Review Shiba Inu ($SHIB) – Super meme coin dubbed the “Dogecoin killer”

The meme grew in popularity to the point that it motivated some computer programmers to create a cryptocurrency. In this way, Shiba Inu was created.

What is Shiba Inu?

Shiba Inu is a decentralized cryptocurrency that was created in August 2020 by an unknown individual or group called “Ryoshi.” It is named after a Japanese breed of dog, which is also featured in the Dogecoin symbol, which was initially a satirical cryptocurrency based on the Doge meme. The Shiba Inu self-identifies as a “Dogecoin killer.” It was dubbed a “meme coin” and a pump and dump scheme.

As is the case with many other cryptocurrencies, SHIB is based on a decentralized network that utilizes the blockchain database. This blockchain database keeps track of and manages the cryptocurrency, confirming and documenting all transactions. As a result, the database becomes a long-term record of the cryptocurrency’s movement. Shiba Inu, in particular, operates on the Ethereum blockchain, benefiting from the platform’s security and functionality. According to Ryoshi’s paper, he picked Ethereum as the platform for the Shiba Inu ecosystem because it was already safe and well-established, and it allowed the project to remain decentralized

SHIB begins with a supply of 1 quadrillion (equal to 1,000 trillion), of which Ryoshi put 50% in Uniswap (for liquidity purposes) and the remaining 50% in the safekeeping of Ethereum co-founder Vitalik Buterin. In May 2021, Buterin donated 50 trillion tokens (approximately 1$ billion worth of tokens) to India’s Covid Relief Fund and burned the remaining 450 trillion tokens to a dead wallet. The term “burned” refers to tokens that remain on the blockchain but are locked up and will never enter circulation

Features of Shiba Inu

The Shiba Inu ecosystem is made up of three coins and a variety of additional services. The three tokens are as follows:

• Shiba Inu ($SHIB): SHIB is the primary currency of the project. It is the native token of the Shiba Inu ecosystem, with a total quantity of 1 quadrillion
• Leash ($LEASH): This was first released as a rebase token (also known as an elastic token), a form of token similar to an algorithmic stablecoin in which the supply automatically rises and lowers in response to a computer algorithm in order to maintain a fixed price relative to another asset. This token is limited to 107,646 units.
• Bone ($BONE): With a total quantity of 250 million coins, BONE is intended to serve as the platform’s governance token. This implies that holders of BONE tokens can propose and vote on improvements to the ShibaSwap protocol using the platform’s “Doggy DAO.” Additionally, BONE tokens are minted and awarded to users that generate liquidity on the network.

There are further facets to the Shiba Inu ecology, which include the following:

• ShibaSwap: This is the Shiba Inu ecosystem’s decentralized exchange. This is a decentralized exchange that enables people to trade cryptocurrencies.
• Shiba Inu Incubator: The incubator’s mission is to explore new methods to appreciate artists’ creativity outside of traditional art mediums. Its mission is to cultivate true producers of art and other forms of material.
• Shiboshi: These are Non Fungible Tokens (NFTs) created by Shiba Inu and made available on the Ethereum network. Each Shiboshi has a unique feature.

ShibaSwap

The ShibaSwap DEX will be used to facilitate the exchange of many cryptocurrencies for SHIB tokens. ShibaSwap claims that it will be one of the most secure and decentralized exchanges available. As with other liquidity pools, users may earn interest by depositing tokens in the SHIB pool. On the ShibaSwap homepage, there are six ways to use ShibaSwap’s three native coins, SHIB, LEASH, and BONE

• Dig: Digging is the ShibaSwap platform’s liquidity pooling function. Users can deposit crypto assets in pairs to the platform’s current liquidity pools or construct their own. Liquidity providers are compensated with ShibaSwap liquidity pool tokens (SSLP). These tokens reflect their portion of the pool’s liquidity and enable holders to get complimentary bone tokens upon redemption.
• Woof: “Woofing” refers to the process of redeeming BONE incentives on the ShibSwap platform by cashing out SSLP tokens.
• Bury: This is the location where users may stake their SHIB, LEASH, and BONE to earn high-interest payments in BONE tokens. At the time of publication, the rates were 171%, 266 percent, and 814 percent, respectively. Once a stake is made, users receive a token representing the amount staked in xSHIB, xLEASH, or xBONE.

33% of BONE benefits from staking are instantly available, while the rest 66% are locked away for six months.

• Swap: This is the ShibaSwap platform’s exchange function, which enables users to trade numerous assets.
• Bonefolio is an analytics dashboard that enables customers to investigate current interest rates and monitor their yield returns.
• NFTs: Here, users may exchange 10,000 distinct non-fungible tokens called “Shiboshis” — pixelated Shiba Inu dog cartoons comparable to CryptoPunks, each with a unique feature.

The cryptocurrency’s ecosystem, including its white paper, which inventors refer to as a “WoofPaper,” maintains the pun on its canine-themed coin.

The value of Shiba Inu

it set a new record for growth by almost 46,000,000 percent. This means that people who invested a little over $2 in SHIB on January 1, 2021, made a million dollars that year. The price of meme coins is typically correlated with public opinion surrounding breaking news and influencer activity on social media.

Shiba Inu vs Dogecoin

Dogecoin and Shiba Inu both are based on the little bear-like breed of Japanese dogs known as the Shiba Inu, which is what connects them. Both have large followings of devoted followers, who are supported by a culture of light-hearted memes and engaged social media platforms.

Unfortunately, neither has a great deal of practical use. In addition, Shiba Inu operates a decentralized exchange known as ShibaSwap, which allows you to trade them for specific goods and services (which is mostly useful for generating more SHIB-related tokens). However, despite the fact that they lack utility, they have taken the crypto world by storm. Each has a market capitalization that is comparable to that of a huge multinational corporation.

	Shiba Inu	Dogecoin
Date	2013	2020
Development	They are based on and powered by the Ethereum Blockchain Network	They created it using the same Bitcoin technology as Bitcoin
Price	$0.15	$0.000027
Market Cap	15 million	20 million
Use-Cases	It is still focusing on pricing due to its inflated popularity rather than its functionality.	It has already become a way to pay for things online to some extent.

How to buy?

You can purchase Shiba Inu Coins on a variety of cryptocurrency exchange platforms, including Binance, Crypto.com, and KuCoin.  Additionally, you may purchase Shib Coin via Uniswap (through Trust Wallet, Metamask), a platform that allows you to trade Ethereum for Shiba Coins.

Is SHIB a good investment?

Shiba Inu is a highly speculative and risky investment. Cryptocurrencies are notoriously volatile, and SHIB’s increases might expose it to a severe collapse. Shiba Inu likewise has a very limited function, and its value is mostly determined by a speculative frenzy fed by social media. Investing in the altcoin/meme coin arena adds another layer of complexity due to their lack of distinctiveness and the fact that the majority of their value is derived from frantic trading by their fervent followers

Find more information:

Website: https://shibatoken.com/

Twitter: https://twitter.com/shibtoken

Telegram: https://t.me/ShibaInu_Dogecoinkiller

Discord: https://discord.com/invite/shibatoken

Reddit: https://www.reddit.com/r/SHIBArmy/

If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.

DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.

Marshall

Coincu Ventures