What is Shiba Inu (SHIB)
Shiba Inu (SHIB), a cryptocurrency that drew inspiration from internet memes and jokes, established itself as a major player in the meme coin arena since its inception in 2020. Often referred to as the “Dogecoin Killer”, Shiba Inu positioned itself as a main rival to the well-known Dogecoin (DOGE), a cryptocurrency that also features the Shiba Inu dog breed in its branding.
Shiba Inu prides itself on its community-driven nature, with its development being overseen by the "ShibArmy". The principles guiding the development of the Shiba Inu are detailed in a creatively named "woof paper," which serves as a playful iteration of the conventional white paper, outlining the project's objectives and future roadmap.
Shiba Inu's architecture is built on the Ethereum blockchain, utilizing the ERC-20 token standard, which enables it to seamlessly interact with various decentralized finance (DeFi) projects within the same ecosystem.
Shiba Inu’s journey has been characterized by rapid growth and support from its robust community, the ShibArmy. This support played a driving role in making SHIB’s price to skyrocket over 27,000,000% between January and October 2021.
While the SHIB token has faced criticism and skepticism, often being labeled as a "pump and dump" cryptocurrency, it has undeniably evolved into a vibrant ecosystem that resonates strongly with its community. The popularity of the Shiba Inu dog breed has further amplified the token’s appeal, transforming it into one of the most notable meme coins in the market.
Shiba Inu Ecosystem
The Shiba Inu cryptocurrency universe is a comprehensive ecosystem, featuring a variety of tokens and projects each with a unique function to support the operation of the cryptocurrency network. At the core of this ecosystem is Shiba Inu, or SHIB, serving as the primary token.
The tokenomics of Shiba Inu revolves around three central tokens:
Shiba Inu (SHIB): As the flagship currency of the ecosystem, SHIB had an initial total supply of 1 quadrillion tokens. It facilitates exchanges with any ERC-20 tokens within the Ethereum ecosystem.
Leash (LEASH): Positioned as the second token in the ecosystem, LEASH has a limited supply of 107,646 tokens. Initially, it functioned as a rebase token pegged to Dogecoin's price, with a supply that could expand or contract to adjust its price, ensuring the value of individuals’ holdings remained constant. However, its rebase function was permanently disabled, reverting LEASH back to its original ERC-20 design.
Bone (BONE): Exclusively available through ShibaSwap, BONE has a total supply cap of 250,000,000 tokens, sitting between SHIB and LEASH in terms of circulating supply. As a governance token, it empowers the ShibArmy to participate in voting on proposals starting in 2022, with the extent of their voting power being directly proportional to the amount of BONE they hold.
Source & Copyright: shibatoken.com
Beyond these tokens, the Shiba Inu ecosystem encompasses several key components:
ShibaSwap: The ecosystem’s decentralized exchange (DEX), providing users with the ability to trade, swap, or convert their cryptocurrencies.
Shibarium: A Layer 2 blockchain network operating on the Ethereum blockchain, aimed at enhancing transaction speeds, diminishing fees, and facilitating the creation of Shiba Inu-themed decentralized applications (dApps). Currently, Shibarium is undergoing beta testing.
Shiboshis: This collection consists of 10,000 unique Shiba Inu-themed NFTs, all of which are stored on the Ethereum blockchain. Each NFT boasts distinct characteristics and is tradeable on ShibaSwap.
SHIB the Metaverse: This virtual world allows users to purchase land, immerse themselves in various experiences, earn rewards, gather in-game resources, and develop their own projects, all within the Shiba Inu-themed universe.
Who Are The Founders and Investors of Shiba Inu
In August 2020, the Shiba Inu coin was brought to life by an anonymous creator known only as Ryoshi. Ryoshi’s digital presence is limited to its Twitter and Medium accounts, and very little is known about him. In a May 2021 Medium article, Ryoshi emphasized its insignificance, stating, “I am nobody. I am not important. The efforts to unmask my ‘identity,’ even if successful, would be underwhelming. I am just some guy of no consequence tapping at a keyboard, and I am replaceable. I am Ryoshi”.
Ryoshi introduced Shiba Inu to the world with an initial supply of one quadrillion tokens. A significant event in Shiba Inu's timeline occurred in May 2021, when Ryoshi transferred 50% of the token supply to Ethereum’s co-founder, Vitalik Buterin. Many perceived this act as a strategic maneuver to leverage Buterin’s credibility and elevate Shiba Inu's profile in the crypto space. Ryoshi expressed the belief that vulnerability is an essential component of greatness, stating, “There is no greatness without a vulnerable point, and as long as VB doesn’t rug us, then SHIBA will grow and survive”.
Additionally, Ryoshi allocated the remaining 50% of the initial supply to establish liquidity on Uniswap’s decentralized exchange, facilitating the token's entry into broader circulation.
During the memecoin craze of 2020, Buterin donated SHIB tokens worth $1 billion to the India Covid Crypto Relief Fund, significantly boosting SHIB’s visibility on a global scale. Following this, in a gesture of goodwill towards the Shiba Inu community, Buterin “burned” 410 trillion SHIB tokens, equivalent to 40% of the total supply, permanently removing them from circulation.
What Is Shiba Inu Price Today
The current SHIB price today is $0.00002292 with a 24-hour trading volume of $630,615,977.
Source & Copyright: TradingView
What Is the All-time High for Shiba Inu (SHIB)
SHIB debuted in 2020 at a value below $0.00000001. This extremely low pricing trend persisted throughout the remainder of 2020 and into the early months of 2021.
As the broader market entered a bullish phase, SHIB's price began to rise, hitting unprecedented highs of $0.000003. This momentum swiftly amplified, resulting in a 3,300% increase in price within just a week, reaching $0.00003 by May 2021.
September 2021 witnessed a 40% surge in SHIB's price following its inclusion on the Coinbase cryptocurrency exchange for trading. This growth was further fueled by Tesla CEO Elon Musk’s continued support of dog-themed meme coins on various social media platforms.
The all-time high of Shiba Inu’s (SHIB) value was reached on October 28, 2021, when it soared to $0.00008841 per token. In terms of market capitalization, the coin momentarily overtook DOGE, approaching $6.8 billion. Subsequently, however, the price declined as the cryptocurrency markets turned adverse.
What Is the All-time Low for Shiba Inu (SHIB)
Shiba Inu (SHIB) was launched in August 2020, and like many new cryptocurrencies, it initially had very low value. Its all-time low was recorded shortly after its launch, with prices near $0.000000000056 in November 2020.
When SHIB was first launched, it was relatively unknown, and there was very little awareness about the token in the broader cryptocurrency community. Without significant attention or understanding of what Shiba Inu was trying to achieve, there was limited demand for the token.
What is the Market Cap of Shiba Inu (SHIB)
SHIB is the world’s second-largest meme coin in terms of market capitalization. SHIB now has a market capitalization of $13,388,408,240. There are 589,263,813,728,756 of SHIB coins in circulation.
How and Where to Buy Shiba Inu
How to Buy on a CEX:
- Select a reputable centralized exchange that lists SHIB, such as Binance, Coinbase, or Kraken.
- Create an account on the exchange, providing all necessary verification and KYC (Know Your Customer) information.
- Deposit fiat currency (e.g., USD, EUR) using your preferred method (bank transfer, credit card, etc.).
- Navigate to the trading section, search for the SHIB trading pair (e.g., SHIB/USD), enter the amount you wish to purchase, and execute the trade.
How to Buy on a DEX:
- Download and set up a cryptocurrency wallet that supports Ethereum and ERC-20 tokens, such as MetaMask.
- Transfer Ethereum (ETH) or any other token supported by the DEX to your wallet.
- Visit a decentralized exchange that lists SHIB, such as Uniswap or SushiSwap, and connect your wallet.
- Select SHIB as the token you want to receive, input the amount, and swap the Ethereum or other tokens in your wallet for SHIB.
How to Sell Shiba Inu Coin
Centralized Exchanges (CEX)
- Select a reputable centralized exchange where SHIB is listed and you have an account, such as Binance, Coinbase, or Kraken.
- Transfer your SHIB tokens from your wallet to your account on the exchange.
- Navigate to the trading section, find the SHIB trading pair (e.g., SHIB/USD), enter the amount of SHIB you want to sell, and execute the trade.
- Once the sale is complete, you can withdraw the resulting fiat currency or other cryptocurrency to your linked bank account or wallet.
Decentralized Exchanges (DEX)
- Ensure you have a cryptocurrency wallet that supports Ethereum and ERC-20 tokens, like MetaMask, and that it contains the SHIB tokens you want to sell.
- Visit a decentralized exchange that supports SHIB, such as Uniswap or SushiSwap, and connect your wallet.
- In the swap interface, select SHIB as the token you want to exchange, and choose the cryptocurrency you want to receive in return (e.g., ETH). Enter the amount and execute the swap.
- After the swap is complete, the received cryptocurrency will be in your wallet. You can then keep it there, transfer it to another wallet, or connect to a CEX to exchange it for fiat and withdraw.
Is Shiba Inu Coin Legit
Shiba Inu has gained significant attention and has provided substantial returns for some investors, particularly those who bought in early and sold at the peak. However, it is a highly speculative investment with considerable risk. Here are some points to consider about its legitimacy.
SHIB has a strong community and active development, with various projects under its ecosystem. It has gained significant visibility and is listed on numerous major cryptocurrency exchanges.
The founders of Shiba Inu are anonymous, which could be seen as a red flag to some investors who prefer transparency. As a meme coin, its value is significantly influenced by social media and community hype, which could be seen as less stable compared to projects with strong fundamentals.
Some early investors in SHIB have seen remarkable returns, especially during its peak in late 2021. However, SHIB’s price is heavily influenced by market sentiment, making it susceptible to rapid decreases in value if the community interest wanes.
What Makes Shiba Inu Unique
Shiba Inu places a strong emphasis on being a community-driven project. Decisions are often made collectively, and the community plays a significant role in the development and promotion of the token and its associated ecosystem.
Unlike many meme coins that exist solely for the purpose of trading, Shiba Inu has developed its own ecosystem. This includes other tokens such as LEASH and BONE, as well as ShibaSwap, Shibarium, Shiba Inu Metavers etc.
The Shiba Inu community is very active online, particularly on social media platforms like Twitter and Reddit. This online presence has helped to create a viral effect, attracting more attention and participants to the project.
How to Keep Shiba Inu Safe
Here are some guidelines to help you protect your SHIB:
Use a Secure Wallet
Hardware wallets are physical devices that store the private keys to your SHIB offline. They are considered the safest option because they are immune to online hacking attempts.
If you prefer a software wallet, choose one with a strong reputation for security, such as MetaMask or Trust Wallet. Ensure that the wallet supports ERC-20 tokens.
Keep Your Private Keys and Seed Phrases Safe
When you set up any wallet, you’ll be given a seed phrase (recovery phrase). Write it down on paper and store it in a secure location. Do not store it digitally to avoid exposure to hackers. Your private keys and seed phrase are the only way to access your funds. Never share them with anyone. Legitimate services will never ask for these details.
Safe Browsing
For every service you use, especially wallets and exchange accounts, use strong, unique passwords. Wherever possible, enable 2FA on your accounts. Regularly update your wallet software, browser, and antivirus programs to protect against new threats. Always double-check URLs and email addresses to avoid phishing scam.
Exchanges
Only use well-known and reputable exchanges to buy or sell SHIB. Exchanges are prime targets for hackers. Do not store more SHIB on an exchange than you need for trading.
Shiba Inu Pros and Cons
| Pros | Cons |
| SHIB is listed on numerous exchanges, providing high liquidity | SHIB’s price is subject to volatility |
| The ecosystem includes ShibaSwap, its own DEX, allowing users to trade directly from their wallets | Anonymous founder and team |
| The developers have plans to expand the Shiba Inu ecosystem | SHIB does not have a hard cap on its total supply |
| As an ERC-20 token, it benefits from the security and technology of the Ethereum blockchain | As a meme coin, its value can be influenced by internet hype and celebrity endorsements |
Summary
Shiba Inu (SHIB) is a decentralized meme token that grew into a vibrant ecosystem. It was created in August 2020 by an anonymous person or group of people known as "Ryoshi". Shiba Inu was modeled after Dogecoin, which itself was created as a fun and lighthearted cryptocurrency based on the popular "Doge" meme featuring a Shiba Inu dog.
Shiba Inu is an ERC-20 token, meaning it's built on the Ethereum blockchain. One of the defining characteristics of Shiba Inu, and what helped it gain popularity, is its massive supply; there were initially one quadrillion tokens, with half of them locked in Uniswap and the other half sent to Ethereum's co-founder, Vitalik Buterin.
The Shiba Inu ecosystem includes other tokens such as LEASH and BONE, and it also has its own decentralized exchange called ShibaSwap. The community around Shiba Inu is very active, and the project has a strong focus on decentralized community building.
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