King Shiba Review: Legit or Scam?

Hello you all. I’m so sorry, I wasn’t able to do a review of any token yesterday. I found out that the statistics of my site sort of stagnated and is headed south. So, I needed to share my links on bigger websites to gain more traffic. If I review tokens and people don’t read, all my efforts will be meaningless, I don’t want that.  Today we are going to be talking about King Shiba. I’m not a stranger to this token. It has been in my face for some time now. It is even doing well, even in this bear market. According to coinmarketcap.com, King Shiba coin has pumped 74% within the last 24hrs.

This King Shiba review is for you, if you are curious, a potential investor getting to know about King Shiba or you are already a holder (this demography of readers are usually very sensitive. Try to read the review with an open mind).

I desire to make investors understand what they are getting into, so I try o make crypto less complicated by breaking down crypto terms in simple English.  Before we get into the main review, we need to establish an understanding.

“I’m not a banker or a financial expert, I don’t even consider myself a crypto “expert” (whatever that means). I will not be held responsible for your financial decision. Crypto investments, especially meme coin investments are high-risk, high-reward ventures. This article is just a guide, consider it an alternative entertainment.”

With that said, let us get into the review.

King Shiba’s Website

King Shiba’s website is one of those rare websites I have no conclusion about. The reason is that there are some things I  like about the website and some other things I don’t like. One of the things I like about the website is the subtle allusion to Game of Thrones (GOT). King Shiba sitting on the iron throne is iconic, smart, and entertaining. I also like the fact that the website is SSL secure and optimized for different viewports. Aside from those, the rest of the website is underwhelming.  The background of King Shiba’s website is what is adopted in many other meme coin websites, this gives it an average look. If I’m to rate the website, I’ll give it a 6/10.

King Shiba’s website description begins with ‘the royal decree’.

A strong leader is of utmost importance. Introducing King Shiba, the true king of all Shiba tokens. Bend thy knee and become rich with reflections as King Shiba rules his kingdom with fair taxes and justice through an honest team.

On the website, it was made known that the token has been listed on Gate.io, LBank, Bitmart, and Hotbit. This gives it a level of credibility because some of these Centralized Exchanges consult thorough checks on the tokens they list. I know Gate.io does KYC. King Shiba’s road map followed. It appears it has accomplished 95+% of the objectives on its road map. So, don’t think this meme coin is ‘new’. It, however, tells well of the developers of the token to be able to set out and accomplish goals. There’s another roadmap called the  V2 road map.

On the menubar, we learn that King Shiba has an NFT marketplace, where investors can mint King Shiba NFT’s. King Shiba also has a staking platform, where investors can lock up their tokens and generate income from.


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King Shiba’s White Paper

King Shiba’s white paper is a 7-page webpage hosted on flipping books.com. it is termed King Shiba’s Woof paper. It is well illustrated has a not-so-serious token about it. King Shiba introduces itself as a decentralized cryptocurrency token operating on the binance smart chain that can be traded through Pancakeswap.

Tokenomics

King Shiba token has a total supply of 1 billion. King Shiba token is a reflection token. By reflection, the token rewards holders of with 2% of every transaction in the KingShiba ecosystem. Also, 3% of every transaction in the King Shiba ecosystem goes to the liquidity pool. While 5% goes to the marketing wallet. This brings the total tax on the King Shiba ecosystem 10%. This means that investors are charged a 10% tax upon every transaction in the king Shiba ecosystem. However, what was written on the website is 5% tax.

There seems to be inconsistency in that regard. There’s a need for the white paper to be updated, following the introduction of King Shiba’s NFT and staking platform.

King Shiba employs a 50% burn. This makes the token deflationary, as it is deliberately designed to become more valuable as time progresses. 

Market Cap and Liquidity Pool

According to poocoin.app King Shiba’s market Cap is currently $16,192,956. This is relatively a very low market cap still. I’m sure King Shiba had a higher market cap than this before the recent dip.

Liquidity Pool

The liquidity pool is valued at $815,813, according to poocoin.com. 85% of the token is locked in PinkSale’s PinkLock (72%) and Legion Network: Vesting (13%). Another 13% is in the deployer wallet. 

There seems to be uncertainty around this liquidity pool. Usually, meme tokens like King Shiba are fairly lunched, to be fair to them, there was no info on how the token was distributed.  However, the 13% vested suggest the token was initially distributed to some demographies before the launch of the token. If you do not under what vesting is. This here should give you an idea. Vesting is the process of locking and releasing tokens after a given time. Usually, vested tokens belong to team members, advisors, partners, others who contributed to the development of the project, but also investors who purchased tokens before they went on general sale. For a token that prides itself on ‘transparency’ that isn’t transparent in my opinion.

The token currently has 22,599 holders. This is a great number if you consider that the token is less than 3 months old. There are no whale holders in the King Shiba ecosystem that exposes the token to being dumped.


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Developers of the Token

Developers of the token are undoxxed. A brief introduction of the team was made in the white paper with pseudonyms or what appear to be first names. That’s not being doxxed. Investing in tokens with undoxxed developers is very risky. However, as I said earlier, DEXs like Gate.io run a thorough background check of tokens before listing them. Gate.io also conducts a KYC on its customers.

What Investors are saying about King Shiba

On youtube, ‘supposed’ investors in the king Shiba project are optimistic about the token.

On Reddit, investors and fans of the project are also optimistic about the project, one of them noted the coming V2 road map that could see the token explode.

Conclusion

King Shiba unlike many meme tokens out there has been listed on Centralized exchanges. This suggests to me it is a legit project. It has a new road map and the developers are seemingly hardworking, even if I think they should be more transparent. Like all meme tokens, it needs serious hype and marketing for people to notice it. If you decide to invest in this token, you have to know that it is also your responsibility to shill it, you don’t invest in this type of token and sit down and cross your legs. They have a growing community on telegram too.

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