What is Shiba Inu: More than just a memecoin

In the fast-changing crypto world, few coins have captured attention, such as Shiba Inu. Launched as a playful homage to the popular Dogecoin, Shiba Inu has transformed from a mere meme into a serious contender in the crypto market.

With a dedicated community and distinct features, (SHIB) SHIB is more than just a meme — it’s a movement. In this article, we’ll share the story of Shiba Inu cryptocurrency, its impressive rise, and what truly sets it apart in the crypto industry.

What is Shiba Inu coin

Shiba Inu is a fun and quirky cryptocurrency that debuted in 2020, with a total supply of 590 trillion SHIB. With a lively community behind it, SHIB has grown to boast a market cap in the billions, establishing itself as a notable player in the crypto space. Its rise reflects not just investor interest but also the increasing influence of community-driven projects in the cryptocurrency landscape.

History and development

The Shiba Inu cryptocurrency was initially launched as a tribute to the popularity of the Japanese dog breed, Shiba Inu, as well as the breed’s use in multiple internet memes as “doge”. This meme was so popular on social media that cryptocurrency developers created Dogecoin (DOGE), typically considered the first memecoin and the first dog coin.

Other memecoins were minted and developed in response to this, including Shiba Inu, which was introduced in August 2020 under the helm of its mysterious founder, Ryoshi. However, unlike other memecoins, Ryoshi didn’t just want to ride on the coattails of Dogecoin — he wanted to surpass Dogecoin and provide more services demanded by the community.

This demand led to devs’ exploration of NFTs, play-to-earn games, and decentralized finance exchanges for trading cryptocurrency. The Shiba Inu coin known as “SHIB” is a fungible cryptocurrency, which means that these coins can be replicated, traded, bought, sold, and burned.

How does Shiba Inu work: tokenomics

Shiba Inu operates as an ERC-20 token on the Ethereum (ETH) blockchain, which means it uses Ethereum’s smart contracts to handle transactions. This setup not only provides Shiba Inu with a secure foundation but also allows it to interact seamlessly with various decentralized applications.

Shiba Inu (SHIB)

This is the SHIB ecosystem’s primary token that can be swapped with other ERC20 tokens within the Ethereum ecosystem. 

Since its founding, Shiba Inu has often been dismissed as a memecoin solely for pump-and-dump purposes, with some savvy investors using it to ride profitable trends. Many sceptics would quickly buy the coin and sell it whenever its price suddenly soared, leading to a significant price gain in 2021, when SHIB surged to an all-time high of around $0.00008 in October. Shiba Inu price history highlights how the coin captured attention during the meme craze, drawing in both interest and investment.

However, the additional projects being developed within the SHIB ecosystem have put it well ahead of other dog meme crypto tokens, such as Dogelon Mars and Floki Inu (FLOKI).

Bone (BONE)

BONE is only available on ShibaSwap, the SHIB ecosystem’s decentralized exchange platform. It’s a governance token that allows its holders to vote on ecosystem proposals and projects. The more Bone tokens a holder has, the greater the weight of their vote in the community’s decision-making process, known as the “Doggy DAO”. Currently, the ecosystem only has 250,000,000 Bone tokens.

Leash (LEASH)

LEASH, a.k.a. “Dogekiller”, was initially released as a rebase token with a price tied to that of Dogecoin. Because of its initially flexible monetary base, LEASH’s supply would go up or down to change the token price without affecting any individual user’s token share. However, this rebase function was soon removed, and it was turned back into an ERC20 token.

Today, LEASH functions primarily as access to the sale of Shiba Lands. Shiba Lands are virtual lands found within the Shiberse Metaverse, and there’s a queue system for those who want to buy plots of Shiba Land. However, you need LEASH tokens to get early access to the queue. There are currently 107,647 minted LEASH tokens, and the price of this token has only risen with every Shiba Inu project announced.

SHIB Ecosystem Projects

SHIB may have started as a memecoin, but its developers have quickly expanded into promising tools and projects that show a promising future in Web3. Here’s a quick look at the tools under SHIB development.

ShibaSwap

ShibaSwap is the Shiba Inu ecosystem’s decentralized finance (defi) network. Through ShibaSwap, users can exchange cryptocurrencies using “smart contracts”, which allow traders to trade assets immediately without hefty trading fees.

Shiboshis

Shiboshies are non-fungible tokens created and minted in Shiba Inu’s ecosystem. These NFTs are permanently recorded on the Ethereum blockchain ledger. Currently, there are 10,000 Shiboshis with unique collectable features — these can be purchased through ShibaSwap or the NFT marketplace OpenSea without extra fees.

Shiba Eternity

Shiba Eternity is a lively strategic card game brought to life by the Shiba Inu team, meant to connect the community and enhance the Shiba Inu ecosystem. The game is now available on both the Apple App Store and Google Play Store.

Key features of Shiba Inu coin

Shiba Inu coin stands out for its community-driven nature. Passionate supporters actively engage in its growth, collaborating and promoting SHIB, which creates a lively and engaging project. This vibrant community is not just about investing; it’s about connecting and collaborating to shape the future of SHIB together.

As an ERC-20 token on the Ethereum blockchain, SHIB benefits from robust security and easy integration with various decentralized applications. Its impressive total supply of 590 trillion tokens makes it accessible to a broad range of investors.

A big highlight of Shiba Inu is ShibaSwap, where users can trade tokens, provide liquidity, and earn rewards through staking. They’ve also added smart features that burn tokens, making them rarer and potentially boosting their value over time.

The Shiba Inu team isn’t stopping there — they’re rolling out exciting projects like Shiba Eternity and various NFT initiatives to keep the community buzzing. 

In addition, their commitment to giving back — like donating to animal shelters — really enhances their positive vibe.

Who accepts Shiba Inu as payment? 

More and more businesses are starting to accept SHIB as a form of payment, showcasing its growing popularity. For instance, many online retailers now accept SHIB, letting customers buy all sorts of products and making shopping a bit more exciting. Charities have joined the trend too, accepting Shiba Inu donations to help causes like animal welfare and humanitarian work. You might also stumble upon local eateries that gladly accept SHIB for meals and drinks, especially in communities where crypto culture is thriving.

Additionally, gaming platforms are starting to integrate SHIB for in-game purchases and NFTs, tapping into the token’s fun community spirit. Thanks to cryptocurrency payment processors like NOWPayments and BitPay, businesses can easily accept SHIB, and as the crypto world evolves, we can expect to see even more places embracing this playful currency.

Potential risks and considerations

Shiba Inu carries several potential risks and considerations that users should keep in mind. Being a meme coin, it often relies heavily on social media hype, which can lead to unpredictable price movements. There’s also the chance that regulatory changes could affect how it’s used and traded. The strong community supporting Shiba Inu is certainly a positive aspect, but the project’s future hinges on ongoing user engagement. Lastly, it’s essential to remain vigilant about scams and trade only on secure platforms.

Future outlook

The SHIB ecosystem’s projects and evolving tools have made it a promising investment. SHIB may have started as a memecoin, but its devs’ work has quickly made it a legitimate token. Many even consider it the future of Web3 and cryptocurrency.

Note that all cryptocurrencies, including SHIB, are highly volatile investments. Before you invest in any crypto project or token, browse our site and read our basic guides. Learning more about the crypto market and upcoming developments increases your chances of making solid returns on your chosen crypto investment.

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