SHIB, a new cryptocurrency, has already taken over some Dogecoin markets. The cryptocurrency has been dubbed the "DOGE killer" because its logo is a Shiba Inu dog breed. SHIB is a decentralized spontaneous community-building experiment developed within the SHIBA INU ecosystem. The Shiba Inu, dubbed the "Dogecoin Killer," has become the cryptocurrency market's flavour of the season, attracting a lot of attention and emerging as a popular choice among investors, especially in the wake of a bear market in cryptos like Bitcoin and Ethereum.Shiba Inu (SHIB), also known as Shiba Token, is a decentralized cryptocurrency created by an anonymous person known as "Ryoshi" in August 2020. Shiba Inu (SHIB) is the newest meme coin to get the attention of the blockchain investing world. Many consider this token to be a rip-off of Dogecoin because it also takes influence from the famous Shiba Inu. Furthermore, both projects were made in a humorous manner. The creators intend to release the next coin, Bone Dogecoin Killer, in the near future.
Shiba Inu Details
Market Cap: $2,759,764,426
Indian Price of Shiba Inu Rs: ₹ 0.000500
Found this pic of me as a child pic.twitter.com/hUEKluRAdP— Elon Musk (@elonmusk) June 2, 2021
Shiba Inu - DOGE- Killer
The "DOGE killer," as it's been dubbed, was modeled after Dogecoin and has a market capitalization of more than $7 billion as of May 2021. With nearly 400 trillion in circulation, the token's price is low-less than two-hundredths of cent-allowing users to "hold billions or even trillions of them."
ShibaSwap, SHIBA INU's decentralized exchange, has listed and incentivized SHIB as the first cryptocurrency token.
Shiba Inu coin prices dropped by around 40% after Vitalik Buterin, a 27-year-old Russian Canadian billionaire, donated 50 trillion Shiba Inu coins to the India Covid Crypto Relief Fund, which is run by Indian crypto entrepreneur Sandeep Nailwal.
How to buy Shiba Inu in India?
WazirX is an Indian exchange where you can trade the Shiba Inu coin. Shiba Inu tokens are also listed on other platforms like Uniswap and CoinDCX's web version. Uniswap is an Ethereum-based decentralized exchange (DEX) that allows users to buy and sell cryptocurrencies in exchange for ETH and other Ethereum-based tokens.
Difference between Dogecoin and Dogecoin Killer
As of now, it is based on Ethereum and has little to no underlying use cases or value. Because the token is so new to the market, there isn't much information about it yet. Dogecoin is a cryptocurrency that was created using the same technology as Bitcoin. Ethereum is used to power Shiba Inu tokens. Non-fungible tokens (NFTs) use the Ethereum platform's ERC-721 token standard, while fungible tokens like Shiba Inu use the ERC-20 token standard.
What is ShibaSwap?
ShibaSwap is Shiba Inu's own decentralized cryptocurrency exchange, allowing buyers to trade Shiba Inu for other cryptocurrencies. The coin's supporters describe it as a "safe place to exchange your valuable crypto while staying decentralized." To ensure a secure launch, ShibaSwap is undergoing security checks, audits, and final updates.
Participants in the network will be able to exchange their tokens directly from their wallets with other ERC-20 compatible tokens on this non-custodial platform. Because they do not retain huge quantities of bitcoin to tempt hackers, non-custodial exchanges are often more secure than centralized exchanges.
Investing in Shiba Inu is risky?
Shiba Inu aims to increase consumers' earning potential. The project's major goal was to build an ERC-20 token and ecosystem that were inexpensive enough for anyone to acquire millions of them. They purposefully priced the project's tokens considerably below a cent. The plan is to make the platform profitable even if it only makes $0.01. So far, the developers have been successful in this regard.
It's critical to recognize that Shiba Inu has had a fantastic start. However, because the platform is new, all investments are now speculative. When Changpen described the initiative as intriguing, but "very high risk," he mirrored these sentiments. The objective for Shiba Inu (SHIB) is to seize this momentum and channel it into future ecosystem expansion.
Investors are at significantly larger danger of losing money, especially given the market's already high volatility.
Will Shiba Inu coin rise again?
Shiba Inu coin is anticipated to rise again, according to InvestingCube.com. At the now, there isn't much momentum behind the currency, but active buyers could help the currency's value rise. The value could rise to $0.00001040 in a more active buyer's market, according to InvestingCube.com. Although it may not appear to be a significant amount, an entire decimal point can have a significant influence on the pockets of large investors.