Shiba Inu is a decentralized cryptocurrency community that allows its participants to hold trillions of its tokens. The Shiba Inu cryptocurrency is relatively new and is currently controlling a significant part of the Dogecoin market. Nicknamed the “Doge killer”, the Shiba Inu platform allows for the development of community building experiments within its ecosystem.
The Shiba Inu token has risen to become one of the most popular crypto investment options of the season. Its increased popularity was influenced by variations in the prices of major cryptocurrency platforms like Bitcoin and Ethereum.
In general, the arrival of the Shiba Inu coin into the cryptocurrency space further confirms the market is completely unpredictable. As of June, the cryptocurrency was among the top 30 in the world and its presence in the list proves the power of memes and how the thinking nature of investors work alike.
Although the project is considered by some as a rip-off of the Dogecoin system due to its origins being based on the influence of the dog character and its creation being based on humor. However, it has grown its user base to around 550,000 users.
Who are the Founders of Shiba Inu (SHIB)?
Shiba Inu has its origins similar to that of the Bitcoin network. Founded by an anonymous individual known as Ryoshi in 2020, the cryptocurrency was fashioned after Dogecoin. The cryptocurrency is based on the Ethereum ERC-20 ecosystem. The creator of the system applied three tokens to the network which are SHIB, LEASH, and BONE.
According to the Shiba Inu whitepaper, the system was created with the goal of building an ecosystem controlled by the three different tokens on the platform.
What is Shiba Inu (SHIB) used for?
Shiba Inu is similar to other cryptocurrencies in the world in that it inherently has the potential to be traded. Due to the fact that Shiba Inu has a combination of three different cryptocurrencies on its network, this makes trading the coin slightly different from the regular trading process.
The Shiba Inu ecosystem also includes the presence of a decentralized exchange known as ShibaSwap. The platform has gained massive adoption and the platform makes all three Shiba Inu tokens available to be traded with other cryptocurrency pairs.
What Is the Unique Point of Shiba Inu (SHIB)?
The Shiba Inu cryptocurrency is generally considered similar to Dogecoin due to both of the platforms using a dog logo. However, Shiba Inu has certain qualities which completely differentiate it from several of the other cryptocurrencies available. One of these differences is in Shiba Inu having a coined platform specially dedicated to creatives called the artistic Shiba Movement.
The movement is a system that extends invitations to artists who have been inspired by the dog logo from around the globe. After the artists accept the offer, the platform serves as a foster for them, the Shiba Inu community to be launched into the NFT space.
NFT, which stands for non-fungible tokens is a collection of different assets on a blockchain that have varying identification codes and metadata, making it easy to differentiate one from another. Unlike cryptocurrencies which are currencies, NFTs are considered goods. They are mostly pieces of art and just like goods in the physical world, NFTs can be bought, sold, and resold in digital form from anywhere in the world.
Given that the Shiba Inu system’s creation was centered around the actual dogs, the platform has also created a dog rescue campaign for Shiba Inu dogs. The campaign is funded through donations which are collected via Amazon smile to help rescue its brand dog.
How many Shiba Inu (SHIB) coins are in circulation?
According to information from the Shiba Inu website, the platform has locked away 50% of its total token supply on Uniswap. The leftover 50% was burned to Vitalik Buterin as stated on the website.
The Shiba Inu platform also has several other tokens being run on its network such as the LEASH token. Based on information for the network, the LEASH token has been unleashed and will not be rebased anytime soon. The other token on the platform is BONE which was stated to be released around may this year.
The information on the Woofpaper of the Shiba Inu network states that participants on the network will dig for BONES or ShibaSwap with SHIB and also have the option of burying their tokens. This mirrors the daily living mode of dogs given that the system is based on a particular kind. It also states that Shibas can also be trained to swap tokens to secure returns which are then put into the puppy pools. This is where the option of digging and burying BONES tokens becomes available.
In the early days of 2021, several dog-meme tokens with the inclusion of Shiba recorded transactions in amounts reaching over a hundred million dollars.
Vitalik Buterin, who was assigned half the token supply, donated a significant percentage of the tokens on May 13 to help India due to complications caused by COVID. After the donation was announced, the SHIB token experienced a 44% drop.
Is the Shiba Inu (SHIB) Network secured?
The Shiba Inu system, Similar to many of the new cryptocurrency tokens available in the market, is based on the Ethereum blockchain ERC-20 specification. Because of this, the platform is operated on the network’s proof-of-work consensus system which is currently transitioning into a proof-of-stake system.
The Ethereum ecosystem’s transition is based on its identification of major downsides to using the proof-of-work consensus system which requires using large amounts of energy. The proof-of-stake system on the other hand uses an algorithm that allocates mining power to validate transactions based on the coin percentage held by a miner. In general, the proof-of-stake system is considered the more secure of the two as it rewards the miners for executing transactions. This is unlike the proof-of-work where miners have to sell their coins to pay bills.
How do I buy Shiba Inu (SHIB)?
One of the things that skyrocketed the Shiba Inu coin to the leagues of the top cryptocurrencies is its creation is based on a meme. The meme culture, coupled with the presence of a predecessor cryptocurrency based on a similar concept has grown its adoption level exponentially.
Buying SHIB tokens has been made easier due to its over 500,000 user base. The steps below provide the right direction.
* Open an account with any crypto trading platform that offers SHIB, such as a trading platform.
* Transfer the specific amount of your fiat currency to the trading platform account.
* Wait for your deposit to be confirmed and Buy SHIB through the trading platform account.
Which Cryptocurrency Wallet Supports Shiba Inu (SHIB)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as Shiba Inu tokens. Because of its speed, flexibility, and unique features, it has grown to become one of the most used new platforms. In addition, users can easily use PTPWallet as their main Shiba Inu wallet as it offers a simple and interactive interface, making it easy to navigate its system.