Shiba Inu Price Prediction For 11th August 2022
The current price of Shiba Inu on 10th August 2022 (07:30 AM IST) is INR 0.00092 with a change of -4.27% in the last 24 hours. Shiba Inu price forecast for 11th August 2022 will be between INR 0.00075 and INR 0.00100.
TradingView Technical shows 10 metrics to BUY. Oscillators > Relative Strength Index (14) is 54.71 which indicates NEUTRAL. Coincodex technical analysis shows 26% bullish sentiments whereas 74% bearish! Meanwhile the Fear & Greed Index is 31 indicating Fear. Investing.Com hourly analysis is SELL!
Shiba Inu has done moderately well for a while now. The overall sentiment is Neutral as crypto has been dipping. InsideBitCoins has clubbed Shiba Inu along with few other major coins in the category of ‘ShitCoins!’ Hopefully things will change this month for the better.
Cryptos are taxable in India from April 01 2022. Click here to know more about the new crypto taxations.
Disclaimer: This forecast is based on several independent sources on the internet and is not intended to be used as financial, legal or tax advice.
What is Shiba Inu?
Woof woof! Another ETH based AltCoin. Named after a cute Japanese canine breed of the same name, Shiba Inu is a meme coin intended as a satire on Dogecoin. A self proclaimed ‘Dogecoin’ killer the coin was launched in 2020 and quickly took the meme coin crypto market by a storm (that seem to be a bit quelled by now). Over the course of a year, Shibu Inu ecosystem has launched LEASH and BONE tokens apart from the default SHIB token.
SHIB has also ventured into the virtual world ecosystem with the Shiba Inu Metaverse called the Shibverse. A virtual world that is run in the Shiba Inu economy.
As promised, we are so excited to announce our first special surprise for the year #ShibArmy!
In 2022, we are reaching new heights and welcoming the #Shiberse 🌎. An immersive experience for our ecosystem and the Metaverse space!
We can’t wait to show you more. Woof! 🐶 pic.twitter.com/tCRQ1m1RiT
— Shib (@Shibtoken) January 24, 2022
Like all cryptocurrencies Shiba Inu is also very much in a developmental phase. The entire ecosystem is run by a community of Shiba volunteers and devs and investors dubbed the ShibArmy.
🐶 Working on amazing things, #ShibArmy! Woof! pic.twitter.com/jXsWTDAZth
— Shib (@Shibtoken) January 7, 2022
Who created Shiba Inu?
Shiba Inu was created by (pseudo)anonymous (group of) developer(s) called Ryoshi. The white paper (dubbed the woof paper) released states the developers’ vision behind the launch that the token would be beyond the reach of centralized creators. Also Ryoshi didn’t build a native blockchain for Shiba as the dev believed the Ethereum blockchain is time tested and robust enough to host meme coins like Shiba Inu without any hassle.
Ryoshi started with a supply of a whopping 1 Quadrillion SHIB tokens! 50 percent of the tokens are locked in Uniswap for liquidity purposes. The rest of the 50 percent of the tokens was dispatched to Ethereum founder Vitalik Buterin. Ryoshi felt it would be safer with a person of integrity.
Vitalik donated over $1 Billion worth of 50 trillion SHIBs for Covid Relief Fund in India.
In October 2021, Shiba Inu made news, as it toppled a dozen cryptos to climb the leaderboard of top 10 crypto currencies.
How does Shiba Inu work?
Shiba Inu doesn’t have a Blockchain of its own. Shiba is ETH based ERC-20 Token and utilises the ETH blockchain. Shibu can run Smart Contracts. This enables the coin to interact with decentralized apps. The token now has its very own Decentralized Exchange or DEX called the ShibaSwap, launched in 2021.
ShibaSwap also cater to NFTs with its marketplace where NFTs are called Shibosis. These NFTs are pixelated versions of Shiba Inu dogs.
How to use Shiba Inu?
You can buy Shiba Inu from crypto exchanges like Binance or Coinbase too. These exchanges will enable you to open a wallet with them. Once your account is set up, you can buy as many tokens via wire transfer. Viola! It’s that simple. You don’t necessarily have to be a crypto miner to mint the coin of your choice.
$SHIB is now available for purchase with $USD via @BinanceUS. https://t.co/Wbc9h2Xm6W
— Shib (@Shibtoken) November 20, 2021
However a better way to procure a Shiba token is through ShibaSwap.
The native website of Shiba Inu lays out how you can alternatively add your fav meme into your holdings.
- Create a MetaMask wallet for starters
- Now send ETH to your MetaMask wallet
- Now connect your wallet to the ShibaSwap
- Swap your ETH for Shiba and you are done!
Shiba Inu can be used for payment of goods and services wherever the crypto is sanctioned. There are at least 11 major merchants that accept Shiba Inu including Twitch and Sling TV. Through BitPay you can even buy gift cards using Shiba Inu coins for popular shops including Walmart, Uber, Xbox, Airbnb, Google, Amazon, BookMyShow, Zivame etc. Shib is also available across 4000+ ATMs.
Top platforms and apps in India to trade Shiba Inu
What’s So Special About Cryptocurrencies? Cryptos are global, highly secure, private and irreversible. About 20 million Indians currently hold cryptocurrency. 60% of the total crypto investors are between 18-34 year old.
India is also the second in fastest adoption of cryptos followed by Vietnam. Although the Indian government has introduced 30% taxes on all forms of VDAs (Virtual Digital Assets), Cryptos still doesn’t have a legal status in the country. However with growing consensus and further amendments, digital currencies will become a norm.
If you are looking to make an investment in Cryptos then the best way is through a Crypto Exchange.
Here are some of the top crypto exchanges available in India.
- Binance
- Coinbase
- WazirX
- CoinDCX
- Unocoin
- Zebpay
- CoinSwitch Kuber
- OKEx
- BuyUCoin
- Bitbns
Explore Shiba coin at https://www.shibatoken.com/
Cover Image: Pixabay
