SHIB, or Shiba Inu in full, is not just a lovely breed of dog – the Shiba Inu is also, above all, a cryptocurrency. Originally launched as a joke coin and an answer to the Dogecoin, the Shiba has not only risen strongly in value in recent weeks thanks to memes, but even more so, it is currently number 9 on cryptocurrency lists.
Shiba Inu has gained 950 per cent in one month thanks to Elon Musk, his puppy and Buterin. Vitalik Buterin is the co-founder of the Ethereum coin. While Elon Musk posted photos of his Shibu Inu puppy, the price of Bitcoin went up strongly again in parallel and these two moments could grant support to the new cryptocurrency. Buying Bitcoin when the price is just going through the roof is rather unsmart. Let’s just wait and see or look for another investment opportunities.
The developers of SHIB (abbreviation for the coin name) want to make the cryptocurrency attractive above all for leisure activities. As with Dogecoin, people should be able to spend their free time with it. There is always technology behind cryptocurrencies. The SHIB uses smart contracts.
What are smart contracts?
Digital contracts are concluded between different blockchains. In this way, different cryptocurrencies can also actively communicate with each other. The SHIB already has half of the coins with Uniswap.
In this context, a smart contract is nothing more than a digital line in a protocol of a blockchain. This line of code is ultimately the agreement between two parties that they will work together. Predefined rules are agreed upon. If these rules are adhered to, the contract is automatically implemented. The contract code verifies and enforces the execution of a transaction or agreement.
Uniswap guarantees the long-term technical solution of the coin because of its size.
How many SHIBA Coins are there in circulation?
A quadrillion Shiba Inu coins are said to exist. A quadrillion is one million to the fourth power. So a one with 24 zeros.
So one half of the SHIB is at Uniswap and the other half is stored with Ethereum co-founder Vitalik Buterin.
Why is Buterin locking up so many coins?
By storing a coin, it automatically becomes scarce and thus its value increases. For the time being, Buterin has absolutely no reason to use his SHIBAs. However, some of the coins were used by the millionaire for charitable purposes in India. To prevent the market from being flooded with coins, Uniswap has burnt part of its stock in return.
How are coins burned?
To burn coins, they are simply moved to a dead wallet. A dead wallet is a storage medium that is not active. Cryptos that are in such a storage medium can technically no longer be brought to life.
More info on Shiba Inu Coin
The coin was founded in 2020 by an anonymous person. The company also supports an association in Japan for the protection of the dog breed through donations.
The SHIBA first gained attention in May 2021 when a rumour circulated that the cryptocurrency would be added to the stock on the crypto exchange Coinbase. The high lasted only briefly, however, and not much happened until 4 October. Then the boom started and on 27 October there was a new all-time high. The price of 0.00008667 USD has held until today. The coin now has a market capitalisation of 40.5 billion USD, which puts it in 9th place among all cryptos and one place ahead of Dogecoin.
Pay for gold with SHIBA?
Easygold24 will soon be offering to buy gold with SHIBA. This means that you can make a safe investment and a return on investment for your coins. Cryptocurrencies are highly volatile. Gold is always gold and a global crisis-proof asset. This is especially true if you have gold bars physically delivered.
