This effectively dropped SHIB’s circulating supply by almost half, which some argue may have played a part in making the token more popular. You can purchase SHIB on several exchanges using their wallets, such as Binance, Coinbase, KuCoin, and Kraken, to name a few. You can also set up a MetaMask wallet and connect it to Shiba Swap, the exchange recommended (and created) by the Shiba Inu community. Shiba Inu is an Ethereum-based altcoin (a cryptocurrency other than Bitcoin) that features the Shiba Inu—a Japanese breed of hunting dog—as its mascot. Shiba Inu is widely considered to be an alternative to Dogecoin; in fact, proponents of Shiba Inu have touted it in the past as “the Dogecoin killer.” The experiment was a succes, and in October 2021 SHIB briefly flipped Dogecoin to become the most-valued meme coin by market capitalization.
Where to Trade SHIB
A supply of 1 quadrillion SHIB tokens were minted when it launched in August 2020, all of which were pre-mined. Learn more about meme coins and their role in crypto and Web3 in our comprehensive Research report The Evolution of Memes and What Makes Them Successful. The anonymous creator of the Shiba Inu coin is known as “Ryoshi.” However, very little is known of the mystery founder of the dog-themed cryptocurrency, much like the founder of Bitcoin, Satoshi Nakamoto. Upon issuance in 2020, Shiba Inu’s creators had sent 50% of the token supply to Ethereum co-founder Vitalik Buterin, creating hype for the project.
As the crypto market evolves and new trends emerge, it will be interesting to see how Shiba Inu adapts and whether it can sustain its current level of popularity. You should not construe any such information or other material as legal, tax, investment, financial, cybersecurity, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, endorsement, or offer by Crypto.com to invest, buy, or sell any coins, tokens, or other crypto assets. Returns on the buying and selling of crypto assets may be subject to tax, including capital gains tax, in your jurisdiction. Any descriptions of Crypto.com products or features are merely for illustrative purposes and do not constitute an endorsement, invitation, or solicitation. Investing in cryptocurrencies is risky enough because of their massive volatility and lack of regulation.
Tokens used in these strategies generate “Woof” returns in the form of Bone tokens that are distributed to token pools known as “Puppy Pools,” according to the woof paper. Nest Services Limited, trading as Binance, is the entity ultimately responsible for the Binance Services offered through the Platform.Trading cryptocurrencies involves significant risk and can result in the loss of your capital. You should not invest more than you can afford to lose and you should ensure that you fully understand the risks involved. Before trading, please take into consideration your level of experience, investment objectives, and seek independent financial advice if necessary. It is your responsibility to ascertain whether you are permitted to use the services of Binance based on the legal requirements in your country of residence. Neither the firm nor investments in cryptoassets are regulated by the Financial Conduct Authority, nor covered by the Financial Ombudsman Service or subject to protection under the Financial Services Compensation Scheme.
SHIB’s price often makes news headlines, as it routinely notches tremendous gains and endures equally steep losses. In keeping with the dog theme, the aforementioned Shiba Inu woof paper uses canine terms to describe the hacker behind 2013 nasa hacks finally caught how returns can be generated from one’s Shiba Inu tokens. On ShibaSwap, these tokens can be used to “dig” (provide liquidity), “bury” (stake tokens), and even “fetch” (exchange one token for another).
Low Per-Token Price
Shiba Inu will need a large increase in popularity and other significant changes in appeal to investors to reach $1 by 2030 if its price history is any indication. Shiba Inu has a large following, but it is difficult to say whether the coin has the potential to continue developing and attracting users. The guiding tenets of the Shiba Inu ecosystem are spelled out in bitcoin and cryptocurrencies a “woof paper” (presumably a play on the term “white paper”), available at the ShibaToken.com website. According to Ryoshi, the end goal is that SHI becomes a global stable currency “that plebs across all countries are able to use as both a store of value and method of payment.” Ryoshi’s intention for Shiba Inu has been to see if a perpetual decentralized organization could work with no central leadership. In mid-2021, Ryoshi kept to his promise and stepped away, leaving the token entirely in the community’s hands.
Risks of owning Shiba Inu coin
At its peak price of $0.00009, $100 would have fetched over 1.111 million SHIB tokens. The amount of coins you can purchase can cause significant losses if SHIB’s price ever tumbles, but the chance of tremendous gains also exists. While looking to expand the utility of SHIB, the development team introduced a metaverse — a virtual reality project powered by non-fungible tokens (NFTs). Here, users can mint parcels of digital lands using ETH or its equivalent amount in SHIB tokens. WhaleStats compiled data of the largest ETH wallets and found that SHIB represents over 20% of the combined market shares of all ERC-20 tokens held by Ethereum whales.
Why Is Shiba Inu Popular?
- His “job” is to defend the brand and give suggestions, although he does so very sparingly, as his last blog entry dates back to May 2021.
- Upon issuance in 2020, Shiba Inu’s creators had sent 50% of the token supply to Ethereum co-founder Vitalik Buterin, creating hype for the project.
- Musk even got a Shiba Inu puppy, named Floki Frunkpuppy, triggering another market surge.
- Here, users can mint parcels of digital lands using ETH or its equivalent amount in SHIB tokens.
- In mid-2021, Ryoshi kept to his promise and stepped away, leaving the token entirely in the community’s hands.
SHIB operates as a decentralised cryptocurrency, leveraging the power and security of the Ethereum network. It is an ERC-20 token, which means it can interact with various decentralised finance (DeFi) projects that share the same blockchain. In January 2023, the Shiba Inu community leadership introduced Shibarium, a layer two blockchain designed to run on top of Ethereum. This update was released to reduce congestion, introduce staking into the ecosystem, lower gas fees, and provide a framework for decentralized applications and Web 3 expansion. A major what is responsive design reason for the surging price of SHIB was a continued effort by the SHIB community to build a utility for the Shiba Inu token and the subsequent emergence of an entire Shiba Inu ecosystem. Please note that the availability of the products and services on the Crypto.com App is subject to jurisdictional limitations.
Shiba Inu is continuously being developed and improved by a dedicated community to have utility and use cases, so it is possible that it will remain one of the more popular cryptocurrencies on the market. For cryptocurrency enthusiasts, part of the allure of meme coins is that they reject conventional protocols, and this unconventional approach may extend to the use of canine terms to describe return strategies. But they certainly seem to be a world away from staid investment terms such as return on investment and liquidity. As the Shiba Inu ecosystem and community continue to grow, the development team is actively working on improving the token’s functionalities and exploring potential partnerships.
Named after the Shiba Inu dog breed, which gained fame as the face of the popular Doge meme, Shiba Inu was created in 2020 as an experimental project. Comprising three separate tokens – SHIB, BONE and LEASH – that users can stake, swap or deposit into liquidity pools on the ShibaSwap decentralized exchange to earn interest and rewards. The market momentum affecting shiba inu can mainly be attributed to Tesla CEO Elon Musk, who was also responsible for dogecoin’s massive price surge. Musk even got a Shiba Inu puppy, named Floki Frunkpuppy, triggering another market surge. Shiba Inu is a cryptocurrency which, at its creation in 2021, had no use or value. By the end of 2023, it was being used by traders in large volumes to take advantage of microscopic price movements and used as a payment method.
