Almost everyone has heard about DOGE coin, the famous meme coin that has risen to global fame and turned many people into millionaires thanks to the support from the world's most popular entrepreneur, Elon Musk. Currently, DOGE looks like it will stay in the top 10 cryptocurrency spot in terms of market cap for a long time despite having unlimited supply and no active developing team.
Many hardworking teams are not happy about the rise of DOGE. One coin, in particular, wanted to compete with DOGE so much, it branded itself as "DOGE KILLER" and is somehow starting to see success. Introducing the SHIB (Shiba Token), a coin that suddenly received so much attention, it got listed in three of the world's biggest exchanges, BINANCE, HUOBI, OKEx in just one week!
However, its success wasn't so sudden. Unlike DOGE coin, SHIB has an actual developing team and plans for the long-term ecosystem.
What is SHIBA INU? (SHIB)
SHIB is an experiment in decentralized spontaneous community building. SHIB token is an ERC-20 token based on the ETH blockchain. SHIB team is also planning to add a decentralized exchange and NFT features into the blockchain, making it a project with more backing than DOGE.
According to the team, 50% of the supply has been locked and the keys has been destroyed and the remaining 50% was sent Vitalik Buterin's ETH address as a way of burning.
SHIB is the first project to burn supplies in such a way to ensure fair and complete distribution where the developers can dump tokens on the community.
Nonetheless, we can not say for sure if the developments will go as planned or if Vitalik will one day dump the coins so it is still very important to trade carefully with such new projects.
Rise of SHIB
SHIB has gone up 1800% since last month and might still have the momentum to rise more as it has just been listed on the biggest exchange in the world, Binance. If the developments of the decentralized exchange and NFT is true, we might be able to see the real DOGE KILLER.
If you are interested in buying SHIB, you can now do so on many big exchanges like Binance, Huobi and OKEx. You can also buy SHIB on a decentralized exchange on the ETH blockchain like Uniswap or 1Inch. If you have an ELLIPAL Titan Cold Wallet, the SHIB you bought can be stored under your wallet's ETH account and be kept secure with air-gapped security.
With the market being so active lately and gaining record-high amounts of new investors, many coins will soon follow the path of DOGE, just like SHIB. Who knows what will happen to the coins you hold after a few months.
If you are hopeful about the coins you are holding, it is best to secure them in an air-gapped cold wallet like the ELLIPAL Titan cold wallet. With connections to Defi exchanges like Uniswap, Sushiswap, PancakeSwap, and more, you will always be able to check their prices and sell when they are primed.