What Is Shiba Inu (SHIB) in Cryptocurrency

What Is Shiba Inu (SHIB)

The Japanese hunting dog breed known as the Shiba Inu serves as the emblem for the Ethereum-based altcoin, which is a cryptocurrency distinct from Bitcoin. Many people view Shiba Inu as a substitute for Dogecoin; in fact, Shiba Inu supporters have referred to it as “the Dogecoin killer” in the past.

Shiba Inu is a meme coin, which is a cryptocurrency that is linked to a certain theme, such as the Shiba Inu, but is sometimes introduced as an inside joke or parody rather than as a useful digital commodity. Founded in August 2020 by an unidentified person or organization known as Ryoshi, Shiba Inu is currently run by someone going by the name Shytoshi Kusama.

Key Takeaways

• The Shiba Inu hunting dog serves as the mascot for the Ethereum-based altcoin Shiba Inu.
• Its supporters, who name themselves the SHIBArmy, refer to it as “the Dogecoin killer” and it is often seen as a substitute for Dogecoin.
• Founded in August 2020 by a person or organization named Ryoshi, Shiba Inu is currently run by Shytoshi Kusama.
• By this metric, Shiba Inu is ranked second to Dogecoin in the top ten of all meme coins.

History of Shiba Inu (SHIB)

A “woof paper” (probably a pun on the phrase “white paper”) that can be seen on the ShibaToken.com website lays out the fundamental principles of the Shiba Inu ecosystem.

The paper claims that Shiba Inu was created in response to the straightforward query, “What would happen if a cryptocurrency project was 100% run by its community?” Ryoshi, the organization’s founder, says it started as a “experiment in decentralized spontaneous community building.” The power of collaborative decentralization, in Ryoshi’s opinion, can produce something more robust than any centralized team could.

Shiba Inu was developed on and hosted by the Ethereum blockchain rather than its own since it is an ERC-20 token that is based on Ethereum. According to Ryoshi’s paper, they decided to use Ethereum to develop the Shiba Inu ecosystem since it was already safe and reputable and allowed the project to remain decentralized.

Blockchain Updates

The Shiba Inu community leadership unveiled Shibarium, a layer two blockchain that is intended to operate on top of Ethereum, in January 2023. With the introduction of this version, the ecosystem will see less congestion, staking will be allowed, gas fees will be lowered, and a framework for decentralized applications and Web 3 extension will be provided.

SHIB’s Canine Terminology

Continuing with the dog theme, the Shiba Inu woof paper cited earlier describes how one can create returns from their Shiba Inu tokens using phrases related to dogs. These tokens can be used to “bury” (stake tokens), “dig” (offer liquidity), and even “fetch” (swap one token for another) on ShibaSwap. According to the woof paper, tokens employed in these tactics provide “Woof” returns in the form of Bone tokens, which are allocated to token pools known as “Puppy Pools.”

Memes’ rejection of traditional procedures is part of their appeal to cryptocurrency aficionados, and this unorthodox approach may even extend to the usage of canine terminology to explain return schemes. However, they appear to be very different from dull investment concepts like liquidity and return on investment.

How to Get SHIB

Several exchanges, including Binance, Coinbase, KuCoin, and Kraken, to mention a few, allow you to buy SHIB using their wallets. Additionally, you can build a MetaMask wallet and link it to Shiba Swap, the exchange that the Shiba Inu community created and recommends.

Concerns About Shiba Inu

Because cryptocurrencies are unregulated and extremely volatile, investing in them is already extremely dangerous. Due to their lack of distinctiveness and the fact that the majority of their value is derived on trade by their followers, investing in the altcoin/meme coin area has significant challenges. These are some things a prospective Shiba Inu investor should think about.

Does the Shiba Inu Coin Have a Future?

Although Shiba Inu has a sizable fan base, it is unclear if the coin will continue to grow and draw in new users.

Will the Shiba Inu Coin Reach $1 in 2030?

If Shiba Inu’s price history is any guide, it will require a substantial rise in popularity as well as other noteworthy changes in investor appeal before it can hit $1 by 2030.

How High Will Shiba Inu Go in 2025?

Future price movements of the coin are hard to forecast.

Disclaimer: A high-risk asset class is cryptocurrency. This article is not financial advice; rather, it is provided for informational reasons only. Your entire investment could be lost.