Shiba Inu (SHIB) is an ERC-20 token powered by the Ethereum blockchain that features the Shiba Inu hunting dog as its mascot. Initially starting as a meme token, the Shiba Inu network has transformed into a robust ecosystem encompassing one of the world's largest DeFi staking platforms, an NFT marketplace, a decentralized exchange, and more.
The project has garnered a massive following worldwide, with millions of members comprising the devoted and steadfast Shiba Army community. With members hailing from almost every country globally, the Shiba Army has propelled Shiba Inu into the ranks of the top 20 cryptocurrencies worldwide.
Since its inception, the price of SHIBA has shown remarkable growth, starting at $0.00000001 and surging by more than 2 million percent. Several leading cryptocurrency exchanges, including Binance, Coinbase, and OKEx, have listed the new SHIB token, making it available for trading.
What Is Shiba Inu?
Shiba Inu (SHIB) was launched in August 2020 by Ryoshi, an anonymous individual or group. The project was named after the popular Japanese dog breed Shiba Inu, similar to the original dog-inspired meme coin, Dogecoin (DOGE). Shiba Inu aimed to create a community-driven ecosystem to enable users to exchange value and support social causes. Keep in mind that this is a token without any smart contract utilities and isn't backed by any asset; it is simply a token that can be transferred.
The SHIB tokens were launched with a total supply of one quadrillion, half of which was locked in Uniswap for liquidity, and the other half was burnt by sending them to Ethereum's co-founder Vitalik Buterin. Buterin later burnt 90 percent of his Shiba Inu tokens worth USD 6.7 billion to a dead wallet and donated the remaining 10 percent to a charity working for Covid-19 relief in India.
The "burn mechanism" is one of Shiba Inu's unique features aiming to decrease the supply of SHIB tokens over time. It sends a portion of each transaction fee to a burn wallet, reducing the amount of SHIB in circulation and increasing the value of the remaining tokens. This mechanism creates a deflationary effect, maintaining the value of SHIB over the long term.
Shiba Inu's use cases include micro-tipping, allowing users to send small amounts of SHIB to support content creators and social causes. The project has also launched several decentralized applications (DApps), such as ShibaSwap and BoneSwap, that leverage the Ethereum blockchain's power to enable secure and transparent transactions.
Shiba Inu Founders
Shiba Inu's founder or founders operate under the pseudonym "Ryoshi," and their true identity remains unknown. The project is supported by a team of developers and community members working together to drive its growth and development.
The Shiba Inu team comprises individuals with diverse experience and expertise in the cryptocurrency and blockchain industry. According to the project's website, the team includes developers, designers, marketers, and community managers passionate about creating a decentralized ecosystem enabling social change and empowering people worldwide.
While the founder(s)' anonymity has raised concerns about the project's legitimacy and credibility, the team's commitment to transparency and community engagement has helped to build trust and support among Shiba Inu's growing community.
Plus, the team's experience and expertise in cryptocurrencies and blockchain technology have helped to build credibility and trust among Shiba Inu's growing user base.
What Makes Shiba Inu Unique?
Several unique features help Shiba Inu stand out from other cryptocurrencies. Its community-driven approach is one of its most notable features, where individual users play a significant role in the project's growth and development. This approach is reflected in the project's social media presence, which boasts a vibrant community of users sharing memes, tips, and other content related to Shiba Inu and its ecosystem.
Shiba Inu's meme culture influence is another factor that distinguishes it from other cryptocurrencies. The project was inspired by the popularity of Dogecoin, another meme-based cryptocurrency with a cult following among internet users. Shiba Inu has leveraged this influence to create a unique brand identity resonating with a broad audience of cryptocurrency enthusiasts, meme aficionados, and social activists.
Shiba Inu's deflationary tokenomics model, comprising a "burn mechanism" that reduces the supply of SHIB over time, is another unique feature. Designed to maintain the value of SHIB over the long term, this model has helped create a stable market for the token, enabling users to trade it easily and efficiently.
Shiba Inu has a more decentralized ecosystem driven by individual users and community members than other meme coins and tokens like Dogecoin and SafeMoon. This has helped to create a more vibrant and engaged community actively shaping the project's future.
How Is the Shiba Inu Network Secured?
The Shiba Inu network is secured through various technologies and protocols working together to ensure the platform's integrity and safety. It uses smart contracts, decentralized applications (DApps), and other cryptographic tools to prevent hacking, fraud, and other security threats.
Smart contracts are an essential component of the Shiba Inu network, enabling users to transact with one another without the need for intermediaries or central authorities. These contracts are self-executing and enforceable, i.e., they automate complex transactions to ensure all parties receive fair and transparent treatment.
Decentralized applications (DApps) are another key element of the Shiba Inu ecosystem. They are built on top of the Ethereum blockchain, which provides a secure and reliable platform for developers to develop and deploy their DApps.
While the Shiba Inu network is secure and resilient, some risks and challenges are associated with trading the SHIB token. These include hacking and theft and the potential for market volatility and regulatory uncertainty. To mitigate these risks, users should do their own research, secure their accounts, and use secure exchanges and wallets to store their SHIB.
Where Can You Buy SHIB?
If you want to buy, sell or trade Shiba Inu (SHIB), you can do so on the following exchanges: Bitinka, Binance, LBank, Hotbit, Exx, BitMart, and HuobiGlobal.
Our step-by-step guide on how to Buy Shiba Inu will help you get started!
Learn more about Shiba Inu
- How to Stake Shiba Inu [The Ultimate Guide]
- Best Crypto to Buy Now [Exclusive CoinStats Data 2022]
