Shiba Inu is a top meme cryptocurrency that was meant to be the "Dogecoin killer," surging by thousands of percentage points since the beginning of the year.
Meme coins have been one of the most prominent phenomena in the cryptocurrency market over the last year. The popularity of Dogecoin has resulted in the birth of a slew of other meme currencies as investors rush to them in the expectation of profit.
Dogecoin surged by more than 7,000% early this year, enticing more individuals to the cryptocurrency sector. As a result, investors began to focus on other meme currencies and invest in them in the hopes of making as much profit as Dogecoin.
Shiba Inu (SHIB), the token created to "kill Dogecoin" and surpass it in the market, is one of the most popular meme currencies on the market. However, for those who are learning about Shiba Inu for the first time, here is all you need to know.
Shiba Inu (SHIB) is a cryptocurrency based on Ethereum that incorporates the Shiba Inu dog. Many people perceive SHIB to be an alternative to Dogecoin. The Shiba Inu currency, on the other hand, was designed to be the "Dogecoin killer."
SHIB is a Japanese Shiba Inu dog-themed meme currency. Although Dogecoin has been existing since 2013, Shiba Inu was founded in August 2020 by an unknown individual or group named Ryoshi as an inside joke rather than as a digital product with real-world usefulness.
The purpose of Shiba Inu's originator, according to the 28-page whitepaper or wood paper, was to get away from strict social structures and archaic attitudes. Shiba Inu is intended to be a "experiment in decentralized spontaneous community development" that returns authority to the "ordinary individual."
How Does Shiba Inu Work?
Shiba Inu is an Ethereum-based token, which means it works with the whole Ethereum ecosystem. The Ethereum blockchain, according to the creator, was the ideal host for Shiba Inu since it was already safe and well-established, and it allowed the project to remain decentralized.
The Shiba Inu ecosystem consists of three tokens as well as various services that consumers can use. The three tokens are as follows:
Shiba Inu (SHIB)
The project's primary currency is SHIB. It is the token that drives the whole Shiba Inu ecosystem, with a total quantity of one quadrillion. However, for liquidity reasons, the developer locked 50 percent of the supply in Uniswap, while Ethereum co-founder Vitalik Buterin was charged with retaining the remaining 50 percent. Buterin sold some of his tokens and donated the proceeds to a Covid-19 relief fund in India, driving up the price of SHIB even further. Buterin used 40% of SHIB's overall supply, decreasing the quantity that could be made accessible to consumers.
Leash (LEASH)
This is the second token in the Shiba Inu ecosystem and symbolizes Shiba's other side. It has a total quantity of 107,646 tokens, which is significantly less than the billions of Shiba Inu tokens.
Bone (BONE)
This is the Shiba Inu ecosystem's governance token. It has a total quantity of 250 million tokens and allows the ShibArmy to vote on forthcoming proposals.
There are other aspects to the Shiba Inu ecology, which include:
ShibaSwap
This is the Shiba Inu ecosystem's decentralized exchange. This is a decentralized exchange that allows users to trade cryptocurrency.
Shiba Inu Incubator
The incubator aims to find new methods to reward artists' originality outside of traditional art mediums. It aspires to produce genuine artists and other content providers.
Shiboshi
These are Shiba Inu-generated Non Fungible Tokens (NFTs) that are accessible on the Ethereum blockchain. Each Shiboshi has a unique feature.
Is Shiba Inu Genuine Money? Why has it gathered such a large crowd?
It's difficult to imagine Shiba Inu as actual money. Stablecoins have been a part of the cryptocurrency world in recent years. Stablecoins are digital currencies whose values are fixed in relation to fiat currencies. They are more likely to be regarded as actual money.
We also have currencies like Bitcoin, DASH, Litecoin, and others that are meant to be used as currency and have gained popularity in many regions of the world. Shiba Inu, on the other hand, is a meme currency and cannot be considered actual money.
So far in 2021, SHIB has been one of the top performing cryptocurrencies. SHIB's value has increased by more than 500% in the last three months alone. It temporarily surpassed Dogecoin in terms of market capitalization.
The increase was triggered by a variety of factors, including the company's recent listing on the Coinbase cryptocurrency market. SHIB received a lot of media attention as a result of the increase, and additional investors flocked to the cryptocurrency.
Elon Musk, the inventor of Tesla, fueled the flames by tweeting a photo of his new Shiba Inu dog Floki last month. As a result, the meme token has piqued the curiosity of a large number of retail investors.
The introduction of Shiba Inu NFTs added to the enthusiasm, since NFTs are gaining traction in the cryptocurrency world and beyond. Unconfirmed currency rumors suggest that prominent stock and cryptocurrency trading app Robinhood is planning to offer SHIB on its platform. All of this has led to Shiba Inu's enormous growth in recent weeks.
Shiba Inu Wallet
SHIB is a very valuable cryptocurrency in the crypto market since it is one of the top 20 cryptocurrencies in the world. Because it is an ERC-20 token, it may be saved in any wallet that supports Ethereum-based tokens. You may store your SHIB tokens in a variety of wallets, including the Ledger Nano X. (cold storage wallet)
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