What Is Shiba Inu (SHIB)? How It Works & Where To Buy It?

The cryptocurrency world is weird and wonderful and recently – dog-themed. Hot on the heels of Dogecoin, another Shiba Inu dog-themed cryptocurrency has emerged – Shiba Inu (SHIB).

It’s been dubbed the Dogecoin Killer and leader of the meme coins. The Shiba Inu price went ballistic, increasing by more than 46,000,000% (forty-six million percent!)

It’s currently ranked the 15th largest cryptocurrency globally and has a die-hard community of hundreds of thousands of people known as the SHIBArmy.

 

How Shiba Inu (SHIB) Works

Shiba Inu is an Ethereum-based altcoin that was created in August 2020. Most crypto projects release a whitepaper that details how the project works, tokenomics, and other important information – Shiba Inu (SHIB) released a ”woof paper”.

In the woof paper, released on ShibaToken.com, the pseudonymous founder “Ryoshi” asks, “What would happen if a crypto project was completely run by its community?”

It was labeled “an experiment in decentralized spontaneous community building.” It quickly grew to have a community of more than 700,000 people.

Shiba Inu token didn’t yet have any use; it was purely built as an experimental meme coin. As the project progressed, the founders went on to create more utility.

A decentralized exchange called ShibaSwap has been created, Shiba Inu Incubator, and new tokens, namely LEASH, and BONE.

These have added utility to SHIB and are used alongside the standard trading of Shiba Inu tokens digital assets. Shiba Inu’s price has experienced significant volatility over recent months as many skeptics aren’t convinced of its utility.

 

What Is Shiba Inu (SHIB) Used For?

Initially, the Shiba Inu ecosystem consisted of very little but the promises made by the anonymous developer and their team.

The total supply of SHIB tokens was one quadrillion, and Ryoshi locked 50% of the tokens in Uniswap and sent the other 50% to the wallet of Ethereum co-founder Vitalik Buterin.

Buterin later went on to donate 50 trillion coins to the Indian covid 19 relief fund. This gesture brought more attention to the project and gave it relative utility. Buterin then burned (permanently removed) the remainder of his SHIB tokens – essentially 40% of the total supply of SHIB.

This was a momentous occasion for the project because it meant that a massive portion of the supply had been removed, which would positively affect the price. The Shiba Inu community grew exponentially after this event, and the SHIB token became infamous in the process.

Since this event, the Shiba Inu ecosystem has grown into much more than just a meme coin. There is actual utility, a team of developers, and the cryptocurrency is being traded on some of the most popular exchanges in the world.

 

Where To Buy Shiba Inu (SHIB)?

Shiba Inu (SHIB) has quickly risen to become one of the most popular cryptocurrencies in the world. SHIB is currently the 15th largest cryptocurrency in the world by market cap.

SHIB tokens can be purchased on several centralized crypto exchanges. But, before you’re able to purchase SHIB, you’ll need to deposit funds on the crypto exchange and sequentially purchase the SHIB tokens by placing an order.

SHIB, BONE, or LEASH tokens (DOGE Killer) are also available on decentralized exchanges like Uniswap and ShibaSwap. You can buy SHIB on most exchanges but BONE (governance token) and LEASH are mostly available on decentralized exchanges.

The crypto exchanges below are the safest place where you can buy, sell and store the SHIB cryptocurrency.

Five of the most popular crypto exchanges are:

1. Binance
2. Coinbase
3. KuCoin
4. HTX
5. Gate.io

All of the above exchanges allow users to buy, sell, transfer, and store Shiba Inu (SHIB) in a digital wallet on the exchange. You can use your debit or credit card to purchase SHIB on centralized exchanges.

If you intend on transferring your SHIB tokens to a wallet off of the exchange – you can choose to send them to a wallet such as Metamask (use Ethereum Mainnet Address) or other compatible wallets.

How long has Shiba Inu (SHIB) existed?

Shiba Inu (SHIB) was launched on Uniswap in August 2020.

Since then, it has been listed on most major centralized exchanges, including Coinbase, and Binance.

What’s controversial about Shiba Inu (SHIB)?

There is often a lot of controversy surrounding meme coins – Shiba Inu (SHIB) has been surrounded by controversy since its launch. Let’s take a look at 3 of the top controversies surrounding Shiba Inu (SHIB)

1. Founder Said 50% Was ‘Burned’ Before It Actually Was – When the project first started, ”Ryoshi” advertised the project as having 50% of the tokens locked in Uniswap and 50% of the tokens sent to a dead wallet of Vitalik Buterin.Many members of the community were shocked when Vitalk Buterin then used the tokens that were sent to him to donate to the covid relief fund – which tanked the price because 50 trillion tokens were added into the circulating supply.
2. The Project Started As a Meme Coin – One of the main reasons people don’t see SHIB as a legitimate cryptocurrency is that it started as a joke. In crypto, meme coins have done surprisingly well but once the hype dies down, so does the project in most cases.However, when the project garnered an enormous amount of investment and the community flourished – the founder started marketing SHIB as a project with real utility that would revolutionize the space. To this day, many people believe the project to have no real future and be nothing more than a meme coin.
3. It Is Highly Unlikely & Nearly Impossible SHIB Will Ever Reach $1 – The total supply of Shiba Inu (SHIB) is enormous – 589,73 trillion to be exact. That would mean if SHIB were to reach $1, it would be 28x larger than the GDP of the United States ($20.94 trillion).

 

How many Shiba Inu (SHIB) tokens are there?

At the time of writing, SHIB has a circulating supply of 549 trillion tokens.

The total supply of SHIB is 589,73 trillion.

Can Shiba Inu (SHIB) Be Mined?

You can mine SHIB. However, mining SHIB isn’t likely to be very profitable and requires a good CPU and GPU setup.

To mine around 100,000 SHIB tokens would take you a week if you have a good mining rig and would only be worth around $5. Additionally, the price of SHIB is so volatile that 100,000 SHIB could be worth significantly less the following week.

SHIB is an ERC-20 token which means it uses a Proof-of-Work consensus algorithm – this is what makes SHIB mineable.

Alternatively, individuals can choose to stake SHIB and earn passive rewards for locking up their tokens on centralized exchanges or ShibaSwap.

What is the market cap of Shiba Inu (SHIB)?

The market cap of Shiba Inu (SHIB) is:

Shiba Inu (SHIB) market cap = total amount of coins in circulation x current Shiba Inu Price (market price)

Shiba Inu (SHIB) Market Cap = 549,000,000,000,000 x $0.0000274 = $15.04 billion (15th largest cryptocurrency in the world)

The market cap fluctuates according to circulating supply and market price.

 

Biggest Competitors Of Shiba Inu (SHIB)

Currently, the Shiba Inu ecosystem consists of far less development than other significant projects. It simply is unable to compete with other vetted cryptocurrencies – its growth is reliant on hype at the moment.

Its main competitor is Dogecoin, another meme cryptocurrency that relies mainly on hype and experiences major price movements when people like Elon Musk tweet about it.

What are the future plans for Shiba Inu (SHIB)?

The updated “woof paper v2” details some plans to keep growing the Shiba Inu ecosystem. The project’s progress relies mainly on the support of its community and its ability to build an innovative with real-world utility.

Pros and Cons of Shiba Inu, Shiba Inu Ecosystem, and Shibaswap

Pros:

• It Has a DEX – ShibaSwap is the ecosystem’s native decentralized exchange that allows users to swap tokens and participate in decentralized finance.
• Huge Community – Shiba Inu (SHIB) has one of the biggest communities out of all the meme coins – currently at more than 700,000 holders.
• Listed On Multiple Major Exchanges – One of the pros of SHIB is that, unlike many cryptocurrencies, it is available on the most popular exchanges and is frequently traded in large volumes.
• Large Portion Of The Community Donates – Many members that purchase via Amazon smile support the Shiba Inu rescue association with donations.

 

Cons:

• It Won’t Reach $1 With Its Current Supply – It is highly unlikely that SHIB will ever reach $1 with its current supply. It doesn’t matter if cryptocurrency exchanges worldwide are listing it – the supply is too large.
• The Token Doesn’t Have Much Utility – Although it’s been mentioned by the likes of Elon Musk and many people buy SHIB daily – it doesn’t have the real-world utility that most successful crypto projects do. It’s seen by many as another one of the useless dog-themed cryptocurrencies or meme cryptocurrencies that were built on the expensive and slow Ethereum blockchain.

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