What is Shiba inu Coin? Shiba Inu Coin Elon Musk

What is Shiba inu Coin? Shiba Inu  Coin Elon Musk

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What is Shiba inu Coin?

The Shiba Inu coin is a joke coin or meme coin released as a competitor to Dogecoin.

The Shiba Inu has been in the news for two reasons. Recently, Tesla founder Elon Musk tweeted that he wanted to have a Shiba puppy that excited the crypto market and prices increased 300 percent.

Prices of Shiba Inu coins have dropped nearly 40 percent after 27-year-old Russian Canadian Billionaire Vitalik Buterin donated 50 trillion Shiba Inu coins to the India Covid Crypto Relief Fund, led by Indian crypto entrepreneur Sandeep Nailwal.

Who owns the Shiba Inu?

Although the owner of the Shiba Inu is someone named Ryoshi, no one knows this person's real name. The meme coin is named after the Japanese dog breed Shiba Inu.

Meanwhile, Shiba Inu had claimed to be the 'Dogecoin Killer' when it was launched in August 2020 and was seen as a competitor to Dogecoin. The Shiba Inu's mascot is based on Shiba cubs and is quite similar to Dogecoin.

The platform and model are also based on Dogecoin.

How different are the Shiba Inu?

Dogecoin was developed using the same technology as Bitcoin. Shiba Inu tokens are backed by Ethereum. Fungible tokens like Shiba Inu are ERC-20 tokens and fungible tokens (NFTs) use the Ethereum platform's ERC-721 token standard.

Our SHIB token mentioned on the official website is our first token and allows users to hold billions or even Trillions of coins. More additions are coming, according to Shiba Inu's website. The creators plan to release the next coin, Bone Dogecoin Killer, in the future.

How can you trade Shiba Inu?

In India, you can trade Shiba Inu coin on WazirX. It was incorrectly listed at Rs 3 on Thursday by WazirX, and the company explained that a misconfiguration caused the listing to be at a higher value. After it was discovered, prices dropped to the 0.0015 level.

Other platforms such as Uniswap and the web version of CoinDCX have also listed Shiba Inu tokens. Uniswap is a decentralized trading (DEX) on the Ethereum network that allows the buying and selling of cryptocurrencies for ETH and other Ethereum-based tokens. These coins cannot be purchased in Indian rupees (INR), but only in USDT/BUSD.

Currently, on the WazirX platform, the Shiba Inu is traded in the range of 0.00001577 to 0.0000158.

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