Shiba Inu

Shiba Inu

SHIB
$0.00001851
3.03%
$0.00001731

24H Price

$0.00001893


About Shiba Inu

The Shiba Inu price is $0.00001851, a change of 3.03% over the past 24 hours as of 10:28 a.m. The recent price action in Shiba Inu left the tokens market capitalization at $10.91B. So far this year, Shiba Inu has a change of 80.31%. Shiba Inu is classified as a Currency under CoinDesks Digital Asset Classification Standard (DACS).

The shiba inu coin, or SHIB, is an ERC-20 token that fuels the Shiba ecosystem. Comprising three separate tokens – SHIB, BONE and LEASH – that users can stake, swap or deposit into liquidity pools on the ShibaSwap decentralized exchange to earn interest and rewards.

Shiba inu is generally perceived as a meme currency similar to other dog-themed cryptocurrencies such as dogecoin and has a similarly viral following of more than 1.2 million people on Twitter. SHIB’s price often makes news headlines, as it routinely notches tremendous gains and endures equally steep losses.

SHIB Price

SHIB had an initial total supply of 1 quadrillion, or 1,000,000,000,000,000 tokens. In May 2021, however, the pseudonymous creator of SHIB known as “Ryoshi” sent half of the total supply to Vitalik Buterin, one of the co-founders of the Ethereum blockchain who burned 90% of his tokens right away, meaning he permanently removed them from circulation. Buterin donated the remaining 10% to charity.

There is no burning or halving mechanism in place to reduce the supply of SHIB further.

SHIB has been one of the most volatile crypto assets in 2021. It started around May 11, when SHIB price rose 1,953% to $0.00003532 from $0.00000172, although it plummeted quickly to $0.00000793 in the next three weeks.

After months of sideways trading, SHIB rose sharply on Oct. 2, 2021, from $0.00000766 to $0.00002913 by Oct. 13. Two weeks later, SHIB recorded its current all-time high of $0.000089 on Oct. 28, although the market has since corrected again.

The market momentum affecting shiba inu can mainly be attributed to Tesla CEO Elon Musk, who was also responsible for dogecoin’s massive price surge. Musk’s interest in dogecoin creates the market’s excitement for SHIB. Musk even got a Shiba Inu puppy, named Floki Frunkpuppy, triggering another market surge.

How does Shiba Inu coin work?

Most meme currencies offer no utility whatsoever. Shiba inu, however, has a community-driven rescue campaign for Shiba Inu dogs and an ecosystem of products and services, including a decentralized exchange named ShibaSwap. The peer-to-peer trading platform lets users trade SHIB to and from other cryptocurrencies. Users can also provide liquidity and stake the ecosystem’s three tokens (deposit them into a smart contract) to earn interest.

The BONE token is a governance token with a total supply of 250 million. BONE holders can propose and vote on changes to the Shiba protocol through the Doggy DAO, which stands for decentralized autonomous organization and refers to an organization managed by computer-based rules instead of a single controlling member. In addition, BONE is used to reward liquidity providers on ShibaSwap’s platform.

LEASH, or “Doge Killer”, was originally a rebase token pegged to dogecoin, where its supply was automatically adjusted by the protocol to keep its price in line with doge at a ratio of 1:1000. That is no longer the case today as the rebasing algorithm was removed, meaning LEASH now acts as a store of value coin in the Shiba ecosystem with a limited supply of just 107,647 coins.

The ShibaSwap decentralized exchange offers several functions, including:

  • Providing a liquidity pool (Dig)
  • Cashing out liquidity pool tokens and redeeming BONE rewards (Woof)
  • Staking SHIB, LEASH and BONE or one or two of the tokens to receive BONE tokens (Bury)
  • Swapping between multiple assets (Swap)
  • Analytics dashboard to track interest rates and yield returns (Bonefolio)
  • Shiboshi NFTs: 10,000 unique pixelated images of cartoon Shiba Inu non-fungible tokens.

What is Shibarium and how does it relate to Shiba Inu coin?

Shibarium is a layer-2 (L2) blockchain network built on Ethereum for the Shiba Inu ecosystem. It is designed to be low-cost and efficient, with a focus on burning SHIB tokens in the process.

Shibarium is still under development, but there have been a number of recent updates. In February 2023, the Shiba Inu team provided a year-in-review update on Shibarium, detailing the progress made and the challenges faced. In May 2023, the team announced that they had completed the testnet for Shibarium and were moving on to the development of the mainnet.

The most recent update on Shibarium came on July 20, 2023, when Shytoshi Kusama, the lead developer of the Shiba Inu ecosystem, announced that the mainnet launch of Shibarium is scheduled to take place at the Blockchain Futurist Conference in Toronto, Canada on August 13-17, 2023.

The launch of Shibarium is seen as a major milestone for the Shiba Inu ecosystem. It is expected to reduce the cost of transactions on the Shiba Inu network, make it easier to build decentralized applications (dApps) on the network, and attract new users to the ecosystem.

How is Shiba Inu coin related to Dogecoin?

Shiba Inu Coin (SHIB) and Dogecoin (DOGE) are cryptocurrencies inspired by the Shiba Inu dog meme. Dogecoin, founded in 2013, started as a satirical nod to crypto frenzies. Shiba Inu Coin has broadened its ecosystem with supplementary tokens and a decentralized exchange named ShibaSwap. Both undergo notable price fluctuations, frequently driven by social media and celebrity endorsements. Although both originate from lighthearted concepts, their tokenomics and objectives differ, emphasizing the importance of thorough research for potential investors

How to buy Shiba Inu coin

Buying Shiba Inu coin, like any other cryptocurrency, requires careful consideration and adherence to some safety protocols. First, you need to choose a reputable exchange platform that supports Shiba Inu. Research and select a platform that is recognized for its security measures and complies with relevant regulations. Next, set up a secure wallet, preferably a hardware wallet, which will allow you to store your Shiba Inu coins offline, adding an extra layer of protection. When buying SHIB, make sure to use a secure internet connection, and be wary of phishing scams or fake websites that might attempt to steal your personal information. Lastly, always enable two-factor authentication (2FA) on both your exchange and wallet, which provides an additional security layer, ensuring that only you can access your investment. By following these guidelines, you can mitigate risks and purchase Shiba Inu coin safely.

Risks of owning Shiba Inu coin

  1. Volatility: Cryptocurrencies in general are known for their price volatility, and meme coins like SHIB can be especially volatile. Prices can swing dramatically in short periods, leading to significant gains or losses.
  2. Speculative Nature: Meme coins, in particular, are often driven more by speculation than by fundamentals. This means that external factors, such as social media hype or endorsements by celebrities, can cause rapid price fluctuations.
  3. Regulatory Risks: Governments and regulatory bodies around the world have different approaches to cryptocurrency. Some have taken steps to ban or heavily regulate them. Changes in regulatory stances can impact the price and accessibility of SHIB and other cryptocurrencies.

Management

The shiba inu coin was launched in August 2020 by the mysterious creator(s), known as Ryoshi. Shiba Inu has no backing from venture capital firms, only retail and institutional investors.



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