Kiba Inu: The Long Road to Recovery
Kiba Inu is not just a meme coin, as a first glance may lead the reader to suspect. Instead, it is a full-service blockchain project that features a decentralised exchange, a governance token (KIBA), and various other tools found within its network.
The project claims that it is committed to restoring the integrity of meme coins by building projects that add value to the ecosystem.
This is a lofty idea, as several meme coins which spawned after the initial success of Shiba Inu were mere pump-and-dump projects that only made money for the creators and not for members of the ecosystem at large.
This project has an opportunity to benefit from some of the recent dysfunction in the crypto market created by the collapse of centralised exchange FTX and other lending projects that had hefty leveraged exposure to the exchange. Some have argued that the collapse of FTX has damaged confidence in centralised crypto exchanges. But this event inadvertently created a window of new opportunities for decentralised exchanges to grow their market. This is an opportunity that the Kiba Inu project can develop if it strikes the right chord with the market.
Kiba Inu's story so far
As with several other meme coins, Kiba Inu debuted on several centralised and decentralised exchanges to much fanfare in May 2022. However, the crypto market was already in a full downtrend, and aside from the considerable surge seen on the listing day, the price of the token hit rock bottom soon after.
So hard was its fall that it met lows that took out listing lows. After hitting its lowest point in December, a month in which the token shed a further 33% of its November 2022 value, the token has benefitted from the brief resurgence seen in January 2023. The 75% gain seen so far has eclipsed the December 2022 highs, and the technical pattern on the long-term charts suggests that 2023 could be the year a gradual recovery starts.
Where can you buy Kiba Inu tokens?
KIBA tokens are available on several centralised and decentralised exchanges. Decentralised exchanges that offer KIBA as a swap-enabled token include PancakeSwap, UniSwap, and Kiba Inu's DEX, Kiba Swap. You may also purchase the tokens using fiat currency on Flooz Trade or Fiatom. Gate.io, Hotbit, Digifinex, and Bitrue are centralised exchanges where you can purchase KIBA using Bitcoin, Ethereum, and stablecoins such as USDT or USDC. The Kiba Swap exchange is the primary decentralised exchange for obtaining the KIBA tokens.
What activities are performed on Kiba Swap?
Kiba Swap is a decentralised exchange (DEX) that features a traditional swap exchange, a trade portal that offers traders the chance to trade with limit prices, and a cross-chain bridge that allows the transfer of tokens between different blockchain networks. Kiba Swap is a non-custodial exchange, meaning that users keep their tokens in wallets that are not warehoused on the exchange itself.
a) Swap portal This traditional DEX allows owners of specific tokens to swap them for other tokens that share the same network. The standard base tokens on Kiba Swap are KIBA, Ethereum, USDC, USDT, DAI, WBTC, and WETH. These can be swapped with 1inch, AAVE, APE, AUDIO, AXS, BAND, CRV (Curve DAO), GALA, KNC, and other external tokens. You can also add external tokens by managing your token lists.
b) Trade portal Kiba Swap's limit order trade portal offers crypto owners the opportunity to buy or sell their favourite cryptos at beneficial prices that are different from the market price. For instance, those selling their tokens can choose to do so at a higher price than the market price to get a better deal and potentially make more profits. Those who want to buy tokens can set lower prices for their entries to secure better pricing.
c) Crosschain bridge What can you do with the cross-chain bridge? Various stablecoins (USDC, USDT, LUSD, DAI), FRAX, ETH, and STG can be moved from their parent networks to other networks. Featured networks include Ethereum, Arbitrum, Fantom, Avalanche, Polygon, and the Binance Chain. Kiba Swap currently does not have an active liquidity pool for crypto lending.
The performance of the KIBA token in 2023 and beyond will be tied directly to the degree of success the Kiba Inu team has in onboarding new clients who will be active users of its Kiba Swap decentralised exchange.
The recent gains seen in the KIBA/USDT and other KIBA pairs are more of a market response to Bitcoin's latest move toward the $22,000 mark. If the KIBA token is to recover its 2022 listing highs, Kiba Swap needs to capture a significant chunk of the DEX market share currently controlled by Uniswap and PancakeSwap.
Author: Eno Eteng
Eno is a certified financial technician and member of the UK Society of Technical Analysts. He loves to trade and write about cryptos, FX and CFDs. Since 2009, he has been a consultant for several companies in the financial market space. His work can be seen on several forex and crypto-related blogs and trading educational websites.