Shiba Inu: A Quick Guide

17 May 2021 | Updated: 17 May 2021

Shiba Inu (SHIB) has become one of the most followed cryptocurrency developments by the crypto community of late. The SHIB is touted by many as a Dogecoin knock-off, considering that it also uses the famous Japanese breed dog Shiba Inu as its mascot. Additionally, both cryptocurrency started as jokes.

That said, both projects have some marked fundamental differences. The anonymous development team behind the meme coin labeled the platform an “experiment in decentralized spontaneous community building.” The team also asserts that the Shiba Inu is a more efficient alternative to the Dogecoin and has gone as far as nicknaming the token as the “Dogecoin killer.”

The Meme Coin Trend

At the moment, the meme coin market is the talk of the town. As a result of a steady influx of promotions from celebrities and prominent public personalities, meme coins like the SHIB and DOGE have recorded massive adoption and gains.

Notably, meme coins are not necessarily an upgrade or evolution on the technological front. They are more of a social phenomenon.

Catching the SHIB Trend

Investors and traders that missed out on the initial Dogecoin frenzy cannot wait to get their hands on the next big thing. Shiba Inu appears to fit this yearning perfectly and is well-positioned to take advantage of the excitement in the crypto industry.

According to CoinMarketCap, SHIB has a market valuation of $6.88 billion. The cryptocurrency recorded a whopping increase of more than 30,000% at its peak last week. This incredible feat puts the network’s growth at +2,000,000% since its launch at the end of 2020.

The behemoth growth of Shiba Inu resulted primarily from the rate at which large exchanges listed the token.

Shiba Inu (SHIB) Explained

SHIB is an Ethereum-based token, ERC-20 token, and enjoys the capacity and support of the Ethereum network.

SHIB is the native utility token of the Shiba Inu network. The SHIB fulfills several functionalities, including payment of fees and rewards on the network and speculation purposes. The cryptocurrency operates efficiently and securely thanks to its hosting on the Ethereum blockchain.

At launch, the team behind SHIB minted one quadrillion tokens, half of which got unsolicitedly sent to the address of Ethereum co-founder Vitalik Buterin. The team sent 505 trillion SHIB to get “burned,” which reduces supply and boosts demand and value.

Ethereum is currently, without a doubt, the largest decentralized application and token hosting blockchain in the world. The network reportedly supports more than 200,000 tokens and thousands of networks on its ecosystem.

SHIB is readily available on exchanges like Binance, Huobi Global, and OKEx. Likewise, traders can buy SHIB on decentralized exchanges (DEX) like Uniswap, 1inch, and 0x.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.