When discussing cryptocurrencies, the first few names that come to mind are those of the market leaders, such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and others. However, as cryptocurrencies gained popularity, a large number of additional altcoins or Bitcoin alternatives that entered the market. ShibaDoge (SHIBDOGE) is one such meme coin that is now in the spotlight, partly because its name combines the two most well-known meme coins, Shiba Inu (SHIB) and Dogecoin (DOGE).
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What is the ShibaDoge?
ShibaDoge describes itself as a community-driven utility coin that was created by SHIB and DOGE whales to benefit both communities.
The ShibaDoge ERC-20 token trades on the Ethereum network under the symbol SHIBDOGE. According to its website, the cryptocurrency is automatically deflationary, which means that with each purchase and sell transaction, its supply is reduced. Furthermore, by gradually lowering the supply, this also raises its value.
On December 24, 2021, the cryptocurrency went live with a 420 sextillion token supply. 50% of the total supply was burnt during launch.
The project wants to employ Web3 and Decentralized Finance (DeFi) features to provide its ecosystem more value, according to its whitepaper.
It primarily aims to unite the Shiba Inu and Dogecoin communities. Achieving 1% or more of the combined total community of the two meme coins is the project’s short-term goal.
The combined market capitalization of the two meme coins is around to US$40 billion, or roughly 5 million token holders.
In order to achieve its short-term objective, SHIBDOGE must have at least 50,000 holders and a market worth of US$400 million.
The cryptocurrency can be purchased on a number of exchanges, including Uniswap (V2), Hotbit, etc. However, before purchasing cryptocurrency, one should use prudence.
The History of the ShibaDoge
The Ethereum network’s utility subtoken ShibaDoge (Token Symbol SHIBDOGE), an ERC20 token, was initially established on the tenets of unity, community, and decentralization. Five early adopters and investors in Dogecoin and Shiba Inus who wanted to unite the two communities launched the project in the beginning.
The team now consists of 15 international members with top-tier knowledge in media, Web3 development, smart contracts, and other fields. ShibaDoge wants to lead this enormous paradigm shift in Web3, which will be the next frontier for human civilization.
The token had a 420 sextillion token supply when it was first released on December 24th, 2021. ShibDoge is an auto-deflationary token since 50% of the total quantity was immediately destroyed at launch, and because there are reflections to every wallet, including the burn wallet, ShibDoge is.
How to Buy a ShibaDoge token
ShibaDoge price are available for sale on Uniswap, although prospective investors can purchase it from any of the six centralized exchanges where it is listed.
The team advised intending investors to visit Uniswap and search the token contract address. They can then swap Ethereum for whatever volume of the token they desire.
Other exchanges where the ShibaDoge token can be purchased are Lbank, XT.com, Hotbit.io, Digifinex, BKEX and Bitmart.
Pros and Cons of Owning a ShibaDoge
Five developers who are also close friends in real life are in charge of this project. They were among the first to invest in Dogecoin and Shiba Inu. The developers fiercely objected with the tribalistic mindset that permeated throughout the decentralized financial field as the conflict between these two communities developed. ShibaDoge was created with the intention of uniting the decentralized finance (DeFi) community as a whole as well as the Shiba and Doge communities.
ShibaDoge is a deflationary token whose supply gradually shrinks while its value gradually rises. For its owners, it provides 5% reflections. This implies that by just holding the token, ShibaDoge holders gain daily passive income in the form of ShibaDoge tokens.
In the crypto world, reflections are a very valuable utility. ShibaDoge owners will also be able to earn tokens for staking their NFTs as a kind of passive income. ShibaDoge’s staking platform has been finished and is presently undergoing a Certik Audit, which has a high regard and is regarded as the most reliable audit in the world.
ShibaDoge has already produced its first batch of 10,000 Doge Army NFTs, and soon its second batch of 10,000 Shib Army NFTs will also be available. ShibaDoge NFTs can be produced by breeding Doge Army and Shib Army NFTs, which are both held by different NFT holders. While the utility of the ShibaDoge NFTs is yet to be announced, it is expected to be extremely valuable.
The ShibaDoge ecosystem depends on the reflecting and upcoming NFT staking capabilities since they give the holders a way to generate passive income. ShibaDoge is on track to become one of the most popular meme tokens in cryptocurrency because to its loving community and optimistic vision for DeFi.
On the other hand, the weak point is that Investors need to check technical information for getting a position. So, they need maximum price, market capitalization, and average shibadoge price, real time analysis, trading volume, maximum shibadoge price or any other information. However, as this coin is new there is not enough historical information about its movement.
In conclusion
Two realms, one goal: to observe how money moves away from monopolies under government control and gives the people power again. Only if everyone in the neighborhood cooperates for everyone’s benefit is this feasible. ShibaDoge’s major objective is to unite the Dogecoin and Shiba Inu communities.
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