Shiba Inu (SHIB) is a decentralized cryptocurrency, which was developed in 2020, and is driven by the popular Shiba Inu dog breed.
Also dubbed the ‘Dogecoin killer’, SHIB tokens run on the Ethereum blockchain but feature some interesting characteristics such as ShibaSwap and other tokens which are LEASH and BONE.
Because of its strong community support and its growing ecosystem, it is emerging from the status of meme coin into a significant crypto project.
What is Shiba inu?
SHIB, a digital currency used by people all around the world and has millions of users, is completely community-owned.
This started in the late 2020’s when SHIB, an Ethereum token went viral, and now processes payments at hundreds of establishments directly or through middlemen, just as any other currency.
The Shiba Inu coin was created in August 2020 by a man who went by the name Ryoshi, but his identity is still unknown.
According to Ryoshi himself, he has no importance and considers himself a ‘nobody’. He adds how he does not see purpose behind people attempting to discover his identity.
As a result of being endorsed by Elon Musk and Vitalik Buterin, the community surrounding the meme grew, further increasing its value. Its community of investors made sure its charm and cuteness got the attention it so desperately needed.
Traders can now sell SHIB on a DEX called ShibaSwap that is a proprietary to the ecosystem.
Here’s an overview table for the Shiba Inu:
| Category | Details |
|---|---|
| Name | Shiba Inu |
| Official Link | American Kennel Club – Shiba Inu |
| Origin | Japan |
| Breed Group | Non-Sporting |
| Height | 13.5 to 16.5 inches (34 to 42 cm) |
| Weight | 17 to 23 pounds (7.5 to 10.5 kg) |
| Lifespan | 13 to 16 years |
| Coat | Short, plush, straight, stiff outer coat |
| Color | Red, ginger, tan, white mixed with red, light black |
| Temperament | Confident, independent, curious, robust sense of humor |
| Activity Level | Active, needs daily exercise, enjoys cold weather |
| Health | Generally healthy, prone to allergies, some may suffer from patellar luxation |
| Special Traits | Perky, triangular eyes, erect ears, tightly curled tail, self-grooming like cats |
Key Features of Shiba Inu
Meme Coin
The coin started as a meme known as “the Dogecoin killer.”
Decentralization
Shiba Inu is a decentralized and community-driven through the Ethereum ecosystem.
ShibaSwap
It’s a DEX that comprises Shiba Inu tokens, allowing users to trade, stake, and earn rewards using it.
SHIB Token
The coin primarily used to transact within the Shiba Inu ecosystem.
Ecosystem Tokens
This includes LEASH as a medium of value or currency, and BONE as a governance token for voting in the ecosystem of Shiba Inu.
Large Community
Composed of proponents who are fiercely dedicated to the project known as the Shiba Army.
Burn Mechanism
Regular burning of a portion of SHIB tokens with the goal of containing the supply in an attempt to enhance scarcity and value.
Charity Initiatives
Includes a donation to the Shiba Inu rescue community and other causes.
Who are the founders of Shiba Inu?
The identity of Shiba Inu’s builder is a mystery person who is recognized by the name Ryoshi, but details about them are not making any sense to many people.
They too, similar to bitcoin’s Satoshi Nakamoto, like to stay incognito.
In his blog, Ryoshi Research, Ryoshi states that he is ‘simply a random guy who is not relevant in any way’ and notes that the Shiba Inu project is a decentralized experiment built by the community.
There is no centralized authority at the head of the Shiba Inu movement, and Ryoshi does not own any SHIB whatsoever – thus the interests of the impartial development of the project are safeguarded.
There have been suggestions that Vitalik Buterin – Ethereum’s co-founder – assisted in providing the initial liquidity for Shiba Inu on Uniswap, however, Ryoshi claims that the direction of the project is developed without dependency on any specific person’s actions.
The community of Shiba Inu has always been the most crucial aspect, and Ryoshi has not changed his approach of limiting his public comments, with the last post being made in May 2021.
How Safe is Shiba Inu?
The risks and rewards of Shiba Inu, like any other cryptocurrency, are distinctly defined.
Fortunately, But unlike other cryptocurrencies, Shiba Inu is a decentralized and community based project with an anonymous founder.
This means that there is no single administrator ensuring the safety of Shiba Inu, and this could be dangerous even for people who are not involved with Shiba.
Shiba Inu is traded on reputable exchanges and respectable brokers, yet it is still vulnerable to frauds, hacks and scams that often take place in meme-coin projects.
Even though a meme-coin projects uses Shiba Inu’s token burning supply mechanism to lower the tokens in circulation, the asset remains speculative as there are no guarantees that the price will increase over time.
In a nutshell, like many other pseudo-assets, the value of Shiba Inu highly relies on the holders ability to read the market and as any financial instrument it is only as secure as the holder believes it is.
Shiba Inu vs. Competitors
| Feature | Shiba Inu | Dogecoin | Bitcoin |
|---|---|---|---|
| Meme Coin | ✅ | ✅ | ❌ |
| Decentralized | ✅ | ✅ | ✅ |
| Built on Ethereum | ✅ | ❌ | ❌ |
| Community-Driven | ✅ | ✅ | ❌ |
| Smart Contract Support | ✅ | ❌ | ❌ |
| Governance Mechanism | ✅ | ❌ | ✅ |
| Mainstream Adoption | ❌ | ✅ | ✅ |
| Store of Value | ❌ | ❌ | ✅ |
| Supply Limit | ❌ | ❌ | ✅ |
| Long-Term Stability | ❌ | ❌ | ✅ |
Where to Buy Shiba Inu
| Exchange | Trading Pair | Supported Features | Website Link |
|---|---|---|---|
| Binance | SHIB/USDT, SHIB/BTC | Spot trading, staking, mobile app, advanced charts | binance.com |
| Coinbase | SHIB/USD, SHIB/BTC | Easy-to-use interface, mobile app, staking | coinbase.com |
| KuCoin | SHIB/USDT, SHIB/BTC | Spot and futures trading, staking, mobile app | kucoin.com |
| Uniswap | SHIB/ETH, SHIB/USDT | Decentralized exchange, no registration required | uniswap.org |
| Gate.io | SHIB/USDT, SHIB/BTC | Spot trading, staking, derivatives trading | gate.io |
How to Buy Shiba Inu on Binance?
Buying Shiba Inu (SHIB) on Binance is simple, just follow these steps:
Create or Log into Your Binance Account: In case you do not have a Binance account, sign up by clicking on the ‘new user’ and complete the verification as required.
Deposit Funds: Fund your Binance Account by wiring USD, EUR or other loading or making crypto deposits such as Bitcoin, Ethereum and others.
Go to the Trading Section: Go to the ‘Markets’ feature on Binance or search on the search bar for the desired currency pair SHIB/USDT (or SHIB/BTC).
Select the Pair: Choose which trading pair you wish to have for example SHIB/USDT, which is that Tether or SHIB/BTC Bitcoin.
Place an Order: Suppose you want to place both a limit and market order, there are services in the advertisement that tell you to place such m. Suppose you wish to purchase quickly select a market order to acquire Shiba Inu for the current market price.
Confirm the Purchase: In the order and confirm that it is right click on the button buy shib to transact the action.
Secure Your SHIB: Once bought it can remain on the Binance platform or be transferred to a secure wallet or kept on Binance.
Final Thoughts on Shiba Inu
Shiba Inu has earned a place in the cryptocurrency world due to its strong community and being meme coin, but when investing in it, one must be cautioned — because of its speculative potential, it can be very lucrative.
However, similar to other speculative assets, Shiba Inu is risky, and the level of its risk varies depending on the use case dense — adoption, utility and even tempered. Do your homework before putting your money in.
FAQs about Shiba Inu Crypto
What is Shiba Inu (SHIB)?
Shiba Inu (SHIB) is a decentralized meme token inspired by the Shiba Inu dog breed. It is often referred to as a “dogecoin killer” and gained popularity due to its strong community and viral marketing.
How can I buy Shiba Inu?
Shiba Inu can be bought on various cryptocurrency exchanges like Binance, Coinbase, KuCoin, and others. You can buy it with fiat or other cryptocurrencies like Bitcoin or Ethereum.
Is Shiba Inu a good investment?
Shiba Inu has gained significant attention, but it’s a highly speculative investment. Its value is driven largely by community sentiment and market trends, making it volatile. Always conduct thorough research and assess risk before investing.
Where can I store my Shiba Inu?
Shiba Inu can be stored in a cryptocurrency wallet. You can use hot wallets (like MetaMask or Trust Wallet) for easy access or cold wallets (like Ledger or Trezor) for enhanced security.
What is the Shiba Inu Ecosystem?
Shiba Inu has expanded its ecosystem to include ShibaSwap, a decentralized exchange (DEX), and other tokens like LEASH and BONE. The project aims to offer more utility beyond being a meme coin.
