What is Shiba Inu?
An anonymous person called Ryoshi created the Shiba token ($SHIB) in August 2020 as a decentralized community-based meme coin. Unlike Dogecoin, which has its Scrypt-based blockchain, $SHIB is an ERC-20 token that utilizes the Ethereum network. Furthermore, whereas most meme coins are pump-and-dump schemes that rob investors of millions of dollars, $SHIB claims to be here for the long run.
To show their commitment to the project, they have locked 50% of the tokens on Uniswap. The remaining tokens were burned to Vitalik Buterin for safekeeping. Buterin, in turn, donated Shiba Inu to India’s Crypto Covid Relief Fund, the largest donation for humanitarian needs in crypto history. Then, he burned 40% of Shiba Inu to a dead wallet, thus further decreasing supply and ensuring the protocol’s success.
Tokenomics of Shiba Inu
To give you a basic idea, there was one quadrillion Shiba Inu tokens initially. After burning them and ensuring their stability in the crypto ecosystem, they recorded an all-time high price of $0.0000388. Following an 80% slump, though, it is now priced at $0.000008185 with a market cap of $3,231,268,137.
Shiba Inu is a fungible token and is thus primarily used as a store of value. You can buy, sell, and swap your $SHIB for other fungible tokens in the market. Additionally, there is LEASH, the second token of the protocol. Conceived initially as a rebase token, it has a total supply of 107,646 tokens. Users can use LEASH to earn rewards for its liquidity providers. The third token of the protocol, BONE, is yet to arrive in the market.
Where Can You Buy $SHIB?
So now that you know how $SHIB can be used, you must consider buying some. You can get the tokens from crypto exchanges like Uniswap, Binance, Huobi, Gate.io, OKEx, etc, or purchase them from its exchange, ShibaSwap. You can use the platform to provide liquidity (DIG), stake your tokens (BURY), or simply swap them to earn a passive income.
Coins That Are Similar To $SHIB
If you think that Shiba Inu is the only kind of dog-based meme cryptos, then you’re wrong. Following is a list of such similar coins:
- Kishu Inu: $KISHU is a community-oriented deflationary token whose price will appreciate with each successive transaction. Through its rewards redistribution system, tokens holders will earn 2% of each transaction.
- Jindo Inu: $JIND is an ERC-20 token with a fixed token supply and claims to be a ‘meme coin on steroids.’ It is projected towards those who missed out on the success of $DOGE and $SHIB.
- Alaska Inu: $LAS uses Binance Smart Chain as its native network and provides opportunities for yield farming, NFTs, and a decentralized exchange. The project distributes 25% of the tokens for free to anyone who trades in BEP-20 tokens.
What the Future Holds
While it is true that several meme coins are pump-and-dump schemes, some are turning out to be genuine projects. As a result, investors and crypto enthusiasts are seeing immense potential in such cryptos. Shiba Inu is one such project that has committed to a long haul in this domain. Thus, there’s a reason that it ranks 28th in CoinMarketCap’s list of cryptocurrencies, a very impressive position for a meme coin.
Moreover, $SHIB isn’t just a meme coin anymore. The Shiba Inu Incubator inspires the community to come forward with their art and creativity. They are providing the necessary tools to utilize the powers of decentralization to their fullest potential. Additionally, they’re partnering with Amazon Smile and Shiba Inu Rescue Association to save real Shiba Inu dogs in danger.
To conclude, there is indeed price volatility when it comes to Shiba Inu. But some analysts believe that the returns could be as high as 80% for those who’ll show patience.