The big increase in the crypto money market, especially Bitcoin, in 2021, in other words, in the language of finance, many different trends were observed during the bull season. These; Defi (Decentralized Finance), NFT (unique, collectible tokens), Fan tokens (sports club tokens), BSC (Binance Smart Chain tokens) and finally Dogecoin as well as dog and animal inspired meme tokens such as Shiba coin, Akita coin. with Turkish Lira Shiba AlYou can check out Coinzo with low commission rates to make money.
Dogecoin ve Elon Musk
Elon Musk is considered one of the most important people of today with his projects beyond the age, from car technology, space technology, solar energy systems to artificial intelligence, which he developed and realized with his company Tesla Corp, and is followed with interest on social media channels such as Twitter and Instagram.
In 2021, he became one of the important names in the crypto money market with his statements about Bitcoin and especially Dogecoin. With the statements of Elon Musk, who has a serious user base on Twitter Bitcoin Al There is a significant increase in transactions. In addition, when we look at the numbers, the effect of Elon Musk on Dogecoin is also noticed.
see: Dogecoin / Dollar chart according to investing.com site
Dogecoin, which has been valued almost 100 times in a very short period of 5 months, has become one of the most rising values in the world. Undoubtedly, the power behind this rise is Elon Musk’s twitter address. Shiba coin is the next target of Elon Musk, who periodically tweeted about Dogecoin and stated that he would never sell his Doges.
What is a shiba?
SHIBA; It is named after the shiba inu dog associated with Dogecoin. Shiba coin, which is close to Doge with the strategies and images it uses, introduces itself as Dogecoin Killer. Just like Dogecoin, the ‘Meme’, the Shiba token, which was created for the purpose of a joke, is mentioned in the project description on its official website as a “self-created decentralized community creation experiment.”
What is it, how did it come about?
Shiba Inu, created by a software developer named Ryoshi, is a token created using the ERC-20 standard on the Ethereum base. Ryoshi talked to a close friend about cryptocurrencies at an event in Osaka, Japan in 2020, shared his vision with him and asked his friend to help him bring that vision to life.
The total supply of Shiba Inu (SHIB) is limited to 1 quintillion units. In addition, 50 percent of its total supply was gifted by Ryoshi to Vitalik Buterin, the founder of Ethereum. At the beginning of May 2021, Vitalik Buterin donated 10% of his Shiba Inu (worth $1.5 billion) to the India Covid Relief Fund. He stated that he burned the rest of it not to be used.
see: Vitalik Buterin’s wallet movements viewed via etherscan.io.
What does coin-token burning mean?
Coin burning is the process of removing coins from circulation and destroying them. Thanks to these coins, which are destroyed and never recovered, the total supply of coins decreases. Many people wonder what the price of the cryptocurrency will be after the burn. Although nothing is said about this subject clearly, in general, one of the most basic information of finance; When supply decreases, demand and price increase.
see: Shiba/Dollar chart according to coinmarketcap.com
As can be seen from the graph, Shiba Inu, which ate a big pump (uptrend) with Elon Musk’s tweets about Shiba and rumors that Elon Musk supports the Shiba token after Dogecoin, then saw a big deal after Vitalik donated a certain part of Shiba. ate a dump (fall).
What is ShibaSwap?
Since its inception, SHIBA has been actively shaped in line with the suggestions and wishes of the community and continues to take shape. In this direction, Ryoshi’s first suggestion was to start burning the remaining tokens.
Thanks to this successful strategy, Shiba started to grow even more over time and the decentralized exchange called ShibaSwap was announced in a short time. On the ShibaSwap exchange; There are tokens called SHIB and LEASH, which was developed after it, and BONE. It is stated by many authorities that Shiba, which has a similar system, is at the very beginning of the road, given the great impact of similar systems such as Binance Smart Chain, Polkadot, Sol.
After Dogecoin, which marked 2021 and made a name for itself, many positive comments were made about Shiba coin, the most talked about cryptocurrency of May, which draws attention with its similarities in many ways.
Antony Portno, Founder of Traders of Crypto, recently spoke about SHIB. Stating that there are many altcoins hoping to follow the success of Dogecoin in 2021, Portno said, “DOGE has been in the market for many years and has introduced itself as fun money. The shiba token is also following the dogecoin route, but it is a slightly more manipulative and cynical asset.” said.
Listed on Binance, the world’s highest volume exchange, in May, the Shiba coin further doubled its rising price. When Binance listed Shiba, the price of the token doubled. Most impressively, Binance CEO Changpeng Zhao said, “Today, due to SHIB, ETH deposit addresses are exhausted in the stock market. ” and it was his tweet announcing that this is the first time on the exchange.
Will the Shiba rise?
Many people have a similar question, will the Shiba token rise? How high will it rise? Will it sign a great uptrend like Dogecoin? While many analysts have expressed positive opinions on this issue, they report that the Shiba token has the potential to achieve a significant rise, not only as a phenomenon, but also because it includes an important exchange such as Shibaswap.
“Meme tokens like Shiba are a social phenomenon and are expected to rise with this popularity,” Ben Caselin, head of research and strategy at cryptocurrency exchange AAX, said in an interview with Fortune.
Another important Shiba comment came from Block Journal CEO David Hsiao. Hsiao “Everyone is talking about the Shiba coin, we can buy this meme coin too.” he stated.
It is not known whether the Shiba coin will rise, but everyone agrees that it is one of the most popular cryptocurrencies.
Where to buy Shiba?
Shiba token, which is listed on many foreign exchanges, is not yet listed on many domestic exchanges. Among the domestic exchanges, the Coinzo cryptocurrency platform is one of the first exchanges to list Shiba. Coinzo exchange, which has been in service since 2018, has one of the lowest commission fees in the market, as well as keeping user security at the highest level thanks to e-government approval. stands out as a user-friendly exchange.