Shiba Inu (SHIB) is a new cryptocurrency that is taking over some of Dogecoin’s markets. It has a logo of the Japanese dog breed Shiba Inu, and it is being dubbed the “doge killer”. This is because it aims to replicate the success of Dogecoin.
Important Things to Know About Shiba Inu Before Investing In It
Shiba Inu, also known as Shiba Token, is a decentralized cryptocurrency. It was created by “Ryoshi”, an anonymous person in August 2020. It is also one of the many meme coins in the market. Shiba Inu is a project created humorously. However, it is getting more attention in the blockchain investing market these days. Here are other important things to know about Shiba Inu:
1. Initially a meme coin
Shiba Inu started as a meme coin, now a solid project . Meme coins are also cryptocurrencies. They were inspired by popular puns, sarcasm, and social media jokes. Meme coins are created with no inherent value or specific use. This is in contrast to other mainstream cryptocurrencies that are created with specific technology to boost transaction and trading in the crypto market.
Furthermore, meme coins are more volatile than other cryptos. They are highly community-driven. Also, their fame and performance are mostly linked to the hype and social media support created by their influencers. They also have unlimited stock which has a long-term impact on their prices.
2. Aims to replicate Dogecoin’s success
Dogecoin is the first meme coin. It was launched in 2013. Shiba Inu was later created to replicate the success of dogecoin. Since its creation, it has been capitalizing on dogecoin’s soaring popularity.
Among all meme coins, Shiba Inu currently has a market capitalization second only to Dogecoin. This meme coin has indeed been giving Dogecoin a run for its money. Just like its counterpart Dogecoin, the SHIB token is now being traded in some major crypto exchanges.
3. Built on Ethereum blockchain
Unlike Dogecoin that was created with the same technology as Bitcoin, Shiba Inu is based on Ethereum blockchain. Shiba Inu is a fungible token. It uses the ERC-20 token standard. Non-fungible tokens on the other hand use Ethereum’s platform ERC-721 token standard.
In addition to its support of the NFT art incubator, the Shiba Inu token universe also comprises a decentralized exchange called Shibaswap, and two other tokens, “BONE” and “LEASH”.
Currently, Shiba is planning to build their own blockchain – Shibarium, that will help cut down fees.
Shiba Inu has its decentralized crypto exchange called Shibaswap. This exchange allows buyers to trade the SHIB token for other currencies.
Furthermore, Shibaswap is a non-custodial exchange platform. It will allow participants in the network to directly exchange their tokens from their crypto wallets with other compatible ERC-20 tokens.
5. Listed on multiple exchanges
The recent rise in Shiba Inu’s popularity has seen this meme coin being listed on some major exchanges like eToro and Crypto.com. Ethereum bought on another exchange like Kraken, Gemini, or Coinbase can be swapped for the SHIB token on Uniswap.
Uniswap is a decentralized exchange on Ethereum’s network. It allows the selling and buying of cryptos for Ethereum-based tokens.
The volatility of the crypto market does not guarantee Shiba Inu as a safe investment opportunity. It is completely risky to invest in it. However, you can make lots of money from Shiba Inu if its prices skyrocket to Dogecoin’s numbers.