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 nucleus vision crypto is risky enough because of their massive volatility and lack of regulation.
Products
Shiba Inu will need a large increase in popularity and other significant changes in appeal to investors to reach $1 by 2030 if its price history is any indication. Shiba Inu has a large following, but it is difficult to say whether the coin has the potential to continue developing and attracting users. The guiding tenets of the Shiba Inu ecosystem are spelled out in a “woof paper” (presumably a play on the term “white paper”), available at the ShibaToken.com website. According to Ryoshi, the end goal is that SHI becomes a global stable currency “that plebs across all countries are able to use as both a store of value and method of payment.” Ryoshi’s intention for Shiba Inu has been to see if a perpetual decentralized organization could work with no central leadership. In mid-2021, Ryoshi kept to his promise and stepped away, leaving the token entirely in the community’s hands.
Does the Shiba Inu Coin Have a Future?
Investing 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 how to buy vet 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.
Blockchain Updates
- This effectively dropped SHIB’s circulating supply by almost half, which some argue may have played a part in making the token more popular.
- Please note that the availability of the products and services on the Crypto.com App is subject to jurisdictional limitations.
- You can purchase SHIB on several exchanges using their wallets, such as Binance, Coinbase, KuCoin, and Kraken, to name a few.
- 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.
- 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.
- 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.”
SHIB’s price often makes news headlines, as it routinely notches 8 best ways to buy bitcoin in the uk in 2021 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).
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.
Who Are the Founders of SHIBA INU?
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.
Named after the Shiba Inu dog breed, which gained fame as the face of the popular Doge meme, Shiba Inu was created in 2020 as an experimental project. 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. The market momentum affecting shiba inu can mainly be attributed to Tesla CEO Elon Musk, who was also responsible for dogecoin’s massive price surge. Musk even got a Shiba Inu puppy, named Floki Frunkpuppy, triggering another market surge. Shiba Inu is a cryptocurrency which, at its creation in 2021, had no use or value. By the end of 2023, it was being used by traders in large volumes to take advantage of microscopic price movements and used as a payment method.
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.
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.
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.
