Cryptocurrencies have revolutionized the world of finance, by implementing a medium of exchange without any intermediary. The first digital currency was Bitcoin, which introduced in 2009. As of now, there are thousands of cryptocurrencies in the world. Among these cryptocurrencies, Shiba Inu (SHIB) has gained significant popularity from the beginning. Shiba Inu started its reign as a joke and has grown into a multi-billion-dollar ecosystem with an intense user base and an increasing number of applications.
In this article, we will explore the important aspects of Shiba Inu, its working principles, and the reason behind its popularity.
What is Shiba Inu (SHIB)?
The decentralized cryptocurrency known as Shiba Inu coin, or SHIB, was developed by an unidentified person named Ryoshi and made its debut in August 2020. Built on the Ethereum blockchain, SHIB quickly gained popularity as a meme-inspired digital asset, often referred to as the ‘Dogecoin killer’. Its vibrant community and unique tokenomics have attracted a diverse range of investors, from casual enthusiasts to to serious traders. With a focus on community governance and innovative features like staking, Shiba Inu has evolved from a playful concept into a significant player in the cryptocurrency market, captivating attention worldwide.
Shiba Inu is becoming useful in the real world, such as when it comes to online shopping on sites. Its low cost, viral marketing, and the rising acceptance of meme-based cryptocurrency all contributed to its growth. Having a vibrant social media presence and a solid community also helped draw in more investors.
Shiba Inu Tokenomics
Shiba Inu was established with a total supply of one quadrillion tokens. Half of the tokens were locked in Uniswap at the time of launch to ensure liquidity. The remaining tokens were sent to Vitalik Buterin, co-founder of Ethereum, who consumed 90% of them to raise their value and then donated the remaining 10% in May 2021.
Token name: Shina Inu
Symbol: SHIB
Initial supply: 1,000 trillion
Circulating supply: 589 trillion (including 8 trillion staked)
How Does Shiba Inu Work?
The SHiB currency is an Ethereum-powered ERC-20 token that operates on the Shibarium blockchain. Shiba Inu may use smart contracts to develop decentralized financial products because they are built on the Ethereum network. The Dogecoin Killer seeks to enter the DeFi market, which has gained traction since protocol cost and acceptability. The incubator will create an NFT market that eliminates the need for middlemen by allowing artists to use Ethereum’s network to auction off non-fungible tokens with smart
Tokens used in Shiba Inu Ecosystem
The Shiba Inu ecosystem powers three tokens,
- SHIB
- LEASH
- BONE
Shiba Inu’s decentralized exchange, ShibaSwap, will be launched soon, allowing users to bet their coins for BONES. Shiba Inu’s website claims that BONE, dubbed another Dogecoin Killer, is their upcoming asset that will increase DeFi’s potency.
Staking SHIB on the ShibaSwap platform will be the only option to mine BONES as they become available. Interest will be paid to those who stake SHIB.The total number of coins available for LEASH, the third flagship asset on ShibaSwap, will be limited to 100,000. You can get this on Uniswap. Additionally, Shiba Inu intends to start an NFT project, releasing Shibaswag and bringing real-world applications outside of the digital realm to life.
Use Cases of Shiba Inu
The Shiba Inu ecosystem provides numerous use cases:
Payments: SHIB allows users to make payments on the platforms that accept it, such as GameStop, food, theatres, etc.
Trading or swapping tokens: By using ShibaSwap decentralized exchanges, you can trade or swap tokens within the Shiba Inu ecosystem.
Earning rewards: You can earn rewards including BONE tokens by staking your SHIB or providing liquidity on ShibaSwap.
Governance voting: You can vote on major decisions in the Shiba Inu ecosystem via DAO but you have to own BONE.
NFT minting: If you are holding any SHIB, you can mint and trade Shiba Inu-themed NFTs on ShibaSwap.
Metaverse participation: Shiba Inu allows you to purchase virtual land, build projects, and achieve rewards in an immersive digital environment.
What Makes Shiba Inu Popular?
Shiba Inu began as an experiment in creating a decentralized society, starting from scratch. Shiba is trying to determine whether decentralization can succeed when it is entirely community-driven, without any money, a centralized team, or direct leadership.
Shiba Inu has had incredible success. What started off as a side project became one of the most talked-about cryptocurrencies. By 24-hour trading volume, Shiba Inu was one of the most popular cryptocurrencies in October 2021, with activity nearly equaling that of Ethereum. Its placement on Coinbase in September 2021 has increased its visibility and legitimacy. That year, the price soared from $0.000000000073 to nearly $0.000034, a gain of roughly 46,000,000%.
Shiba Inu has started a community initiative that collects and donates a portion of Amazon sales to the Shiba Inu Rescue Association using the Amazon Smile feature. The community may help identify ways to help these dogs, which can be challenging for new owners who find them brave, smart, and stubborn, by making a donation to the Shiba Inu Rescue Association.
Shiba Inu is seeking dog-inspired artists from all over the world to join its artist incubator. By doing so, they think that these artists will work to promote the artistic Shiba movement, contributing to pushing Shiba Inu into the NFT market.
How to Get SHIB?
You can buy SHIB using several exchanges available, using their wallets, such as Binance, Coinbase, KuCoin, and Kraken. You can achieve SHIB by setting up a MetaMask wallet and integrating it into ShibSwap.
Conclusion
Shiba Inu is one of the newest DOGE-inspired coins that has gained significant popularity from its beginning. It represents a unique blend of meme culture, community engagement, and investment potential within the cryptocurrency space. Its origins as a joke have transformed into a serious contender in the crypto market, driven by strong community support and celebrity endorsements. Shiba Inu also boosts the NFT market through an artist incubator. While it offers exciting opportunities for investors seeking high returns at low entry points, potential risks remain due to market volatility and speculative tendencies. So always conduct proper research before purchasing Shiba Inu.