If you’re still unfamiliar with Shiba Inu, this is an Ethereum-based altcoin or meme that features the Japanese dog breed Shiba Inu as a mascot. Shiba Inu became a household name in 2021, with its price more than tenfold in October 2021. As SHIB grew in popularity and market capitalization, more crypto exchanges began to accept it for listing. In India, CoinSwitch Kuber recently listed
on their platform, and trading starts from 100.
So what’s so special about this young puppy that he beat pioneers like Bitcoin in terms of audience? How did Shiba Inu get here?
To answer all that, here are 10 things you need to know about Shiba Inu (SHIB) –
Shiba Inu was launched as a direct competitor to Dogecoin as a joke. Both Shiba Inu and Dogecoin belong to the coin category. The meme is from a 2013 meme featuring the Japanese breed dog of the same name. What started out as a community token depicting a meme has grown into a multibillion-dollar crypto project.
Shiba Inu is a token, not a coin
What differentiates a token from a coin is that coins have their own blockchains, while tokens are created on top of existing blockchains. In the case of Shiba Inu, it does not have its own blockchain.
Instead, it’s a token built on the Ethereum blockchain. Popular cryptocurrencies like DOGE and BTC have their own blockchains and are therefore called coins. Other popular tokens following the concept are BAT, Tether, USD Coin, Binance USD etc., all of which can be found at
The official Shiba Inu website has listed SHIB as a Dogecoin killer for a long time. Shia Inu, along with Floki Inu, Doge Dash, and Dogelon Mars, uses the same dog-themed branding as Dogecoin, but Shib is the only one to challenge Dogecoin so far.
Since its creation, Shiba Inu has been following its competitor Dogecoin. As Dogecoin is similar to Bitcoin, it is still limited in on-chain features such as smart contracts. SHIB is an Ethereum based token with smart contract capabilities, making it a competitor / killer of Dogecoin.
The world still doesn’t know who Satoshi Nakamoto is other than the fact that he is the creator of Bitcoin. So, like Bitcoin, Shiba Inu was created anonymously under the pseudonym Ryoshi. Likewise, not everyone knows the brains behind this ecosystem. As far as we know, Ryoshi could be an individual or a group.
The Shiba Inu ecosystem consists of three tokens: Shiba Inu (SHIB), Leash (LEASH) and Bone (BONE). The SHIB token is the most important component of the Shiba Inu ecosystem.
Supports specific Defi products
Shiba Inu supports smart contracts, allowing users to lend and stake them, earning passive income in the form of recurring fees.
Elon Musk drives
If a cryptocurrency has Elon Musk’s backing, it’s like getting the certified blue tick. Elon Musk and his tweets have enormous potential to create or break cryptocurrency. Shiba Inu is thankfully on Elon Musk’s positive tweets. He even tweeted about getting a Shiba Inu dog, which gave the SHIB token the first major boost, increasing it by almost 300%.
Credible exchanges like
urges you not to blindly trust exciting tweets and personal research while choosing crypto assets like SHIB and more.
Despite the popular belief that a coin like SHIB is driven solely by hype and sentiment, the ecosystem supports a number of useful utilities, including NFTs and a Challenge platform in ShibaSwap. ShibaSwap’s mission is to provide a secure environment for cryptocurrency trading while remaining decentralized.
Checking the facts: Shiba Inu is currently working on its Layer-2 or Shibarium protocol to add more utilities and reduce existing transaction fees.
Volatile cryptocurrency penny
Investing in cryptocurrencies is risky due to the volatile nature of the market and also the lack of regulation. And altcoins or even coins present an additional challenge. Even exchanges that list coins even list them with a hint of caution. This leads to the fact that despite the useful use cases, the total supply of nearly $ 550 trillion and a market cap of well over $ 19 billion, Shiba Inu remains a speculative crypto asset, albeit with a deflationary lineage.
Therefore, DYOR before trading or investing in this high risk asset.
The Vitalik connection
Well, here’s an interesting story. Shiba Inu creator Ryoshi sent 50% of Shiba Token to Ethereum co-founder Vitalik Buterin.
We are not sure if it was sent to a secure location or as a marketing watch. Buterin has donated the cumulative value of more than 50 trillion Shiba Inu coins to a COVID-19 relief fund in India. Shortly thereafter, Buterin “burned” or permanently removed 90% of the remaining supply from circulation by sending it to an inaccessible wallet.
With the year that Shiba Inu had in 2021, we could go on and on about the technical and specific use cases of this token indefinitely. But keeping in mind that Shiba Inu is relatively new, these are the ten tips you should be aware of in order to understand the risks, rewards, and all that is relevant.
If you are planning to invest in the Shiba Inu (SHIB), we recommend that you do a lot of research. This advice applies to any coins, tokens, or other crypto asset – proceed with caution and do proper research. And you can always read more in anything and all crypto with
By your side.
Coming to SHIB, this is still a volatile crypto asset and requires a good understanding of coins, risk analysis, and other metrics for you to continue.
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