How Does the Shiba Inu Coin Work?
You’ve probably heard about the Shiba Inu cryptocurrency and wondered why its price plummeted by more than 40% by 2021, only to plummet in a matter of months, to $0.00000793. But are you aware of the potential for SHIB to grow in value? Read on to learn more about this decentralized cryptocurrency, compatible with Ethereum wallets. In the following paragraphs, we’ll explore how it works and its potential for growth.
Shiba Inu is a decentralized cryptocurrency with a Shiba Inu dog as its mascot
The creators of the Shiba Inu cryptocurrency claim that their coin will replace Dogecoin in the short term, and have recently donated 50 trillion SHIB tokens to a disaster relief fund. The Shiba Inu’s popularity has grown thanks to a number of factors, including token burn events, merchant adoption, and memes.
Dogecoin was originally created to be used for tipping online creators. Now, it has surpassed that market cap, and the Shiba Inu developers are pushing the currency even further with a decentralized exchange called ShibaSwap. The Shiba Inu coin is based on the Ethereum blockchain, so its utilities and security features can easily be added to new tokens.
Its price rose over 40% in 2021
In October, the price of Shiba Inu (SHIB) soared over forty percent in a single week. The coin’s price had surpassed DOGE and even had a larger market cap than Deutsche Bank. 2021 was the year of meme coins as SHIB outperformed every asset in the world for two weeks. There was no single person responsible for the price surge, but rather a collective of Shiba Inu fans.
The rise in the price of Shiba Inu can be attributed to the fact that it has a low per-coin cost, meaning investors can hold billions or even millions of coins. Investors can purchase Shiba Inu using the company’s own platform or through crypto exchanges. The coins are also listed on several major crypto brokerages such as eToro. A new version of the currency will be added to the Robinhood Markets Inc. platform when its crypto wallets are fully integrated. The price of Shiba Inu has increased by over 40% since last year, with its recent surge being the result of increasing trading activity and a rise in Google trends.
It plummeted quickly to $0.00000793 in 2022
The Shiba Inu cryptocurrency has a total supply of one quadrillion tokens, of which the creator has sent half of them to Vitalik Buterin, co-founder of Ethereum blockchain. Buterin has burned 90% of the remaining tokens, donating the rest to charity. The price of SHIB has been one of the most volatile crypto assets in 2021, with its price jumping 1,953% in one day on May 11 and falling rapidly to $0.00000793 within three weeks.
The value of SHIB rose quickly in 2021 when Binance listed it. Elon Musk then tweeted about having a Shiba Inu dog. In April, Jordan Belfort endorsed the coin. And with the listing of Binance, SHIB has gone global. In 2022, it will fall to $0.00000793 per token. However, the team has been working hard to carve out use cases and make the crypto more useful to its users.
It is compatible with Ethereum wallets
If you are interested in acquiring SHIB, you should first make sure that the coin supports your Ethereum wallet. Ethereum wallets are designed to support ERC20 tokens, including SHIB. To use this coin, you must have a balance of ETH in your Ethereum wallet. However, if you are not a member of any exchange, you can easily transfer your SHIB to other exchanges by copying and pasting the deposit address from your wallet.
Once you have Ethereum, you can use a wallet compatible with Ethereum. Shiba Inu is not automatically listed in the Metamask wallet. Therefore, you must add it to your wallet to view the coins you own. To do this, you must first obtain the SHIB ERC-20 contract address from CoinGecko or CoinMarketCap. Once you have the ERC-20 contract address, you can import it into Metamask.
