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SHIBA INU (SHIB) Review: Meme Coin Extraordinaire
Meme coin fans who missed the boat on Dogecoin’s rise to stardom were happy to discover a new dog on the block: SHIBA INU.
SHIBA INU (SHIB) is an ERC-20 token that aims to be a direct competitor to Dogecoin, whatever that means, and is trying to become the top meme coin on the market. Famously sending half the total supply to Ethereum creator Vitalik Buterin, who subsequently burned his share, the SHIB developers are trying to create a meme coin with some utility, though there is still not a whole lot of utility. Our SHIB review will give you all the info you need to know before investing in a meme coin trend.
SHIB Pros & Cons
Pros
Affordable
Decentralized exchange with staking available
There is a chance it could rise in value like Dogecoin
Cute logo?
Cons
Ridiculously high supply
Risky investment
Another meme coin can come to market
Our Favorite Cryptocurrency Exchange for Buying SHIBA INU
- Beginner-friendly UI make it easy to make quick buys
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- Earn $200 in free crypto after completing sign-up process. Terms apply.
- Variety of products including exchange, staking, wallet
- Advanced Trading options for experienced traders
SHIB Ratings
Supply
- Total: 1,000,000,000,000,000 SHIB
Network Speed
- Rating: Low
- Reason: ERC-20 token which means it uses the Ethereum blockchain, which can only process about 15 transactions per second in its current iteration. In order to have a fast transaction time you will have to pay a high gas fee in ETH.
Disbursement
- Rating: Medium-High
- Reason: The rating would be low if not for Vitalik Buterin burning almost the entire amount he was sent, but with over 400 trillion SHIB now burned the only holders with amounts over 1% of the total supply are exchange wallets and liquidity pools on decentralized exchanges, with the highest being 7%.
Developer Engagement
- Rating: Medium-High
- Reason: Fairly active developers who are trying to make SHIB more functional than Dogecoin (DOGE) by creating a swap platform, staking incentives, and NFTs. Community is quite active, and the official Twitter account has over a million followers.
Liquidity
- Rating: Medium-High
- Reason: Now a top 20 digital asset with over a billion dollars in daily trading volume, while also being available on top exchanges such as Binance, Coinbase, Crypto.com and more.
History of SHIBA INU
SHIBA INU was created in August 2020 by a pseudonymous person or persons by the name of “Ryoshi” with the aim of being a direct competitor the original meme coin that is Dogecoin (DOGE). It began with a total supply of 1 quadrillion SHIB, which is a number with 15 zeros, or 1,000 trillion if you want to look at it that way.
Half of the supply was put onto Uniswap for liquidity purposes, while the other half was sent to Ethereum creator Vitalik Buterin with the hopes that he would burn it. Buterin made the developers’ dream come true when he burned over 400 trillion SHIB while selling the remainder and donating the proceeds to Covid relief in India.
SHIB has quickly risen in popularity over the past year, with it pumping up multiple times and it now trading as a top 25 crypto asset by market cap.
Where You Can Buy SHIBA INU
You can buy SHIBA INU (SHIB) on almost all the top centralized and decentralized exchanges including but not limited to:
Advantages of SHIBA INU
There really are not any advantages to SHIBA INU. The reality is that the huge majority of people purchasing this coin are only looking to speculate on future value. The supply is too high, and the utility is too low even with the developers creating a decentralized exchange for SHIB holders to use. That said, ShibaSwap is about the only advantage there is.
ShibaSwap allows SHIB holders to earn BONE for staking SHIB (DIG), and then you can stake BONE to earn an APY in more bone (BURY). Percentage returns are quite high and paid out in BONE. You can also buy, sell, and trade NFTs on ShibaSwap.
Disadvantages of SHIBA INU
The supply is a huge disadvantage for SHIBA INU, even with half burned, as there is still nearly 400 trillion SHIB in the market (for reference, there are only 18 million Bitcoin in the market). With a supply that high it is incredibly hard to maintain prices, as there is almost no limit to its availability. While they have created some mechanisms to try and reduce the supply over time, it will still be a long almost endless road to getting it down to a manageable supply.
The other disadvantage of SHIB is that it is a meme coin, and therefore interest is fleeting and mostly in the hands of retail investors (institutions want no part in SHIB), meaning that if public interest wanes over time the price will quickly fall, or if a new meme coin emerges of another animal it may take market share away from SHIB.
SHIBA INU Frequently Asked Questions
There has not yet been an announcement of SHIB being listed on Robinhood. It is possible it will be listed in the near future.
In order for SHIBA INU to reach 1 cent the market cap would have to increase to almost 4 trillion dollars, at current circulating supply. While the developers are creating ways to burn more SHIB over time, they would have to burn almost the entire supply to reach a 1 cent price point for SHIB. It is extremely unlikely that it can reach 1 cent unless something changes for its utility.
You can buy SHIB on the most popular crypto exchanges (centralized and decentralized) including but not limited to Binance, Coinbase, Uniswap, Crypto.com, and Binance US Exchange.
Burning in crypto refers to sending tokens or coins to an address that no one can access, effectively taking the portion sent out of circulation. Vitalik Buterin “burned” over 400 trillion SHIB when he sent them to a burn address. Burning is a mechanism used by many developers to help fight inflation, Binance Coin (BNB), PancakeSwap (CAKE) and Terra (LUNA) are all examples of digital assets with burning mechanisms built into them.
ShibaSwap is the decentralized exchange created by Ryoshi. ShibaSwap gives users the ability to DIG (provide liquidity), BURY (stake), and SWAP tokens to gain WOOF Returns through their passive income reward system.
