What is Shiba Inu Coin?
The Shiba Inu, a breed of dog native to Japan, serves as the canine mascot for Shiba Inu, an altcoin built on the Ethereum platform. Its supporters have hailed Shiba Inu as “the Dogecoin killer,” and the cryptocurrency is commonly seen as a rival to Dogecoin.
Who Founded Shiba Inu?
The alias Ryoshi came up with the idea for the Shiba Inu in August 2020. Any information about the guy behind Shiba Inu is only known via his Twitter and Medium profiles. In a Medium post published in May of 2021, Ryoshi said, “I am nothing. I am not significant. Even if they were successful, the attempts to uncover my “identity” would not be that impressive. I am just some random man who doesn’t matter who I am banging away at a computer, and I am expendable. I am Ryoshi.”
The fact that this is the case has not, however, prevented people from making assumptions about Ryoshi’s true identity. Some Redditors have noticed that Buterin and Karl Floersch, an expert in the field of blockchain system development regarding Ethereum, were seen in Japan thanks to a picture shared by Ryoshi.
If what has been reported is accurate, and considering that Buterin was handed 50% of the available SHIB, the Reddit community thinks that the Ethereum team is connected with Shiba Inu. Shiba Inu has amassed a significant following despite being around only for a relatively short period compared to other altcoins on the Ethereum platform. Its website boasts a growing community with more than 480,000 individuals.
What is the purpose of Shiba Inu Crypto?
Meme currencies are well-known for being driven mainly by the support of their communities rather than by anything else. This idea is the primary force behind their continued growth and the price they command. Members of the community feel that this is what true decentralization should be and that this is what would help cryptocurrencies flourish. While many people do not see the usefulness of such a goal, community members do.
The essential idea is that no centralized authority decides what happens to the currency. Instead, the achievement of success is attributable to the community of backers, which is seen by many as an empowering concept. The project is described as an experiment in decentralized spontaneous community creation on the official website for the Shiba token. The goal of the experiment is to return power to the ordinary individual. It is reminiscent of the surge in popularity of meme stocks at the beginning of 2021 when GME (GameStop Corp.) demonstrated to the world the potential of decentralization.
How does Shiba Inu Coin work?
The SHIB currency is an ERC-20 token that runs on the Ethereum blockchain. Since Shiba Inu is built to function on the Ethereum network, it can use smart contracts to develop decentralized financial solutions. The Dogecoin Killer intends to penetrate the DeFi market with its decentralized exchange and artist incubator. This field has acquired momentum after witnessing protocols grow in price and usage, and the Dogecoin Killer intends to take advantage of this.
The incubator will allow artists to utilize Ethereum’s network to auction off non-fungible tokens via smart contracts, which will create an NFT market that does not need the participation of third parties. Users will be able to stake their currencies for BONES as soon as Shiba Inu opens its decentralized exchange (DEX), known as ShibaSwap.
On the website of Shiba Inu, it is said that BONE, which is marketed as another cryptocurrency that may kill Dogecoin, will be their next asset and will bring the strength of DeFi to new heights. At a later time, specific instructions on how to purchase BONE will be made publically available.
The only method to mine BONES, once they are released, will be to stake SHIB on the ShibaSwap platform. Those that stake SHIB will get interested in their investment. The LEASH cryptocurrency, which will have a total quantity of just 100,000 coins, is the third flagship asset that ShibaSwap will provide. This is something that can be found on Uniswap.
How to buy Shiba Inu Coin
Buying Shiba Inu is a relatively straightforward process, but it’s crucial to ensure you have researched and understand the risks associated with crypto investing.
- Choose an Exchange
First, you need to select an exchange where you can buy SHIB. Popular exchanges include Binance, Coinbase Pro, Kraken, KuCoin, and Huobi Global. These exchanges offer a wide range of trading options, allowing users to buy and sell Shiba Inu tokens with other cryptocurrencies or fiat currencies like US dollars. Additionally, some exchanges offer advanced trading features such as margin accounts and futures trading for more experienced traders.
- Open an Account
Once you have selected an exchange, the next step is to open an account and make your first deposit. Depending on your exchange, this can be done via bank transfer or credit/debit card. Different exchanges may have minimum deposit requirements, which must be met before funds can be withdrawn from the platform.
- Purchase SHIB tokens
Once your account is funded and ready to purchase SHIB tokens, simply navigate to the buy/sell page on the exchange’s website and enter the amount of SHIB tokens you would like to purchase. Most exchanges charge a withdrawal fee when withdrawing cryptocurrency from their platform, so it’s vital to consider this when placing orders.
- Store in a Wallet
Once your order has been filled, you must store your SHIB in a secure wallet away from the exchange where you bought them in case there are any issues with the platform or outages due to technical problems or security breaches. Most popular wallets allow users to store multiple cryptocurrencies, including SHIB tokens, in one place, securely offline, away from hackers and malicious players who might try to steal funds held online at an exchange or wallet service provider.
Shiba Inu Coin Comparison
Shiba Inu vs. Dogecoin
Shiba Inu has become one of the most often searched digital currencies in the United States. This achievement follows the cryptocurrency’s record-breaking growth of 46,000,000% in 2021. Recent research has shown that there are around 1.1 million investors who own SHIB tokens at present.
The introduction of ShibaSwap, a platform that helps with SHIB exchange and staking, also a rise in Shiba Inu’s visibility has been the primary factors that have contributed to the development of the currency. In 2023, it is anticipated that several notable events will occur. Among these is the much-anticipated debut of a two-layer blockchain project this year and the development of an NFT-based gaming platform, among the most recent developments in the space.
These are very timely and pertinent projects, especially considering that blockchain-based games, the metaverse, and anything else that allows users to interact with one another in a three-dimensional virtual space have been at the forefront of trending news for quite some time now. These all let users interact with one another in a virtual space. Although it performs very well in the crypto area, it is susceptible to problems such as processing latency and congestion.
By overtaking Bitcoin and Ethereum, Dogecoin became the most sought cryptocurrency in the United States in 2021. It was the most searched cryptocurrency worldwide. Even though the return of 3,000% is little compared to that of Shiba Inu, it is still a strong return with a significant capacity for further expansion.
Elon Musk, now the wealthiest man in the world, is an avid fan of this currency, and he uses his Twitter profile to push others to buy DOGE tokens actively. Dogecoin’s creators have revealed their intentions to reduce the platform’s transaction costs while enhancing the network’s blockchain. It will offer the cryptocurrency an advantage over its competitors in the cryptocurrency market.
The fees associated with transactions using Dogecoin are now lower than those associated with Bitcoin and Ethereum. Dogecoin is also gradually acquiring wider recognition. Several influential organizations, such as Tesla and AMC, have begun accepting DOGE coins as payment. Its transaction fees are also much higher than those of other famous cryptocurrencies, except ether and bitcoin, which have the lowest fees. This is one of its immediate drawbacks.
Shiba Inu vs. Shiba Inu USD
Shiba Inu and Shiba Inu USD are two different cryptocurrencies with distinct traits and similarities. Both of them have the same name, but they serve other purposes. Shiba Inu is a decentralized meme-based cryptocurrency launched in May 2021. It is built on the Ethereum blockchain and uses a proof-of-stake consensus algorithm to validate transactions. It is mainly used as a digital asset for entertainment and speculation purposes. The main goal of Shiba Inu is to become the most memeable coin in the cryptocurrency market by creating unique memes associated with it.
On the other hand, Shiba Inu USD is an algorithmic stablecoin pegged to the US dollar. This coin was created to offer users more stability than volatile crypto markets typically provide. It also provides developers with access to a reliable source of capital for projects designed on Ethereum’s ecosystem.
When comparing both assets side by side, their differences are pretty obvious: Shiba Inu is designed for entertainment and speculation. In contrast, Shiba Inu USD is designed for stability and reliability regarding financial transactions within Ethereum’s ecosystem. Lastly, since SHIB relies entirely on Ethereum’s network requirements like fees, gas prices, etc., users may experience some inconveniences when using it due to rising costs or delays caused by congestion.
However, due to Shiba Inu USD’s own blockchain infrastructure and dedicated smart contracts explicitly developed for users will never suffer from these issues for their transactions within the platform or outside.
Shiba Inu vs. SafeMoon
SHIB is an ERC-20 token, which indicates that it operates on the Ethereum network. This suggests the transaction rate of the SHIB cryptocurrency is similar to that of other ERC-20 currencies, which is anticipated to be 13 transactions per second. However, due to the SHIB’s high utilization rate, some individuals have said that the completion of transactions might occasionally take more than a second.
While the Shiba Inu transaction rate isn’t very high, investors should be aware that Ethereum is undergoing major protocol improvements that will immensely speed up transactions and lessen network congestion.
The fact that SafeMoon has a built-in system that encourages money retention and discourages day traders is a critical aspect of the platform and might be regarded as its primary differentiating factor (USP). To sell SafeMoon requires paying a 10% transaction fee, which is reinvested into the network.
Because the remaining token holders divide the selling cost in half, everybody who holds SAFEMOON in their wallet can create passive revenue. This is because SAFEMOON is a utility token. The other 50% is distributed among several liquidity pools to ensure that SafeMoon is constantly available to those interested in investing in the project.
The token price is stabilized, and the high volatility seen with currencies like Dogecoin has reduced thanks to SafeMoon’s reflection mechanism. Liquidity mining enthusiasts are sure to take pleasure in this feature. The verdict is yet out on whether or not it will be effective, but if it is, we will unquestionably count it as a win for SafeMoon.
SafeMoon and Shiba Inu have similar transaction rates. However, SHIB does not have a built-in reflection mechanism as SafeMoon does. SafeMoon’s protocol is an integral part of the network.
Comparison table of 3 cryptocurrencies
|Initial purpose||While the parody of Bitcoin and doge meme was intended to be funny||, it is designed to function as a medium of trade and, in conjunction with other tokens connected to it, a community capable of self-governance.||Safemoon was developed to withstand volatility by rewarding investors who keep their currencies in storage. It comprises three straightforward operations: Reflection, LP Acquisition, and Burn.|
|Number of coins||132.7 billion||549 trillion||561 trillion|
|Maximum number of coins||Unlimited, but yearly issuance limited to 5 billion||1 quadrillion||Max supply of 1,000,000 B|
Dogecoin, Shiba Inu, and Safemoon are all tokens in the cryptocurrency market. All three were developed to meet different objectives and have their unique characteristics. Dogecoin was created as a parody of Bitcoin and the doge meme that was meant to be funny. Its maximum supply is unlimited, but its yearly issuance is limited to 5 billion coins.
Shiba Inu was designed to function as a medium of exchange and, in conjunction with other tokens, a community capable of self-governance. It has 549 trillion coins available with a maximum supply of 1 quadrillion coins.
Safemoon, on the other hand, was created to withstand volatility by providing rewards for investors who keep their currencies in storage. It has 561 trillion coins available with a maximum supply of 1,000 quadrillion coins and consists of three straightforward operations: Reflection, LP Acquisition, and Burn.
In conclusion, these three cryptos have different use cases but share many similarities. All three projects offer unique features that stand out from other cryptos while maintaining common principles such as decentralization or decentralized finance (DeFi). To summarize, Dogecoin provides utility; Shiba Inu offers governance; and Safemoon provides stability while rewarding its loyal users.
Shiba Inu Basics
The primary characteristics of Shiba Inu are as follows.
|Cryptocurrency Features||Shiba Inu (SHIB)|
|Publisher or Developers||Ryoshi|
|Jurisdiction of Incorporation (Registration Number)||USA|
|Published Date (CMC Registration)||2020-08-01|
|Max Supply||No limit|
Investment Suitability of Shiba Inu in 2023
The results of the Shiba Inu investment suitability evaluation conducted by Coin-Labs are as follows.
|Investment Suitability Rating Items||Scores and Current Status|
|Company Activation Rate||/ 10.0 CAR|
|Communication Rate||/ 10.0 CR|
|Technology Transparency Rate||/ 10.0 TTR|
|Development Participation Rate||/ 10.0 DPR|
|Listing Status on the Top 4 Exchanges in Korea||Listed on 1 Exchanges|
|Listing Status on the World's Top 10 Exchanges||Listed on 8 Exchanges|
|Number of Available Pairs Worldwide||484 Pairs|
|Market Cap of the Cryptocurrency||7,835,280,152,744 KRW (Rank #13)|
Shiba Inu Price
The price and recent trading volume of Shiba Inu are as follows. (Data of 2023-01-27 17:00:25)
|Price Items||Price and Trading Volume of Shiba Inu|
|Shiba Inu Price||0.014 KRW|
|Price Change 24h||-0.62%|
|Price Change 7d||1.21%|
|Trading Volume 24h||251,890,913,224 KRW|
|Trading Volume Change 24h||-26.77%|
You can check the development status and social media information of Shiba Inu through the links in the table below.
|🌎 Official Website||https://shibatoken.com/|
|📖 White Paper||https://github.com/shytoshikusama/woofwoofpaper/raw/main/SHIBA_INU_WOOF_WOOF.pdf|
|🛰️ Source Code (GitHub)|
|🎺 Message Board||https://medium.com/@allhailtheshiba/all-hail-the-shiba-an-experiment-in-decentralization-87e3792e92f2|
Korean Crypto Exchanges where Shiba Inu is Listed
Korean crypto exchanges where Shiba Inu is listed in 2023 are as follows.
|Top4 Exchanges||Listed Status||Page URL|
World Crypto Exchanges where Shiba Inu is Listed
World crypto exchanges where Shiba Inu is listed in 2023 are as follows.
|Top10 Exchanges||Listed Status||Page URL|
Frequently Asked Questions
What is the current price of Shiba Inu?
Shiba Inu price today is 0.014 KRW. Furthermore, the price of Shiba Inu has fluctuated by -0.62% from 24 hours ago, and by 1.21% from a week ago.
Where is Shiba Inu listed?
Currently, it is listed on a total of 1 among the 4 largest exchanges in Korea, and is listed on a total of 8 among the world top 10 exchanges.
What is the market cap of Shiba Inu now?
Currently, Shiba Inu has a market cap of 7,835,280,152,744 KRW, which is ranking 13 among cryptocurrencies worldwide.
How much is the trade volume of Shiba Inu?
Currently, 549,063,278,876,302 SHIB coins are circulating through 484 market pairs. As a result, in the last 24 hours, 251,890,913,224 KRW of SHIB coins were traded in the market.