- What is the Shiba Inu token?
- A look into non-fungible tokens.
- The role burning crypto coins has in the price of Shiba Inu token.
A meme coin is a form of cryptocurrency that originated from an online meme or viral image, Shiba Inu is named after the japanese dog breed who has the same name
SHIBA INU is a type of meme token. A meme coin is a form of cryptocurrency that originated from an online meme or viral image, Shiba Inu is named after the japanese dog breed who has the same name. The price movements of meme coins are frequently linked to sentiment around breaking news and influencer activity on social media.
Shiba Inu is a decentralised cryptocurrency, it runs on the Ethereum blockchain platform, giving the token the same functionality and safety of the Ethereum platform. The Shiba Inu token is not a coin, a crypto token is one that is built on top of an already existing blockchain, and this is exactly what Shiba Inu has done, they do not have their own blockchain.
Shiba Inu is actually split into multiple tokens, all of which help the cryptocurrency world function. These tokens are; SHIB, LEASH, BONE, ShibaSwap and Shiboshis.
SHIB was the founding token of Shiba Inu, it can be traded and is used as a medium of exchange. LEASH is the most limited token of Shiba Inu-related tokens, with a limit of only 107646 tokens. LEASH coin gives staking rewards to those validating transactions in cryptocurrency. BONE is a token with 250 million units available, this token is used as a way the Shina Inu users a platform to vote.
ShibaSwap is Shiba Inu’s own decentralised platform for trading tokens. Shiboshis is a non-fungible token (NFT) which basically means that when an investor buys an NFT they get to say they have ownership rights of an original copy of a digital file. NFTs are important and valuable as they represent the authenticity of a non-fungible asset.
Investors tend to enjoy following the Shiba Inu token due to its clever methods used to give high crypto returns.
Investors tend to enjoy following the Shiba Inu token due to its clever methods used to give high crypto returns. Shiba Inu plans to give investors a high return in 2022 by burning tokens. Burning tokens refers to users being able to remove tokens from the market circulation thereby, reducing the number of tokens in circulation. Shiba Inu token saw a 46,000,000% increase in the last year thanks to a high investment, the burn rate of Shiba Inu played a role in this investment. The burn rate was at 41% at one point, this rate and the mass-adoption of the token are reasons for this incredible price increase. Since then, the burning of tokens has been labelled one of the best methods to boost the price of Shiba Inu token.
This month Shiba Inu even partnered up with Rysoshi’s decentralised finance project; they did this to offer passive rewards to investors who choose to burn their tokens. This works as follows, the investors in Shiba Inu who burn their tokens will receive a ‘burntSHIB’ token, these tokens pay out RYOSHI token rewards at a variable rate. Investors can use the ShibaBurn website to burn their tokens.
Current market sentiment for the Shiba Inu cryptocurrency is negative.
Current market sentiment for the Shiba Inu cryptocurrency is negative. Data shows that Shiba Inu has not had a good year so far when it comes to performance, the token is underperforming leading tokens such as Dogecoin (DOGE). Stats also show that 55% of Shib token holders are not making money on their investment.
Despite Shiba Inu’s recent Robinhood listing, the token is still not expected to start showing bullish signals. The choice of whether or not holding this token is investor specific, perhaps there are better options where returns are more certain.
Other Advantages of the Shiba Inu Coin.
- Shiba Inu supports smart contracts, this allows their users to stake and lend smart contracts, creating the opportunity to earn passive income through recurring fees.
- Shiba Inu has Elon Musk's support, improving investor confidence through the confidence of the world's richest man.
- It is a utility driven ecosystem, not only built off of hype. Some of the utilities supported by Shib Inu are the NFTs and a Defi Platform in ShibaSwap.
Sources: decrypt.com, finance.yahoo.com, bankrate.com, analyticsinsight.net, crowdwisdom.live