Cryptocurrency has been a hot-selling topic for over a decade now. Along with Bitcoin, the market today is seeing other tokens as well. The total market volume of cryptos has increased by more than $3 trillion. Other than Bitcoin, there is more than 4000+ crypto in the global market. Find out here to get an idea of wealthy investors.
Every cryptocurrency works on a blockchain platform and decentralized finance philosophy. Along with cryptos, the concept of blockchain also gained immense popularity. Research and development are running to understand this platform.
Understanding Shiba Inu and its features
Shiba Inu gained a global launch in 2020. An anonymous developer or a group of developers under the pseudonym of Ryoshi. Shiba Inu is also known as a dogecoin killer.
How do developers describe this token?
It is a community-based development project and its users are also known as the Shib army. These army developers are in charge of this crypto and its development as well. Shiba Inu works on an Ethereum-based platform. It can also run smart contracts without the need for any third-party intervention. The algorithm built into the system validates certain parameters. Further to this validation, contracts execute on their own.
History of Shiba’s launch
As mentioned, Shiba got its global launch in 2020. The initial supply of this token was $1 quadrillion. It remained silent in the market for the first few months. But the first move came in May 2021. One of Shiba’s founders made a transfer of more than half the supply to Buterin.
In turn, Buterin donated 10% of Shiba. The balance of 90% of tokens burned. This further reduced the overall supply of Shiba in the global market. There are only 600 billion tokens in supply today.
Shiba developers kept updating their platform. Towards the late half of 2021, the developers launched ShibaSwap. In November, the developers partnered with Activision to launch their gaming project.
Features of use of Shiba token
Like any other crypto, Shiba is also a digital currency. The platform also launched an exchange to build its ecosystem. Let us also understand the other larger benefits of the Shiba token –
Primary use as a digital currency
As of 2022, there are more than 600 projects that accept Shiba tokens. The primary purpose of this token is to accept the same as a digital currency. Cryptos have still not gained global acceptance as a legal payment model. The same limitation continues with Shiba as well.
Shiba has its decentralized crypto exchange known as ShibaSwap. Such crypto exchanges do not have any governing body. It also does not involve any third-party banking agency to complete any transaction. In most cases, it allows for a peer-to-peer exchange of cryptos. Shiba is also used for making payments to businesses for its products and services.
There are two types of tokens within the ShibaSwap module – Dogekiller and Bone Shibaswap.
Shiba Inu is now available on all crypto exchanges. You can log in to any crypto exchange and choose the buy option to add this token. Once the required quantity is updated, then you may make payment for the same.
Will Shiba increase in prices in 2023?
Shiba Inu is a high-selling token. In two years of its launch, Shiba has been able to provide its users with more than 46k% returns. The token has increased in its price between 2021 to 2022.
Additionally, it is also estimated that the token will touch the $0.1 mark in 2022.
At the current market price, it needs more than a 45k+% increase in sale price. But the fun fact here is that this increase is possible. Developers and investors think that this increase is possible.
The main purpose of the Shiba token is to reduce its processing charges. It will allow undertaking transactions at reduced prices. The developers are working on getting this token tested on private networks also.
The basic network of Shiba works on the Ethereum platform. Shiba is also expected to deal with similar platform delays and processing charges. Since its dependency is alive, it is also impossible to reduce the fees. It will also hamper any other possible developments on the tool.
Investing in Shiba Inu is the best bet for the coming years.