What Is Shiba Inu SHIB?

If you want to trade cryptocurrencies — or any digital money — it’s critical that you understand what you’re getting into and what the dangers are. Because cryptocurrency is volatile and not often backed by any assets, you should avoid gambling money that you cannot afford to lose. Shiba Inu was created and tagged the Dogecoin Killer as a way of saying that it was going to displace the prime meme coin and take the center stage. However, Dogecoin (DOGE) and Shiba Inu coin (SHIB) have things in common and are both classified as meme coins. Shiba Inu coin has appeared whenever Dogecoin appears and this is proof that they are both siblings in the crypto family. And it also partnered with David Folk in November 2021, to develop a cryptocurrency gaming project.

When it comes to memecoins, Dogecoin remains the clear victor in terms of recognition. Although SHIB briefly surpassed DOGE in the crypto rankings, the original memecoin quickly regained its place. Please note that the availability of the products and services on the Crypto.com App is subject to jurisdictional limitations. litecoin cash how to claim Crypto.com may not offer certain products, features and/or services on the Crypto.com App in certain jurisdictions due to potential or actual regulatory restrictions. Instead of mining, individuals acquire SHIB through trading on decentralised and centralised exchanges, or by participating in the Shiba Inu ecosystem.

Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service. Shiba inu coin (SHIB) is an Ethereum-based ERC-20 token that has risen in popularity, largely because of its dog-themed ecosystem, speculation on its price by retail investors and strong community engagement.

That backing by assets and cash flow is something that differentiates a traditional investment from a cryptocurrency. With a stock, you’re investing in the future of that business, so if it does well, your investment will do well over time. In just one 24-hour period  between Jan. 17 and Jan. 18, Nansen reported that over $1 billion in SHIB has traded hands. The experiment was a succes, and in October 2021 SHIB briefly flipped Dogecoin to become the most-valued meme coin by market capitalization.

Further reading on Shiba Inu:

Additionally, a percentage of each transaction is burned, further reducing the supply over time. 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. This effectively dropped SHIB’s circulating supply by almost half, which some argue may have played a part in making the token more popular. In October 2021, the SHIB team launched 10,000 “Shiboshi” NFTs on the Ethereum blockchain and announced an upcoming NFT game called Shiboshi Game. Whenever the Shiboshi holders want to change the name of their NFTs, they need to pay a fee of USD 100 in SHIB. Shiba Inu has risen substantially during its brief existence, before plunging almost as fast.

DOGE

After he publicly joked about Dogecoin on TV in May 2021 and made it slump in price, SHIB and other meme coins had taken advantage of the rising popularity of meme tokens. As of November 2021, SHIB price has increased more than 60,000,000% since January. Ordinarily, a meme coin offers owners little to no utility compared with more established cryptocurrencies such as bitcoin and ether. With the launch of the Shiboshi NFTs and the upcoming Shiboshi Game, SHIB’s utility and its ecosystem could potentially exceed its competitor, DOGE.

But they certainly seem to be a world away from staid investment terms such as return on investment and liquidity. SHIB is not intended to be a currency but rather a community token that can be used to interact with the Shiba Inu ecosystem. The ecosystem includes a decentralized exchange called ShibaSwap, a non-fungible token (NFT) marketplace, and a metaverse called Shibarium. Shiba Inu (SHIB) was launched in 2020, with an initial total supply of 1 quadrillion tokens. However, half of the supply was sent to Ethereum co-founder Vitalik Buterin in May 2021.

Contents

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. SHIB also surpassed the one-million holder mark following its all-time high. This meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin paired with headlines and tweets from personalities like Elon Musk and Vitalik Buterin. Even after some impressive gains, Shiba Inu (SHIB) costs a fraction of a cent, so one can buy millions of SHIB tokens with a few hundred dollars. 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.

Is Shiba Inu a good investment?

• Since release SHIB now trades on the ecosystem’s proprietary DEX, ShibaSwap.
• In keeping with the dog theme, the aforementioned Shiba Inu woof paper uses canine terms to describe how returns can be generated from one’s Shiba Inu tokens.
• Shiba Inu’s developers have continued to build on their commitment to a project that’s “100% run by its community”.
• The astronomical figures being bandied around in relation to a dog-themed meme coin may seem ridiculous.
• Dogecoin doesn’t have this ability, making it limited in terms of what it can do.
• But they certainly seem to be a world away from staid investment terms such as return on investment and liquidity.

While the SHIB token has gained significant attention and popularity, it is important to conduct thorough research before committing funds. While the coin’s price may eventually reach the moon – the odds against it are astronomically high. Shiba Inu spiked in price during September 2021, when it was added to the Coinbase platform. Since then its price has fallen along with the broader rout in cryptocurrencies. 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.

It was created in 2020 by an anonymous developer named Ryoshi, who designed SHIB to be matching engine an alternative to Dogecoin (DOGE) on the Ethereum blockchain. 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.

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. As the crypto market evolves and new trends how to buy snoop dogg nft emerge, it will be interesting to see how Shiba Inu adapts and whether it can sustain its current level of popularity. Still, it’s important to keep in mind that cryptocurrency trading and investing carries high financial risk.