What is Shiba Ino currency? Shiba Inu cryptocurrency mining, wallet, future and analysis

What is Shiba Ino digital currency ? Shiba Inu currency is a token that is on the Ethereum network and was created with the aim of building a spontaneous and decentralized community.

Sometimes the cryptocurrency market can seem like a coin factory. In recent years, many digital currencies have emerged, each of which has its own characteristics and uses. Even some of these cryptocurrencies have made their way to this big world just as a joke, but over time they have been able to gain a lot of popularity among investors and holders of digital currency. Shiba digital currency is one of these cryptocurrencies. What is Shiba digital currency? How to buy and extract Shiba digital currency? Can we hope for the future of Shiba cryptocurrency? In this article, we will discuss the complete Sheba cryptocurrency. So stay tuned to Crypto Academy.

What is Shiba Ino?

Shiba Inu is a token that exists on the Ethereum blockchain. The mysterious founder of this coin, known as Ryoshi, says about the creation of this cryptocurrency: "This project is an experiment to build a spontaneous and decentralized society."

The new code name Shiba is taken from the name of a Japanese breed dog. This dog was initially the symbol of Dogecoin, but Shiba was soon known by this name and symbol in the world. Therefore, Shiba has taken the title of Doge Killer. Even though Shiba Inu and Dogecoin entered the cryptocurrency market as a joke, these two cryptocurrencies managed to gain value like other Meme investments.

The Shiba Inu White Paper features international chat room managers, social media influencers, and meme creators as part of those who make the Shiba Inu successful. The creators of this cryptocurrency have given their white paper the nickname "Woof Paper".

The official site of Shiba Ino

To enter Shiba Ino's official website, you must visit shibatoken.com. There are different sections on this site, which include the introduction of the Shiba ecosystem, the purchase of this currency, etc.

What is Shiba Ino Token?

Since Shiba Ino does not have its own blockchain and operates on the Ethereum platform, it is called a token. The token is placed in front of the coin. Currencies such as Bitcoin or Ethereum that have a private blockchain are called coins.

History of Shiba currency

Shiba Ino is a decentralized digital currency that was created in August 2020 by an anonymous person known as Ryoshi. This digital currency is an ERC-20 token on the Ethereum blockchain, based on Dogecoin. This currency was able to capture most of the Dogecoin market share. On May 13, 2021 (May 23, 1400), Vitalik Buterin, the creator of the Ethereum network, donated more than 50 trillion Shiba tokens to the COVID-Crypto Relief Fund in India.

The difference between Shiba Ino and Bitcoin, Ethereum, Tether and other currencies

One of the main differences between Shiba Inu currency and other cryptocurrencies is the difference between token and coin, which we mentioned above. As we said, coins have their own blockchain. For example, Bitcoin, Ethereum and even Dogecoin have blockchain. But on the other hand, tokens are launched on top of already established blockchains. For example, the Shiba token is on the Ethereum blockchain. So, one of the main differences between Shiba Ino and other cryptocurrencies is related to this.

Many people believe that Shiba Ino has many similarities with Dogecoin; However, there are many differences between them. Both of these currencies have many tokens, which means that each token has a lower price. Dogecoin has its own blockchain, but as we said, Shiba currency is based on Ethereum. Dogecoin can also be mined, but Shiba cryptocurrency is not, and all Shiba tokens are locked to the network from the start. The number of existing Dogecoins is infinite, but the number of Sheba tokens reaches one thousand trillion (1,000,000,000,000,000).

Advantages of digital currency Shiba Inu

Before you want to invest in Shiba digital currency, you should know its advantages and disadvantages well. In the following, we will mention some of the most important advantages of Shiba:
  • Creative branding using a meme: Currently, there are so many digital currencies in the world that many of them have not been able to create an exclusive and prominent identity for themselves. In fact, most digital currencies are under the shadow of larger cryptocurrencies such as Bitcoin or Ethereum. In the meantime, currencies that can gain many fans by using basic branding will achieve success. Shiba Inu first became popular in the form of a meme on social networks, and then went through the stages of development quickly. This feature can be a good support for further growth of this cryptocurrency in the future.
  • Shiba Swap: One of the clear advantages of the Shiba Ino cryptocurrency is that it has a decentralized Shiba Swap exchange. A decentralized exchange is a peer-to-peer exchange that allows its users to exchange digital currencies without intermediaries. Shiba Ino is only one of the three cryptocurrencies in the Shiba ecosystem, which is represented as SHIB. The other two are BONE and LEASH, each of which has its own characteristics.
  • Probability of offering in Robin Hood: The popular Robin Hood application supports a small number of cryptocurrencies. Due to the high popularity of Shiba, it is said that we will see Robin Hood supporting it in the future. It is interesting to know that not long ago a petition was created in support of the Shiba Inu to be added to the Robin Hood app, which had more than 400,000 signatures. Meanwhile, by adding Dogecoin, Robin Hood earned about 30 million dollars in the first quarter of 2021. For this reason, it is possible that in the future, sheba will be added to the list of currencies.

Disadvantages of Shiba Ino cryptocurrency

With all the advantages we have listed for Shiba Ino, this cryptocurrency also has disadvantages that make us a little skeptical about its future. In the following, we will state the most important disadvantages of Shiba currency:
  • Extreme fluctuations: Usually, a cryptocurrency that has experienced a sudden growth can also fall at the same speed. This also applies to Shiba. That is why it is usually not recommended to keep this currency for long-term investment. According to the statistics provided by Coinbase, the Sheba holding period for investors of this cryptocurrency is approximately 13 days.
  • Not common in the real world: some digital currencies such as Bitcoin and Ethereum are common; That is, they are recognized and used in many transactions, even outside the domain of digital currencies. But Shiba Ino is recognized by only about a hundred sellers, who mainly operate in the field of digital currencies. This lack of generality can be one of the biggest obstacles in the direction of the Shiba Inu's growth.
  • Lack of support from Elon Musk: There are many cryptocurrencies created with a dog theme. The same Shiba currency is also inspired by the original Dodge meme. One of the interesting news that even affected the Shiba price for a while was the purchase of a Shiba puppy by Elon Musk. Many people predicted a bright future for this cryptocurrency, believing that Musk intends to support Shiba currency. But soon after, Musk officially announced that he only supports Bitcoin, Ethereum and Dogecoin digital currencies.

Shiba Inu System: How does the Shiba Inu Blockchain work?

The Ethereum network has a decentralized structure; That is, users in this network can conduct transactions without the supervision of any external or government entity, which is considered a great advantage for Ethereum. Shiba Ino is also located on the Ethereum network and does not have its own blockchain. For this reason, Shiba is considered a token and not a coin.

The number of initial sheba that was released in the market was equal to one thousand trillion. Ryoshi, the creator of Shiba, initially released part of this amount through the Ethereum network, and the other part was given to Vitalik Buterin, the creator of Ethereum. Buterin later provided this amount of Shiba currency to the Indians to help control the corona virus epidemic.

Shiba Ino's security

Since Shiba Ino is launched on the Ethereum platform, it is technically very secure. But if you are looking to invest in this cryptocurrency, you should pay attention to some important points. Many experts believe that Shiba is a Bitcoin. There are many reasons for this. For example, the name and identity of the creator of Shiba is not known and it has a non-transparent management.

The next thing that made Shiba to be called a Shatcoin is the fact that its white paper was not published. A white paper is a document that specifies the goals of a project and its coordinates. Initially, when Shiba was released, its white paper was not presented, and this created ambiguity about this cryptocurrency. Not having a dedicated blockchain as well as Shiba's explosive growth are among the things that have led experts to distrust this cryptocurrency.

Shiba Inu Blockchain Architecture Outline

We mentioned that Shiba Ino does not have its own blockchain. This cryptocurrency is launched on the Ethereum network and has three different tokens. These tokens include SHIB and LEASH as well as BONE. If you pay attention to the way they are named, you will realize that they are all related to dogs. Shiba, which is the name of a dog breed; BONE refers to the bone of the dog and LEASH refers to its leash.

The number of SHIB tokens is one thousand trillion. There are 250 million BONE tokens and the number of LEASH tokens is 107,646. The LEASH token is awarded to people who contribute to the financing of Shiba. The BONE token is also for people who have the right to vote in the Shiba financial system.

The number of coins in Shiba Ino circulation

As we mentioned above, SHIB is an ERC-20 token based on the Ethereum network. The total number of Shiba tokens is one thousand trillion (1,000,000,000,000,000) numbers.

Uses of Shiba Inu

Shiba Ino entered the world of cryptocurrencies with the release of one thousand trillion tokens. Ryoshi then decided to give half of these $1 billion tokens to Vitalik Buterin, the creator of Ethereum, and lock the other half in a decentralized financial protocol called UniSwap. In 2021, Butrin donated 1 trillion tokens to aid India, one of the largest cryptocurrency philanthropic donations in history. He made the rest of the tokens in his possession permanently unusable to ensure Shiba's value in the long run.

Some decisions made by the Shiba Inu creation team have increased the value of this cryptocurrency. For example, transferring half of the tokens to Vitalik Buterin is one of these decisions. Another is to create Shiba Inu in such a way that it can bring huge profits to its investors. In general, the goal of this project is to create an equal opportunity for everyone to invest; In such a way that every person can have millions of Shiba tokens and thus achieve huge profits.

Price Shiba Inu

While less than a year has passed since the creation of Shiba currency, this currency has a market value of more than 3.8 billion dollars as of early June 2021 (Khordad 1400). The Shiba currency price did not change significantly from August 2020 (the time Shiba currency was created) to April 2021 (April 1400). The price of Shiba was about 0.000009 dollars until April 20 (31 April) and quickly reached 0.000038 dollars until May 9 (19 May). Shiba Ino currency is one of the currencies that was able to experience a 40,000% price increase after launch, but immediately fell.

However, since the fall of Shiba on May 19 (May 29), the price of this currency has decreased significantly, with a 40% drop to around $0.000018. The market value of Shiba currency also decreased by 77% after May 12 (May 12). At the time of writing this article, this currency is considered the 30th largest cryptocurrency by the capital market. Shiba Ino currency is very small and each unit has a value of 0.000007191 USD.

Coffee-Pool Sheba Eno

To store any digital currency, you must use a special wallet for the same currency. Cryptocurrency wallets act like a bank account where you can deposit or withdraw money. It is clear that, for example, Shiba wallet is made only for this currency. Of course, there are public wallets that support multiple digital currencies.

Digital currency wallets have three main types: paper, hot wallet and cold wallet. Warm wallets have the ability to connect to the Internet and can be accessed from anywhere. But cold wallets are used offline. Each of these wallets has its own features, advantages and disadvantages. Trust Wallet (Trust Wallet) and MetaMask (MetaMask) are two Shiba Ino currency wallets that have been made available to the public in the form of software.
  • Trust Wallet: Shiba Trust Wallet currency wallet is one of the best software wallets that can be installed on Android and iOS operating systems.
  • Metamsk: Shiba Ino Metamsk wallet is one of the most reliable official Ethereum wallets, which you can easily add to your browser and use.

List of the best Shiba Inu wallets

We said that Shiba Ino was launched based on the ERC-20 standard and on the Ethereum platform. For this reason, its cryptocurrency can be stored on all wallets that support Ethereum. But on the other hand, not all wallets support this currency yet. In the following, we introduce three of the wallets that are recommended for storing Shiba Ino:
  • Trust Wallet
  • Metamask
  • Lumi wallet

Buy Shiba Ino digital currency; How do I buy a Shiba Inu?

At the beginning of the Shiba Ino digital currency release, many reputable exchanges, including Binance, did not support it. But after presenting Shiba's white paper and building trust about it, they decided to add this currency to their list of cryptocurrencies. Currently, Shiba Inu can be purchased through many exchanges, including Binance and Coinbase. To buy this currency, you need to look for the symbol SHIB in the exchange of your choice. Then you can buy Shiba Ino using Tether. Of course, it is also possible to buy Shiba currency without Tether in decentralized exchanges. Some of the decentralized exchanges through which you can purchase Shiba Inu are:
  • Uni swap
  • Gate.io exchange
  • Bitmart
  • BitForex
  • Polonachus
  • Exchange x0
  • Hoo Exchange
  • Hotbit
  • Coin Kong

Shiba Ino digital currency exchange list

As we said, Shiba token entered the cryptocurrency world as a joke and entertainment, many exchanges did not take it seriously and did not list it for trading. But with the significant growth of Shiba currency, many traders were attracted to it. Therefore, exchanges like Binance decided to trade Shiba to satisfy their users. Among other exchanges that support the purchase and sale of Shiba cryptocurrency, the following can be mentioned:
  • Binance
  • Shiba Swap
  • Kucoin
  • CoinBene
  • Probit Global
  • CoinDCX exchange
  • WazirX
  • Crypto.com exchange
  • Huobi
  • OKEx

Shiba Ino digital currency future prediction

Although Shiba currency investors were very worried after the fall of this currency, it is not wrong to say that the future of Shiba currency is very bright. It is believed that the price of Shiba Inu currency will increase in the coming years. Coinpedia site predicts that by the end of 2021, the price of this currency will almost double its current price and will reach about $0.00002023.

Following the increase in the price of Shiba currency in 2021, the price of Shiba tokens is expected to increase again in 2022. So that at the end of 2022, each Shiba token will have a value of $0.0002230. This price increase is expected in the next five years. So, it is expected that by the end of 2025, the value of Shiba currency will reach 0.00003106 dollars and will continue to grow. So that at the end of these five years, the value of each Shiba token may be equal to 0.00003860 dollars.

Note : This statistic is only for general information and is not considered a signal for buying and selling Shiba currency.

Shiba Ino digital currency chart

Currently, the price of each unit of Shiba token is equal to 0.000043 dollars. Also, the market value of Shiba cryptocurrency is equal to 23.2 billion dollars, which makes it 12th among all currencies. Looking at the chart of this digital currency above, we can see that its price has suddenly increased in the past year. Most of this increase is related to the last one or two months. Of course, the above graph is related to a recent month, when the price trend of Shiba has been almost downward, but it has also experienced ups and downs. Many experts believe that Shiba, like many Bitcoins, has shown its growth and will not grow in the future. But for now, it seems reasonable to buy it.

Extraction of Shiba Inu

One of the ways to buy Shiba Ino token is to buy Ethereum and convert it to Shiba. For this purpose, it is necessary to create an account in one of the exchanges supporting Shiba currency and create a wallet for yourself. Since Shiba cryptocurrency does not have its own platform, it cannot be mined. Therefore, to buy and sell Shiba Ino, you must have access to a reliable exchange and wallet.

What is Shiba Ino's ROI?

In general, you should note that investing in digital currencies is considered a very risky business. But people who do this are usually familiar with its challenges and risks. By buying Shiba Ino currency, you can save millions or even billions of currency in your wallet, because this digital currency has a lower price compared to many other popular currencies, and that is why it has attracted more audiences. Is.

Many experts predict that although Shiba has experienced significant growth and is now in a recession, there is still room for its value to rise. But since it is difficult to predict the future of digital currencies, it is not possible to talk about investing in it with certainty.

Erez Shiba and Elon Musk; What was the story behind the curtain?

One of the things that can increase the value of digital currencies and make them popular is the attention of the public or famous people. Examples of this issue have also been seen many times. For example, when experts and experienced people in the digital or programming fields praise the features of a cryptocurrency, users are encouraged to buy that currency, and this ultimately leads to an increase in the value of the digital currency.

One of the famous people whose actions and words have an incredible impact on the rise or fall of digital currencies is Elon Musk, the owner of Tesla and SpaceX companies. With his support for Dogecoin, he made this cryptocurrency experience a strange rise. He also announced in a tweet that he bought a Shiba dog and named him Floki. This simple tweet caused the Shiba currency to grow by 25% in just a few hours. Of course, it became clear later that Elon Musk did not intend to officially support this currency and did not approve it.

Shiba Inu digital currency frequently asked questions

In this article, we discussed various topics related to the Shiba Inu currency, but there may be some questions in your mind that have not yet been answered. Below are some common questions of users about Shiba currency and we answer them briefly. Of course, you have read the more detailed answers to these questions in the text of the article. If you have any other question in this field, be sure to ask it in the comments section so that we can answer it as soon as possible.

What is Shiba Ino?

The Shiba coin takes its name from a Japanese dog breed. At first, this dog was only a symbol of Dogecoin, but with the release of Shiba digital currency, it was also recognized as a symbol of this cryptocurrency. Shiba Ino does not have its own blockchain and therefore it is considered a token.

Buy Shiba Inu digital currency; How to buy Shiba Ino digital currency?

You can purchase Shiba digital currency through reputable exchanges such as Binance and Coinbase. You can use Tether currency to buy it. Of course, it is also possible to buy Shiba independently from decentralized exchanges.

Shiba Inu digital currency analysis

Analysts are divided into two categories when examining Shiba currency; The first group believes that this currency has a bright future due to its great popularity. But the second group believes that Shiba has no signs of a promising digital currency.

What will be the future of Shiba Ino currency?

Regarding the future of Shiba, analysts are divided into two groups; The first group believes that Shiba will continue to be popular in the next few years and its value will increase. But the second group considers the one-time increase of Shiba to be caused by traders' excitement and say that this increase is temporary.

What is the prediction of Shiba Ino digital currency?

Predicting the future of digital currencies in general does not seem so simple and logical. Especially, currencies like Shiba, which have experienced strong growth, may suddenly face a fall or even continue to grow. We just have to wait and see what happens in the future.

What is the price of Shiba Ino digital currency?

The Sheba Token price is currently $0.000043. It is not bad to know that this token reached the peak of $0.000088 about a month ago (early November 1400) and then gradually began a downward trend.

What are the types of Shiba Ino currency?

This cryptocurrency is launched on the Ethereum network and has three different tokens. These tokens include SHIB and LEASH as well as BONE. If you pay attention to the way they are named, you will realize that they are all related to dogs. Shiba, which is the name of a dog breed; BONE refers to the bone of the dog and LEASH refers to its leash.

What is the best Shiba Ino digital currency exchange?

At first, reputable exchanges did not want to include Shiba in their list of currencies. But seeing the public interest in this currency, their opinion has changed. Shiba can now be purchased through reputable exchanges such as Binance and Coinbase.

last word

The world of digital currencies is an amazing world that may surprise the market's activists and traders at any moment. Shiba digital currency and its remarkable growth is one of these amazing events. Because this token was first created for the purpose of entertainment and joking, and even some exchanges refused to list it in their transactions. But after it became popular, it was listed in many reputable exchanges. In this article, we introduced Shiba cryptocurrency and examined all its aspects. What do you think about investing in Shiba Ino currency? Share your thoughts with us and other Cryptocurrency Academy audience .

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