Shiba Inu cryptocurrency (SHIB) is also known as a meme coin. A cryptocurrency or digital token called a meme coin is based on a popular joke or pop culture allusion. Meme currency projects mainly rely on social media hype to draw in new users and investors. Dogecoin (DOGE), the first meme coin made in 2014 that employs the image of a Shiba Inu dog, and as we explained above, served as the inspiration for Shiba Inu (SHIB).
SHIB aims to replace Dogecoin or operate like a “Dogecoin killer.” SHIB operates on the Ethereum blockchain, in contrast to DOGE, which has its own blockchain. However, the fact that their supply is plentiful unites DOGE and SHIB. There were one quadrillion coins in circulation when SHIB first started.
Shiba Inu cryptocurrency offers benefits and drawbacks, just like any other financing method. There are a few additional reasons why it is valuable. SHIB is in short supply. With a set 1 quadrillion supply at debut in 2020, approximately 50% of which have already been destroyed or donated, the SHIB coin has maintained a low market price (one SHIB coin is worth a fraction of a penny). The amount of coins being capped has also given the price a place to go if demand were to increase. SHIB offers enticing benefits.
Shiba Inu features a system that allows investors to generate passive income through rewards from staking, which entails locking up cryptocurrency assets in exchange for rewards or interest, or by making a deposit into a liquidity pool. This incentive program aims to provide users with a reason to spend various coins on the network.
Shiba Inu is the Ethereum version of the well-known Dogecoin, which is a Scrypt-based cryptocurrency. Shiba Inu is an ERC-20 token that intends to dethrone Dogecoin from its position as the meme coin. It was officially released in August 2020 by an unnamed group of developers known as Ryoshi. The Japanese dog breed Shiba Inu is the source of the name of the digital asset. Meme coins are a collective term for Shiba and other digital assets with pet-related themes.
Shiba Inu coin cannot be directly mined even if it runs on the current Proof-of-Work (PoW) Ethereum network. Over a quadrillion SHIB tokens were pre-mined before launch, of which 50% were sent to Vitalik Buterin, co-founder of Ethereum, while the other 50% were locked forever on UniSwap. Shiba Inu coin can only be mined using a completely new method, which must then be converted to SHIB.
Shiba Inu coin was created by an anonymous creator or group named ‘Ryoshi’. A person or organisation going by the name of “Ryoshi” created the Shiba Inu coin. Shiba Inu was created as part of a “experiment in decentralised spontaneous community creation,” according to Ryoshi, to unseat Dogecoin from the meme monarchy, as stated in the Woof Paper, a variation on a standard whitepaper. Without reaching a 10 cent price, Ryoshi predicted that Shiba Inu coin would exceed the most popular joke cryptocurrency.
Shiba Inu coin can be purchased by opening an account with your preferred exchange or broker and funding it. Look up SHIB on the exchange or broker and enter the amount of Shiba Inu coin you want to purchase.
Shiba Inuis very volatile and it’s acceptance in the form of digital currency is in progress. So, if you are investing in Cryptocurrency try to invest amount you can afford to loose.
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