading up to 125X.
Why Does SHIB Exist?
According to SHIB developers, the platform is an “experiment in decentralized spontaneous community building.” They believe the power of collective decentralization can help build better communities. SHIB is now famous as the ‘DOGE killer’ and rides on this even now as it approaches the top 10 ranks by market cap.
The Road Ahead
SHIB developers have launched two more tokens, BONE and LEASH. This transformed the Shiba Inu project into an ecosystem.
LEASH
LEASH is the first Shiba Inu ecosystem token. Initially, it was a rebase token, but they removed the rebase function to allow the token to achieve its maximum potential. LEASH has a total supply of 107,646 tokens.
BONE
BONE is the second token in the SHIB Ecosystem. It has 250 million tokens. Moreover, it is the governance token of the soon-coming Doggy DAO.
Additionally, Shiba Inu has its own DEX called ShibaSwap, which creates more value for the token.
Bottom Line
Shiba Inu is a project to reckon. Because it entered the industry as a meme coin, many despised it. However, the 585,000+ holders today would disagree. Presently, SHIB is leveraging the industry’s most prominent exchanges to sustain its price up. As long as SHIB trading continues, the token will stick around for a long time. This prognosis relies on the past performance of the father of meme coins: Dogecoin.