ShibaInu token (SHIBA) is the latest meme token to attract interest from the crypto investing community. As with most new cryptocurrencies, there’s little knowledge about the self-proclaimed Dogecoin killer meme coin other than its rapid increase in popularity and market value.

The Ethereum-based token has seen its market value soar this year by nearly 2000% in the last week alone (at the time of writing this article), 37,929% in April, and up 2,081,399% over the year. As crypto investors continue to hunt for new projects to put their money on, SHIBA is already taking a sizable number of investors into their fold.

According to CoinMarketCap, SHIB is up more than 2 million percent since its inception on July 31, 2020. This is way above Bitcoin and Ethereum since their respective inceptions.

These numbers seem unreal, right? 

Yes, these numbers can certainly turn anyone’s head, but what’s leading to this type of crazy bullishness?

What is SHIBA INU (SHIB)?

SHIB is an experiment in a decentralized community, which has taken the form of Dogecoin. SHIBA is built on the Ethereum Network and is the fastest growing cryptocurrency among the top 100 coins in terms of market capitalization. The token has position itself as an alternative to Dogecoin, and many observers believe that this rise is not surprising as exponential growth is becoming a common trend among newly introduced cryptocurrencies. The drive to invest in new cryptocurrencies is based on their supposed lesser value. As of the time of writing this article, SHIBA price stood at $0.00002894 compared to a lower $0.0000006 in mid-April, according to CoinMarketCap.

ShibaInu creators sent 50% of its token supply to one of the Ethereum founders, VitalikButerin, as a ‘giveaway’, who now holds well over 505 billion SHIB tokens.The giveaway to the Ethereum founder was treated as having been “burned” or simply taken off the market to boost the value of the token available for trading. The strategy was to remove the tokens from circulation and create an element of scarcity to ramp up interest in the token.

The Story Behind SHIB

Other than pronouncing itself as Dogecoin challenger, the Ethereum-based meme coin simply started as an “experiment in decentralized spontaneous community building,” according to its website.

As the first token to be listed and incentivized on the coin’s own decentralized exchange platform, ShibaSwap, SHIB is now valued at a staggering $13 billion. SHIB allows users to hold billions or trillions of them, and the ERC-20 only token can remain well under a penny and may just surpass Dogecoin, going by the rate at which it’s growing in popularity.

What Makes SHIB Different?

SHIB, just like Dogecoin, is a dog-inspired meme coin. However, while Dogecoin is a coin, SHIB is a token. The difference between the two is cryptocurrencies such as Dogecoin are built on their own blockchain, whereas tokens such as SHIB are built on an existing blockchain. This is why SHIB is sold as SHIB tokens.

SHIBA INU creators have been hailed for their experimental spirit, which the basis from which most cryptocurrencies have grown over the last decade, including the pioneer Bitcoin.

The SHIBA INU Community

One of the strongest features of SHIBA INU is its strong community. The community has been gaining serious momentum that has seen it receive a lot of investors joining on board to buy and hold the token.

Binance Listing

On Monday of May 10, 2021, Binance announced that they have finally listed SHIB in their Innovation Zone. Innovation Zone is a dedicated trading zone where users can trade new, innovative tokens that are likely to have higher volatility and pose higher risks than other tokens. The world’s largest crypto exchange by trading volume stated that they opened trading for SHIB/BUSD and SHIB/USDT trading pairs and that users can start depositing SHIB in preparation.The listing by Binance is attributed to the increased user demand.  Binance CEO Changpeng Zhao tweeted on May 10, 2021, that the exchange “ran out of ETH deposit address due to SHIB today”, something he recon had never happened before in the history of the exchange with any ERC-20 coin.

The listing led to a jump in SHIB price in the last few days.

However, Binance has warned its users that the token may pose a higher risk than normal. They stated that SHIB is a relatively new token that posesa higher risk, hence will likely be subjected to high price volatility going forward.

Where Can One Buy SHIB?

Depending on your geographical location and legibility, SHIB is listed in various crypto exchanges across the world. Major exchanges such as Coinbase, Binance,OKEx, and Huobi Global, are some of the platforms where you can buy SHIB. However, these exchanges are not available to US residents. You can also buy SHIB from decentralized exchanges (DEX) such as Uniswap, 1inch, and 0x. None of the exchanges accept USD for SHIB, so you will need stablecoins such as Tether (USDT) Binance USD (BUSD), or Wrapped Ethereum (WETH) to buy SHIB.

The WSUM Network

WSUM Network is an upcoming project that is planning to create 4 similar tokens with the spirit of community in them. The project has been based on spontaneous community-building exercises. WSUM Network is wrapping and staking the global community to begin embracing its new blockchain projects and building a case for its future projects with a robust ecosystem. For those keen to look for new projects, the WSUM project is something to keep an eye on, as they are projecting on the long-term game of cryptocurrency with their proposed four tokens similar to SHIB. The project promises portability, composability, transparency, and provability. WSUM network has robust architecture, and the community is ready to bring headlines with its unique tokens.

WSUM team aims to build the tokens around the WSUM community and use the power of the community to drive marketing and adoption. Interested to know about WSUM Project? You can check their whitepaper and evaluate its growth strategy, team, technology, and roadmap.

Telegram Subscribe
telegram
Previous PostNext Post
wsumadmin
WSUM - We are wrapping & staking global community for block chain projects. Join our community to help secure networks and earn rewards. We know staking

Leave a Reply

Your email address will not be published. Required fields are marked *