If you still don’t know Shiba Inu, it is an alternative currency based on Ethereum or the meme currency that features the Japanese dog breed Shiba Inu as its talisman. Shiba Inu became a household name in 2021, with its price increasing more than tenfold in October 2021. As SHIB’s popularity and market value grew, more crypto exchanges started accepting it for listing. In India, CoinSwitch Kuber recently included Shiba Inu on its platform, and trading starts at $100.
So, what is so special about this little pup that it beat pioneers like Bitcoin in terms of viewership? How did the 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. Shiba Inu and Dogecoin both fall under the meme coin category. The meme coin originated from a 2013 meme showing the Japanese dog of the same name. What started as a community-driven icon representing a meme has grown into a multi-billion dollar crypto project.
Shiba Inu is a token, not a coin
What distinguishes a token from a coin is that coins have their own block chains, while tokens are created on top of existing block chains. In the case of Shiba Inu, it does not have its own blockchain.
Instead, it is a token built on the Ethereum-blockchain. Popular cryptocurrencies such as DOGE and BTC have their own block chains and are therefore called coins. Other tokens that follow this concept are BAT, Tether, USD Coin, Binance USD, etc., all of which can be found in the CoinSwitch Kuber.
Shiba Inu’s official website has listed SHIB as a longtime Dogecoin Slayer. Shia Inu, along with Floki Inu, Doge Dash and Dogelon Mars, uses the same dog-themed brand as Dogecoin, but Shib is the only one to challenge Dogecoin so far.
Since its inception, Shiba Inu has been on the heels of its competitor, Dogecoin. Since 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 for Dogecoin.
The world still does not know who Satoshi Nakamoto is other than the fact that he is the creator of Bitcoin. Therefore, like Bitcoin, Shiba Inu was created anonymously under the pseudonym Ryoshi. Likewise, the world does not know the brains behind this ecosystem. For all we know, Ryoshi can be an individual or a group.
The Shiba Inu ecosystem consists of three symbols: Shiba Inu (SHIB), Leash (LEASH), and Bone (BONE). The SHIB token is the most prominent element of the Shiba Inu ecosystem.
Supports Define specific products
Shiba Inu supports smart contracts, allowing users to lend and participate in them, and earn passive income in the form of recurring fees.
Led by Elon Musk
If the cryptocurrency has Elon Musk’s backing, it’s like getting the approved blue tick. Elon Musk and his tweets have a huge potential to make or break cryptocurrency. Thankfully the Shiba Inu is on Elon Musk’s positive tweets. He even tweeted about acquiring a Shiba Inu dog, which gave the first big boost to the SHIB token, sending it up close to 300%.
Trusted exchanges like CoinSwitch Kuber urge you not to blindly trust sexy tweets and do your own research while choosing crypto assets like SHIB and more.
Despite the popular belief that a meme like SHIB is driven only by hype and sentiment, the ecosystem actually supports a number of useful utilities, including NFTs and ShibaSwap’s Defi platform. ShibaSwap’s mission is to provide a secure environment for cryptocurrency trading while maintaining decentralization.
fact check: Shiba Inu is currently working on its own Layer-2 or Shibarium protocol to add other utilities and lower existing transaction fees.
Volatile Penny Cryptocurrency
Investing in cryptocurrencies is risky due to the volatile nature of the market as well as the lack of regulation. Alternative coins or coins present an additional challenge. Even the exchanges that list meme coins list them with a hint of caution. This leads to the fact that despite its beneficial use cases, total supply close to $550 trillion, and market capitalization over $19 billion, Shiba Inu remains a speculative crypto asset, albeit with deflationary ratios.
Therefore, DYOR before trading or investing in this high-risk asset.
Well, this is a fun story. Ryoshi, creator of Shiba Inu, sent 50% of the Shiba token to Vitalik Buterin, co-founder of Ethereum.
We don’t know for sure if it was sent for preservation or a marketing vigil. Buterin has donated the cumulative value of more than 50 trillion Shiba Inu coins to the COVID-19 Relief Fund in India. Shortly thereafter, Buterin “burned” – or removed 90% of the remaining supply from circulation permanently by sending it to an inaccessible wallet.
With the year of Shiba Inu in 2021, we can go ahead and talk about the technical and use-case aspects of this token. But bearing in mind that Shiba Inu is relatively new, these are the 10 pointers you should be aware of to understand the risks, rewards, and everything else involved.
If you are considering investing in Shiba Inu (SHIB), we recommend doing a lot of research. This tip is for all coins, tokens or any other crypto assets – proceed with caution and appropriate research. And you can always read more about anything and everything crypto with CoinSwitch Kuber by your side.
Coming to SHIB, it’s still a volatile crypto asset and requires a proper understanding of meme coins, risk analysis, and other indicators in order to be able to proceed.
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