Wednesday, October 5, 2022

Understanding Shiba Inu (SHIB)

Shiba Inu (SHIB) has become an increasingly famous memecoin over the course of the past few years. It was designed with the purpose of attracting members of the community of people who invest in blockchain technology.

The emergence of Dogecoin (DOGE) served as the inspiration for its development. With the aim to grow as popular as Dogecoin, the Shiba Inu meme token was given the moniker “The Dogecoin killer”.

Those who didn’t get in on the Dogecoin craze are very interested in learning about whatever will be the next big thing in the cryptocurrency world. As such, the entry of Shiba Inu into the market appears to have been timed quite well in order to capitalize on this wave, as the network has experienced some extraordinary expansion since it was first established.

With this said, let’s dive into a deeper understanding of the Shiba Inu (SHIB) protocol.

History of Shiba Inu Protocol

It is still uncertain who or what group initially launched Shiba Inu token, but it was created in August of 2020 under the moniker “Ryoshi.” Similar to Bitcoin‘s Satoshi Nakamoto, the identity of the person who created Shiba Inu Coin remains anonymous to date.

Its name is from the Shiba Inu dog breed, which originates from Japan. The puppy’s tenacity in the form of memes, combined with its endearing appearance, helped it become a significant sensation on numerous cryptocurrency platforms.

Since it was founded, Shiba Inu has achieved significant goals, one of which is an increase in its market value. These rises can be attributable in large part to the token’s record-breaking rate of listing on important cryptocurrency exchanges. The current price of SHIB is $0.00001091, with a market capitalization of $5.99 billion USD.

In the last 24 hours alone, there has been an 8.23% spike in Shiba Inu’s price, with $549,063.28 billion in total circulation as at the time of this writing.

Shiba Inu Tokens

The Shiba Inu token, known as SHIB, is the digital token powering the entire Shiba Inu ecosystem. Holders have access to exclusive benefits including getting an incentive on ShibaSwap, the platform’s own decentralized exchange.

Other tokens used in the ecosystem are the Leash token and Bone token. The entire number of the LEASH Shiba Inu token is limited to approximately 100,000, making it a more valued cryptocurrency than its counterpart, SHIB. For the BONE token, it is considered to be a cross between the Shiba Inu token and the LEASH token.

With SHIB being the primary utility token for the ecosystem, it serves as a reward for providing liquidity to the ecosystem.

Benefits of Shina Inu

Despite the prevalent narrative that portrays SHIB as a simple memecoin fueled purely by hype and Elon Musk‘s tweets, the popular memecoin has been integrated into the Shiba metaverse, with growing utility by the day. This means that its holders can now use it to purchase and own lands in the metaverse. It also expands its support to the non fungible tokens (NFTs) market place, allowing artists to showcase their works and earn extra income.

Shiba Inu is becoming a memecoin to reckon with as businesses around the world are now accepting the token as a form of payment.

How and Where Do I Buy Shiba Inu? 

Shiba Inu coins can be purchased on a variety of online marketplaces with Binance, KuCoin, and WazirX at the top of our list. Uniswap is yet another reputable exchange service where you can rapidly convert Ethereum into SHIB.

Difference Between Shiba Inu Coin and Dogecoin

Both Shiba Inu and Dogecoin can be distinguished from one another in a number of ways;

  • The fact that some people consider Shiba Inu tokens to be a rip-off of Dogecoin is one factor that maintains the interest of some investors in the cryptocurrency. Dogecoin, which is essentially a fourth-generation version of Bitcoin, is mined using the same proof-of-work (PoW) process as Bitcoin does. On the other hand, Shiba Inu Coin is an Ethereum-based token built with the ERC-20 standard. 
  • In spite of its lack of practical application, the Shiba Inu coin has amassed a devoted fan base, which has contributed to the ongoing appreciation of its value. Dogecoin on the other hand, has firmly established itself as a viable method of making online payments across a number of different platforms. 
  • Although the quantity of Dogecoin is infinite, the cryptocurrency can only produce 5 billion new coins each year. There are 1 quadrillion Shiba Inu coins in circulation; however, 40% of them have been removed from circulation forever through burning.

Conclusion

The Shiba Inu coin has a promising future and the potential to sway a large number of cryptocurrency investors in favor of the project. This is all because of the fact that it is so popular. 

In recent times, there has not been a lot of movement in the market around the token, but active buyers are likely to raise its value. With more users stacking up on the token, businesses may continue to power up its growth and grant it a status that can be compared to other mainstream coins as a viable means of making payments.

This potential makes SHIB a token with a bright future.

Ayo Alabi
Ayo Alabi is an experienced writer and Fintech enthusiast, passionate about educating people and helping businesses that want to see their Google search rankings surge. Her articles have appeared in a number of e-zine sites, with focus on balancing informative with SEO needs–but never at the expense of providing an entertaining read.

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