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What is SHIB Coin? What to know about the ‘Dogecoin Killer’ cryptocurrency

It’s a joke coin of a joke coin and the joke’s on “investors” who are probably going to lose a lot of money.

What is SHIB Coin? What to know about the ‘Dogecoin Killer’ cryptocurrency
[Photo: Brock Wegner/Unsplash; rawpixel]
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Dogecoin started out as a joke and now the original joke coin has inspired a joke coin of its own—which is just too meta. The latest joke cryptocurrency coin is called SHIB coin and it’s billing itself as a “DOGE Killer,” which, let’s be honest, is more about SEO returns than any valid ability to produce guaranteed investment returns. Here’s what you need to know about SHIB coin:

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  • Its real name is ‘Shiba Inu coin.’ But everyone calls it SHIB coin for short. The name is taken from the dog breed that is the mascot for Dogecoin.
  • How much is SHIB worth? At the time of this writing, one SHIB is worth about $0.00003359. In other words, SHIB is literally worth less than a drop of piss.
  • How many SHIB coins exist? According to CoinGecko, 1 quadrillion. Yes, one QUADrillion. To put that in perspective, there can only ever be 21 million bitcoins in existence. In other words, SHIB isn’t scarce.
  • Why does SHIB coin exist? Because Dogecoin exists and people saw its 5,000% rise this year and think any other joke coin can produce the same results as long as you can find people hoping it can to put their money into it.
  • What do SHIB coin’s creators say about the coin? About what you’d expect: “Nicknamed the Dogecoin Killer, this ERC-20-only token can remain well under a penny and still outpace Dogecoin in a small amount of time (relatively speaking). Popular worldwide, and already up thousands of percent, Shiba token ($SHIB) is the first cryptocurrency token to be listed and incentivized on ShibaSwap, our decentralized exchange.”
  • Where can I buy SHIB coin? Right now SHIB coin can be bought on cryptocurrency exchanges including Binance, Huobi, OKEx, and Uniswap.
  • Should I buy SHIB coin? That’s up to you. If you enjoy high likelihoods that you’ll lose your investment, then any joke coin created to ride the speculative coattails of other joke coins is probably a great purchase. But if you are investing with the purpose to try to see an actual return to help you, you know, retire one day, dumping your life savings (or even a thousand bucks) into a joke coin isn’t the way to go.
  • What has Elon Musk said about SHIB coin? Nothing yet, thank god.
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About the author

Michael Grothaus is a novelist, journalist, and former screenwriter. His debut novel EPIPHANY JONES is out now from Orenda Books. You can read more about him at MichaelGrothaus.com

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