What Is Shiba Inu (SHIB)?
Shiba Inu (SHIB) is an Ethereum-based altcoin, also known as an ERC-20 token that was specifically created with full intention to be the top contending alternative to its rival meme coin known as Dogecoin (DOGE). SHIB is a decentralized cryptocurrency hosted by the Ethereum Blockchain, instead of its own blockchain. It has also been characterized as a “Meme Token,” hence the Japanese Shiba Inu dog face as the mascot, and unlike Bitcoin, SHIB is abundant with an initial fixed total supply of one quadrillion.
Following the launch of SHIB, 50% of the supply was locked by Shiba Inu’s founder in UniSwap SHIB/ETH liquidity pool – a DEX where users deposit pairs of assets into liquidity pools that other investors can trade against. The other half of the token’s entire supply was transferred to the Ethereum co-founder Vitalik Buterin, who basically burned the majority of them by transferring the tokens to a dead crypto wallet address – meaning they are completely gone. All this information is included in the project’s white paper or better known as “woofpaper” in the SHIB community. The goal was to transfer ownership of 500 trillion SHIB to Buterin with the hope he would lock them away forever. Unlike other popular cryptocurrencies around, where new coins are distributed in circulation in perpetuity via mining, all of Shiba Inu coin’s supply was released at launch.
Make no mistake, SHIB is held in high regard for being the foundational currency for its own decentralized exchange formally known as ShibaSwap – Shiba Inu’s premier peer-to-peer trading platform that’s similar to UniSwap. However, SHIB is just one functioning part of three tokens on the platform. Shiba Inu shares this exchange platform with two other tokens called “LEASH” and “BONE”.
The Shiba Token ecosystem community also supports a rescue campaign for Shiba Inu dogs at smile.amazon.com, continuing projects such as an NFT art incubator and furthering the development of Shibaswap. This is all done by the collective group of talented individuals on the exchange known as the ShibaArmy.
Who Created Shiba Inu?
Shiba Inu was created by an anonymous individual operating under the alias named Ryoshi who research has confirmed is actually from the country of India
When was Shiba Inu launched?
Shiba Inu Coin (SHIB) was launched in August 2020
How Does Shiba Inu Work?
Because Shiba Inu (SHIB) is an Ethereum token, it is available for purchase, trading, and selling across a broad Ethereum ecosystem. These ecosystems include popular Ethereum Wallets such as Coinbase for example, availability on decentralized exchanges like UniSwap, and possibilities that Shiba Inu could be incorporated into ETH-based DeFi apps like lending and savings products and NFT Marketplaces.
How To Keep Your Shiba Inu Safe?
Safeguarding is always the big question when looking at our assets, and crypto coin is a hot commodity for hackers abroad. If using the Coinbase Wallet, one way to keep your Shiba Inu safe is to set up what is called the vault. The vault adds additional layers of security for tokens to be kept safe while giving access to their users at any time. A pro tip for traders is always research to make sure that you are able to store your tokens on the trading platform you are using.
Another wise and savvy way to keep your Shiba Inu Coin (SHIB) safe is to make sure you are always using an ERC-20 network when transferring from an exchange. For example, let’s say you’ve created a Metamask Wallet and decided to transfer your SHIB from an exchange like Coinbase. You first want to make sure that the ERC-20 network is available and supported in order to safeguard your cryptocurrency from hackers hijacking your coin in the transfer process. Although some exchanges do allow you to buy, sell and trade Shiba Inu (SHIB), this doesn’t always mean the ERC-20 network is available on that exchange
Is Shiba Inu A Good Investment?
We know how exciting it is to grow your investments, however for the sake of integrity and compliance, we are not at liberty to say whether or not Shiba Inu is a good investment for you. We do encourage that you inquire about this information and address any further questions you may have from a licensed financial advisor.