Shiba Inu
Shiba Inu has been creeping up the rankings since its launch. Learn what the Shiba Inu (SHIB) token is and why it has become one of the most popular cryptocurrencies on the market today.
We’ll look at how SHIB works, its features, risks associated with owning it and other important considerations for investors.
What is Shiba Inu Crypto?
Shiba Inu (SHIB) is a relatively new cryptocurrency that was launched in August 2020. It has become popular due to its links with Dogecoin (it was created by team who a were also involved in DOGE). While SHIB has a lot of similarities to Dogecoin, there are also some key differences between the two cryptos. Some say SHIB is the Meme Ethereum while DOGE is the Meme Bitcoin.
History of Shiba Inu
Shiba Inu Crypto originated on the Ethereum blockchain, with the first tokens being created on April 6th 2021. The project was founded by “Ryoshi”, a developer (or team more likely) who remains anonymous and who was also involved in the creation of Dogecoin. The technology behind SHIB is similar to that of Ethereum; it is based on the Ethereum Virtual Machine.
Market Size and Market Capitalization
At the time of writing, Shiba Inu Crypto has a market capitalization of almost $7 billion USD and ranks 13th among all cryptos by market capitalization size. The maximum supply for SHIB was at launch and was 1,000 trillion coins which gives it a low value per unit compared to other coins and tokens in circulation. This supply is reducing over time as SHIB is burnt during transactions.
Uses
The main use case for Shiba Inu Crypto follows that of Dogecoin; it is primarily a tipping currency where users can pay others small amounts without incurring transaction fees or being subject to the waiting times that dog (!) the more traditional forms of payment like bank transfers or credit cards. As SHIB’s market cap grows, more businesses and services may accept it as payment for goods and services, creating a virtuous growth circle.
In addition to its use as a payment method, Shiba Inu Crypto can also be traded as an asset on exchanges like Binance and Huobi Global. Because this coin operates on Ethereum’s network, traders can use DeFi apps like Uniswap or Kyber swap, making trading even easier.
Developers are coding decentralized applications (dApps) off-chain using SHIB tokens as fuel for transactions within the network.
Tokenomics
When it was launched, the Shiba Inu Coin had a total supply of 1 quadrillion coins. Just to be clear, that is a lot of coins! However, this coin is deflationary, so that supply is reducing all of the time.
– a thousand million millions.
– a thousand trillions
– 1,000 x 1,000,000 x 1,000,000 = 1,000,000,000,000,000.
– 1 followed by 15 zeros.
– 1 × 10 to the power of 15.
The coin’s founders sent half of the coins to Ethereum’s founder, Vitalik Buterin, and the other 50% was locked on Uniswap. Buterin donated $1.6 billion worth of coins to India’s Covid-19 relief.
He also “burnt” 400 trillion SHIB, removing around 40% of the total supply in circulation.
The coin has a unique feature designed to decrease its supply over time. Every time someone buys some SHIB tokens, a percentage gets burned through a transaction fee. Over time, the supply of SHIB will decrease.
Pros and Cons
- An increasing market cap and liquidity over the long term.
- SHIB has benefited from a significant amount of investment, helping liquidity.
- Low transaction fees, with a median transaction fee of just 0.14 cents per transaction.
- SHIB is relatively anonymous as it uses decentralized technology to transfer funds between users.
- SHIB is part of the Ethereum blockchain and uses smart contracts for more secure transactions and slicker verification processes than other cryptocurrencies.
How to get started with Shiba Inu Crypto
Getting started with Shiba Inu Crypto is pretty easy. You can buy Shiba Inu (SHIB) tokens through a cryptocurrency exchange such as Binance or Coinbase. Once you have some tokens, you can store them in a wallet such as MetaMask or Trust Wallet. Do your own research before investing.
Once you have your SHIB, use them to pay other users, or stake your tokens to earn interest on your holdings. Staking rewards come from transaction fees generated by people using the ShibaSwap decentralized exchange (DEX).
Or you can you use your SHIB to participate in some yield farming on trading platforms such as PancakeSwap and SushiSwap where you can earn rewards for providing liquidity to specific pools of money.
The Future of Shiba Inu
The future looks bright for Shiba Inu, this is a coin that looks like it has some wind in its sails. With an increase in popularity and demand, this digital asset has achieved a good level of attention in relation to its competitors. The coin is supported by major exchanges and platforms, making it easier to buy, sell and trade.
Shiba Inu’s decentralized nature is helping it to remain secure and safe from external threats or manipulation. Transactions using the coin are fast and cost-effective, as transaction fees are low compared to many other networks.
Shiba Inu’s ecosystem of developers is working on new features that should further improve the user experience. Projects include the launch of ShibaSwap (July 2021), which is a decentralized finance (DeFi) platform featuring a decentralized exchange (DEX) with services like staking, liquidity pools and yield farming in its ecosystem.
ShibaSwap is a fork of SushiSwap, a popular DEX that forked off Uniswap.
They also plan on launching ShinaNet, a decentralized marketplace soon where users can buy goods directly with their tokens instead of fiat currencies like USD or EUR.
FAQs
What is Shiba Inu Crypto?
Shiba Inu Crypto is a cryptocurrency that was created in August 2020 and is based on the Ethereum blockchain. It is named after a Shiba Inu dog and has gained popularity due to its similarity to Dogecoin, another meme-inspired cryptocurrency. Shiba Inu Crypto’s main feature is the SHIB token, which is used for transactions within its ecosystem.
How can I buy Shiba Inu Crypto?
Shiba Inu Crypto can be purchased on several cryptocurrency exchanges such as Binance, Huobi, or KuCoin, with fiat or by trading other cryptocurrencies such as Bitcoin or Ethereum for SHIB tokens. You will need to create an account on the exchange, complete the verification process, and deposit funds before making a trade.
How do I store Shiba Inu Crypto?
You can store Shiba Inu Crypto in a digital wallet that supports ERC-20 tokens, such as MyEtherWallet or MetaMask. Simply create an account, transfer your SHIB tokens to the wallet address provided, and keep your private keys safe to ensure access to your funds.
What is the difference between Shiba Inu Crypto and other Crypto Currencies?
Shiba Inu Cryptocurrency supports the Ethereum blockchain. The main difference between Shiba Inu and other cryptos lies in its tokenomics, which rewards early supporters who HODL their tokens. With a deflationary design, the aim is to increase its internal value and become a leading decentralized financial platform. Shina Inu holders can use their coins for everyday purchases, make tips or donate to charity.
How has the value of Shiba Inu Crypto changed over time?
The value of Shiba Inu Crypto has been highly volatile since its launch, with significant price fluctuations based on market sentiment and news events. Despite occasional spikes and dips, its overall trend has been upward,
What is the Shiba Inu Crypto community like?
The Shiba Inu Crypto community is made up of retail investors, developers and cryptocurrency enthusiasts who are attracted to the project’s meme-inspired branding and grassroots marketing approach, it’s decentralised structure and its potential for returns. The community is famous for its active social media presence and camaraderie, but has also been criticized for hyping up the project.
Are there any risks associated with buying Shiba Inu Crypto?
Yes, like any cryptocurrency investment, these include high volatility, potential for price manipulation, regulatory uncertainty, and a market dominated by speculation, at least in the short term. Make sure you do your own research and invest only what you can afford to lose.
Summary
Shiba Inu Crypto has quickly gained traction since its launch in August 2020.
Its high supply and low transaction fees make it an attractive option for both traders looking for quick returns as well as users who want to use it as a payment mechanism. As more businesses begin to accept SHIB tokens and developers build off-chain dApps using this crypto asset, we see a bright future for the coin.