There are some ongoing trends in 2021; meme coin trend is one of them. This meme coin started with hand of Doge coin, and shib coin just helmed the trend. Shiba coin has gained huge traction indeed. But we will today unveil some groundbreaking facts that will surprise you that how risky your shiba inu investment is going to be.
SHIBA INU Token Details
|Parameters||SHIBA INU Token Details|
|Total Token Supply||1,000,000,000,000,000 SHIB|
|Circulating SHIB Supply||394,796B SHIB|
|SHIB INU Market Cap||Near About 3B|
|Fully Diluted Market Cap||6,675,751,687$|
|Available Crypto Exchanges||Binance, Huobi Global, Gate io, KuCoin, OKEx, Crypto (dot) com, Uniswap (DEX)|
|Total Holders||590K+ (on ETH BlockChain).|
History of Shiba inu coin
The origination of Shiba inu coin, which was created as a ‘’DOGECOIN KILLER’’, is not only controversial but also ridiculous. It is ridiculous because there is a well-known story that is inseparably related to the birth of this coin. Once all on a sudden Elon Musk, who is well-known as the CEO of automaker Tesla and aerospace giant SpaceX, tweeted that he purchased a dog named Shiba inu, which is Japan’s national dog. After the tweet started hovering on Twitter, the Shiba inu got a concept and gave it a go. Through their website, they confirmed that this shiba coin will be listed on their own ShibaSwap, which is their own decentralized exchange.
An anonymous person under the pseudonym ‘’Ryoshi’’ created Shiba inu in August 2020. Initially, 50% of their shiba coin was locked in uniswap, and the remaining 50% was sent to the Ethereum address of vitalik Buterin, the co-founder of Ethereum, without informing him of the matter. The decentralized meme coin soon took a lead in headlines and Tweets and quickly gained speed and value as a community of investors.
Born with a wrong intention
There remains no obstacle to understanding that shiba inu coin has come in place to take advantage of ongoing Doge coin’s market hype. Seeing the then top-trend market of Doge coin, shiba coin couldn’t resist their temptation to take attention of the public going against them. Such a thought drove the shiba community to launch shiba with a kindling tagline ‘’DOGECOIN KILLER’’.
If we lend our eyes to Polygon (MATIC), we can see the reason behind the creation of matic that was to bring ETH scaling solutions. Nothing but the only concept led to a massive increment in its price within the interval of a few days. Whereas matic’s price was at .06$ on 7th February 2021, soon the price took an upturn to 2.68$ on 18th May 2021. After scrutinizing the fact with great attention, we discovered that this matic coin played a vital role in lowering ETH transaction fee, which is really astonishing.
Crypto Comparison Chart Between Polygon and SHIBA INU
|Parameters||Polygon (Matic)||Shiba inu|
|Market Cap||5B+ USD||Near about 3B USD|
|Fully Diluted Market Cap||8,049,782,648 USD||6,675,751,687 USD|
|Trading Volume||499,025,501 USD||272,841,686 USD|
|Circulating Supply||6,33B Matic||394,796B SHIB|
|Total Supply||10B Matic||1,000,000,000,000,000 SHIB|
|Coin Holders||130.5K+ (on ETH Blockchain)||590K+ (on ETH Blockchain)|
Why are we talking about Matic leaving the topic of Shiba inu?- is a burning question among our visitors now. It is because we are trying to make you understand that the success in the crypto market for crypto projects depends on bringing effective solutions. What problem is SHIB coin solving then? The answer is simply nothing. They are here with no flourishing goal rather they are here to make a quick buck in market hype.
The total supply of shiba inu coin is tantamount to 1 quadrillion; we aforementioned above that 50% of that supply kept locked in uniswap and the remaining portion of 50% was sent to vitalik for free.
Crypto market is known for a high competition where only a single coin/token actually matters. In such a highly cut-throat market, how shiba authority could send 50% of their coins to vitalik for free! What they have done is nothing but playing a sneak peek with their coin, and that strongly refers to their irresponsibility, unprofessionalism, and weak tokenomics.
As the uptrend in a coin value entirely depends on tokenomics, there remains no hurdle to realize how important tokenomics is for a crypto project. As an example, we want to name PARSIQ’s IQ protocol that was launched some days ago as offering an opportunity of lending and borrowing to PRQ holders. Anyone wanting to lend PRQ in this IQ protocol can earn some passive income.
Crypto Comparison Chart Between PARSIQ and SHIBA INU
|Market Cap||54M+ USD||Near about 3B USD|
|Fully Diluted Market Cap||178,854,109 USD||6,675,751,687 USD|
|Trading Volume||465,837 USD||267,955,022 USD|
|Circulating Supply||117M+ PRQ||394,796B SHIB|
|Total Coin Number||310M+ PRQ||1,000,000,000,000,000 SHIB|
|Coin Holders||17K only||590K+ (On ETH BlockChain)|
On the other hand, just holding PRQ is enough for enjoying the reverse oracle service of PRQ for free. What a genius idea! And they really deserve a thumbs-up from our cryptooof team especially. Their good tokenomics is expressed through their idea of creating demand by making artificial crises by locking PRQ supply.
Since such kind of crypto smart tokenomics went missing in Shib coin, the shib inu investment is very much prone to risk in the long run down the road and there will be no wonder if such an incident takes place.
Depends on Elon’s hype
The first bullish move by Shib went noticed from 7th May to 11th right after Elon musk mentioned shib coin in his Twitter account. We saw such a positive move by shib over and over at the tweet of Elon musk mentioning the name. It’s ridiculous but true that whereas other crypto projects wait for any fundamental news or any project-related achievement, shiba coin depends on the tweet of Elon musk.
Such a positive move driven by fundamental news basis we have seen in a project namely LTO Network in the recent time. This project came up with a solution in Afghanistan land registration system with their blockchain by the United States. You will hardly find a project that came up with a solution in such a critical sector of land registration in the entire crypto industry. This fundamental news drove LTO Network so high that its price went up from 0.20$ to 0.90$ within the interval of 2nd February 2021 to April 7th this year.
It’s quite a bad practice of Shib coin because its entire move depends on crypto twitter hype.
Full of Future Promises
We need not go too far to explain that Shib coin is full of promises, rather if we only look at the official telegram’s announcement channel of shib coin, it would be enough to understand. In particular, we would like to mention that the shib authority posted on their telegram channel on 15th February, 2021 answering some 12 questions along with their answers.
To make you properly understand, we are alluding to those twelve questions and answers in front of you:
Q: Which blockchain is the token on?
Q: From where to buy SHIB?
A: Available on Uniswap.
Q: Is it possible to buy SHIB on BSC?
A: Not possible.
Q: Is it a scam project?
A: It’s not indeed.
Q: Is this project a pump & dump?
Q: When are we going to the moon?
A: Check out your window.
Q: What is the launching time of SHIBASWAP?
A: Late April.
Q: When is the roadmap?
A: very near.
Q: Who is the team?
A: Know it through the website.
Q: What is the meaning of this dip?
A: Ryoshi: you need to look deep into your own heart and answer that question.
Q: Who is the creator of SHIB?
A: Ryoshi, a pseudonym.
Q: Who is the current leader of SHIB?
From these questions and answers, a prudent person can easily grasp that they are not yet well-organized; rather they left all arrangements and formation for the future.
Elon Musk’s tweet was their heart to start with but they had no proper planning and shib products at their onset. By studying the case studies of all successful projects, you will never find any project that started leaving all its arrangements to be accomplished in the future.
Fundamentally too poor
Nothing fundamentally that significant to allude to what we have found in the SHIB coin project, and so we cannot be strongly saying to you that the project will plod through its goal. It doesn’t appear that all coins or tokens with big amounts of supply are fundamentally poor. In particular, with a market cap 5B, Vechain has a total supply of 86B+. Why is it so?
Vechain has come into place intending to disrupt traditional supply chain models, reducing supply chain friction, and giving more transparent impressions to clients. It reduces cost through trustless automation and uses transparent technology with no single point of weakness.
Crypto Comparison Chart Between VeChain and SHIBA INU Token
|Total Supply||86B+ VET||1,000,000,000,000,000 SHIB|
|Market Cap||4B USD||2.9B USD|
|Fully Diluted Market Cap||5.5B USD||6.6B USD|
|Trading Volume||40M+ USD||270,347,528 USD|
|Circulating Supply||65B+ VET||394,796 B SHIB|
|Own BlockChain||YES||NO (Using ETH BlockChain)|
|Coin Holders||1,123,676 (Account Number)||590K+ (On ETH BlockChain)|
This is because a coin needs to have fundamental importance to gain fruition and its success to a large extent depends on fundamental use cases. But it’s a matter of sorrow there are no fundamental use-cases to mention about Shib coin.
The whole crypto industry has turned into a laughingstock to other financial public figures just because of some useless coins like SHIB coin which officially use aggressive words to draw public attention. Had they enough professionalism, they would have not used such a bad crypto tagline. Entitling their coins as DOGE coin killer, they expressed nothing but their cheap intention. Still now, you see the name of their telegram official channel is ‘’Shiba inu: The Dogecoin killer’’. Maybe, in near future, they will remove the tagline after drawing the public attention, but their starting really creates a bad impression among the public.
Following Doge coin trend
In 2017, many crypto projects engaged in scamming following the ICO trend. Yes, we are talking about the ICO bubble and of those who took advantage of ICO.
We have to flashback to 2017 to know how the ICO bubble worked in the crypto industry. During that period, many crypto projects with only a website engaged in scamming showing a huge roadmap for the future. And we saw such incidents too.
The same crypto trend is being followed in 2021 regarding crypto meme token. Probably seeing the market hype and price uptrend of the Doge coin, they quickly launched the SHIB coin. It is so strange that they even had no white paper by the time they started their marketing and telegram channel. So it loomed true that this crypto project is nothing but following the hype of Doge coin.
We are too early
There is a well-known pizza story of Bitcoin that took place on May 20, 2010, when a Florida man namely Laszlo Hanyecz paid 10,000 Bitcoins for two pizzas. May 22, 2021, marks the twelve-year anniversary of the Bitcoin transaction. The day has become part of folklore, not because of the transaction, but more the price: the man in question paid 10,000 Bitcoins, which today is worth 350 Million, for two pizzas.
With a $596,254,628,395 market cap and 35K in price, BTC is popularly known as white gold. But the price of BTC was 65K at the onset of this running year. Back in the days, crypto’s price growth used to depend on the tweets of celebrities, but now after nearly 10 years, we get surprised seeing the price of BTC. Maybe today’s bad time will seem surprising to us a few years later and it is actually caused by how the then generation views it.
Many newcomers can realize that Shib coin can be a safe and secure investment as it is a top-listed, within 25 coins, coin. But the fact is not that, and you can observe by seeing the following chart; where many of those coins that were toppers in 2017 have vanished within subsequent year’s interval. It happened just because these vanished coins were not fundamentally strong. Based on previous experience, we can easily say that investing in a coin only seeing the rank is a massive mistake which many inexperienced crypto traders have made it a habit. `
Huge coin supply with no use case
Investing in a coin with a huge supply had been an inclination among investors in the later part of 2017. After a huge price increment in Doge coin, coins like shib came in place with a huge amount of supply but no notable fundamental use case. Having no use case will, probably, lead them to become unsuccessful down the road. Notably, the Shib coin now has a circulating supply of 394,796B SHIB, which is really a huge amount. So, it goes without saying that this huge amount of supply has become a burden for Shib coin.
MLM Type Tagging Language
The CEO of Shib says, ‘’Shib is for all, anyone can be a shiba leader’’. There are also some common taglines they use that successively are ‘’we started from zero, with zero’’, ‘’the brilliant minds behind Shib had never collaborated before’’, and ‘’we love Shiba Inu Dogs’’ – these all tag lines seem to MLM type crypto language. Bear in mind that crypto is a professional space where only coins with real use cases will come under the shade of fruition, such as the Ankr coin.
Ankr, which was founded in November 2017, is a solution that utilizes shared resources to provide easy and affordable blockchain node hosting solutions. It has built a marketplace for container-based cloud services through the usage of shared resources. They enabled developers to provide developers and enterprises to easily deploy blockchain nodes at a lower cost. They kept no space available for any centralization and single point of failure.
Being engaged in communities, public blockchains assist their network. Ankr is here to develop an infrastructure platform and marketplace for Web3-stack deployment that make resource providers and end-users able to connect to blockchain technologies and DeFi applications. They provide enterprises with the ability to monetize on their spare computing power that is not being utilized and it is the first one to use trusted hardware for a high level of security.
Crypto Comparison Chart Between ANRK and SHIBA INU Token
|Market Cap||427M+ USD||Near about 3B USD|
|Fully Diluted Market Cap||610M+ USD||6,675,751,687 USD|
|Trading Volume||15M+ USD||264,599,886 USD|
|Circulating Coin Supply||7B ANRK||394,796B SHIB|
|Total Coin Supply||10B ANRK||1,000,000,000,000,000 SHIB|
|Total Holders||26K+ on ETH, 10K+ on BSC||590K+ (On ETH Blockchain)|
Luck and attempts have no space in the crypto industry as the industry is quite professional. These meme tokens use catchy words to attract retail investors but that actually drives away mango people from here. They try to make newcomers understand that what is the price of Shib today? It is 0.00007, and they also make them prospect saying they will be the real gainer once the price reaches 1$. But newcomers are neither known of marketcap nor the relation of the price with the marketcap. They can hardly calculate what will be the marketcap for 1$ shib coin.
Bad crypto marketing strategy as like Doge
Social Media like TikTok has a target with the newcomers in crypto because these newbies can be easily manipulated. Greed is a common feature inherent to human nature and it is the reason shib could grow up even without being fundamentally strong. I saw a video on social media last week, and in this video, a person was saying; Investment in shib will make you a millionaire! Is it something good? Not at all.
Making a profit from the crypto market is not that easy which is outwardly expressed. You can realize it seeing the price of xrp; which had a price of 3$ in 2018 but its present is at 0.30$. Now, how is the feeling of those who held xrp with the prospect of its price increment? Definitely, not that good for sure. Probably such a bad cheap crypto marketing strategy drives the public towards crypto, but it is creating an impatient community who want to earn a quick buck from the crypto market as a consequence.
Just think they are more pleased when Elon musk tweets on shiba than any project update. For such a bad marketing strategy, an immature crypto community is being created through meme coins.
From the above discussion, you already got the message that what we try to express to you. We are not basically your financial advisor rather we provide you with a conclusion after crypto market research. What we want to do is actually updating you on the authentic news. We expect crypto users, retail investors ranging from retail to pro will be benefited just because of our little attempt.
Crypto has a bright future as there are many projects out there with amazing use cases. So it’s fully illogical to choose a controversial project from among hardworking teams and valuable projects. Suppose, if you go to a market and there are foods in a row, so you select junk food just because of its deliciousness leaving behind other nutritious foods. So it’s completely your fault, not ours.
Shiba Coin FAQ
Q: What is SHIBA INU?
A: A controversial decentralized meme token.
Q: What is the Circulating supply of SHIB token?
Q: Is SHIB Coin available on Binance Exchange?
A: Yes, it is available.
Q: Which SHIB trading pairs are available on Binance Exchnage?
A: There are 5 trading pairs including SHIB/USDT, SHIB/BUSD, SHIB/TRY, SHIB/EUR, SHIB/BRL, and SHIB/RUB.
Q: What’s the most controversial tagline of Shib coin?
A: DOGECOIN KILLER.
Q: Is SHIB available on Coinbase exchange?
A: CoinBase listing is on the way; the authority of CoinBase already announced ‘’Shib listing is going to be held soon’’.
Q: What’s the total number of official SHIB twitter followers?
A: 742 followers, according to the verified account.
Q: What’s the current market cap of Shib coin?
A: Nearly 3B.
Q: What’s the fully Diluted Market cap of Shib coin?