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Shiba Inu (SHIB) All Summed Up

Shiba Inu (SHIB) is an Ethereum-based ERC-20 token that has gained popularity this year, owing to its dog-themed ecosystem, retail investor speculation on its price, and significant community participation. The main Shib Twitter account, for example, has more than 1.2 million followers — more than Cardano, Kraken, and Solana.

The digital asset was inspired by the Japanese breed of dog, which sparked a viral meme trend in 2013 and led to the famed Dogecoin. Shiba Inu, as well as dogecoin and hundreds of other pet-inspired digital assets, have become known in the industry as “meme coins.”

The Basics of Shiba Inu

Shiba Inu: Key Features

The first thing to note about Shiba Inu is its supply. During its formal launch in 2020, a total of one quadrillion SHIB tokens were issued. A quadrillion is a number that has 15 zeros after it. Some 50% of the Shiba Inu supply was locked in the Uniswap SHIB/ETH liquidity pool.

In this decentralized exchange, users deposit asset pairs into liquidity pools against which other investors can trade. This is referred to as an automated market maker system.

The remaining 50% of the Shib token supply was donated to Ethereum’s founder, Vitalik Buterin, who burnt the vast majority of them by sending the tokens to a defunct crypto wallet address.

shibaswap

What is ShibaSwap?

Shibaswap is a decentralized exchange – a peer-to-peer trading platform similar to Uniswap that allows users to trade SHIB and other cryptocurrencies without the assistance of a third party. It also enables users to provide liquidity (deposit funds into pools that other traders can use to trade against) and stake tokens (deposit them into a wallet) to earn interest using the Shiba token and two extra ERC-20 tokens:

Bone ShibaSwap: With a total quantity of 250 million coins, bone is intended to serve as the platform’s governance token. This means that holders of bone tokens can propose and vote on changes to the Shiba protocol using the “Doggy DAO.”

Doge Killer: This was initially introduced as a rebase token (also known as an elastic token), a sort of token akin to an algorithmic stable coin. The supply automatically increases and decreases using a computer algorithm to keep its price tethered to another asset. In this scenario, the quantity of leashes is modified at a rate of 1/1,000 to mirror the price of doge.

ShibaSwap Functions

Dig: The ShibaSwap platform’s liquidity pool function is called Digging. Users can deposit crypto assets in pairs to the platform’s existing liquidity pools or construct their own.

Bury: This is a location where users can stake their Shib, Leash, and Bone to earn high-interest yields paid in Bone tokens. At the time of publication, the rates were 171 percent, 266 percent, and 814 percent, respectively.

Switch: The ShibaSwap platform’s exchange feature, which allows users to swap between numerous assets.

Bonefolio: An analytics dashboard that allows users to investigate current interest rates and analyze their yield returns.

NFTs: Here, users can exchange 10,000 non-fungible tokens known as “Shiboshis” – pixelated Shiba Inu dog cartoons akin to CryptoPunks with varying features, some rarer than others.

Woof: “Woofing” is the function that allows you to redeem bone prizes by cashing out SSLP tokens.

Final Verdict on Shiba Inu

Without a doubt, it isn’t easy investing in “meme coins” you have to be extra careful. While SHIB has received a lot of attention in the previous year due to meme culture, it isn’t easy to attach value from an investment standpoint.

Lastly, while SHIB has its little ecosystem with a decentralized exchange, it’s unknown how safe it is to use compared to other exchanges.

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