SHIB/USDT : SHIB is not bullish anymore, The hype is over soon.POLONIEX:SHIBUSDT
Hello everyone 😃
Shiba Inu (SHIB) gained popularity dramatically.
Here’s what you need to know about it before you decide to invest. :
1️⃣ What is Shiba Inu (SHIB)? Meet The Dogecoin Killer
2️⃣ The Unanticipated Major Holder of SHIB
3️⃣ The SHIB Token: What Is It Used For?
4️⃣ SHIB: The Must-Read Things to Consider Before Buying
Now before starting any word about topics; Just ask this question by your self,
Why should you invest in a asset that their official Medium page has two posts only ?
The coin that started as a joke has increased so much that, for a brief time, it became the 4th largest cryptocurrency by market cap, carrying a market cap value of over $70 billion. Indeed, an expensive joke.
This was made possible thanks to a flock of retail investors, a bunch of Reddit groups, and, of course, Elon Musk – one of Dogecoin’s most avid commentators.
However, what this also did is propel a lot of clone coins, most of which are heavily inspired by DOGE.
Shiba Inu (SHIB), despite its claims of being something different – is an obvious example.
Dogecoin carries the logo of the Shiba Inu dog breed , while SHIB uses it directly.
With this in mind, we’ve decided to compile a comprehensive guide aimed at shedding some light on the cryptocurrency that took the market by a storm in just a few days.
1️⃣ What is Shiba Inu (SHIB)? Meet The Dogecoin Killer
SHIB quickly became one of the hottest cryptocurrencies.
This became possible after Dogecoin (DOGE) saw an astronomic increase and surpassed $0.7 in May 2021.
Becoming arguably the most discussed and popular cryptocurrency, for the time being, Dogecoin inspired many to create tokens bearing similar characteristics – the common trait they share is that they are all named after a dog breed, most of which take after Shiba Inu.
With this said, one dev team went ahead and created a cryptocurrency that is literally called Shiba Inu and uses the SHIB ticker.
According to the official website and their Woofpaper, which is Shiba Inu white paper’s version, SHIB represents an “experiment in decentralized spontaneous community building.”
Apart from that, the team is attempting to create an ecosystem consisting of a few tokens, a decentralized exchange called ShibbaSwap, and a fully-fledged community.
Although, it has to be mentioned that apart from the tokens and the growing community, which is caused by the rising price and nothing more, there’s nothing else that’s currently complete, begging the question if SHIB’s valuation is justified or not.
In any case, SHIB is an Ethereum-based ERC20 token that is also nicknamed the “dogecoin killer” within the project’s community.
2️⃣ The Unanticipated Major Holder of SHIB
SHIB has a total token supply of 1 quadrillion. 50% of it has been locked as liquidity to Uniswap.
However, the other half is where it gets interesting.
The team behind SHIB has sent 500 trillion tokens to the co-founder of Ethereum, Vitalik Buterin.
Commenting on the matter in the project’s whitepaper, the founder, who’s anonymous (unlike Dogecoin’s founders), said:
“We sent over 50% of the TOTAL supply to Vitalik. There is no greatness without a vulnerable point and as long as VB (Vitalik Buterin) doesn’t rug us, then SHIBA will grow and survive.”
The funny thing is that following the meteoric increase in SHIB, which is up over 300,000% since February 2021 until the time this guide is published, Buterin’s SHIB tokens are worth a lot more than his ETH.
At the time of this writing, Buterin’s ETH is worth around $1.4 billion, whereas the SHIB in his public account is worth around $15 billion.
📌 Actually donated 1B worth To India Covid Relief Fund! So India needs to convert them into cash..
I t means that there will be a high possibility for a major drop on Shiba !
3️⃣ The SHIB Token: What Is It Used For?
It’s worth noting that the entire Shiba Inu ecosystem consists of three tokens – SHIB, LEASH, and BONE.
Once their decentralized exchange, Shiba Swap, is ready (which is currently supposedly ongoing security tests and audits), users will be able to stake their tokens and earn rewards. For staking SHIB, users receive xSHIB, for staking LEASH – xLEASH, and for BONE – tBone.
Per the white paper, this is how the incentives look like:
There are incentives for xLEASH and tBONE holders as well.
4️⃣ SHIB: The Must-Read Things to Consider Before Buying
While the SHIB cryptocurrency has one of the fastest-growing communities with hundreds of thousands of people throughout their different social media channels, there are a few things to keep in mind when looking into the project.
- First, their official Medium page has two posts only – the first one was the announcement of the development, and the second one was an update that came many months later and didn’t really give any notable updates.
- The SHIB founder is anonymous – it’s really unclear how many developers are working on the project, and there’s no precise roadmap as to when users can expect project updates and deliverables such as the Shiba Swap exchange.
-The total supply is 1 quadrillion tokens – that’s a lot!
Half of them are presumably burned because they were sent to Vitalik Buterin. It’s a speculation to discuss whether he would do something with them, but given his status in the community – it’s unlikely he would do something to harm the ecosystem. However, there are plenty of token holders who are in possession of a high percentage of the remaining 50%, which is a red flag.
- As of writing these lines, the SHIB token had already increased more than 18,000% over the past few months, which entitled it a spot in the top 25 largest cryptocurrencies with a market cap of $12 billion, according to CoinMarketCap. Is SHIB overvalued? only time will tell.
📚 Thanks to George Georgiev for his great article about SHIB.
📌 There are some red flags for SHIB,
- Unknown founders
- Low activity from SHIB's team on social medias
- High amount of tokens
- Locked tokens and huge whales
- Overheated based on HTF chart
Also on chart; It don't looks good already, There will be a retest on higher resistances or broken bullish trendline because of limited volatility.
But generally it's really weak to break higher levels I guess !
The only for bulls is too bounce back above bullish trendline and it's not going to happen with current rates on BTC.
I'm not saying that SHIB is not good at all and there is no reason for it do grow; At least it have some projects and events !
Also SHIB is an Ethereum-based ERC20 token, So it's not bad at first view.. It's better than DOGE actually.
But it's not a good time to enter assets with low trust factors, Remember as SHIBA's founder is anonymous so it can become a scam coin.
I won't risk my money for being rich overnight; Also FIBBO retracement and most of the technical indicators can't give a desired result...
🔴 I don't mean to criticize any other person, I just tried to help people on my own vision!
Hope I can help you to choose the correct way for investing !
Always do your own research...
Thanks.
@Helical_Trades
