When you think about Dogecoin (DOGE), Shiba Inu (SHIB) comes to mind as an alternative. SHIB is to DOGE what Ethereum is to Bitcoin. SHIB reveals the possible growth and development that can occur in the meme coin space. This is due to the flexibility of entertainment mixed with cryptocurrency.
Today, SHIB is sitting in the 14th position of top-ranking cryptocurrencies. This is due to its active community support and exploits over time. Due to its popularity, crypto investors and enthusiasts like you want to know what Shiba Inu is all about.
This guide is created to aid your investment decision when investing in SHIB for portfolio diversification.
What is Shiba Inu (SHIB)? | Definition of Shiba Inu (SHIB)
Shiba Inu is an Ethereum-based (ERC20) token, the native token of the Shiba Inu ecosystem. SHIB is designed to be a Dogecoin (DOGE) rival and aims to mirror its success. This is why the crypto community tagged it as “Dogecoin Killer”. DOGE and SHIB ushered in the era of entertainment fused with cryptocurrency.
In August 2020, Shiba Inu was created by an anonymous creator known as “Ryoshi,” it features the Japanese breed of dog as its mascot. Shiba Inu runs on the Ethereum network, providing extensive functionality and security. SHIB is the second-most popular meme coin after Dogecoin, with a market capitalization of over $5 billion when writing this piece.
SHIB’s success and competition with DOGE have made it a global phenomenon, and it is now accepted as a payment method directly or via third parties. This popularity and community support attracted notable personalities such as Elon Musk and Vitalik Buterin, showing their support for SHIB.
History of Shiba Inu | Where It All Started and Where It Is
Shiba Inu was created in August 2020, and its initial token supply was one quadrillion tokens. It was created by an anonymous developer with the name “Ryoshi”, and he claimed not to have pre-mine SHIB or hold any tokens. Meanwhile, 50% of the token liquidity was locked when the token launched through the Uniswap IEO.
Sometime in May 2021, Shiba Inu had a historical moment. Half the token supply was sent to Vitalik Buterin, the Ethereum founder. This was considered an economic move that would add more success to Shiba Inu. However, Vitalik donated 10% of the token and burnt the remaining tokens.
Likewise, Shiba Inu launched ShibaSwap, its decentralized exchange providing safe and secure crypto trading for its users. This platform is used to transact SHIB and LEASH. LEASH is the second token within the Shiba Inu ecosystem.
In 2021, Shiba Inu had a fantastic year. It began the year with a $0.000000000119 price before reaching a peak price of $0.0000845 in October. This means the price had an increment of about 74,000,000% that year.
How Does Shiba Inu Work?
Shiba Inu (SHIB) is an ERC20 token on the Ethereum blockchain network. This gives it the advantage of using smart contracts to develop decentralized finance (DeFi) products with extensive investment opportunities. Likewise, it benefits from the security features and robust support of the Ethereum ecosystem.
The Shiba Inu ecosystem consists of three tokens. These tokens serve different significance within the ecosystem.
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Shiba Inu (SHIB)
SHIB is the primary utility token in the Shiba Inu ecosystem. It is the required token to conduct transactions within the ecosystem. SHIB can serve as the token used for paying transaction fees or receiving rewards. Likewise, you can hold it as a crypto which you can send across the globe in seconds.
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Leash (LEASH)
LEASH is the second token of the Shiba Inu protocol. It has a total token supply of 107,646 tokens. Leash aims to be a hedge for DOGE price on the Ethereum blockchain. Likewise, parts of its protocols are initiating scarcity.
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Bone (BONE)
BONE is the third token of the Shiba Inu ecosystem, with a total token supply of 250,000,000 tokens. BONE is created to become a governance token that the SHIB community, known as SHIBArmy, will use to vote for upcoming proposals within the ecosystem.
Likewise, in the future, users can stake BONE as a DeFi token and earn rewards.
Pros and Cons of Shiba Inu
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PROS |
CONS |
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Extremely valuable memecoin brand. |
Extreme volatility. |
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Very cheap investment capital for massive returns on investment. |
SHIB has little real-life applications or utility. |
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Provides the potential for significant medium or short-term gains and/or daily profits. |
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Impressive exchange listings. |
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Low transaction fees. |
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Where to Buy Shiba Inu (SHIB)
Shiba Inu (SHIB) is a popular meme coin and a fierce Dogecoin competitor. Its profit potential and interest surge make it a top-ranking cryptocurrency and investors are maximizing its opportunities.
If you want to invest in SHIB, you can buy Shiba Inu (SHIB) on exchanges such as Binance, Coinbase, Gate.io, Huobi, Uniswap (V2), and other exchanges that list SHIB as a token.
Should You Invest in Shiba Inu (SHIB)?
Deciding whether to invest in Shiba Inu (SHIB) requires careful consideration and research. SHIB has gained attention in the crypto space, positioning itself as more than just a meme coin. It's the second-most popular memecoin after Dogecoin and has introduced unique elements like the ShibaSwap Exchange and SHIB Artist Incubator.
However, you should understand that SHIB's success has been largely driven by community hype rather than solely technical advancements. While some early investors saw huge gains in 2021, the cryptocurrency market is inherently volatile and unpredictable.
Before making any investment decisions, ensure you understand the risks associated with cryptocurrencies and consider your risk tolerance and investment goals. Always conduct thorough research and consider seeking advice from financial professionals before venturing into the crypto market.
Remember, this article is not financial advice but solely for educational purposes.
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