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How to store Shiba Inu Coins Safely – Ultimate Guide by Freewallet

Dec 10, 2021

Introduction

SHIB is often regarded as a joke crypto or a “Dogecoin killer”. In fact, the token strives to be an Ethereum alternative to Dogecoin. SHIB was created by an anonymous developer known as “Ryoshi”. SHIB is a meme token of the decentralized Shiba Inu ecosystem. Released in 2020, SHIB coin shares its icon with Dogecoin, another favorite coin of crypto folks, and was certainly inspired by DOGE. Following the crypto community’s spirit, Ryoshi (translated from Japanese as “fisherman”) prefers to conceal their real identity. According to Ryoshi, this desire to remain anonymous says that nobody keeps the keys to the project.

Although Shiba Inu (SHIB) is one of the newest cryptocurrency projects, its popularity is already prominent. The Twitter account of the Shiba Inu project has gained more than 2 mln followers. This year has been very eventful for the Shiba Inu coin, which at times managed to multiply its worth by 300%. By market cap, SHIB ranks in the top 10 or 20, depending on the current market. In October 2021, the coin broke the record and reached an all-time high at $0.000088. Following this, the price had slumped with a transfer of the $2.3 mln worth out of a whale account being one of the reasons for this slump. The market supply of the SHIBA INU coin is massive, determining its low value and huge market cap reached when the price is growing. As an Ethereum token, SHIBA INU can be applied in a wide range of business cases and has a great potential for various integrations. More merchants are adding SHIB as a payment method. Recently, the Travala travel network, listing over 2 mln hotels, enabled SHIB for online payments.

What is Shiba Inu?

SHIBA INU is a meme and viral cryptocurrency. Just like Dogecoin, it features a Japanese Shiba Inu dog on its logo and has a huge army of supporters in different countries of the world. The coin is famous for its dynamic market rally amid Internet campaigns of support. At times, the energy of this dynamic puts SHIB in the top trends of social media, such as Reddit and Twitter.

SHIB community members enjoy 100% rights to operate the protocol. The community is proudly united into the 1 million ShibArmy. It crossed the 1 million milestone on November 25, 2021.

The original supply of tokens was one quadrillion. Later, half of this amount was transferred to Vitalik Buterin, Ethereum co-founder. He burnt 90% of this amount and donated the remaining 10% to the charity foundation in India to fight COVID, along with 500 ETH.

Although many people regard this project as a parody, SHIB has a detailed roadmap and takes steps to develop a decentralized exchange along with an NFT marketplace. The exchange, ShibaSwap, is described by its developers as the “evolution in DeFi platforms”. Using ShibaSwap, it’s possible to provide liquidity, stake, and yield return as passive income. ShibaSwap functions as a decentralized platform with a liquidity pool. It allows users to stake their SHIB assets within the ecosystem and earn their interest each time other users take advantage of their balance in order to swap tokens.

To stay up-to-date about the current prices and changes in the assets’ value, portfolio trackers are offered to users.

As an Ethereum-based asset, SHIB is compatible with popular Ethereum wallets, such as Metamask. The Ethereum format makes it available on various exchanges and ensures sufficient liquidity for exchange transactions.

SHIB started its history with $0.00000000051. Since that time, it has managed to get rid of 6 zeros in its value! In January 2021, it cost was just $0.000000000073. The 12 months’ evolution of SHIB price shows a 54,273,873% year-to-date gain.

Oct. 27, 2021, was the day when SHIB reached its all-time high of $0.00008841 per one token.

At the moment of writing, the SHIB’s price is 0.000037. The price trend shares the general declining trend of the cryptocurrency market at the end of 2021. When first released on the market (August 2020), SHIB grew by 27.000. After Elon Musk’s tweet about his new Shiba Inu dog, the coin’s fame reached new heights and so did its price. The surge in price made more than 300%. Such swings are possible due to the very insignificant worth of the token and its massive supply.

It took a little over a year for the coin to approach a $12-bln’s market cap. This is very similar to the behavior of Dogecoin. Upon its market rally, SHIB always leaves the performance of major cryptos behind.

How to store Shiba Inu in Freewallet

Due to its compatibility with Ethereum, SHIB can be perfectly stored and transacted via Ethereum wallets. In Freewallet, SHIB operates as an ERC-20 token and can be used in the multi-currency Web Wallet or SHIBA INU wallet for Android users.

Please note that SHIB on the basis of the Binance Smart Chain is not available in Freewallet.

What can you do with SHIB in Freewallet?

Freewallet is the universal platform for SHIB INU, allowing for safe exchange transactions with SHIB coins over the Ethereum blockchain. To get the SHIB deposit address and work with it, please enter the app and click on the “Receive” button. The address will be generated. It’s recommended to use a SHIB deposit address rather than a general ERC-20 address.

An essential option for the volatile market! You can convert existing BTC or altcoins balance to SHIB and back.

Can I buy SHIB in Freewallet?

Of course! When choosing the “Buy with a card” option, make sure to choose Simplex as the payment provider. Put the amount of your purchase in fiat currency (50 currencies are available now and more are coming). Make sure to check the total amount, including the fee, and confirm your purchase by clicking the green button “Buy SHIB”.

The current state of the SHIBA INU project

In addition to other top exchanges, Gemini and Kraken listed the coin in November 2021. The coin was added by Coinbase earlier this year. Each time it got listed by a major exchange, its value notably surged. Bitstamp has lately enabled the exchange of USD and EUR for SHIB INU tokens. There are about 50 exchange platforms, where you can trade with SHIB now.

To encourage creative inspiration and art initiatives, Shiba Inu set up an NFT art incubator. We hope to hear more about this initiative as it sounds refreshing. The future plans of the project include a DAO-based governance system (“DoggyDao”).

After a serious hack on BitMart in December 2021, Shiba Inu united its efforts with Huobi Global to assist the compromised exchange to advance its security system and prevent further attacks. Due to the planned burning process, the coin supply is expected to decline in the late 2021 – early 2022 years. It will create opportunities for the project to engage in the metaverse space. According to Ryoshi, the project developers are elaborating on the Oshiverse, SHIBA INU’s own version of the metaverse. Many other aspects of the project are also being developed, including the Decentralized Shiboshi Game, Shibanet, and Shibarium.

There is a popular expectation among the coin fans regarding the listing of SHIB on Robinhood.

Want to find more information about prospects and the future price of the coin? Would like to learn if the coin reaches 1 cent? Check out our special prediction!
Wondering why SHIB coin has a habit for a sudden pump? Read special analysis of our team.