Shiba Inu: Everything to Know
By Beluga Research July 6, 2023
Summary
- Shiba Inu is a "meme coin" due to its origin as a meme-inspired cryptocurrency
- It is a cryptocurrency token named after the Shiba Inu dog breed, which is a Japanese dog known for its cute appearance.
- Shiba Inu operates on the Ethereum blockchain, utilizing the ERC-20 token standard
- As with other cryptocurrencies, shiba inu is susceptible to rapid and unforeseeable price fluctuations.
Overview
Shiba Inu is a cryptocurrency that was created in August 2020 by an anonymous person or group using the pseudonym "Ryoshi." It is based on the Ethereum blockchain, which means it is a type of cryptocurrency called an "ERC-20" token - a standard for coins.
Shiba Inu is designed to be a decentralized and community-driven project, with a focus on creating a fun and engaging ecosystem for its users.
A Brief History
Shiba Inu was created in response to the popularity of Dogecoin, another cryptocurrency that was based on a popular internet meme. Dogecoin gained a large following on social media, and its value skyrocketed in early 2021. This success inspired the creators of Shiba Inu to create another cryptocurrency based on the Shiba Inu dog breed, which is also a popular internet meme.
When Shiba Inu was first launched, it had no real-world use case and was mainly used for speculation and trading on cryptocurrency exchanges. However, in May 2021, the developers announced the creation of a decentralized exchange called "ShibaSwap," which would allow users to trade shiba inu and other cryptocurrencies without relying on a centralized exchange.
What Is Shiba Inu?
Shiba Inu is a decentralized cryptocurrency that is based on the Ethereum blockchain. It is designed to be a fun and engaging ecosystem for its users, with a focus on community-driven development and innovation. The creators of Shiba Inu are anonymous, and the project is entirely community-driven, with no centralized authority or leadership.
One of the unique features of Shiba Inu is its use of a deflationary tokenomics model. This means that the total supply of shiba inu tokens is constantly decreasing, which can potentially increase their value over time. Shiba Inu also has a burn mechanism, which means that a portion of every transaction fee is burned, further reducing the total supply of tokens.
Shiba Inu has gained a large following on social media, with many users drawn to its fun and engaging ecosystem. The project has a strong community of developers and supporters who are working to create new use cases and applications for the cryptocurrency.
Getting Started
To get started with Shiba Inu, a user must acquire an Ethereum wallet that supports ERC-20 tokens, such as MyEtherWallet, MetaMask or Trust Wallet. Once the user has acquired a wallet, they can purchase shiba inu from a cryptocurrency exchange that lists the token. Some popular exchanges that list shiba inu include Binance, Coinbase, and KuCoin.
When purchasing shiba inu, it is important that users be aware of the current market conditions and the potential risks involved. Cryptocurrencies are highly volatile, and their prices can fluctuate rapidly. Thus, it is essential users do research and only invest what they can afford to lose.
Unique Aspects
One of the unique aspects of Shiba Inu is its community-driven nature. The creators of Shiba Inu have emphasized the importance of community involvement and have created a decentralized ecosystem that allows users to participate in governance and decision-making.
Another unique aspect of Shiba Inu is its supply. There are currently one quadrillion Shiba Inu tokens in circulation, which is a significantly larger supply than most other cryptocurrencies. This has led to shiba inu having a very low price per token, which has made it accessible to a wider range of investors.
In addition to its low price, Shiba Inu has also gained popularity due to its marketing tactics. The creators of Shiba Inu have utilized social media platforms such as Twitter and Reddit to promote the token and engage with the community. This has led to a strong following and a dedicated fan base.
Advantages
- Low Price . Shiba inu has a very low price compared to other cryptocurrencies, making it accessible to more people.
- High Supply . The circulating supply of shiba inu is very high, which means that there is a lot of shiba inu available in the market.
- Large Community . Shiba Inu has a large and active community of supporters who are passionate about the project.
- Memecoin Status . This is considered a meme coin, which means that it has a strong social media presence and a loyal following.
- Unique Tokenomics . Shiba Inu has a unique tokenomics structure, with a large percentage of the supply being locked away in liquidity pools.
- Decentralization . Shiba inu is a decentralized cryptocurrency, which means that it is not controlled by any central authority or institution.
Disadvantages
- Lack of Use Case . Shiba Inu currently does not have any significant use cases, which could seriously limit its long-term value.
- High Volatility . Like many cryptocurrencies, shiba inu is highly volatile, which means that its price can fluctuate rapidly and unpredictably.
- Unproven Team . The identity of the creators of Shiba Inu is unknown, which could raise concerns about the legitimacy of the project.
- Market Saturation . The cryptocurrency market is already saturated with many other similar projects, which could make it difficult for Shiba Inu to stand out.
- Limited Liquidity . Despite having a high supply, shiba inu currently has limited liquidity on many exchanges, which could make it difficult for traders to buy and sell the cryptocurrency.