The Shiba Inu coin is a currency also known as the Shiba Token, which was created in August 2020 under the pseudonym “Ryoshi”. As with cryptocurrencies in general, Shiba Inu is not centralized. Why this coin is called “DOGE Killer”, why it is such a popular and good investment tool or a huge balloon, we will examine all of them in this article.
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Crypto assets are highly volatile, unregulated investment products. No EU investor protection.
What is Shiba Inu Coin?
While Dogecoin hit the market in December 2013, Shiba Inu was launched in August 2020 by an unidentified person or group referred to as Ryoshi. When we came to the end of the supplement, when the price of this digital currency reached more than ten times the initial exit price and its market value reached 41 billion, there was a strong community behind it. As we mentioned above, the group called SHIBArmy, which numbered about 1 million at the time of writing, is actually known for their love for Shina Inu dogs, who have never met before, who have the spirit of creating from scratch when there is nothing there. Shiba Inu Coin Historical Performance
As we mentioned a little bit above, Shiba Inu has experienced a huge increase after its debut. Even after the subsequent decline, the current market capitalization is around $ 38 billion and ranks 20th among the largest crypto coins. Thanks to a tweet by Tesla founder Elon Musk on October 3, 2021 with his new Shiba Inu dog Floki, the price of this coin has increased suddenly. Since Elon Musk is the chief supporter of Dogecoin himself and is even referred to as “Dogefather”, which means the father of Doge, his encrypted tweets often cause incredible speculation in crypto money exchanges and therefore fluctuations in prices.
Joking things aside, Shiba Inu is a currency that emerged as an answer to a simple question. The question is: “What happens if a cryptocurrency project is run entirely by the community it costs?”. Its founder, Ryoshi, describes the coin’s emergence as a “spontaneous community building experiment.” According to him, a collective power of decentralization can multiply all the forces that can be achieved centrally in human history.
Shina Inu, who came up with this idea, is strongly supported by the supporters she reaches. So much so that at the time of this writing, the price of Shiba Inu is $ 0.0008, despite experiencing one of the historical collapses of the crypto money exchange. Compared to the price at the time of its initial release, this represents an astonishing increase of 46,000,000%. Shiba Inu Coin Ecosystem
The Shiba Inu coin actually consists of a large ecosystem. In other words, different products that interact with each other can be traded on the same network. Let’s take a quick look at these:
- Shiba Inu (SHIB): SHIB coin is the base currency of the project. 50% of this currency, which started with 1 quadrillion supply, is kept locked by Ryoshi in Uniswap. The remaining 50% has been sent to Ethereum founder Vitalik Buterin to keep it safe. In May 2021, Buterin donated more than $50 trillion worth of Shiba Inu coins worth $1 billion to the COVID-19 relief center in India. Shortly thereafter, Buterin removed 40% of Shiba Inu’s total supply from circulation in a process known as a dead wallet.
- Leash (LEASH): The second token owned by Shiba Inu is located in the other wing of this ecosystem and bears the name Leash. It has a much smaller total supply of 107,646 compared to the quadrillion supply of Shiba Inu.
- Bone (BONE): Bone stands somewhere between the other two tokens with a supply of 250,000,000 tokens. This token was developed so that SHIBArmy can use it in management decisions so that it can have a say in the update proposals in the ecosystem.
SHIBA INU Ecosystem Price Details
In addition, Shiba Inu tokens can also be used in exchange for users to “stake” their tokens on the staking platform called “ShibaSwap”. The ShibaSwap platform recently created an NFT marketplace called Shibatoshis that revolves around the Shiba Inu theme. Users can buy NFT related tokens related to Shiba Inu here, which cannot be exchanged with similar ones.
Due to the limited supply of BONE and LEASH, the price per token of these coins is higher than the price of SHIB, the largest token by market capitalization. As of October 2021, Shiba Inu’s market capitalization of $20 billion makes this cryptocurrency the eleventh most valuable cryptocurrency in terms of market capitalization, and is astronomical when compared to other cryptocurrencies.
Due to the limited supply of BONE and LEASH tokens, these coins are higher than the SHIB price, which has the largest supply on the market. Shiba Inu’s market capitalization in October 2021 was around $20 billion, ranking 11th among all cryptos. At the time of this writing, the digital currency has a market capitalization of around $ 7.3 billion and ranks 14th among all cryptos according to Coinmarketcap data. Despite the many times in the market, this figure is a very astronomical value among other crypto coins.
Your capital is at risk. Why Buy Shiba Inu?
SHIB was one of the most volatile digital currencies of the year 2021. With the move that started around May 11, the SHIB price increased by 1.953% from $0.00000172 to $0.00003532. Over the next three months, it crashed at the same speed to trade at $0.00000793.
It is not unusual for a crypto money to receive so much attention. The year 2021 was spent with parabolic movements in crypto money exchanges. Shiba Inu’s performance in a short time is quite successful when it hits the general crypto money prices. This year, Shiba Inu has seen a decline of 61.61%, but it is trading at the levels mentioned above ($0.000010 – $0.00001323). The most impressive aspect of Shiba Inu is the fast track it has traveled in a short time in this sense. How much does it cost to buy a Shiba Inu?
Shiba’s 24-hour change on these dates changed to a low of $ 0.00001027 and a high of $ 0.00001384, while its 24-hour volume was $ 7,217,549,444. In other words, it has increased by 26.9% in the last day. We show a decrease of 33.23% in the past 7 days.
The current price of Shiba Inu is 0.000202TL in Turkish lira, which is 59.47% lower than the highest price of 0.0005TL.
At this point, we think it would be useful to talk about the spontaneous community building experiment. As we mentioned above, SHIBA INU is actually a token that has set out with the experiment of creating a decentralized spontaneous community. Therefore, SHIB may be traded by any investor at any time without limitation. This means that there can be very sharp ups and downs in price increases. In other words, the spontaneous community can have a great impact on the price of this digital currency with spontaneous movements. How to Buy Shiba Inu Coin – Traditional Ways1- Open an Exchange Account
