Shiba Inu Future and Price Prediction |What Are Bone & Leash Tokens | Should you invest

Shiba Inu Coin price prediction
Pic Credit: Google Pics | Coingape

Meme coins have been one of the most prominent trends in the cryptocurrency market over the past year. We’ve all heard of Dogecoin, the King of the Meme Tokens, and in today’s article, I’ll discuss Shiba Inu. 

Shiba Inu (SHIB), a meme coin created to “kill Dogecoin” and overtake it in the market, is one of the most famous on the crypto market. 

Shiba Inu even managed to get ahead of Dogecoin, its apparent progenitor, for a brief period of time. And the coin’s value remains higher than that of blockchain networks like Polygon,  Terra, and Avalanche which have seen a lot of development.

Shiba Inu

Shiba Inu was launched in August 2020 by an anonymous developer or a person known as Ryoshi. So the primary intent of Shiba Inu’s creation was to criticize Dogecoin or to debut as a DogeCoin killer.

So, in early 2021, Shiba Inu released a WOOF paper describing the role that the coin will play in the future, which is related to ShibaSwap. 
Creating a Decentralized Ecosystem based on community. Shiba coin is built on this foundation.

What is Shiba coin or SHIB token

When it began in August 2020, by an anonymous developer named Ryoshi. His true identity remains unknown.

SHIB token has a total supply of 1 quadrillion, which is a lot of zeros. The first half of the total supply was sent to Vitalik Buterin, the Ethereum blockchain’s founder.

While the rest was initially locked in the Uniswap Exchange, which is also a decentralized exchange for exchanging cryptocurrencies of all ERC20-based tokens.

It’s also worth noting that there are 400 trillion SHIB tokens out there.

Shiba Swap

Now, as per the second Whitepaper, which is  Shiba Inu Woof Paper. Shiba launched its own swap or decentralized exchange which is ShibaSwap. It is governed by the community and will function similarly to the Uniswap Exchange.

This has now become a popular topic in the Shiba community. Shiba’s founder had only one goal in mind when he created ShibaSwap: he wanted to bring the DECO, or decentralized ecosystem, to ShibaSwap.

He wanted to make a secure trading platform for users and community members that were also entirely decentralized. ShibaSwap is in development, however, two additional coins have emerged from the ShibaSwap ecosystem.

I’ll explain them briefly. The first token is LEASH, while the second is BONE. Now, as stated in the whitepaper. LEASH is a completely incentivized token, which means it will reward users that stake or trade on ShibaSwap’s platform.

Apart from that, LEASH isn’t used anymore. The LEASH token’s attractiveness is that there are only 100K of them. In LEASH, a little more than 100K tokens, or a little more than 1 lac tokens, will ever be produced. That is why its pricing range is staggering.

At the time of writing, 1 LEASH was valued at roughly $2,300, which is not surprising due to the limited availability of LEASHes.

The second token I’ll talk about is the BONE token. BONE is an ERC20 token that has yet to be listed on any exchange. It’s a governance token, similar to the UNI token from Uniswap.

So these are the two tokens that are now in use, and the quantity of BONE is limited at 250,000,000 tokens. You can now DIG and BURY in the ShibaSwap. BURY means to stake your tokens and DIG means to give liquidity.

If you do so, you will be rewarded with appropriate tokens, as indicated in the post and mentioned in the ShibaSwap description.

Next, I’ll discuss the Vitalik Shiba Inu coin burn. Ryoshi delivered a total of 50% of the supply to Vitalik’s cold wallet without his knowledge or consent at first.

If you believe Vitalik is behind the coin’s marketing, you may not be exactly right. As part of the Indian COVID relief fund, Vitalik has contributed a total of 1 billion SHIB tokens. That fund is now managed by Wazirx WRX Coin’s founder.

After donating the coin, he has burned a total of about 410,000,000,000,000 SHIB tokens, with his current holdings worth only 10% of their original value.

Shiba Inu mining 

Is it possible to mine SHIB tokens? The answer is no. Shiba Inu is based on the Ethereum network because it is an ERC20 token. It lacks a blockchain of its own. 

Shiba Inu is based on the ERC20 platform rather than the “Proof Of Work” method used by Dogecoin. As a result, it can’t be mined. Until Ryoshi provides a specific approach to earn more SHIB tokens by participating in ShibaSwap. 

Dogecoin versus SHIB token

Dogecoin has its own network and blockchain, whereas Shiba Inu is built on the Ethereum blockchain. Second, Dogecoin debuted as a digital currency, which is still its primary use case, but the Shiba Inu coin is focused on a decentralized exchange, which is ShibaSwap.

The third factor is overall supply. Shiba Inu has a supply cap of around 1 quadrillion, whereas Dogecoin has an unlimited supply.

After that, there are future projects to consider. Dogecoin has none, which means it has no upcoming initiatives, however, Shiba Inu coin has a project called ShibaSwap, which I described earlier in this post.

The next comparison is mining; mining in Doge currency is possible since it is based on the PoW protocol (proof of work), whereas mining in Shiba Inu is not possible as I said before.

Project tokens are the last comparison. On this network, Dogecoin has no additional tokens, however, Shiba Inu has two new ERC20 tokens, LEASH, and BONE.

These are the main differences between Doge and Shiba Inu coins. Now leave a comment and tell me which use case is more convincing. Is it a Shiba Inu coin or a Dogecoin?

Price prediction of Shiba Inu token

In late October 2021, Shiba Inu hit a new high of $0.000088 but has since declined to $0.000054. Binance is the most active exchange right now if you want to buy or sell Shiba Inu.

Shiba Inu was launched as a Meme token with no specific use case. It’s just a fun token to trade that gained a lot of popularity thanks to early investors who helped build a strong Shiba Inu community and pushed the price up.

However, Ryoshi, the founder of Shiba Inu, has a serious plan in the works. He wants to create a ShibaSwap that allows users and community members to make secure trades utilizing the platform’s own decentralized exchange.

The SHIB token is the first coin to list on ShibaSwap, followed by the other coins, which I believe will largely be ERC20 tokens because it is built on the Ethereum blockchain.

As a result, the use case for Shiba Inu tokens has grown. Clearly, the Shiba Inu has a good probability of increasing in value. If ShibaSwap succeeds in gaining traction in the adoption rate.

If it receives even half of the traffic that the Uniswap exchange does, the price of Shiba coins might skyrocket.

The main question that all of you may have is whether or not SHIB will reach the $1 level, which is a significant milestone. I don’t believe so, is the clear answer. Why? Due to a lack of supply.

The total supply of SHIB tokens is 1 quadrillion, with a lot of zeros, and if it reaches one dollar, it will challenge Ethereum and Bitcoin’s market caps, and if it reaches two digits, it would beat Bitcoin’s total market cap.

It looks not possible at this time. But, hey, this is the crypto market, so anything might happen at any time. 

The main question that all of you may have is whether or not SHIB will reach the $1 level, which is a significant milestone. I don’t believe so, is the clear response. Why? Because of a huge supply.

The total quantity of SHIB tokens is 1 quadrillion, with a lot of zeros, and if it reaches one dollar, it will challenge Ethereum and Bitcoin’s market caps, and if it reaches two digits, it would beat Bitcoin’s total market cap.

That is, of course, not possible at this time. But, hey, this is the crypto market, so anything might happen at any time. So that takes me to my last point.

Should you invest in SHIBA coin? 

In general, cryptocurrency is a high-risk investment. At the time of writing this post, Shiba Inu is now the 11th-biggest cryptocurrency by market value. 

Shiba Inu has also grown in popularity as a result of investors requesting that the token be listed for trading on the internet broker Robinhood Platform.

The increased media attention has prompted more investors to purchase the cryptocurrency, causing its price to rise even higher.

But It also depends on how you look at the SHIB token. Feel free to invest in this coin if you enjoy following the growth of the SHIB token and being a part of the SHIB community.

If you truly believe in the coin, the price action, and the SHIB token community, you are free to park your funds where you see appropriate. 

Feel free to share your comment. I’ll see you in the next post with new content. Till then take care.

Disclaimer: Before investing in any cryptocurrency, make sure you do your own research properly. So that’s my suggestion.

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