Shiba Inu (SHIB): The Next Big Altcoin

Cryptocurrency investors are always on the lookout for the next big altcoin, and Shiba Inu (SHIB) has caught the attention of many in recent months. So, what is Shiba Inu (SHIB), and why should you invest? This article will briefly overview altcoin and its potential as an investment.

The History of Shiba Inu 

Shiba Inu (SHIB) is named after the Japanese dog breed of the same name. The Shiba Inu breed is known for its independent spirit and loyalty to its family. Like the Shiba Inu, the SHIB token is intended to be a loyal and trustworthy crypto companion.

Shiba Inu (SHIB) was created in August 2020 by an anonymous developer (or group of developers) known as “Ryoshi” with the Dogecoin community in mind. Shiba Inu (SHIB) has no pre-mine, no founders’ reward, and no ICO. The project relies on voluntary donations and the sale of NFTs to support development. The SHIB token is an ERC-20 token built on the Ethereum blockchain.

However, in May 2021, the anonymous SHIB developer known as “Ryoshi” sent half of the whole supply to Vitalik Buterin, one of the Ethereum blockchain’s co-founders. They burned 90% of his tokens immediately, meaning he permanently removed them from circulation. Buterin donated the remaining 10% to charity.

What is Shiba Inu?

Shiba Inu is a cryptocurrency created with the Dogecoin community in mind. Shiba Inu, or SHIBi, is a cryptocurrency created as a parody of Dogecoin. The coin’s logo is a Shiba Inu dog and the face of the Shiba in(u on the logo is based on the Doge meme.

The Shiba Inu coin was created to be aO “joke currency,” and it is not meant to be taken seriously. However, the coin has gained a following among cryptocurrency enthusiasts and has even been listed on some major exchanges.

While Shiba Inu is often compared to Dogecoin, there are some key differences between the two coins. For one, Shiba Inu has a much lower supply than Dogecoin. There are only 1,000,000,000 SHIB coins in existence, compared to over 100,000,000,000 DOGE coins. This lower supply could mean that the price of Shiba Inu is more volatile than Dogecoin.

Shiba Inu is also notable for its “burn” function. Every time a transaction is made, 10% of the coins are destroyed. This is meant to reduce the supply of SHIB over time and potentially increase the coin’s price.

Shiba Inu’s (SHIB) initial distribution was a so-called “Airdrop.” Shiba Inu was initially distributed to Dogecoin holders at a rate of 1 DOGE: 1 SHIB. This airdrop occurred on August 6, 2020.

The Doggy DAO 

Shiba Inu’s decentralized autonomous organization (DAO) governs the coin. The DAO comprises SHIB holders who vote on decisions about the coin. The DAO is intended to be transparent and decentralized, giving all SHIB holders a say in how the coin is run.

Dog themed cryptocurrencies 

While Shiba Inu is the most well-known dog-themed cryptocurrency, it is not the only one. Several other altcoins feature dogs on their logo or in their name. Some of these include:

• Pug (PUG)
• BorkerCoin (BORK)
• Dogecoin (DOGE)
• Puppycoin (PPC)

These coins are all based on different blockchain platforms and have different purposes. While Shiba Inu is based on the Ethereum blockchain and is meant to be a joke currency, Pug is based on the Bitcoin Cash blockchain and is meant to be used as a payment system.

How Does Shiba Inu Work?

Most meme currencies are completely useless. However, Shiba Inu has a decentralized exchange called ShibaSwap as well as an ecosystem of goods and services, including a community-driven rescue effort for Shiba Inu puppies. Users can trade SHIB to and from other users on the peer-to-peer trading platform of ERC-20 assets without giving up custody of their private keys.

The Future of Shiba Inu (SHIB)

The future of Shiba Inu is uncertain. The coin has a small but loyal following, and the team behind the coin appears to be committed to its success. However, because Shiba Inu is a joke currency, it remains to be seen if it will gain mainstream adoption. Only time will tell whether Shiba Inu will become a top altcoin or fade into obscurity.

Investing in Shiba Inu is a risky proposition. The coin is still very new and has a lot of uncertainties surrounding it. Additionally, the price of Shiba Inu is highly volatile and could drop significantly at any time.

Remember to do your research before investing in any cryptocurrency.

Shiba Inu Ecosystem 

The Shiba Inu ecosystem is made up of a few different components:

1. The ShibaSwap decentralized exchange allows users to trade SHIB and other ERC-20 tokens.
2. The Shiba Vault is a hardware wallet that supports SHIB and other ERC-20 tokens.
3. There is the Shiba Inu faucet, which allows users to earn SHIB by completing tasks.

The Shiba Inu team is based in Singapore and is anonymous. The team has not been very active in promoting the coin because they do not want to be associated with the “joke currency” label.

Shiba Inu Tokenomics 

The total supply of Shiba Inu is 1,000,000,000 SHIB. This “burn” function is meant to reduce the supply of SHIB over time and potentially increase the coin’s price. The current circulating supply of Shiba Inu is about 990,000,000 SHIB. The coin has a market capitalization of about $1,400,000,000 and is currently ranked 20th on CoinMarketCap.

The rebase token omics of Shiba Inu are similar to those of Ampleforth (AMPL). Both tokens have a supply that is constantly changing based on demand. When the price of SHIB or AMPL goes up, the supply increases.

When the price goes down, the supply decreases. This system is meant to stabilize prices and prevent them from getting too high or too low.

Shiba Inu Mining 

Shiba Inu is not minable. The only way to acquire SHIB is to buy it in an exchange or receive it as a gift from someone else. You can also join mining pools such as puppy pools

The Shiba Inu team has said they do not want the coin mined. They believe that mining centralizes power and gives too much control to those who can afford to buy the expensive mining equipment.

Shiba Inu’s Price History 

Shiba Inu was created in August 2020 and initially had no value. The price of SHIB began to increase in October 2020 after the coin was listed on major exchanges. The price reached an all-time high of $0.000035 in January 2021. Since then, the price has fluctuated but remains relatively stable.

Shiba Inu price or SHIB Price is currently at 0.00000010. It has a trading volume of $385,6732,361. It has 24 hours of trading. Our SHIBs are automatically converted into USD prices. Currently, Shibo Inu has gained 0.56% in just 24 hrs. CoinMarketCap currently ranks 14 at #4 and has an annual value of $5,660,213,966.

Its circulation of 599,000 shillings is 549 063 878,876302, and its limit is 50,000. It doesn’t provide any. If you want to buy Shiba Inu, consider the price. You can also sell Shiba Inu or trade Shiba Inu, but remember to always consider that the price is volatile.

How to Buy SHIB and LEASH

The easiest way to buy SHIB and LEASH is through a cryptocurrency exchange. We recommend using Binance, one of the largest and most popular exchanges.

1. Create an account on Binance.com.
2. Verify your account by uploading your ID and completing the KYC process.
3. Deposit funds into your account. Binance accepts various payment methods, including credit/debit cards, bank transfers, and crypto.
4. Find the SHIB/USDT trading pair and place an order.
5. Once your order is filled, you will own SHIB and LEASH!

How to Store SHIB

SHIB can be stored in any ERC-20 compatible wallet. Some popular wallets include MetaMask, Trust Wallet, and MyEtherWallet.

It is also possible to store SHIB on hardware wallets such as the Shiba Vault. Hardware wallets are considered the most secure way to store cryptocurrencies because they are offline and not vulnerable to hacking.

Conclusion 

Shiba Inu is a new cryptocurrency with a lot of potentials. Additionally, the coin is very volatile and could drop in price at any time. As with any investment, it is important to do your research before investing in Shiba Inu.