Community FAQ

General FAQ from the community

How can I tell if someone’s trying to scam me out of my SHIB?

Any time someone asks to “verify” your wallet, you can pretty much guarantee it’s a scam. You’ll be asked to click a link which will bring you to a page where you’ll then be asked to connect your wallet. Once connected they’ll be able to remove assets at will and there will be next to nothing you can do to recover your funds.

Also, any advertised “airdrop” for SHIB that requires you to send the entity doing the airdrop SHIB in order for them to send twice as much back is definitely a scam. Airdrops do not require you to share your wallet address nor do they require you to send your SHIB away from your wallet. When there is an airdrop, your wallet can be located as a SHIB holder without requiring it be connected to anything. The drop will occur without you having to do anything and it won’t require you to transfer assets to receive assets in return.

Lastly, suppose a mysterious coin shows up in your wallet. Recently there’s been quite a few SHIB holders who’ve received TREATS in their wallet. The common misunderstanding is that TREATS is the token ShibaSwap will be producing later on down the road. The token they’ll be minting is called TREAT, not TREATS, though. So, whoever sent you the TREATS in question is most likely trying to scam you as well. How? Well, they'll expect you to try to go cash out of that coin on one of the exchanges. When you go to do this though you’ll get a message saying that exchange doesn’t have liquidity in the coin you’re trying to sell. You’ll then look for how to sell it and find a website saying you MUST only sell it using their website. Again, they’re just phishing for access to your wallet.

Bottom line, your wallet is you own. Unless connecting it to provide liquidity to an established exchange, there’s no reason anyone should be asking for your wallet key phrases or to verify your wallet.

You can reach out to the social media channels linked here, in case you suspect something.

Submitted by u/siflbabyshifero

What will ShibaSwap and SHIB look like 5 years from now?

A: No one can predict the future, OBVIOUSLY, but, we can take what we know and speculate about all the possibilities the future holds. We’ll answer this question in stages. Buckle in, this will be a long one.

SHIB's price 5 years from now

Here’s the deal. No one can say for certainty what SHIB’s price will be that far into the future. Will it be significantly higher than it is now? It’s very likely. Why, you ask? Well, while we can’t predict the crypto market that far ahead we can take into account things we know now.

As of the time of this writing, Shytoshi (one of the Devs) has said they will be implementing a SHIB burn. A traditional burn would be impossible because for him to burn half the supply, in his own words, “I’d have to go out and purchase half the supply!”.

It’s important to note that SHIB was distributed to UniSwap initially and is now spread out across a multitude of exchanges.

So, instead, ShibaSwap has implemented a $25K SHIB burn on ALL new WOOF listings for the Swap. Meaning, any token requesting to be listed as a liquidity pair, must first initiate a $25K SHIB burn.

Shytoshi (one of the Devs) has also mentioned that Shibarium, SHI, and Shibanet will provide a myriad of burn opportunities that revolve around the “utility burn” concept. So, over an extended period of time, SHIB’s circulating supply will diminish, and SHIB’s value will increase exponentially. What that price will be, only time will tell.

What will ShibaSwap look like in 5 years

Imagine an exchange that allows you to stake their namesake (SHIB) and earn multiple assets as rewards. Not just more of the token you’ve staked but, a small percentage of every newly WOOF listed token on the Swap itself. Imagine an exchange where you can utilize SHIB tokens to buy products and services. Imagine an exchange where you can utilize its own blockchain (Shibarium) to exchange tokens at a cheaper, faster, rate. A blockchain that utilizes a global exchange of value in the form of SHI and operates on both the Shibarium AND Ethereum. Imagine an exchange that’s goal is to become the global standard in how De-Fi works. These are the goals of ShibaSwap. Five years is a long time, so I can only imagine what they have in store from now until then.

What will BONE’s value be in 5 years

BONE will be utilized in two ways.

First, as a governance token for ShibaSwap.
Second, as the native token to Shibarium (similar to BNB or Matic).

These aspects alone give BONE tremendous value long term. Given the circulating supply, an assuming BONE’s utility remains intact, I think it’s a fair assumption to say Bone could be worth quite a bit 5 years from now.

What will LEASH’s value be in 5 years

Because LEASH will be the governing token for SHI, LEASH’s value will increase when its burn is implemented. Shytoshi (one of the Devs) has said a LEASH burn will be coming before the end of 2021 and the intent of that burn will be to provide enough liquidity to allow SHI to be kept at $0.01. With an extremely small circulating supply, LEASH can easily reach extremely high values.

Submitted by u/siflbabyshifero

When will SHIB hit $1?

As indicated in another FAQ, there are multiple variables that will affect a fair valuation of what SHIB can reach in the future.

Now, let me ask you a question. Does it need to reach $1 to give you a great return on investment? -- Of course not.

At its current price (.0000084) SHIB has plenty of room to grow. And that’s without taking utility burns into consideration.

SHIB is becoming known around the world and more and more people are buying Shib by the day.

SHIB may never hit a $1 but, could it increase 100%? Definitely. 200%? Absolutely.

When investing in any crypto it’s not it’s price you want to look at. It’s the fundamentals of the token and its future potential valuation. SHIB’s future is looking very bright and $1 is not necessary for anyone to see a good return on their investment over time.

Submitted by u/siflbabyshifero

Why doesn’t ShibaSwap have an app?

The goal of decentralization is to have an independent web of financial structures that aren’t controlled by any one entity.

Apple/Google can be gatekeepers who have the ability to shut off access, if their arm is twisted (by regulators or if they decide to create a competitor).

DeFi apps are web apps for a reason because they’re accessible anywhere on any device. Your DeFi wallet is the only app you need. But who knows, it could be considered as a secondary way to access ShibaSwap in the future.

Submitted by u/siflbabyshifero

We already have Shib, why do we need Shi?

The ultimate goal of SHI is to provide a store of value token that will allow cheaper and faster transfers across Ethereum and The Shibarium. This is only achieved through creating SHI as the stable coin for Shibarium, pegged to $0.01