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Shiba Inu (SHIB) is the new Dogecoin killer: How to buy the cryptocurrency in the UK?

Shiba Inu
Image credits: Shiba Inu

Vitalik Buterin, Ethereum’s co-founder and the youngest crypto billionaire, donated 50 trillion Shiba Inu (SHIB) tokens worth $1.2 billion (approx £854 million) to India’s Crypto COVID Relief Fund set up by Sandeep Nailwal, Polygon co-founder. Buterin also donated 500 ETH worth $2 million (approx £1.4 million).

Notably, Buterin donated a massive amount of Shiba Inu token, which he was gifted by the creators of Shiba Inu coin, Dogelon (ELON), Akita Inu (AKITA), mwDOGE (mwDOGE), and OURSHIB (OSHIB). “We locked the 50% of the total supply to Uniswap and threw away the keys,” says Shiba Inu creators.  

So what exactly is Shiba Inu? Is the coin named after the dog breed Shiba Inu, a Dogecoin killer?

What is Shiba Inu (SHIB)?

Positioned as Dogecoin killer, Shiba Inu was created in August 2020 by an anonymous person known as “Ryoshi.” At the time of writing this article, the coin’s price is very negligible at $0.00001923. Recently, it has given 1,970.57% returns too. 

According to the creators, SHIB is an experiment in decentralised spontaneous community building. 

The website reads, “Nicknamed the DOGECOIN KILLER, this ERC-20 ONLY token can remain well under a penny and still outpace Dogecoin in a small amount of time. Popular worldwide, and already up thousands of percent, Shiba token ($Shib) is the first cryptocurrency token to be listed and incentivized on ShibaSwap, our decentralized exchange.” 

How to buy Shiba Inu in the UK?

As of now, around 394.796 trillion Shiba Tokens are in circulation with a market capitalisation of $7 billion (approx £4.9 million). If you want to get your hands on Shibu Inu, you can currently buy in platforms like Binance, Huobi Global, OKEx, Hotcoin Global, and MXC.COM. Also, you can use Ethereum to swap into Shiba Inu tokens on Uniswap’s exchange.

You can also check how to buy Ethereum and Dogecoin easily with low fees, if you are in the UK.

Based on Ethereum, it has little to no underlying use cases or value as of now. Since it’s new into the market, not much information is available about the token right now.

Ben Caselin, head of research and strategy at cryptocurrency exchange AAX, says, “Rather than simply dismissing the hype outright, it’s important to realize that what we’re seeing is the mass movement of traders new to crypto moving into space.”

OKEx CEO Jay Hao says, “The Shiba Inu community has been gaining strong momentum from the weekend deposits, and we look forward to witnessing its robust development. We are happy to be the first major exchange to offer SHIB to open the crypto gateway to these enthusiasts.”

As of now, SHIB’s future is uncertain and experts caution before investing in the Dogecoin killer. If you want to read Shiba Inu’s whitepaper, click here