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What is Shiba Inu Coin? How does Shiba Inu work?

Shiba Inu

One of the most important trends in the cryptocurrency space over the past year is the MEME coin. The rise of Dogecoin has led to the creation of a wider range of other MEME coins as investors flock to them in hopes of making money.

Dogecoin grew more than 7,000% earlier this year, attracting more people into the cryptocurrency world. As a result, investors began to focus on other meme coins and invest in them to make a profit like Dogecoin.

One of the largest meme coins on the market is the SHIB, a coin designed to "kill the doscoin" and surpass it in the market. For those who are hearing about it for the first time, here is what you should know about Shiba Inu written in this blog.


What is Shiba Inu?

Shiba Inu is an Ethereum-based cryptocurrency featuring Shiba Inu dogs. SHIB is considered by many to be an alternative of Dogecoin. However, the Shiba Inu coin was minted as a "dozcoin killer".

SHIB is a MEME coin based on the Japanese Shiba Inu dog. MEME coins are usually introduced as an internal joke rather than a digital product with real-world utilities. Although Dogecoin has been around since 2013, Shiba Inu was launched in August 2020 by an anonymous person or group called Ryoshi.

According to the 26-page white paper or oops paper, Shiba Inu's creator's goal is to move away from the rigid social structure and traditional mentality.


How does Shiba Inu work?

Shiba Inu is an Ethereum-based token, which means it is compatible with the huge Ethereum community. According to the developer, the Ethereum blockchain was the perfect host for Shiba Inu because it was already secure and well-established, and this allowed the project to remain decentralized.

The Shiba Inu ecosystem consists of three tokens and other services that users can enjoy. The three tokens are:


SHIB:

SHIB is the main currency of the project. It is the token that powers the entire Shiba Inu ecosystem and has a total supply of 1 quadrillion. However, the developer locked 50% of the supply to Unisp for liquidation purposes, while Ethereum co-founder Vitalik Buterin was given the task of retaining the remaining 50%. Buterin sold some of the tokens in his possession and donated them to a Covid-19 relief fund in India, an act that further increased the value of the SHIB. Buterin burned 40% of SHIB's total supply, reducing the potential available to users.


LEASH:

This is the second token of the Shiba Inu ecosystem and represents the other side of Shiva. Its total supply is 10864 tokens, much less than trillions of Shiba Inu tokens.

BONE: This is the governance token of Shiba Inu Ecosystem. It allows the Shiv Army to vote on the upcoming proposal and provides a total of 250 million tokens.

Other aspects of the Shiba Inu ecosystem include:


ShibaSwap:

This is the decentralized exchange of the Shiba Inu ecosystem. It is an exchange designed to allow people to trade cryptocurrencies in a decentralized manner.


Shiba Inu Incubator: 

The incubator is designed to explore ways to honor the creativity of artists outside of traditional art forms. It aims to assist real creators of art and other content.


Shiboshi: 

These are Shiba Inu-Generated Non-Functional Tokens (NFTs) which are unique to each Shiboshi available in the Ethereum blockchain, which makes them unique.



Is Shiba Inu real money?

It is difficult for Shiba Inu to think of real money. The cryptocurrency space has evolved over the past few years to involve Stablecoin. Stablecoins are digital currencies whose value is tied to the Fiat currency. They are most likely to be considered real money. 

We have some coins such as Bitcoin, DASH, Litecoin and some more coins that are designed to serve as currencies and have been adopted in different parts of the world. However, Shiba Inu is a MEME coin, and it is difficult to regard it as real money.

In 2021, SHIB is one of the best performing cryptocurrencies ever. In the last three months alone, SHIB has added more than 500% to its value. It briefly surpassed Dogecoin in terms of market cap.


Disclaimer: Invest in cryptocurrencies is your own risk.


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