A supply of 1 quadrillion SHIB tokens were minted when it launched in August 2020, all of which were pre-mined. Learn more about meme coins and their role in crypto and Web3 in our comprehensive Research report The Evolution of Memes and What Makes Them Successful. The anonymous creator of the Shiba Inu coin is known as “Ryoshi.” However, very little is known of the mystery founder of the dog-themed cryptocurrency, much like the founder of Bitcoin, Satoshi Nakamoto. Upon issuance in 2020, Shiba Inu’s creators had sent 50% of the token supply to Ethereum co-founder Vitalik Buterin, creating hype for the project.
Shiba Inu is continuously being developed and improved by a dedicated community to have utility and use cases, so it is possible that it will remain one of the more popular cryptocurrencies on the market. For cryptocurrency enthusiasts, part of the allure of meme coins is that they reject conventional protocols, and this unconventional approach may extend to the use of canine terms to describe return strategies. But they certainly seem to be a world away from staid investment terms such as return on investment and liquidity. As the Shiba Inu ecosystem and community continue to grow, the development team is actively working on improving the token’s functionalities and exploring potential partnerships.
- Ryoshi also stated that Shiba Inu was an experiment in decentralized community building, and he thus declined all the influencer requests and pitches from different exchanges he received.
- The purpose of this website is solely to display information regarding the products and services available on the Crypto.com App.
- Instead of mining, individuals acquire SHIB through trading on decentralised and centralised exchanges, or by participating in the Shiba Inu ecosystem.
- Comprising three separate tokens – SHIB, BONE and LEASH – that users can stake, swap or deposit into liquidity pools on the ShibaSwap decentralized exchange to earn interest and rewards.
Similar Coins to Shiba Inu
In that case, Ryoshi expects forks of the major DeFi protocols to appear in the Shiba Inu ecosystem, which would require an immutable bridge to function. Crypto.com App users can now purchase Shiba Inu with USD, EUR, GBP, and 20-plus other fiat currencies and spend it at over 80 million merchants globally using the Crypto.com Visa Card. Andy Smith is a Certified Financial Planner (CFP®), licensed realtor and educator with over 35 here’s how much bitmex makes in fees from derivatives trading in one single day years of diverse financial management experience.
SHIB operates as a decentralised cryptocurrency, leveraging the power and security of the Ethereum network. It is an ERC-20 token, which means it can interact with various decentralised finance (DeFi) projects that share the same blockchain. In January 2023, the Shiba Inu community leadership introduced Shibarium, a layer two blockchain designed to run on top of Ethereum. This update was released to reduce congestion, introduce staking into the ecosystem, lower gas fees, and provide a framework for decentralized applications and Web 3 expansion. A major reason for the surging price of SHIB was a continued effort by the SHIB community to build a utility for the Shiba Inu token and the subsequent emergence of an entire Shiba Inu ecosystem. Please note that the availability of the products and services on the Crypto.com App is subject to jurisdictional limitations.
Does the Shiba Inu Coin Have a Future?
For this reason, Ryoshi can be “pure and unbiased,” getting satisfaction from Shiba “in other ways.” Shiba Inu (SHIB) is listed in the Crypto.com App, part of the growing list of 250-plus supported cryptocurrencies and stablecoins, including Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), USD Coin (USDC), and Cronos (CRO). While the SHIB token has gained significant attention and popularity, it is important to conduct thorough research before committing funds. SHIB is part of the wider Shiba Inu ecosystem, which consists of several tokens with different use cases that complement each other. Instead of mining, individuals acquire SHIB through trading on decentralised and centralised exchanges, or by participating in the Shiba Inu ecosystem. In addition to SHI, a financial ecosystem is planned, and SHI would be added as a weighted pool pair on Curve.
Blockchain Updates
SHIB’s price often makes news headlines, as it routinely notches tremendous gains and endures equally steep losses. In keeping with the dog theme, the aforementioned Shiba Inu woof paper uses canine terms to describe how returns can be generated from one’s Shiba Inu tokens. On ShibaSwap, these tokens can be used to “dig” (provide liquidity), “bury” (stake tokens), and even “fetch” (exchange one token for another).
As the crypto market evolves and new trends emerge, it will be interesting to see how Shiba Inu adapts and whether it can sustain its current level of popularity. You should not construe any such information or other material as legal, tax, investment, financial, cybersecurity, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, endorsement, or offer by Crypto.com to invest, buy, or sell any coins, tokens, or other crypto assets. Returns on the buying and selling of crypto assets may be subject to tax, including capital gains tax, in your jurisdiction. Any descriptions of Crypto.com products or features are merely for illustrative purposes and do not constitute an endorsement, invitation, or solicitation. Investing in cryptocurrencies is risky enough because of their massive volatility and lack of regulation.
Investing how to start crowdfunding in bitcoin for free in the altcoin/meme coin space presents an additional challenge because of a lack of differentiation and the fact that most of their value is based on trading by their followers. Because Shiba Inu is an Ethereum-based ERC-20 token, it was created on and hosted by the Ethereum blockchain instead of its own blockchain. Ryoshi stated in the paper that they chose to build the Shiba Inu ecosystem on Ethereum because it was already secure and well-established, and it allowed the project to stay decentralized. Shiba inu is generally perceived as a meme currency similar to other dog-themed cryptocurrencies such as dogecoin and has a similarly viral following of more than 1.2 million people on Twitter.
This effectively dropped SHIB’s circulating supply by almost half, which some argue may have played a part in making the token more popular. You can purchase SHIB on several exchanges using their wallets, such as Binance, Coinbase, KuCoin, and Kraken, to name a few. You can also set up a MetaMask wallet and connect it to Shiba Swap, the exchange recommended (and created) by the Shiba Inu community. Shiba Inu is an Ethereum-based altcoin (a cryptocurrency other than Bitcoin) that features the Shiba Inu—a Japanese breed of hunting dog—as its mascot. Shiba Inu is widely considered to be an alternative to Dogecoin; in fact, proponents of Shiba Inu have touted it in the past as “the Dogecoin killer.” The experiment was a succes, and in October 2021 SHIB briefly flipped Dogecoin to become the most-valued meme coin by market capitalization.
This meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin paired with headlines and tweets from personalities like Elon Musk and Vitalik Buterin. As an ERC-20 token, SHIB is not mined like with Proof of Work (PoW) cryptocurrencies, such as Bitcoin, which require mining to validate transactions and create new blocks. Instead, SHIB is based on the Ethereum network, which operates on a Proof best bitcoin exchanges of 2021 of Stake (PoS) consensus mechanism.