.jpeg)
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. 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 does cyberghost vpn log your data privacy guides touted it in the past as “the Dogecoin killer.”
Shiba Inu Token Unlocks
Like with penny stocks, they think that if the coin just went up to start forex broker from scratch turnkey solutions one cent, they’d make a lot of money. Or even if Shiba Inu went to where Dogecoin was trading, they’d cash in their chips. Like many other cryptocurrencies, Shiba Inu operates on a decentralized computer network running a database called blockchain. This blockchain database tracks and manages the crypto coin, verifying transactions and recording every transaction that occurs with it.
Here, users can mint parcels of digital lands using ETH or its equivalent amount in SHIB tokens. 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. The first iteration of the DAO will enable the Shiba Inu community to vote on which crypto projects will be added to the DEX’s liquidity pools, and how rewards in its BONE governance token will be distributed among them. At its most basic level, SHIB is an Ethereum-based counterpart to Dogecoin. Unlike Dogecoin, it’s a token—a cryptocurrency that runs atop another blockchain’s infrastructure—rather than a coin, which exists on its own blockchain.
The purpose of this website is solely to display information regarding the products and services available on the Crypto.com App. You may obtain access to such products and services on the Crypto.com App. In addition, the Crypto.com Exchange and the products described herein are distinct from the Crypto.com Main App, and the availability of products and services on the Crypto.com Exchange is subject to jurisdictional limits. Before accessing the Crypto.com Exchange, please ensure that you are not in any geo-restricted jurisdictions. 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.
What is Shiba Inu?
The shiba inu coin, or SHIB, is an ERC-20 token that fuels the Shiba 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. The astronomical figures being bandied around in relation to a dog-themed meme coin may seem ridiculous. But Dogecoin was long considered a “joke” cryptocurrency before it became 2021’s breakout coin and the talk of fans like Mark Cuban and Elon Musk.
It sits on top of the Ethereum blockchain, which allows it to inherit the security and stability of Ethereum. Shibarium is designed to reduce gas fees and improve the speed and efficiency of transactions. The public launch of the much-anticipated Shibarium layer-two network was completed in August 2023. SHIB’s meteoric rise has made some people very rich indeed; one wallet saw its holdings rise from around $8,000 to over $5 billion in 400 days. But for all that, it remains a “joke token” propelled by retail investor sentiment. It’s a similar phenomenon to the WallStreetBets movement that saw Reddit traders “ape in” to stocks such as GameStop and AMC because it amused them, or Crypto Twitter snapping up stocks of tungsten cubes.
What are Shiba Inu’s key features?
- Dogecoin DOGE/USD and Shiba Inu SHIB/USD are trading around 3% higher in a single day boosted by the optimism in the cryptocurrency market.
- The Shiba Inu universe also consists of two other tokens, “LEASH” and “BONE” (see below).
- 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 locked 50% of the token in Uniswap to create liquidity, and sent the other 50% to Ethereum co-founder Vitalik Buterin’s wallet.
- Ryoshi’s intention for Shiba Inu has been to see if a perpetual decentralized organization could work with no central leadership.
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 top cryptocurrencies by market cap exchanges he received. His “job” is to defend the brand and give suggestions, although he does so very sparingly, as his last blog entry dates back to May 2021. SHIB is a decentralized, community-led currency held by millions across the globe.
Here are some investing considerations for a potential investor in Shiba Inu. SHIB had an initial total supply of 1 quadrillion, or 1,000,000,000,000,000 tokens. Alongside SHIB, Ryoshi has also created the “Dogecoin killer” token LEASH, albeit in limited quantities, while BONE launched alongside the ShibaSwap decentralized exchange (DEX).
Meme coins can be super volatile, so you should always DYOR and never invest what you cannot afford to lose. LEASH is the second token created by Shiba Inu and it’s also on ShibaSwap. With a circulating supply of 107,646 tokens, LEASH was initially used as a rebase token to track Dogecoin’s price. LEASH holders can stake their tokens in the liquidity pool and earn xLEASH as rewards.
Though Shiba Inu was first known as an alternative to Dogecoin, it has a key difference. Shiba Inu is built on the Ethereum (ETH) blockchain, so it can run smart contracts. The protocol can also work with decentralized applications, through smart contracts. Dogecoin doesn’t have this ability, making it limited in terms of what it can do.