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What is Shiba Inu Token?
This Ethereum based meme coin is a recently emerged cryptocurrency created in 2020. It is an altcoin based on the Ethereum blockchain. The symbol shows the popular Japanese breed of a hunting dog, Shiba Inu. The Shiba Inu token is widely considered an alternative to Dogecoin, “the Dogecoin Killer,” as its proponents and its website claim it to be.
The Shiba Inu called SHIB is an Ethereum based ERC-20 token. It is created on and operated on the Ethereum blockchain. Ryoshi, its pseudonymous founder, states the Ethereum blockchain to be already well-established and secure, and it facilitated the project to be decentralized. Shiba Inu is listed on its own Decentralised Exchange (DEX), Shibaswap.
A backstory of Shiba Inu Token
Shiba Inu was created by an anonymous entity named Ryoshi in August 2020. Ryoshi highlights the origins of an experiment in decentralized instant community building. Initially created to poke fun at Dogecoin, this cryptocurrency gained immense popularity in a very short time. This is a cryptocurrency whose Whitepaper is known as Woof Paper. Its founder believes that the power of collective decentralization can create something stronger than a centralized body.
Components of the Shiba Inu Ecosystem
Apart from SHIB, the Shiba Inu ecosystem comprises two more tokens:
SHIB
The foundation token of the Shiba Inu is known to be SHIB, which allows the investors to hold any number of amounts in their wallets. This token started with a supply of 1 quadrillion. During its launch, the founder locked 50% of the tokens in the significant decentralized exchange Uniswap and sent the other half to the founder of Ethereum, Vitalik Buterin, for safekeeping.
Last May, Buterin donated Shiba tokens worth $1 billion to India’s Covid relief fund and burned 40% of the tokens supply to a dead wallet, removing them from circulation forever.
LEASH
Representing the other end of the Ecosystem spectrum, this token supply is limited to only 107,646. LEASH is also listed on Shibaswap.
BONE
BONE acts as a governance token for the Shiba Inu ecosystem allowing the holders to vote on proposals on the Doggy DAO. These tokens have a maximum supply of 250,000,000.
ShibaSwap
ShibaSwap is the DEX platform of the Shiba Ecosystem. The platform provides a secure place to exchange and trade cryptocurrency while staying decentralized. SHIB and LEASH can be purchased and sold via the ShibaSwap exchange. It facilitates the ShibArmy to provide liquidity, stake and swap the tokens, and explore and access the Non-Fungible Tokens (NFTs).
Shiba Inu Incubator
Shiba Inu Incubator provides the holders with a way to honor their creativity and goes beyond the art forms such as photography, painting, and digital rendering.
Shiboshis
Shiboshis are a collection of Ethereum based 10,000 Non-Fungible Tokens (NFTs) generated by the Shiba Inu. Each Shobshis represents different characters and traits, making them all unique.
Shiberse
Shiba Inu announced their soon-to-come Metaverse platform last month, which they gave a codename Shiberse. The announcement was warmly welcomed by the community/.
Features of Shiba Inu:
Multi-token ecosystem
Shiba Inu is a multi-token ecosystem supporting SHIB, BONE, and LEASH. However, SHIB is the most popular one of all.
Supports other crypto industry concepts:
Even though Shiba Inu came out to be a meme token and the dogecoin killer, it has emerged significantly. It supports smart contracts allowing users to lend and stake them. It also supports NFTs and the DeFi platform in ShibaSwap.
Use Cases
Comparatively, Shiba Inu is still a young cryptocurrency and does not have a specific, compelling use case as such plus a limited utility.
Shiba Inu Vs. Dogecoin
Creation: Dogecoin was the first meme coin launched in 2023, whereas Shiba Inu was created to be a competitor of the former and was recently launched in 2020.
Blockchain technology: Dogecoin is based on Litecoin, whereas Shiba Inu is built on the Ethereum blockchain. However, both of them use the Proof-of-Work (PoW) algorithm.
Use Case: Dogecoin is a cryptocurrency that can transact for goods and services and tip creators on social platforms. Whereas Shiba Inu can also be used for acquiring goods and services, it is mainly used as a governance token.
Objective: Dogecoin’s launch opened up a whole new section in the crypto industry, whereas Shiba Inu was launched to access the world of decentralization without any central authority.
Survival in the market: Dogecoin has been in the crypto market for quite some years now and is more experienced, witnessed, and survived many changes, whereas Shiba Inu has comparatively entered the market recently.
Price and Market cap: Given the age of both the meme coins, Dogecoin’s chart and their market cap shows a better temperament than Shiba Inu chart and market cap.
How to buy Shiba Inu Token?
- The first step to buy Shiba Inu cryptocurrency is to create a Metamask wallet. This step will facilitate you to buy, sell, send and receive SHIB and LEASH.
- Send Ethereum (ETH) to your wallet from your chosen cryptocurrency exchange.
- Then you need to connect your Metamask wallet to the ShibaSwap.
- Here’s the last step to buy Shiba Inu crypto: swap Ethereum (ETH) for SHIB, LEASH, and BONE tokens.
Although SHIB and LEASH can be purchased and sold on the ShibaSwap exchange, they are also available on other popular exchanges such as UniSwap, Binance, Gate.io, Coinbase, etc. But before initiating to buy Shiba Inu crypto, it is better to research every exchange and their transaction fees and particular requirements, if any.
Shiba Inu Price and future Price Predictions
At the time of writing, the Shiba Inu token is trading at $0.00002952. And it stands at the fourteenth position with a market cap of $16,280,694,689. It witnessed its All-time high last year in October when it reached $0.00008845. SHIB has lately maintained a position among the top twenty by market cap.
The Shiba Inu chart reflects that token holders have increased lately. With the total holder addresses being 1,180,357. Shiba Inu Chart clearly shows that the holders went low after January 28 but then witnessed a rise after February 7 and continued to rise since then. At the time of writing, the active addresses are 14,645. And the top ten holders have around 64% of the holdings.
The crypto industry is volatile and often witnesses price predictions from various entities. Wallet Investor made one such Shiba Inu Price Prediction that the price of the Shiba Inu might surpass its ATH and reach around $0.0000918 by the end of 2023. And in the next five years, it might reach around $0.000196.
Whereas PricePrediction reflects a more bullish Shiba Inu temperament, it might see a value of $0.00015100 by 2025.
Although, these price predictions and Shiba Inu chart about increasing holders reflect a positive Shiba Inu temperament. And these Shiba Inu Price Predictions would prove accurate or not will be something to look forward to because the coin has gained considerable popularity in a short time of its launch and continues to do so. It will be interesting to see if these factors will help the coin evolve more in the coming years.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
