Do you often think about meme coins and their hype? If yes, you must have come across Shiba Inu and all the news that surrounds it. But what is Shibu Inu, or SHIB? Continue reading to find out.
Shiba Inu, or SHIB, is an altcoin developed by Ryoshi, a pseudonymous entity, in August 2020. Based on its white paper, Shiba Inu was launched on Ethereum, as it is secure and well-established.
It is claimed by its founder that while 50% of the coin’s supply is locked on Uniswap in a liquidity pool, the other 50% was sent to Ethereum’s co-founder Vitalik Buterin. It was expected that he would keep the coins; however, most of them were burned by him. Also, he donated a significant number of tokens to several charities.
One major reason behind giving the tokens to Buterin was to grab the attention of potential investors.
How is SHIB created?
The PoS consensus mechanism ensures that every single coin was issued during the platform launch. All the tokens have already been made and are in free circulation.
Via token-supported wallets like Trust Wallet, MetaMask, or exchanges, free float tokens can be bought.
The Shiba Inu ecosystem
Shiba Inu is categorized into several tokens that support the functioning of the entire crypto ecosystem.
SHIB
The coin can be both traded as well as utilized as a medium of exchange.
LEASH
It is the most scarce coin related to Shiba Inu and is limited to 107,646 units. It offers staking rewards for those who validate transactions in the cryptocurrency.
BONE
This token has a supply of 250,000,000 tokens. BONE is used to enable those who use Shiba Inu to vote on proposals.
Other aspects include:
ShibaSwap
It is Shiba Inu’s decentralized platform meant for trading coins. Both SHIB and LEASH are best bought and sold via ShibaSwap.
Shiba Inu Incubator
It intends to take the focus beyond famous set pieces like photography, painting, and digital rendering to find out ways to appreciate creativity and innovation.
Shiboshis
These are 10,000 Shiba Inu-generated NFTs based on the Ethereum blockchain and have different characteristics.
Shiba Inu mining
The PoS consensus algorithm doesn’t have mining since coins are issued right after the platform’s launch. However, the project has staking, which means receiving profit from owning coins to offer liquidity and confirm transactions.
To stake SHIB, the following steps have to be taken:
- Register on a crypto exchange, followed by verification and the purchase of SHIB.
- Select “Stacking” and in settings, enter the amount of the deposit as well as the staking period. When the period ends, the deposit is unblocked and a reward is received.
- There’s also an option of staking on wallets without involving the exchange. Though the percentage is a bit high, the method is tricky.
What makes Shiba Inu the Dogecoin killer?
Dogecoin is a meme cryptocurrency that began as a joke but got popular. Its prices increased, making it the sixth-largest cryptocurrency in terms of market capitalization.
The instant fame is the result of cheap cost as compared to other cryptocurrencies, which made it accessible to a wider audience.
Shiba Inu (SHIB) is termed the Dogecoin (DOGE) killer because it is a better investment and has a quick block time, a low market cap, and a high supply.
Use cases of Shiba Inu
The below listed use cases add strength to the plans and potential of Shiba Inu.
The Porsche dealership in Baltimore accepts SHIB, as payment for its cars, thanks to BitPay integration.
The token is listed on Robinhood to give exposure to investors. The achievement caused a spike in SHIB’s price.
Moving on, the Shiba Inu metaverse project, SHIB: The Metaverse, launched with 100,595 plots of land available for sale. The first phase had 32,124 plots available for purchase.
We are happy to welcome you to SHIB : The Metaverse. An immersive experience that is positioned to become a massive environment for the #ShibArmy to grow, share, and benefit together.https://t.co/XgdBkEPOnx
— SHIB The Metaverse (@ShibTheMV) March 30, 2022
ShibaSwap partnered with The Third Floor, to design, create, and visualize the Shiba Inu metaverse.
In August, Shiba Eternity, a Shiba-inspired game, was launched and released worldwide on October 6, 2022.
Is Shiba Inu a good investment?
Shiba Inu is among the meme coins that became a part of the market in 2020, a time when FOMO (fear of missing out) was building up regarding Dogecoin.
The coin attained traction pretty early and was one of the leading meme coins in history. Furthermore, use cases related to Shiba Inu are expanding in terms of a transactional currency as well as in the metaverse.
The Shibarium layer-2 solution will be launched soon and will bring down the transaction costs, which is likely to boost the adoption rate of the currency.
In a nutshell, Shiba Inu is a potential cryptocurrency worth buying because:
- It is improving as a currency owing to its scaling solution.
- The recently launched token burn has made SHIB worth owning as an asset.
- The Shiba Inu metaverse is going strong in the market.
- On January 13, 2023, Shiba Inu announced on Twitter that SHIB- The Metaverse has been invited for exhibition at SXSW XR Experience 2023.
Also, now customers can pay for Netflix and Spotify subscriptions using SHIB.
What makes Shiba Inu reliable?
Two major factors make the Shiba Inu worthy of being considered at least once:
Cost-effective
The trading price of SHIB is extremely economical, which attracts investors. A crypto trading asset’s price has a major role in helping traders track their profits based on the total coins they have. In this regard, things look favorable for SHIB. As compared to Ethereum and Bitcoin, it is very easy for SHIB to triple or even quadruple, both in the short-term and long-term.
An ERC-20 token
SHIB being an ERC-20 token separated it from its rivals. As it runs on Ethereum, the token has great chances of reaping benefits from Ethereum’s merge.
Issues with Shiba Inu
Take a look at a few factors that don’t favor SHIB.
Limited real-world utility
Outside the crypto market, SHIB has no use for investors. The crypto is not accepted on a large-scale worldwide, and nothing is clear about SHIB’s speed, transaction cost, or structure that makes it more useful in comparison to other cryptos.
Volatility
Prices of SHIB are very volatile. Those who are eager to invest in this crypto must know that the chances of SHIB falling are always there. Things will collapse if both speculators as well as investors take a back seat.
Dependent on blockchain
It is based on the Ethereum blockchain, which is both good and bad. The team of SHIB is not good with innovation and is not looking forward to changing the infrastructure, which might keep the crypto remaining as an ERC-20 token.
More risk, less reward
The record-breaking success of SHIB made everyone interested, especially those who are keen to enjoy major profits. However, if ample coins are available for sale, there’s no doubt the price will sink owing to the increased supply.
Shiba Inu’s future
Shiba Inu is looking forward to significant upgrades alongside the addition of new features.
For instance, Shiba Inu will soon launch its NFT marketplace, Pawzaar, on Shibarium. This will allow users to purchase and sell NFTs with SHIN tokens via the platform.
“…Shibarium allows for the creation of chain-specific NFTs.” – $SHIB team#Shibarium will be home to countless NFT collections and you can trade them using #Pawzaar. pic.twitter.com/IakuXoDxve
— Pawzaar | NFT Marketplace (@PawzaarOfficial) January 16, 2023
However, certain experts believe that it is nothing beyond being a meme coin and will remain that throughout.
Where to buy SHIB?
It can be purchased on ShibaSwap, the native exchange for the project. It can also be bought on Coinbase, Binance.US, KuCoin, and several other exchanges.
Where to shop with Shiba Inu?
The options are unlimited, but we have tried to summarize the best ones.
GameStop
Gamestop accepts Shiba Inu through Flexa. Feel free to buy the latest video games, consoles, and electronics.
Whole Foods
Buy high-quality, organic, and pure food and pay through Shiba Inu, as Whole Foods accepts it through the SPEDN app, a part of the Flexa ecosystem.
Regal Cinemas
Enjoy a cinematic experience in digital 2D, 3D, and 4DX and pay through SHIB.
Twitch
Enjoy this live streaming video platform and make the payment via Shiba Inu.
Other places to spend SHIB include Ulta Beauty, Sandbox Casino, HostMeNow, JomaShop, and more.
Conclusion
A lot is attached to the Shiba Inu that makes it uncertain in terms of predictability. Its prices are volatile; it’s a meme coin; it looks worthy only until investors have faith in it. However, its plans, features, and efforts to offer more to those who believe in them make it a solid bet. Considering both aspects, it’s all about being cautious when dealing with Shiba Inu.
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