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Know Everything About Shiba Inu Coin 2022 | Read Now or Regret Later

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  • Post last modified:February 1, 2022

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The virtual currency industry has experienced a surge in popularity and growth in recent years, and I believe that this trend will continue in the future.

The easiest proof of this is that practically everyone present today is aware of the crypto world and how it works,

but there are still a few of you who are unfamiliar with the concept of cryptocurrency. Please allow me to clarify.

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Shiba Inu Coin Cryptocurrency

In a nutshell, crypto is a type of virtual asset that can be spent on products and services in the same way that actual currency can, but only through the internet.

Apart from that, it makes use of blockchain technology, which can be used to verify and record transactions across a variety of computer networks, and if you’re concerned about the security of your investment, you’ll be relieved to know that cryptography keeps it safe.

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Blockchain

Because of its decentralized form, this industry is also capable of operating outside of the general control and jurisdiction of central authorities and government.

Today, the crypto market has succeeded in introducing a variety of new currencies as well as attracting global potential investors.

People have built trust in the sector over time and have profited handsomely from their investments.

However, the unfortunate reality of the entire concept is that, like any coin, crypto has two sides.

While it can provide a source of passive income and allow you to make large profits, its volatile and uncertain nature has resulted in large losses for many people.

The market’s pricing and values are almost unpredictable, and they can change everything in an instant.

When it comes to the many currencies available in the crypto market today, some of the most popular and best-selling currencies on a global scale are Ethereum, Bitcoin, Shiba Inu Coin, Dogecoin, Cardano, Binance Coin, and a variety of others.

Having a variety of options to choose from can give you the freedom to choose the one that you believe is best for you, but it can also lead to more competition and confusion in the marketplace.

Now that you are conversant with crypto and you now have a basic knowledge of the industry, it will be very easy for you to understand what I am going to explain about Shiba Inu Coin.

To know more, you should read further.

What is SHIBA INU Token (SHIB)?

A few years ago, there was a dog named Shiba Inu who became extremely popular as a result of a meme that circulated on the internet.

Many individuals all around the world have been motivated by the dog to invest in crypto tokens with his image on them.

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Shiba Inu Dog

Shiba Inu Coin is one of the tokens that benefit from the well-known Dogecoin, which was launched a few years ago and has since been a major success.

There have been many currencies based on Dogecoin, including Baby Doge, Dogelon, and the recently announced Wifedoge.

Shiba inu coin is an ERC-20 token that runs on the Ethereum network, which means it was built and housed on the Ethereum blockchain rather than having its own.

According to the initiative’s mystery originator, Ryoshi, the SHIBA INU project is nothing more than “an experiment in decentralized spontaneous community creation.”

Not to add, the platform’s whitepaper, dubbed the “woof-paper” by its developers, counts various social media influencers, leaders in worldwide chatrooms, and many meme makers as part of the community that is responsible for Shiba Inu’s success.

Apart from that, SHIB is the platform’s native token, which has increased by about 60% in the last few weeks, since July.

SHIB is nicknamed the “DOGECOIN KILLER” on the SHIBA INU website, and the token will be featured on Shibaswap.

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Dogecoin vs Shiba Inu Coin

What is ShibaSwap?

for those who are curious, Please allow me to clarify.

The platform’s creators also decided to create ShibaSwap,

a decentralized exchange that allows you to “bury” (stake currencies), “dig” (offer liquidity), and “fetch” coins (retrieve tokens from SushiSwap or Uniswap).

Shiba Inu coin was also introduced in August of last year, but the creator of the token remains unknown.

Pros and Cons

  • PROS
  1. Volatility: While volatility was formerly regarded to be a bad thing, experienced investors have learned to understand market cycle patterns and can profit from the parabolic returns generated by market bubbles.
  1. Liquidity: Shib is unquestionably one of the most liquid financial assets, thanks to the emergence of platforms for online trading, exchange, and brokerage all over the world. You can instantly trade Shib for cash or use NFT as a payment option via Opensea for a very low price.
  1. Passive Income: ShibaSwap lets Coin holders to both trade and stake a variety of dog-themed cryptocurrencies at the same time. The goal is to make this a completely community-driven project.
  • CONS
  1. Investing in Shib can be risky: Shib, like any other cryptocurrency, is a dangerous investment. For some investors, especially newcomers, this is the most important factor. Furthermore, Ethereum fees fluctuate, which is worrisome.
  1. Shiba Inu coin is not an independent blockchain: Independent blockchains include Dash, Bitcoin, Ethereum, Dogecoin, Litecoin, Cardano, Tron, and Binance. Binance and Tron, like Shiba Inu Coin, began as ERC20 tokens. Because of the Ethereum Network’s slow processing speed, Justin Sun of Tron and Chanpeng Zhao of Binance have opted to leave it. Shib Devs, on the other hand, has promised the community that its own native blockchain, Shibarium, is in the works, though no release date has been set.

Shiba Inu Tokenomics

SHIB Total Supply

The Shiba Inu Coin had a total supply of 1 quadrillion coins at the time of its launch.

The developers behind the coin sent half of the coins to Vitalik Buterin, the founder of Ethereum, while the other half was locked on Uniswap.

The developers did not keep any coins unless they purchased them later on exchanges.

The founder of Ethereum, on the other hand, recently donated 50 trillion SHIB coins to the Indian community.

Buterin donated the $1.6 billion in coins to India’s Covid-19 relief effort.

Buterin also sent a burn address with approximately 400 trillion SHIB.

Around 40% of the coin’s entire circulating quantity was removed as a result of the action.

The coin contains one-of-a-kind software that ensures that the supply of the coin diminishes over time.

When a user buys SHIB tokens, a portion of the purchase price is burned as a transaction fee. As a result, the supply of the SHIB coin will decrease as it trades.

COIN BURN

In recent weeks, Shiba Inu Coin (SHIB) has enjoyed a considerable recovery, but what is the SHIB burn rate?

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To stay afloat in the long run, many cryptocurrencies require coin burning (the act of destroying coins by sending them to ‘dead’ wallets).

Binance Smart Coin (BNB) and Ethereum (ETH) both burn coins on a regular basis.

So, What about SHIB?

While a significant amount of SHIB has been burned in the past, nothing in the ‘WoofPaper’ suggests that SHIB has tokenomics in place to burn SHIB on a regular basis.

A small portion of a transaction fee, for example, is burned with other coins and tokens.

Certik drew a detailed diagram explaining how the ecosystem operates during the audit of ShibaSwap, a decentralized cryptocurrency exchange (DEX).

Similarly, neither the audit nor the diagram makes any mention of burning on a regular basis.

This isn’t to say that SHIB isn’t burning tokens.

New pairings or pools posted to the DEX will need to burn $25,000 in SHIB and LEASH as part of the ShibaSwap’s updated listing plans.

The ETH-RYO pool also has a scheme in place that burns 1% of all transactions.

On October 7, the cryptocurrency also announced that any NowPayments transactions will result in a percentage of SHIB being burned per transaction.

However, the percentage was not disclosed. NowPayments is a Shopify-integrated bitcoin payment service provider. It has a 0.5% service fee, but we don’t know how much SHIB will burn.

How Much SHIB Has Been Burned So Far?

Despite the low-level burns, a large amount of SHIB has already been burned or is in a dead wallet. The Ethereum founder, Vitalik Buterin, is responsible for much of this.

SHIB’s team sent Buterin half of the whole supply – roughly 500 trillion SHIB – when it initially launched. Buterin said he didn’t want to be “a locus of power of that kind,” so he burnt 90% of it or 410 trillion SHIB.

The remaining 10% was donated to charity by Ethereum’s developer.

SHIB has a circulating supply of 549 trillion coins, according to Coin Marketcap.

This implies that an additional 410, trillion SHIB has been burnt or is no longer in circulation.

However, the amount in circulation is most certainly higher. The now-transferred SHIB held by the India Covid Relief Fund is listed as not in circulation by CoinGecko.

While SHIB now has some standardized burns, many holders have expressed their dissatisfaction with the size of SHIB’s burn announcements.

According to CoinMarketCap, SHIB has a market cap of $10,811,587,901 at the time of writing. A $25,000 burn accounts for 0.00023% of the overall supply.

So far 18,048 people have signed a petition to burn a “substantial amount” of SHIB on change.org.

A greater burn would “enable Shiba to attract more investors, push up prices through demand, and most importantly, develop Shiba into a stable crypto token and a viable payment globally,” according to the petition’s creator.

Shiba Inu Coin Price Prediction

People and governments are increasingly adopting cryptocurrencies, which has resulted in price increases like Shiba Inu coin.

After the El Salvador government legalized Bitcoin as a legal tender in September, it became one of the most popular digital currencies.

Shiba Inu coin skyrocketed a few days ago, with the price of the currency rising by 56 percent in just 24 hours after Elon Musk’s tweet.

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Candle Stick Chart

Shiba Inu coin prices are predicted to change in 2021. Essentially, the value of all crypto assets fluctuates.

Nonetheless, most coins saw an excellent upward trend at the start of 2021, until Tesla’s CEO openly stated that the electric vehicle will no longer accept Bitcoin as payment.

As more and more unfavorable news hit the market after these remarks, a global downward trend began.

These downtrends lasted longer, with Bitcoin’s price falling below $30,000 for the first time.

However, as of this writing, Bitcoin’s price has risen dramatically, reclaiming the $61,000 mark, and most Alts, such as Shiba Inu coin, have risen in value as a result.

Given the Shiba price forecast for 2021, the tendency may continue.

Although Shiba Inu has not reacted well to the current upward trend as expected, it is clear that its price, like Dogecoin’s, will recover. It provides fantastic chances for cryptocurrency investors.

The following are some Shiba Inu Coin pricing predictions for 2021 based on various studies.

SHIBA INU COIN PRICE PREDICTION FROM TRADINGBEASTS

TradingBeast’s predictions are based on past data. And, based on their predictions, the price of the Shiba Inu coin is predicted to increase.

The coin is an excellent investment, according to the report, because of its future price estimate.

According to their current Shiba Inu data, the price of Shiba Inu is expected to reach $0.0000102 by the end of 2021, meaning a 26.97 percent growth.

The Shiba Inu coin price estimate for 2021 suggests a strong buy signal for the meme currency, and crypto investors should consider putting it in their portfolio.

Shiba Inu’s future price is expected to rise, providing crypto investors with a lucrative investment opportunity.

SHIBA INU COIN PRICE PREDICTION FROM WALLET INVESTORS

Shiba Inu coin prices are expected to rise, according to Wallet Investors’ forecast. Investing in the recently listed Inu coin would be advantageous if you want to raise the monetary value of your investment.

According to the estimate, the coin has the potential to gain +129% in a single year. Shiba tokens are expected to rise to $0.000010 by the end of 2021, according to Wallet Investor.

When compared to TradingBeast’s estimate, Shib tokens are expected to continue their bull run in the coming years.

SHIBA INU COIN PRICE FORECAST BY LONGFORECAST

According to the Longforecast forecast, the price of this token will surely rise. The coin has witnessed standard price swings since its inception.

Longforecasts expects that the token will climb by +555% to $0.00004094 in five years, making Inu a good long-term investment.

Shiba currency will continue to climb high in the crypto market, with Shiba seeking to attain new highs, based on the long-term potential indicated by this Shib price prediction.

HOW TO BUY SHIBA INU COIN

Below are ways to Shiba Inu coin on different platforms

how to buy shiba inu on binance

  • Deposit Fiat and Trade SHIB

To deposit a cash balance in your local currency into your Binance account, use Fiat Deposit. You can conduct a SHIB purchase or spot trade SHIB using the available fiat pairings with the amount invested.

  • Trade SHIB

Binance accepts more than 150 cryptocurrencies as deposits, many of which can be exchanged for SHIB at some of the best prices available.

  • Buy SHIB with Credit Card

At the moment, you cannot buy SHIB on Binance with a credit card. The best way to purchase SHIB is to deposit your local currency and then trade or swap it for SHIB.

How do you trade cryptocurrency on Webull?

To trade your crypto on the Webull platform, you need to have that option included in your Webull account (when you first create your account, you can only trade stocks).

To request permission, follow these steps:

1. Update your app to the latest version

2. Tap on the Webull icon (bottom row, middle icon)

3. Click on the ‘More’ button

4. Select ‘Crypto Trading’ to apply

It has a quick turnaround time.

how to buy shiba inu on coinbase

  • Users must first purchase USDC, which can then be used to buy SHIB and other compatible cryptocurrencies on Coinbase.
  • Coinbase also allows you to send your assets off-chain for free from your Coinbase pro wallet to your Coinbase wallet.
  • If you have BTC or ETH on Coinbase Pro, you can send these assets for free to your Coinbase wallet
  • Use the SHIBA-BTC or SHIBA-ETH trading pairings to enter SHIBA.

how to buy shiba inu on etoro

  • Create an account with eToro
  • To complete the process of purchasing Shiba Inu coin using eToro, you must first fund your account. The best part is that, unlike other cryptocurrency exchanges, you can deposit in US dollars.
  • Your trading account is now ready, and your funds are ready to go. The following step is to purchase a Shiba Inu coin.
  • To purchase Shiba Inu, you must first determine the appropriate currency pair based on your preferences.
  • If you wish to buy crypto with USD, for example, you should choose the SHIB/USD combination on eToro.
  • Select the amount of Shiba Inu coinyou want to buy after picking your preferred currency pair, then complete the transaction.

how to buy shiba inu on Crypto.com

  • Sign in to your Crypto.com account.
  • Select the “Buy Crypto” located on the top-left corner, and click on “Credit/Debit Card.”
  • Under the “I Want to Spend,” enter the amount of USDT you want to buy.
  • Under the “I Want to Buy,” click on the drop-down menu that pops up and select USDT.
  • Next, choose your payment option (e.g. Visa/MasterCard) and a payment channel.
  • Mark the “Disclaimer” button and click the “Confirm” option. 
  • Follow the prompts to finish the payment process.

Swapping USDT for Shiba Inu coin

  • 1. After a few minute, your USDT should be in your Main Account, which you can find by going to Assets > Main Account.
  • 2. Hit the “Transfer” button located next to USDT to change your USDT over to your Trading Account.
  • 3. After that, go to your Trading Account and confirm if your USDT is there.
  • 4. Select the “Markets” to start swapping USDT for Shiba Inu coin.
  • 5. On the far right, type in “SHIB” into the search bar.
  • 6. Click on the SHIB-USDT trading pair.
  • 7. Click on “Buy SHIB.” 

CONCLUSION

One of the most encouraging aspects of Shiba Inu’s rise is the speed with which it has been accepted onto major exchanges like Binance, giving the coin a sense of confidence and stability.

Despite the fact that it comes with a warning about its anticipated volatility, we believe that this unique cryptocurrency has a bright future ahead of it.