Shiba Inu (SHIB) is the latest breakout meme token to capture the interests of the blockchain investment community. This token is seen by many as a knock-off of the Dogecoin in that it also borrows inspiration from the famed Shiba Inu. Additionally, both projects were created with a light-hearted approach.
However, there are some significant technical differences between the two projects. Shibu’s anonymous development team has labeled the platform an “experiment in decentralized spontaneous community building.” They have billed the project as a viable alternative to Dogecoin. This promotion has gone to the point of developers labeling the token as the “Dogecoin killer.”
The Age of Meme Coins – Shiba Inu (SHIB)
Currently, the meme coin market is on fire. Thanks to a steady stream of positive promotion from celebrities and well-known business personnel, meme coins like Dogecoin have experienced record gains. The interesting thing about this scenario is that meme coins are not really a technological upgrade or revolution. They are more like a social phenomenon.
Capitalizing on the Shiba Trend
Those that missed out on the Dogecoin craze are eager to find the next big thing. Shiba Inu seems to have positioned their market entrance perfectly to capture this wave as the network has experienced some impressive growth since its inception. Shiba Inu has a market cap of +$13.2 billion at the time of writing. The platform has seen an increase in value of 39,357% in the last 30 days. This incredible expansion puts the network up +2,000,000 % since its launch late last year. Much of these gains can be attributed to the record rate in which the token was listed on major exchanges.
Liquidity for a New Project
Shiba Inu (SHIB) traders gain access to a lot of major exchanges. Each exchange listing has helped to boost the price of SHIB further. For example, when Binance listed SHIB, the token’s price doubled. Even more impressive is that Changpeng Zhao, Binance’s CEO tweeted that the exchange “ran out of ETH deposit addresses due to SHIB today.” He went on to explain that this was the first time this ever happened to the exchange.
Shiba Inu (SHIB) Risks
It’s vital to understand that Shiba Inu has had an excellent start. However, the platform is new and at this time all investing is mostly speculative in nature. Changpen echoed these thoughts when he labeled the project as exciting but “very high risk.” The key for Shiba Inu (SHIB) is to capture this momentum and roll it into the further expansion of its ecosystem.
What Problems Does Shiba Inu (SHIB) Attempt to Fix?
Shiba Inu seeks to provide users with more earning potential. The main goal behind the project was to create an ERC-20 token and ecosystem that was priced low enough that anyone could own millions of them. They deliberately launched the project’s tokens priced well below a penny. The strategy is to make the platform profitable just by hitting $0.01. To that extent, the developers have succeeded so far.
Benefits of Shiba Inu (SHIB)
Aside from the chance to earn some profits, Shiba Inu is all about having fun. Meme tokens are really designed to help bring familiarity to the blockchain sector. When people see the adorable Shiba Inu, it helps them relax and not feel so overwhelmed with their shift to the decentralized economy.
How Does Shiba Inu (SHIB) Work
Shiba Inu (SHIB) is an Ethereum-based token. As an ERC-20 token, it enjoys the full security and support of the Ethereum ecosystem. Ethereum is the largest decentralized Dapp and token ecosystem in the world currently. The platform supports over 200,000 tokens and thousands of networks built atop its infrastructure.
SHIB is the main utility token of the Shiba Inu ecosystem. This token serves multiple purposes such as paying fees and rewards. You can also use it as a cryptocurrency. Users can send value globally in seconds using SHIB. It’s secure and reliable because it leverages Ethereum’s blockchain. SHIB was launched with 100 billion tokens.
LEASH is the second token within the Shiba Inu protocol. The goal of LEASH is to offer a synth to hedge the price of DOGE on the ETH blockchain. This token is also meant to include scarcity as one of its core protocols. Leash is designed so that every day at 6.30 AM UTC, the price of LEASH will rebase to 1000/1 the price of DOGE. The developers intend to only launch 100,000 LEASH tokens over the life of the project.
Shiba Inu’s developers plan to launch a DeFi token called BONE. This token will serve a vital role in the core protocol of the ShibaSwap DEX. Users will be able to stake this token and earn rewards in the future.
The ShibSwap exchange is a decentralized exchange (DEX). This non-custodial platform will enable network participants to trade their tokens with other ERC-20 compatible tokens directly from their wallets. Non-custodial exchanges are generally more secure than centralized exchanges because they don’t hold large amounts of cryptocurrency to entice hackers.
Shiba Inu (SHIB) Artist Incubator
Another unique aspect of the Shiba Inu project is the Artist Incubator. The network encourages the creation of unique NFTs to help further the meme atmosphere and hype of the project. The website invites artists from across the globe to submit their work to be a part of the NFT market.
One of the best parts about Shiba Inu doesn’t have anything to do with blockchain. The developers have set up the network to integrate Amazon Smile. This interconnectivity allows users to donate to help save the lives of real Shiba Inus. According to developers, there are thousands of these dogs seeking new homes. The project hopes to play a vital role in accomplishing this task.
History of Shiba Inu (SHIB)
Shiba Inu entered the market in 2020. It was launched by a group of anonymous developers. The main developer goes by the name, Ryoshi. According to his own posts, Ryoshi did not pre-mine or hold any Shiba Inu. Uniquely the token launched via a Uniswap IEO. The developers locked 50% of the project’s liquidity in the Uniswap pool.
Vitalik Buterin – Maybe a Bad Idea?
The developers then, in an unusual move, sent 505 trillion SHIB, to the address of Ethereum co-founder Vitalik Buterin. The developers had hoped that Buterin would HODL the tokens. However, Vitalik Buterin quickly donated the crypto to a Covid relief fund set up by Sandeep Nailwal, a cryptocurrency entrepreneur from New Delhi.
At the time, the coins were equal to $2 billion. The move flooded the market and as you would expect, it dropped the price of the token by 50%. In the end, this also dropped his total donation to $1 billion to the Covid fund, which is still amazing.
How to Get Shiba Inu (SHIB)
You can get Shiba Inu at a number of top-performing exchanges. Currently, Binance, Huobi Global, and OKEx have the most trading volume for this token. You can also find SHIB on decentralized exchanges (DEX), like Uniswap, 1inch, and 0x.
Shiba Inu (SHIB) – A New Approach to Meme Tokens
The developers behind the SHIB token definitely did their research. The platform promises to combine a variety of top features and notable trends to provide more market movement. Also, the ultra-low price of these tokens has helped them to see growing interests. As the project is still new, it’s crucial that you only invest what you are willing to lose. If you are willing to risk the loss, Shiba Inu could provide you with the excitement you desire. Always DYOR and invest responsibly.