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Introducing Bitshiba
Bitshiba is a meme coin that was launched in November of 2021. It came about as an inspiration from the successes of Shiba Inu and Doge. The aim of Bitshiba is to be a community-owned coin that finds usage across multiple areas of the BSC ecosystem. It intends to rise in price and be stronger in value than these two meme coins.
As more people get to know about this coin, then its value will increase as the community also grows. This should trigger a positive price increase as no more coins are created. It has a fixed supply as all the coins have already been minted and supplied. There was no presale when launching the tokens, and no tokens have been set aside for the team. All tokens were launched on a public sale. 50% of these were set aside to provide liquidity on PancakeSwap and locked forever. The remaining 50% were destroyed.
There are multiple ways in which utility for this coin is achieved. First, it can be used in the BSC network on Dapps. It can also be transferred from peer to peer. This coin can be used in blockchain games, swaps, farming and trading in NFT applications. It can also be used in community voting as the platform transitions into a fully functional DAO.
The project is surrounded by a robust and vibrant community. The community is keen to see this platform rise to achieve its full potential and ultimately surpass Shiba Inu and Doge. It currently has over 25,000 members on Telegram and over 7,000 active members on Discord. This project has been set up on the Binance Smart Chain. Interested crypto investors can purchase BitShiba on PancakeSwap. The project is also featured on CoinmarketCap and CoinGecko.
Why does Bitshiba use the BSC smart chain?
Binance Smart Chain operates a protocol called BEP-20.BSC, opted for because of its ability to utilise smart contracts with much better speed and efficiency. Binance Smart chain and Ethereum share a lot of similarities. BSC is a hard of Go Ethereum, and that is why it shares lots of similarities with the EVM. Also, BSC is increasingly becoming prominent among Dapp developers as hundreds of Dapps are increasingly hosted on this network. The number of addresses in the BSC network is high. There are over 2 million addresses on the BSC network. This shows that there are lots of users who depend on this network, compare this with the Ethereum blockchain that has about one million addresses.
BSC is compatible with popular wallets such as Metamask and Trust Wallet. The fees in the BSC network are also low compared to other apps. Sending from one BEP-20 wallet to another is basically free. Compare this with an ERC 20 wallet where the price can rise to as high as $70. This shows that it is cheaper and easier to move funds in a BSC wallet.
The wallet can handle millions of transactions on a daily basis without clogging the network. BSC also provides better security to users and app developers. It has cross-chain functionality. It can interact with the EVM, therefore, enabling users who have ERC 20 tokens to cross-transact with this network. The network also works on the Proof of Stake consensus model with 21 validators. This creates an opportunity for the community to be actively involved with it, and it also promotes decentralisation.
Explaining Bitshiba Tokenomics
The token name for this crypto is BitShiba, and its symbol is SHIBA. It is currently trading on PancakeSwap. It is a BEP- 20 token set up on the Binance Smart Chain. There is an original supply of 1 quadrillion tokens.
From the original supply of tokens, 50% were sent to an address to be burnt, and the remaining was sent to provide liquidity and is locked on Pancake Swap. This has been locked forever. There was no private sale or presale of these tokens; none was set aside for team members or even advisors. All the tokens were released to the market at the same time.
500 Trillion tokens have been burnt in a publicly viewable address while the rest have been locked up to provide liquidity on PancakeSwap. The token price of Shiba is $0.00000006369. The token has current liquidity of about $1.5 million. It has a daily transaction volume of about $2000. There are over 26,000 holders of this token with a total transaction volume of over 100,000 transactions. At the moment, there are over 11 trillion pooled Shiba with a total market cap of over $30 million.
How to buy Bitshiba token
Bitshiba token is a BEP 20 token on the Binance Smart Chain. This means that you’ll have to get a wallet that is compatible with BEP 20 protocol. BSC, being a hard fork of Go Ethereum, shares common features with Ethereum. Wallets such as Trust Wallet and Meta Mask can support BEP 20 addresses. BitShiba token is listed on PancakeSwap
The first thing a buyer needs to do is login to a wallet such as Meta Mask or Trust Wallet. Once you log in, go to the DAPP section, and open it. You should also make sure that your wallet is connected to the Binance Smart Chain network and that you have BNB in your wallet.
Click and paste the PancakeSwap trade link in your wallet and then click enter. Once you have entered this, check the option for Binance Smart Chain Network. Then click on the Select Currency section. In this section is where you’ll paste the contract address of Shiba. The contract address of the Bitshiba token is : 0xb84cbbf09b3ed388a45cd875ebba41a20365e6e7. Paste this contract address and import Shiba. In some wallets, you may have to choose the option of adding custom wallets so as to paste and import Shiba.
After you’ve pasted and searched for Shiba, scroll to locate it and then choose how much Shiba you would like to purchase. You can check how much Shiba you’ll receive from your purchase. Once you have confirmed, click on Swap to start the transaction.
Approve the transaction for it to go through, and after that, you should get your Bitshiba tokens. If you would like to check the balance of Bitshiba tokens within your wallet, first log in to your wallet. Then, search for the custom tokens section. From here, you also need to choose the network, which in this case is Binance Smart Chain. Then, insert correct details on the fields that have been provided. These include the contract address, name of token and decimal places.
The future plans of Bitshiba
The ultimate aim of Bitshiba is to create a community coin that has intrinsic value and can be utilised across the BSC ecosystem. The community is at the core of this project. Plans are underway to create a DAO that will govern the operations of this project. DAO members will decide on the direction of the project and get to vote on any new products that may be adopted.
The project seeks to introduce more products in the future that should further entrench the utility of the coin and make it a top crypto coin in terms of market cap. Farming, Staking, and the introduction of NextGen NFTs are just some of the notable projects that will be initiated on the Bitshiba ecosystem.
There are also plans to enable the features of Bitshiba so that they can be used across multiple chains. This should help it achieve a wider user base as it will be used across multiple blockchains. Some of the areas that the coin can find cross-chain utility is in games, eCommerce platforms and also exchanges.Ultimately, it is expected that as usage and adoption of Bitshiba soars, the value and price will also soar. This will make it one of the top crypto projects on the BSC ecosystem.
Conclusion
Bitshiba has great plans for its community, and it plans to rise as a meme coin that will find utility across the BSC network. The community at Bitshiba token forms an integral part of the whole project and will guide the development of the coin. Plans are at an advanced stage to set up a DAO that will decide on the direction of the coin. The DAO will take votes to determine all major decisions regarding the Bitshiba token. Being a community-owned token, then it will mean that the eventual success or failure of the Bitshiba token will hugely depend on the commitment of the community. The ultimate aim is to achieve and exceed the success that has been witnessed by coins such as Shiba Inu and Dogecoin. Steady progress has been achieved so far in realising this aim. There is a vibrant and growing community that is actively pushing for the adoption of Bitshiba tokens. Currently, there are over 25 000 active community members on telegram. There are also over 7000 active members on Discord. This is significant membership that can help further the agenda of Bitshiba.
There are over 25000 holders of this coin. Most of the addresses are keen to hold on to this coin for future growth. This should make it scarce and hopefully drive up its price. Also, there are no more coins being minted and that 50% of the created coins have been locked in a liquidity pool smart contract forever. No coins were set aside for team members or advisors, reinforcing the fact that this is indeed a community-owned project. The project has also been prominently featured in coin Market cap and CoinGecko. All this is remarkable progress for a project that has been active for less than two months as it was launched in November of 2021.
The ultimate vision of Bitshiba is to become a digital token that is community-owned and one that is utilised within the blockchain ecosystem. Some more products that will be introduced to this project are Farming, staking, NFTS and cross-chain transactions. These will further deepen the utility of Shiba coin and help increase its value. Creating products around Bitshiba and promoting them will also increase the adoption of the coin and make it a store of value.
Burning 50% of the total tokens created and sending the other 50% to provide liquidity on PancakeSwap shows that Bitshiba is committed to being a community project. There are no more coins that will be minted, and none has been set aside for the developer team or advisors. It also makes much better sense to burn the tokens than to send them to someone’s address, like, say, Vitalik. Humans are unpredictable, and an unforeseen event may happen that could trigger a dump.
Choosing BSC as the host network also helps promote this project and helps it stand out. BSC is cheaper, faster, and secure. It is also increasingly getting favoured as the go-to network by Dapp developers. The number of wallet holders on the BSC network is also higher than other networks. As more games and projects are set up on the BSC network, Bitshiba will definitely be used as a utility coin in some of these projects, thereby increasing its value and usability within the BSC ecosystem.
Looking at the road map of the platform, significant milestones have already been achieved ahead of time. There are four phases of growth that have been listed on the project. These involve growing the community, launching a website, creating a white paper, listing on a DEX, and getting an audit certificate. These have all been achieved, and the project is in the process of attaining targets in the fourth phase of its road map. These include creating more utility for Bitshiba tokens through farming, staking and NextGen NFTs. Also, the project aims to increase the number of active account holders and community members to at least 50,000. At the current rate, this should be accomplished before Q1 of 2021. BitShiba also intends to have a market cap that will make it a ‘Top50 crypto’ by market cap.
Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.
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