The token named Shiba Inu (SHIB) experienced a rapid increase in value just like Dogecoin after Elon Musk’s tweets. So what does Shiba Inu mean, what is the SHIB token, for what purpose is it produced, what is it used for and how to buy it?
Dogecoin, which has experienced a significant increase in value with Elon Musk’s Twitter speculation, may leave its place to a new project called Shiba Inu (SHIB). SHIB, which is a token produced with the purpose of a joke just like DOGE, created a serious agenda, especially on May 8, with the increase in value experienced by Elon Musk after his shares.
SHIB, whose symbol is the Japanese dog breed “Shiba Inu” just like DOGE and adopts it as its name, is “experimental.” For this reason, it is not yet listed on all stock exchanges and its investors should make an assessment by taking this situation into account.
What is a Shiba Inu (SHIB) token?
Being Ethereum-based ERC-20 tokens like most tokens on the market, SHIB is described as a “decentralized community-building experiment”. SHIB listed on the ShibaSwap exchange, which belongs to its ecosystem; Currently, it is open to trading from platforms such as Uniswap and Gate.io, especially Poloniex.
According to the community’s statement, “SHIB has a high chance of surpassing Dogecoin in a short time”. However, this is of course a one-sided explanation and everything can change under market conditions.
How much does a shiba inu cost?
At the time of this writing, 1 Shib equals to $0.00002122
Why is SHIB referred to as the ‘Dogecoin killer’?
First of all, it is worth noting that this definition was introduced by the SHIB community, not by investors. Toplulu uses this analogy to draw attention to a goal that has not yet been realized. According to them, the most important difference of SHIB from DOGE is that it has an ecosystem. Within this ecosystem, there is also a cryptocurrency exchange led by SHIB called ShibaSwap.
Another member of the SHIB ecosystem is BONE. Called a new Dogecoin killer by the community, BONE is not yet live. However, it is clearly stated that it is planned as a DeFi (Decentralized Financial Structure).
What is the link between SHIB and Elon Musk?
It is not yet known whether there is a direct link between Elon Musk and the SHIB community. The only known one is that Elon Musk has posted 2 tweets so far that mean “I’m getting Shiba Inu” and “I’m waiting for Shiba Inu’s rise”. For this reason, the community’s discourse of “Dogecoin killer” found its response in the eyes of investors due to the rise that followed Elon Musk‘s shares.
SEE MORE: Real-Time Cryptocurrency Prices