Shiba Inu: Know How to Buy the New Dogecoin Rival
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Shiba Inu: Know How to Buy the New Dogecoin Rival

May 12, 2021      Meghna Das Chowdhury

Cryptocurrencies have entered the mainstream in 2021, with many corporations and brands beginning to embrace cryptocurrency payments. Many celebrities, including Elon Musk and Jordan Belford, have begun to support cryptocurrencies. Dogecoin is one such token and is ruling over the hearts of many crypto traders over the past few months. And it is expected from the token to continue to so, but now, it has a rival. The Shiba INU token.

Shiba Inu is a cryptocurrency experiment in decentralized community building that is influenced by Dogecoin. The project refers to itself as the “Dogecoin Killer” on its blog.

The amount of popularity Dogecoin has gained over the past few months is commendable, and even if the token saw a price correction over the past few days, the price is expected to rise soon. And for the moment, Shiba is taking a higher road now. According to real-time data from CoinMarketCap, the cryptocurrency has increased by 82.90% in the last 24 hours and by 1621.50% in the last seven days, at the time of writing. Let’s know about the token before we talk about its achievements. 

What Is Shiba Inu (SHIB)?

Shiba Inu (SHIB), is an experiment in decentralized spontaneous community building. The Doge imitator developed on the Ethereum (ETH) blockchain’s ERC-20 standard, trades on the decentralized Uniswap (UNI) network. Shiba Inu’s developers want SHIB to be more than just a joke. Because of the growing success of Dogecoin, this cryptocurrency has rapidly gained worldwide attention. 

Shiba Inu (SHIB), like Dogecoin, is based on the Shiba Inu breed of dog. They are also intended to be “fun tokens” that come with a “woof paper” rather than a whitepaper. They have a one quadrillion token supply, compared to 129 billion total Dogecoins, and each token is worth a fraction of a penny. Half of it has been reserved as liquidity for Uniswap. The other part, on the other hand, is where things get interesting.

The SHIB team has sent 500 trillion tokens to Ethereum co-founder Vitalik Buterin. In the project’s whitepaper, the anonymous creator, unlike the Dogecoin founders, stated:

We sent over 50% of the TOTAL supply to Vitalik. There is no greatness without a vulnerable point and as long as VB (Vitalik Buterin) doesn’t rug us, then SHIBA will grow and survive.”

Very little has been known about the token so far. However, the numbers say that it is here in the game to stay. Investors are constantly on the lookout for the next big thing, with cryptocurrencies like Ethereum and Dogecoin hitting new all-time highs. The Shiba Inu coin, which has been gaining traction since Dogecoin’s recent dip, is the most recent addition to the crypto universe.

Is Shiba the Next Token to the Moon?

The global market cap of Shiba was $0 just a week ago. And today that market cap stands at $12 billion at the time of writing. Shiba Inu (SHIB), the meme coin, has skyrocketed 734% in the last week. It increased Ethereum co-founder Vitalik Buterin’s net worth by $8 billion after he inadvertently obtained half of the token supply from the token’s developers over the past year. One Shiba Inu coin is currently worth $0.00003241. Shiba Inu tokens have increased in value since the beginning of May. According to CoinGecko, the tokens have increased in value from $0.0000015 to $0.00003, a 1,900% increase. The latest listings on crypto exchanges OKEx, Huobi, FTX, and Poloniex, as well as an upcoming listing on Binance, have aided this.

Shiba Chart

Aside from that, the team is attempting to build an ecosystem that includes a few tokens, a decentralized exchange called ShibaSwap, and a fully functional community. However, it should be noted that, apart from the tokens and the growing community, which are the product of the rising price and nothing else, there is currently nothing else that is complete. As a result, there is a lot to keep an eye out for.

Despite the success, there is something that you should know about the coin. They are wreaking havoc on the Ethereum blockchain. According to research, Shiba Inu tokens are now consuming 10% of available gas, the token used to pay for Ethereum fees. As per Etherscan, this has contributed to fees being around $20 for a simple transaction and around $180 for an Uniswap swap.

How to Buy Shiba Inu Coins?

The coin can be purchased on websites such as CoinDCX, Binance, and Coinbase. However, UniSwap will require buyers to add their sponsored cryptocurrency wallet. The linked wallet must have funds in a funded cryptocurrency, which is either Ethereum or Bitcoin in most cases. Buyers must then configure the currency for which they want to exchange Shiba Inu, as well as the slippage (price change) tolerances and the amount of time they are prepared to wait for the transaction to occur at the desired settings. If the price matches during the period, users will receive Shiba Inu coins in the desired number.

And as the popularity and acceptance of the tokens are increasing, more and more crypto exchanges are rushing towards it. They want to list the coin on their exchanges as people are more interested in it. Hence, trading is going to only increase in the future. 

Bottom Line

The Shiba Inu is making headlines these days, but coins like these should be taken more care of while investing. Many coins like Safemoon, SafeGalaxy, and others, have been created and pumped in recent months. But these coins were simple pump and dump coins that caused a lot of people to lose money. These coins are designed to benefit quickly and leave the market.

The success Shiba Inu is witnessing is commendable. And if we go by the growth rate and metrics at this moment, then a lot is expected from the coin in the future. It is already giving a tough competition to Dogecoin. Over 296,000 wallets are carrying the cryptocurrency, with hundreds holding enough to make them multi-millionaires. Currently, this token is only an ERC-20 contract on the Ethereum blockchain, but a decentralized exchange – ShibaSwap and additional projects are in the works. Certainly, many factors are influencing crypto investors to buy Shiba Inu.

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Meghna Das Chowdhury
Meghna Das Chowdhury

Meghna is a graduate of the Indian Institute of Journalism & New Media specializing in Print Journalism. She is currently working as a content writer for Agio Support Solutions Pvt. Ltd. She aims to provide quality content and strategy in the field of cryptocurrency and work with digital marketing platforms to deliver brand-specific strategies.