Shiba Inu: more than just hype, isn’t it?

Shiba Inu: more than just hype, isn’t it?

2022-12-15 • Updated

Some cryptocurrencies, like Bitcoin or Ethereum, are useful and bring real value to the world. Others, like Litecoin or Binance coin, are used to develop technologies faster or to be used as native exchange tokens. But we won’t talk about them today. There is a whole world of cryptocurrencies, that was created as a joke and our subject today is one of them. Give it up for Shiba Inu, or just SHIB!

Shiba story

It all started in 2013. After Bitcoin was created, dozens of other projects tried to get a piece of cake and offered various technologies and solutions in everlasting attempts to become famous. But among them, there was a Dogecoin. You probably know about DOGE. This meme coin was created as a joke, just to make fun of Bitcoin and cryptocurrency fans. But the day of the DOGE had come suddenly when Elon Musk started to advertise it relentlessly. In less than a year Dogecoin market capitalization reached $81 billion.

Dogecoin has initiated a weird but interesting trend on animal coins.

First, there's Nyancoin, which represents the world-famous Nyan Cat meme.

Nyan cat.jpg

Second, Pandacoin, that was created in China and launched on Valentine's Day - February 14.

Panda.jpg

 And our today’s hero: Shiba Inu coin.

Shib.jpg

What is Shiba coin?

Launched in August 2020 by an anonymous person going by the name Ryoshi, Shiba Inu was a challenge to Dogecoin from the very beginning. Its mascot — the coin’s namesake breed of Japanese dog — is also the mascot of Dogecoin, which itself was started as a joke based on a viral canine Internet meme.

imgonline-com-ua-Resize-XQlY0HWUuuGsmk.jpg

Like so many other cryptocurrencies, Shiba Inu is based on the Ethereum blockchain. Ryoshi started with a supply of 1 quadrillion tokens — that’s 1,000 raised to the power of five. Ryoshi then locked half of the tokens in a decentralized finance protocol called Uniswap and “burned” the other half, worth $1 billion, to Ethereum co-founder Vitalik Buterin for safekeeping. Buterin then donated trillions of Shiba Inu coins to India to help stem the spread of COVID-19 — it was history’s largest cryptocurrency donation — before “burning” 40% of the total supply to a “dead wallet.”

Unlike Bitcoin, which is currently trading at around $59 000 per coin (as of November 18, 2021), Shiba Inu goes much cheaper — about $0.00004500 per token. The logic is that cheaper coins draw wider audiences. Dogecoin, by comparison, is trading at a much more expensive 23 cents.

There are a couple more coins in the Shiba ecosystem: LEASH, which issuance is limited to 107 646 tokens, and BONE, which has 250,000,000 tokens, and “is designed to fit perfectly between the previous two tokens regarding circulation supply” (as stated by Ryoshi).

What to be expected from the Shiba?

Now the price is having a rest after another 200% bullish wave, but 0.00004000 and 0.00003500 levels may become pivotal. Descending triangle has formed. In case of breakout we can expect a 7-15% bearish wave.

SHIB/USDT daily chart

Support: 0.00004000, 0.00003600

Resistance: 0.00004670, 0.00005600

SHBUSD.ccDaily.png

After all, why not? Shiba has a chance to have the same fate as dogecoin. With universal recognition and an extremely bullish crypto market (from time to time), SHIB might be the next candidate for the “to the moon” flight. But be aware, SHIB is a meme coin! It doesn’t do anything useful or serves some common sense. Understand the risks and be careful with such investments. Yet the reward can be unbelievable. Dogecoin has gained %110 000 in less than a year, why can’t Shiba do the same?

Don't know how to trade crypto? Here are some simple steps.

  1. First of all, be sure you’ve downloaded the FBS Trader app or Metatrader 5. FBS allows you to trade stocks only through this software.
  2. Open an account in FBS Trader or the MT5 account in your personal area.
  3. Start trading!

Similar

What Lies Ahead for the Crypto Market?
What Lies Ahead for the Crypto Market?

Here's the latest scoop: Paul Tudor Jones, the billionaire hedge fund manager, seems concerned about Bitcoin's appeal. He believes the growing unfriendly regulatory landscape in the United States makes Bitcoin less attractive. Additionally, the prospect...

Cryptos to Recover Bull-run in May
Cryptos to Recover Bull-run in May

Bank of Indonesia Governor Perry Warjiyo announced that Jakarta is following the lead of the BRICS bloc to reduce dependence on the USD and diversify the use of currency in international trade. Indonesia is "more concrete" than the BRICS...

Bitcoin At 30k; Can It Go Any Higher?
Bitcoin At 30k; Can It Go Any Higher?

Hold on to your seats, folks! Bitcoin (BTC) is back with a vengeance, soaring past the $30 000 mark on April 11th, reaching its highest point since June 2022. And it's not just BTC - Ethereum (ETH) is also making gains, trading at $1917 and bagging 3.1% gains...

Latest news

Gold and the Majors ahead of the NFP
Gold and the Majors ahead of the NFP

Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.

The Oil Market in the Month of June
The Oil Market in the Month of June

Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.

Gold’s Next Move Could Be Huge!
Gold’s Next Move Could Be Huge!

Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera