Shiba Inu: everything you need to know about SHIB
Annina delves into the world of crypto and blockchain, and shares her findings through comprehensible articles.
Shiba Inu facts
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Wat is Shiba Inu?
Here it is again, the cheerful-looking dog we know from memes: the Shiba Inu. Because besides being associated with Dogecoin, this dog is also the mascot of the Shiba Inu token. Shiba Inu (SHIB) is an Ethereum-based token that users can trade, stake, and more. The digital currency is part of its own ecosystem with a very loyal community.
Features of Shiba Inu
Shiba Inu was founded in August 2020 by an anonymous founder known as 'Ryoshi.' The coin gets its nickname from the similarly named adorable dog breed. It shouldn't be confused with Dogecoin, which has the same breed as its mascot. Instead, Shiba Inu refers to itself as a 'Dogecoin killer.' Like many other cryptocurrencies, Shiba Inu operates on the Ethereum blockchain, providing the security and functionality of that platform.
Shiba Inu is traded for fractions of a cent. However, nearly 1 quadrillion authorized coins were issued. Approximately 40 percent of those coins were irreversibly 'burned' by Ethereum co-founder Vitalik Buterin. This means they were effectively destroyed and can no longer be used.
The Shiba Inu price peaked in September 2021 when the coin was added to the Coinbase platform. Since then, its price has decreased during the bear market, along with most other cryptocurrencies.
Use cases of SHIB
Shiba Inu was designed as a digital currency. Additionally, a decentralized crypto exchange has been launched in an attempt to build a Shiba Inu ecosystem. Various applications of Shiba Inu include:
Shiba Inu can be used for payments between users or as a payment method at businesses that accept the token. However, it doesn't offer competitive advantages over other cryptocurrencies, and SHIB is not widely accepted as a payment method. To compare, at the beginning of 2022, just over 600 businesses accepted Shiba Inu, whereas more than 7,500 businesses accepted the market leader, Bitcoin, as a means of payment.
Decentralized Cryptocurrency Exchange
In July 2021, the Shiba Inu team launched a decentralized cryptocurrency exchange (DEX) called ShibaSwap. DEXs are cryptocurrency exchanges with no central authority. They are part of something known as decentralized finance (DeFi) - digital financial services that don't require banks or other financial institutions.
ERC-20 Token Exchange
ShibaSwap and other DEXs allow traders to directly swap one cryptocurrency from their blockchain wallet for another. This can be done without registering for an account or providing personal information. And because ShibaSwap is built on the Ethereum blockchain, trading between ERC-20 tokens, tokens that adhere to Ethereum's development standard, is possible.
The SHIB token
The Shiba Inu ecosystem hosts the Shiba Inu token (SHIB). SHIB is an ERC-20 token created as a parody of the popular cryptocurrency Dogecoin (DOGE). Users use the Shiba Inu token to purchase goods and services within the ecosystem.
The Technology Behind SHIB
The Shiba Inu ecosystem is an open-source one, meaning anyone is free to use the platform's base code to build applications. The ecosystem enables decentralized applications (DApps), protocols, and platforms that allow smart contracts to be built on the Ethereum blockchain.
The Shiba Inu ecosystem comprises three cryptocurrencies, all of which are ERC-20 tokens (built on Ethereum):
- Shiba Inu (SHIB): SHIB is the flagship token of the Shiba Inu ecosystem. The coin had an enormous initial supply of 1 quadrillion (this number has a whopping 24 zeros) before Vitalik Buterin, the founder of Ethereum, burned 410 trillion tokens. SHIB holders can stake their tokens, or 'bury' them, to earn rewards in BONE. SHIB stakers also earn 0.1% of all ETH swap transaction fees on ShibaSwap.
- Leash Dogecoin Killer (LEASH): LEASH is the second token in the Shiba Inu ecosystem. This token has a high dollar value due to its relatively low supply of 107,646 tokens. LEASH holders can stake this token to eventually earn BONE tokens.
- Bone (BONE): BONE has a fixed supply of 250 million tokens and is the third token in the ecosystem. BONE is the governance token of the network, providing voting rights over the network's developments. BONE is also distributed as a reward for activities such as crypto staking on ShibaSwap.
ShibaSwap also provides a marketplace for Non-Fungible Tokens (NFTs) called Shiboshis. These are pixelated cartoons of Shiba Inu dogs, each with their own unique characteristics. Additionally, the Shiba Inu team is working on a Shiboshi game that will feature these characters.
Benefits of Shiba Inu
Shiba Inu shares many characteristics with numerous other cryptocurrencies but also has its own advantages:
- Very low price (compare it to Ethereum's price, for example).
- Compatible with the Ethereum blockchain.
- A popular cryptocurrency with high trading volume.
- The token is available on most major exchanges.
- A strong, loyal community backing the coin.
Drawbacks of Shiba Inu
Contrary to our often hopeful wishes, not everything always goes smoothly. What should you be aware of when investing in Shiba Inu?
- SHIB is a meme coin with potentially volatile price movements.
- The token has few unique features compared to other coins.
- Relatively low global adoption.
Who is the founder of Shiba Inu?
The cryptocurrency Shiba Inu does not have well-known founders as is the case with other blockchain projects. The project was launched as an experimental token and is associated with the meme cryptocurrency trend.
In 2025 experts expect a minimal price of €0.00002430 and a minimal price of €0.00008040 in 2030.
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SHIB Return On Investment
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Historical Shiba Inu price
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Frequently asked questions
The value of 1 Shiba Inu can vary from second to second because cryptocurrency prices are constantly in motion, operating 24/7 unlike traditional stock markets. Therefore, the current value of SHIB can change rapidly. To check the current value of SHIB, it's advisable to consult real-time price data and use our convenient charts.
You can easily buy Shiba Inu on BLOX! Simply install the app or log in to the web portal. Within two minutes, you can create your own crypto portfolio with Shiba Inu and all your other favorite coins.
There's so much happening in the crypto market at any given moment that it's challenging to stay continuously informed. However, we've already taken a look for you. Experts believe that the value of SHIB will gradually rise in the coming years.
We also cannot predict the future, so the decision to buy SHIB is ultimately up to you. We can only recommend once more that you thoroughly research the market and invest only an amount you're willing to lose.
A video explanation of Shiba Inu
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