What is Shiba Inu (SHIB)?

What is Shiba Inu (SHIB)?

Share on facebook
Share on linkedin
Share on twitter
Share on pinterest
Share on email

Shiba Inu coin (ticker: SHIB) is a decentralized digital currency that was launched in August 2020 by an unknown individual or organization dubbed “Ryoshi.”

It is based on the Shiba Inu, a Japanese breed of dog indigenous to the Chu area, the same breed that is represented in the Dogecoin emblem. Dogecoin is the first cryptocurrency that was initially a parody cryptocurrency based on the Doge meme.

Shiba Inu has been labelled a “meme coin” as well as a pump and dump scam by many investors, but this has not deterred its growth and popularity.

Additionally, worries have been raised concerning the coin's concentration, with a single “whale” wallet possessing billions of dollars worth of the coin and frenetic purchasing by regular investors driven by fear of losing out (FOMO).

 

Component Shiba Inu (SHIB)
Technologies PoS
Market Capitalization $18.4 Billion+
Open-Source Yes
Consensus Mechanism Proof of Stake
Smart Contracts No
Founders/Authors “Ryoshi”, a pseudonymous individual or group
Launch Date 2020
Circulating Supply of Coins 549,063,278,876,302 SHIB
Maximum Coin Supply None
Mining-based Coin? No
Is Shiba Inu a Stablecoin? No
Does Shiba Inu have a burn rate? yes
Does Shiba Inu have a Whitepaper? Yes, the white paper can be viewed here

 

Evolution and Development of Shiba Inu

Shiba Inu coin was launched in August 2020 under the alias “Ryoshi”, which can refer either to an individual or a group. Shiba Inu quickly became extremely popular in the past year, especially with investors swooning over the appeal of the coin paired with headlines and Tweets from Elon Musk and Vitalik Buterin, causing SHIB to become a direct competitor of Dogecoin.

Shiba Inu and the SHIB token are part of a swarm of canine-themed cryptocurrencies, which also includes Baby Dogecoin (BabyDoge), Dogecoin (DOGE), JINDO INU (JIND), Alaska Inu (LAS), and Alaskan Malamute Token (LASM).

These cheaper currencies have received much interest from traders and investors who missed Dogecoin's meteoric rise from 0.0002 to 0.75 USD.

On September 17, 2022, Coinbase, the biggest cryptocurrency exchange located in the United States, put Shiba Inu on its site.

This announcement resulted in a more than 40% increase in the Shiba Inu price over the next two days, reintroducing the meme dog coin to the limelight.

 

What makes Shiba Inu unique?

The first thing to note about Shiba Inu is its limited availability. During the project's initial debut in 2020, a fixed total number of 1 quadrillion SHIB tokens was issued. 

Around 50% of the Shiba Inu supply was locked in the Uniswap SHIB/ETH liquidity pool – a decentralized exchange in which users put pairs of assets into liquidity pools against which other investors may trade.

This is referred to as a market maker system that is automated.

Additionally, the Shiba Inu currency universe includes a decentralized exchange called ShibaSwap and two additional currencies named “LEASH” and “BONE”.

The Shiba Inu website enables dog-inspired artists from across the globe to participate in the “creative Shiba revolution” by introducing their Shiba Inu community to the NFT market.

Shiba Inu has also launched an Amazon Smile campaign to raise funds towards the rescue of genuine, live Shiba Inu dogs via the Shiba Inu Rescue Association.

 

What are the main uses for Shiba Inu?

Shiba Inu (SHIB) is a medium of exchange, a digital currency and alternative payment to fiat currencies, much like Bitcoin, Dogecoin, XRP, and several other cryptocurrencies.

The Shiba Inu economy has three tokens:

Shiba Inu (SHIB) is the starting currency of the project. Starting with one quadrillion (1,000 trillion), Ryoshi placed 50% in Uniswap (for liquidity) and gave another 50% to Ethereum co-founder Vitalik Buterin.

In May 2022, Buterin contributed approximately 50 trillion Shiba Inu tokens, worth over $1 billion at the time, to an Indian COVID-19 relief fund.

Soon after, Buterin “burned” (or withdrawn from circulation) 40% of Shiba Inu's entire supply to a “dead wallet.” The next token refers to Leash (LEASH), with a supply of 107,646 tokens, compared to the billions of Shiba Inu crypto coins. 

Bone (BONE): Bone has a circulation supply of 250,000,000, which is between the other two tokens. With this governance token, the SHIBARMY can vote on future proposals.

ShibaSwap: ShibaSwap's goal is to provide a decentralized, secure environment to trade cryptocurrencies. The native exchange of Shiba Inu is highly recommended for users to buy and sell their tokens.

Shiba Inu Incubator seeks to celebrate originality and inventiveness beyond popular creative mediums like painting, photography, and digital depiction. Shiboshis refers to the unique 10,000 Shiba Inu-generated non-fungible coins (NFTs) published on the Ethereum network.

In line with the dog concept, the Shiba Inu woof paper (the white paper of Shiba Inu) describes how Shiba Inu tokens might be used to create returns. “Dig” (offer liquidity), “bury” (stake coins), and even “fetch” (swapping one token for another via crypto exchanges).

The woof paper states that these tactics create “Woof” returns, which are paid in Bone coins that are subsequently dispersed to “Puppy Pools.”

 

What is the future potential for Shiba Inu?

In May, the Shiba token spiked 2,405% in three days to $0.0000388 on 10 May, triggered by Elon Musk's appearance on Saturday Night Live. Following weeks of hype, his arrival caused a sell-off in DOGE tokens as Musk described it as merely a “hustle.”

On October 4, Elon Musk posted a picture of his Shiba Inu puppy in a Tesla, reigniting interest in the currency. Then Musk acknowledged he did not own any bitcoin, and it fell 7%.

On November 29, Newegg announced that it would take SHIB as payment. It previously accepted BTC, LTC, and DOGE. SHIB's future depends on finding a usage that leads to broad acceptance.

The coin's future will also be determined by market activity. With so many new coins coming out, a new meme coin could emerge and attract investors.

 

Price analysis on Shiba Inu

Shiba Inu was initially launched in 2020, and its price analysis over the past few months are as follows:

 

  August September October November December to date
SHIB Price High $0.00000905 $0.00000858 $0.00008 $0.0000716 $0.0000442
SHIB Price Low $0.00000631 $0.00000604 $0.00000769 $0.0000384 $0.0000307
Market Cap $3.57B $3.39B $41.08B $39.35B $24.28B

 

Price prediction on Shiba Inu

The short-term outlook on SHIB is currently considered strong, with 22 indicators producing bullish indications to three negative signs.

Some analysts believe the SHIB bitcoin price forecast is an “amazing” long term investment. The algorithm predicts SHIB will trade for $0.000261 by the end of 2025, up from $0.00032 at the start of 2022.

 

Which wallets are the best option for storing Shiba Inu?

Shiba Inu (SHIB) is an Ethereum-based token (ERC20). Any wallet that can store and utilize Ethereum-based tokens will likewise be able to store and use SHIB.

A SHIB digital or physical wallet is any wallet hardware or software that allows the storage and usage of SHIB tokens on the Ethereum blockchain.

 The best digital currency wallets to send, receive, and store SHIB are:

  1. Ellipal Titan
  2. Exodus Wallet
  3. Trust Wallet
  4. MetaMask
  5. Ledger Nano S

 

1. Ellipal Titan: Ellipal develops hardware wallets that are optimized for mobile usage, letting users access their funds without the necessity of a computer.

Users of the wallet must download the Ellipal mobile application on their phone since the wallet is air-gapped, which means it is separated from the internet and other systems.

 

2. Exodus Wallet: Because Exodus is a cryptocurrency wallet for digital currencies, it accepts only cryptocurrencies. It has an internal exchange mechanism, which is advantageous for quickly exchanging coins.

However, no fiat currencies (euros, dollars) may be transferred to or exchanged for Exodus fiat. As a result, you must utilize an exchange platform to do this.

Exodus wallets made their debut in the cryptocurrency world in 2015, and their foundation is dedicated to storing digital currencies and other important characteristics.

 

3. Trust Wallet: Trust wallet is by far the most secure wallet available on the app store, supporting a wide variety of bitcoin and tokens. The feature that people appreciate most about this app above others is the UI and biometric security features.

 

4. MetaMask: MetaMask is a cryptocurrency wallet and browser plugin for Chrome, Brave, Edge, and Firefox web browsers. It lets users securely store Ethereum and Ethereum-based ERC-20 tokens. Additionally, MetaMask enables users to communicate with DApps.

 

5. Ledger Nano S: With Ledger and third-party apps natively supporting 23 cryptocurrencies, investors may store well over 1,100 coins and coins on the Ledger Nano S, including Ethereum, Dogecoin, and Litecoin, among others.

It ensures maximum security using a security chip and a proprietary operating system, and it enables investors to control their private keys while receiving support from the industry's leading brand.

 

Where can you buy Shiba Inu?

SHIB can be bought, sold, and exchanged on the following crypto exchange trading platforms.

  1. Gemini
  2. Huobi Global
  3. FTX Exchange
  4. Coinbase Pro
  5. KuCoin

 

1. Gemini: Gemini is a centralized crypto exchange and trading platform that allows traders to trade a broad range of cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Zcash.

They also have a proprietary, stable coin, called the Gemini Dollar, which is available for purchase on the exchange. Traders may also make use of trading materials and tools offered by the exchange, useful to both beginner traders and professional investors.

 

PROS  CONS
There are powerful trading platforms offered by the exchange A limited selection of coins that can be traded
There are extensive educational resources available Limited funding options available
There is a range of advanced trading tools offered  

 

2. Huobi Global: The Huobi Group is developing blockchain-based technology and real-world blockchain applications with Argentina, Russia, Thailand, Nigeria, and many other countries along the “Belt and Road.”

Founded in 2013, Huobi Global Limited (Huobi) is a prominent supplier of blockchain services. There are over 234 cryptocurrencies to choose from, all of which may be traded on the company's trading platforms.

 

PROS CONS
There is a choice between different trading platforms across devices Only offer crypto trading, no stock trading, CFD trading, or forex trading
The exchange has a low minimum investment requirement of $50 The platform does not accept clients from the United States
There is a decent selection of educational materials offered Unregulated
Traders can expect dedicated customer support available 24/7  
There is a selection of crypto assets to choose from  

 

3. FTX Exchange: Established in 2018, FTX is an online financial services provider established by a physics graduate who is also a specialist trader for Jane Street Capital's international ETF desk.

FTX Exchange offers clients innovative in-house trading software and a comprehensive assortment of instructional tools. Traders may contact a qualified customer support staff.

 

PROS  CONS
The exchange offers a powerful proprietary trading platform suited to both beginners and expert traders Unregulated
There are several useful trading tools offered There are limited non-crypto assets
Traders can choose from several helpful educational resources United States clients are not accepted
There are many crypto instruments to choose from  

 

4. Coinbase Pro: To trade, Coinbase Pro has over 130 assets accessible, minimal fees for big volume transactions, and an intuitive interface. Users also have access to industry-leading crypto security measures.

Coinbase Pro's extensive crypto-asset selection and complex order types may appeal to seasoned traders, but beginners may find it too complicated.

 

PROS CONS
The exchange's interface is extremely user-friendly Support can be slow
The platform is known for its low fees on higher trading volumes Not suitable for beginners
There are robust security features employed  
There is no shortage of advanced trading features provided  

 

5. KuCoin: KuCoin, founded in 2017 in Hong Kong, is a globally recognised and renowned cryptocurrency exchange. KuCoin is an online cryptocurrency exchange that allows users to trade Bitcoin, Ethereum, Litecoin, Ripple, KuCoin (KCS), and other cryptocurrencies via the KuCoin trading platform.

 

PROS CONS
The trading platforms are powerful and extremely intuitive Unregulated
There is 24/7 customer support offered US clients are not accepted
There is a range of digital assets that can be traded online  

You can buy Shiba Inu safely from these cryptocurrency platforms.

Does Shiba Inu use coin burns?

In celebration of the world's first crypto-based musical label, Bigger Entertainment, 239 million Shiba Inu (SHIB) coins worth around $9,000 were burnt this past Christmas. The SHIB burn was transmitted live to the Shiba Army.

The deflationary currency must burn a lot of coins to catch up with the inflationary meme coin leader Dogecoin, which has 132 billion tokens in circulation.

 

What is Shiba Inu’s largest Competitor?

Dogecoin is the largest competitor of Shiba Inu.

Shiba Inu and Dogecoin have many similarities. Both cryptocurrencies are presently only used as currencies and investment vehicles, not as part of a blockchain service network like Ethereum, Solana, and Cardano's tokens.

These two crypto-fads began as parodies of the cryptocurrency mania, and both have soared in value owing to meme power and speculative investment fever. Both tokens feature the Shiba Inu dog as a mascot.

But there are some noteworthy differences. Shiba Inu, like Dogecoin, is an ERC-20 token based on the Ethereum platform. Due to Shiba Inu's Ethereum link, the coin may potentially support smart contracts.

The two cryptocurrencies' strategies to mining and coin supply are also distinct. Unlike Dogecoin, Shiba Inu actively deflates by burning and removing tokens from circulation.

While SHIB has a larger total token count, the burning feature may help it outperform DOGE. Shiba Inu looks to be in an early stage of adoption, as it is not yet listed on Robinhood Markets.

If SHIB is added to the Robinhood platform next year, it may significantly boost the token's value. SHIB seems to be gaining ground as a possible metaverse token.

 

What is the Staking Process involved with Shiba Inu?

Shiba Inu is built on Ethereum, which is presently using a Proof of Work consensus system but is in the process of transitioning to a Proof of Stake consensus mechanism.

However, since the complete quantity of SHIB was coined at the time of the project's inception, the token cannot be mined. SHIB staking will be introduced with the introduction of the ShibaSwap exchange.

SHIB holders could stake (Bury) their SHIB in exchange for xSHIB, which will represent their original SHIB, and any staking rewards earned, both of which will be paid out in the soon-to-be-launched BONE token, as well as 0.3%of all ETH swap transaction costs on the exchange.

 

Is Shiba Inu a Good Investment?

It may seem lucrative considering its market capitalization, but its worth is entirely speculative. Bearing this in mind, it would be prudent not to invest an excessive amount of money in SHIB.

While the Shiba Inu cryptocurrency may help investors make quick money, it is not considered a good long-term investment.

 

What is the supply and distribution of Shiba Inu?

According to the SHIBA INU website, they secured 50% of the cumulative token availability on Uniswap and “threw away the keys!” The remaining 50% was “burned away” to Vitalik Buterin.

In response to the “gift” from the Shiba Inu project, Vitalik Buterin contributed 50 trillion SHIB tokens to India's Covid Crypto Relief Fund, which was valued at around $1 billion at the time. Buterin then transferred 40% of the available quantity to a defunct wallet.

LEASH has a set quantity of 107,646 tokens and provides attractive incentives to liquidity providers, while BONE has a fixed supply of 250,000,000 tokens and is a governance token that enables holders to vote on the Shiba Inu's Doggy decentralized autonomous organization (DAO).

According to the Woofpaper, users can use SHIB to DIG for BONES, ShibaSwap, or even BURY their tokens. “Trainers” may also train their SHIB to SWAP tokens — all these acts generate “Returns” that are deposited in the Puppy Pools, from which the #SHIBARMY can BURY or DIGG for BONES.

In addition to this, on Christmas 2022, 239 million SHIB (worth $9,000) were burnt.

 

Is Shiba Inu a viable Alternative Coin?

Yes, Shiba Inu is a good altcoin.

  • Traceability – transactions are recorded on a public ledger, but the true identities and the location of users are not disclosed.
  • Hacking – The Shiba Inu blockchain has not experienced a successful hacking attempt.
  • Security – Shiba Inu works according to a Proof of Stake consensus mechanism, which is extremely lightweight and secure.
  • Potential Investment – SHIB is a viable short-term investment
  • Popularity – Shiba Inu is one of the most popular meme coins right now

Any cryptocurrency that isn't Bitcoin is referred to as an altcoin.

What are the differences between Shiba Inu And Bitcoin?

Shiba Inu is a Dodge coin clone. SHIB is based on Ethereum, making it more flexible than Bitcoin. It also established ShibaSwap, its proprietary DEX. SHIB rewards DEX users.

This tool can sell ERC 20 tokens in bulk. Bitcoin is the world's most popular and original cryptocurrency. It has ruled the market since Satoshi Nakamoto published his white paper in 2009.

Bitcoin popularized blockchain. Bitcoin aspired to establish a secure decentralized payment system that did not need a third party.

Some of the largest differences between SHIB and BTC are:

  • Bitcoin is still the #1 cryptocurrency in the crypto world, while Shiba Inu has steadily grown more popular.
  • Bitcoin's blocks take 10 minutes to generate, while Shiba Inu generates blocks every 15 seconds.
  • Bitcoin is still struggling with speed and scalability, while Shiba Inu is fast enough to be used for everyday purchases.
  • Bitcoin is deflationary, and it becomes more valuable as its supply diminishes. Shiba Inu is inflationary, and while Shiba Inu developers outlined that there would only be one quadrillion, its circulating supply is only on a trillion.

 

  Bitcoin Shiba Inu
Price change 20/21 +400% +100,000%
Market Cap $800 Billion+ $18.4 Billion+
Past Hacks None None
Popularity Very High Very High
Altcoin Rank #1 – Original Crypto #13

 

What are the differences between Shiba Inu and Ethereum?

  • Ethereum is the second-largest cryptocurrency by market capitalization.
  • Shiba Inu has the most admirers online of any token.
  • Shiba Inu needs Ethereum to succeed, but not the other way around. With a market worth of about $500 billion, Ethereum is the second-largest cryptocurrency. Despite recent weakness, it is climbed over 800% in a year.

 

In July 2015, Ethereum was introduced to the world. It has also become the preferred blockchain for decentralized financial (DeFi) applications.

Ethereum apps employ smart contracts that run automatically when certain conditions are satisfied. The contract's parties do not have to meet.

Many investors favour Shiba Inu because of its momentum. But there are additional reasons to acquire Shiba Inu. One that jumps out is the SHIBARMY, a powerful group of supporters. A huge and dedicated fan following may make or break a cryptocurrency.

Shiba Inu runs on Ethereum. Ryoshi, the inventor of Shiba Inu, chose Ethereum because it is “safe and well-established” and allows for decentralization.

 

  Ethereum Shiba Inu
Price change 20/21 +880% +100,000%
Market Cap $460 Billion+ $18.4 Billion+
Past Hacks None None
Popularity Very High Very High
Altcoin Rank #2 #13

 

What are the differences between Shiba Inu and Dogecoin?

Dogecoin uses the same blockchain like Bitcoin. Each uses proof-of-work consensus to verify network transactions. However, Dogecoin transactions are quicker and cheaper than Bitcoin transactions, making them a better option for everyday payments.

Shiba Inu is an Ethereum token and can use Ethereum smart contracts to create decentralized financial products. Shiba Inu has launched Shiboshis, a collection of 10,000 NFTs named after its mascot.

ShibaSwap allows investors to bet Shiba Inu coins for big profits. However, this may cause token inflation, lowering the token's value. The platform has no clear advantages over competitors.

 

  Dogecoin Shiba Inu
Price change 20/21 +7,300% +100,000%
Market Cap $22 Billion+ $18.4 Billion+
Past Hacks None None
Popularity High Very High
Altcoin Rank #12 #13

 

What are the differences between Shiba Inu and NEO?

NEO has a much lower market capitalization and popularity even though it has been around for much longer. While NEO has distinct DApp, Smart Contract and DeFi capabilities and potential, SHIB is currently in the top 20 of the altcoin list because of several factors, including the hype it receives from influencers such as Elon Musk.

NEO still has a chance to participate in a digital future where more industries have started relying on blockchain technology.

 

  NEO Shiba Inu
Price change 20/21 +160% +100,000%
Market Cap $1.70 Billion+ $18.4 Billion+
Past Hacks None None
Popularity Medium Very High
Altcoin Rank #69 #13

 

What are the differences between Shiba Inu and NFTs?

Nonfungible tokens (NFTs) are digital assets that each have a unique value, with no two NFTs holding the same characteristics or value as another. Shiba Inu, on the other hand, is fungible, which means that one SHIB has the same value and characteristics as another SHIB.

Shiba Inu has introduced Shiboshis, a collection of 10,000 NFTs with the cryptocurrency project's mascot's name.

 

What are the differences between Shiba Inu and Solana?

While Shiba Inu outperformed Solana in 2022, their market capitalizations indicate a different tale. The SHIB token is worth around $18 billion, whereas the SOL token is worth $54 billion.

The potential of new meme tokens harming SHIB's price is real, but Solana's application-focused network confronts competition.

SHIB's lower market cap may let it record more explosive gains if the crypto market recovers from recent instability and enters another strong bullish phase. Shiba Inu is down 60% from its peak, while Solana has decreased by 40%.

Increasing acceptance and long-term prospects for Solana's network application-building features have certainly helped its SOL token grow this year, but speculative investor activity may have played an even greater impact.

Also, bear in mind that most users trading or owning SOL tokens have never engaged with the blockchain-based network's app construction or execution services.

The Shiba Inu token's basic value case may be weaker since it is not supported by such an application services network as Solana's SOL token.

 

  Solana Shiba Inu
Price change 20/21 +9,300% +100,000%
Market Cap $54 Billion+ $18.4 Billion+
Past Hacks None None
Popularity Very High Very High
Altcoin Rank #5 #13