According to its website, Shiba Inu coin is a token – meaning users can hold trillions of them at a time – and is traded on its own decentralised exchange called ShibaSwap.
Why has this coin been created? Well, apparently to compete directly with Doge.
‘It features the same dog which became a meme, and aims to replicate Dogecoin’s success of turning a joke into a money making machine,’ Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, told The Sun.
What is Shiba Inu coin?
Little is known about Shiba Inu coin at the moment – but it is hoping to become the favourite new meme cryptocurrency.
The crypto token is listed as SHIB and allows users to hold billions or trillions of them.
Its website states: ‘Nicknamed the DOGECOIN KILLER, this ERC-20 ONLY token can remain well under a penny and still outpace Dogecoin in a small amount of time (relatively speaking).’
According to Binance, as of yesterday (May 10), the total supply of Shiba Inu coin tokens is one quadrillion (1,000,000,000,000,000) and the current circulating supply is 100%.
The Shiba website says 50% of the total supply has been locked to Uniswap, which is a decentralised finance protocol using the Ethereum blockchain.
The other 50% was burned to Ethereum co-founder Vitalik Buterin.
“Everyone has to buy on the open market, ensuring a fair and complete distribution where devs don’t own team tokens they can dump on the community,” the website states.
Before you start frantically pouring cash into trillions of Shiba Inu coin tokens, it behooves us to point out any kind of investment has an inherent risk and that goes double for cryptocurrencies.
Unlike standard currencies, they’re not regulated by any one authority so can be spectacularly volatile.
MORE : What is the cheapest way to buy cryptocurrency? How to start investing in digital cash
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