What is Shiba Inu (SHIB)? A Beginner’s Guide
Introduction to Shiba Inu (SHIB)
Shiba Inu is a meme cryptocurrency. This token is based on the Ethereum blockchain. It is often regarded as the second-most popular meme currency following Dogecoin. Many of the investors also tout Shiba Inu as DOGE killer.
The project also features a meme based on popular meme featuring a Japanese breed of dog. Shiba Inu was first introduced in 2020. Its creator assumed the name of Ryoshi that could be an individual or group. The total supply of Shiba Inu is capped at one quadrillion coins.
It is an ERC-20 token. SHIB recorded ATH in 2021 when it reached a total market cap of $41 billion. The token is at $95 million and it ranks in the top ten cryptocurrencies. In place of a White paper, Shiba developers have published a woof paper that has been posted at ShibaToken.com.
Shiba Inu was developed to test what would happen if a virtual currency was run 100% by its community. Project creator Ryoshi dubbed it an experiment to spontaneously build a decentralized diaspora.
Founding Principles of Shiba Inu
Shiba investors that are called ShibArmy consist of more than 500,000 investors. The members must adhere to the founding principles of the project mentioned as under:
- This project started at zero in the spirit of creating nothing.
- Shib was not created from an existing project or preassembled team.
- A visible love towards Shiba Inu dogs.
- Three Tokens Associated with Shiba Inu Project
Shiba Inu project issues three tokens mentioned as under:
Shiba Inu
SHIB is the foundational coin of this project. The total supply of this token is capped at one quadrillion units that represent 1000 trillion coins. 50% of total SHIB supply is locked in Uniswap and remainder is sent to Ethereum co-founder Vitalik Buterin. In 2021, he donated 50 trillion tokens to a COVID relief fund in India. He proceeded to send 40% of Shiba Inu supply.
Leash
Leash is the second token project issued by Shiba Inu protocol. The total supply of Leash is around 107, 646 tokens.
Bone
Bone is the third token in this system and its total circulatory supply is around 250 million. It is governance token that allow ShibaArmy members to vote on vote on new proposals.
Important Features of Shiba Inu Ecosystem
Here are some important features of Shiba Inu token:
ShibaSwap
It is a DeFi platform that allows investors to trade cryptocurrencies in a decentralized environment. Investors may trade Leash and Shib tokens on ShibaSwap.
Shiba Inu Incubator
Shiba Inu incubator is focused on the preserving forms including as painting, photography, and digital rendering. It honors creativity and ingenuity of artists.
Shiboshis
Shiboshis are 10 thousand NFTs that were written on Ethereum blockchain. Each NFT in this collection has a different trait that makes it a unique collectible.
Popular Terminologies in Shiba Inu Project
ShibaArmy has adopted and popularized many dog-related terms. One term mentioned before is woof paper with plenty more. ShibaSwap uses term dig to refer to additional liquidity and bury for staked tokens.
At the same time, the project also used fetch to swap one token with another. The project also consists of Puppy Pools, where investors can rewards for staking Bone tokens in the form of Woof.
How to Trade Shiba Inu Token?
Investors can start trading Shiba Inu token by signing up on a cryptocurrency exchange or creating a MetaMask wallet. Investors can use fiat currencies or other coins such as ETH and BTC to purchase SHIB tokens.
They can also sign up for non-custodial wallets such as MetaMask and connect it with ShibaSwap to purchase from centralized exchanges and buying it with other ERC-20 tokens.
Conclusion
Shiba Inu is one of the most popular meme coins and the project has incorporated deflationary mechanism such as token burning. Shiba Inu tokens continue to gain more traction among investors with features such as low prices, limited utility, high volatility, and multiple tokens support.
