The meme coin has been named after the popular Japanese dog breed Shiba Inu with the mascot of the platform based on the Shiba pup resembling Dogecoin’s mascot. The Doge imitator was launched in the innovation zone of Binance which is the harbinger of new, innovative coins.
KING SHIBA INU has amassed widespread fame when in May it saw a major uptake in its market value. Its value kept going vertical by 2000% during the second week of May.
DOGE-inspired SHIBA INU (SHIB) saw an uptake in the market to send its value vertical by nearly 2,000 percent in the past week.
$SHIB is the newest meme coin that has got the attention of the investment world. As claimed, it is the only ERC-20 token that can remain well under a penny and still overtake Dogecoin in a short span of time. It also holds the acclaim of being the first cryptocurrency to be listed as well as incentivized on KING SHIBASWAP, its own decentralized exchange.
This will ensure a fair distribution of the token. In addition, developers do not own the distribution of “team tokens” which often lead to a dump on the community.
Understanding the dynamics
Shiba Inu catapulted to fame due to two reasons. Firstly when Tesla Founder, Elon Musk tweeted that he wanted to own a Shiba pup, the crypto community pumped into action with excitement. This led to a 300% rise in the price of Shiba Inu. Secondly, the price of the coin fell by around 40% when the young billionaire Vitalik Buterin contributed 50 trillion Shiba Inu coins to India’s Covid relief campaign run by the Indian crypto influencer and entrepreneur Sandeep Naliwal.
The famed Shiba Token, as mentioned, has been incentivized on KING SHIBASWAP, its own decentralized exchange. The token registered some massive growth when it was at the zenith of its fad.
The dynamics of the token as represented officially are:
- 50% of the token supply has been burnt forever
- 44% of the token supply has been kept for liquidity
- 3% of the token supply has been allocated for the development team
- 3% of the token supply has been administered to its treasure and finally,
- 1% burns with every transaction.
GBNE -Golden Bone which was introduced as a rebase token pegged to the price of Dogecoin has now been unleashed and will not rebase anymore. Its total circulation is only 100 tokens as against SHIB which has a larger supply.
The platform is slated to release its next token soon. The new launch will be by the name GRWN- Golden Crown intending to change the DeFi experience by taking it to the next level. The details about the yet-to-launch token, its tokenomics, and the incentives attached will soon be revealed.
Community support
The platform will welcome dog-inspired artists globally, endorsing and enriching its own ‘Artistic Shiba Movement’, to bring its community into the NFT market. It is also planning to generate different campaigns that will target community support and harmony. The platform will also run charity projects to rescue live Shiba Inu dogs soon.
How can you buy Shiba Inu?
As of now, users can buy or sell KING SHIBA on the Pancake exchange. The users can follow some simple steps to buy and trade KSHIB coins on Pancake swap.
Users should first have a Binance account and if they do not have a Binance account they can open it on their official website.
- Users then have to buy BNB coin from the Binance account
- If users do not have Trust wallet or Metamask wallet, they have to download it
- After download, they can send their BNB Coins to their wallet.
- Users have to go to Pancake Swap and buy the coins and begin trade.
Check out KING SHIBA on their socials.
Disclaimer: This is a sponsored press release, and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
