What is Shib?
Description
Shiba Inu (SHIB) ecosystem includes several assets, there is a ShibSwap exchange and Shiba Metaverse (link to Ilon Musk). You can buy SHIB on leading cryptocurrency exchanges without problems.
There is a specific asset class in the cryptocurrency market - meme-coins. They have a lot of support from their communities. One of the most famous such currencies is Shiba Inu. So, if we answer the question: What Is Shiba Inu, we can also say that it is the second most capitalized asset, after DOGE.
History of Shiba Inu
In the late summer of 2020, another Shiba Inu meme coin was introduced to the virtual asset market. It had the name Dogecoin Killer. At its core, the coin is a decentralized ecosystem that includes several functions:
- Asset exchange.
- Activity with NFTs.
- Passive income, etc.
Who created Shiba Inu cryptocurrency?
There is no reliable data on who created Shiba Inu cryptocurrency. It is commonly believed that its creator is some entity using the pseudonym Ryochi. However, it remains unknown who this person is or if several people are hiding under a pseudonym.
According to unconfirmed information, an influential person was involved in the project. Allegedly, there was a meeting with him three years ago at the Ethereum DevCon conference. This subject is probably Vitalik Buterin himself. It was agreed with him at the time that the tokens would be burned after the transfer.
After the cryptocurrency appeared on the market, about fifty percent of the tokens were sent to liquidity pools. They are not disposed of by the development team. And the remaining fifty percent was sent to Vitalik Buterin for his wallet.
Of these, 90 percent were later burned by Buterin, which is circumstantial evidence that he was involved in the creation of this project. The remaining ten percent was transferred to the Indian authorities to fight the coronavirus infection.
What makes Shiba Inu cryptocurrency unique
The digital asset is unique because only the community fully manages the protocol. The developers don't have a single token. They have no special rights, everyone in the community has equal rights. In this way, the community is truly decentralized, embodying the true meaning of this concept in its entirety.
The developers created the Amazon Smile campaign to help save Shiba dogs and an association to save the breed. The cryptocurrency Shiba Inu is based on the Ethereum blockchain, and Shiba is an ERC-20 token. Ethereum blockchain was chosen because it is the most suitable for developing decentralized platforms.
The uniqueness of cryptocurrency lies in the fact that no fundamental factors could support its growth. Everything is based on the support of many fans of Shiba Inu. It is so powerful that it allows the asset to be in demand until now, unlike many other meme-coins.
What is Shiba Inu's meaning? Creating a truly decentralized project supported solely by its community and not by government institutions is possible. However, the Shiba meaning could have another meaning in that it showed that meme-coins could be in demand on a global scale.
The community believes that SHIB can compete with Bitcoin itself in terms of popularity, the halving of which took place two years ago.
Shiba Inu ecosystem
The ecosystem includes several coins. The main one, of course, is Shiba Inu (SHIB) itself. This is the main component of the Shiba Swap exchange, which refers to decentralized platforms.
Also included in the system are tokens such as:
- Bone (BONE).
- LEASH.
On SnibaSwap, users can earn (dig out) BONE, "bury" assets (liquidity supply), and exchange some tokens for others. Whenever SHIB takes part in the process of "digging up", "burying" or exchanging, Returns and assets are created. They are distributed to customer reward pools. Some pools realize the right to triple returns.
There are currently 107,647 LEACH coins in circulation. Of the 250 million BONE coins issued, just over six million are in circulation. BONE is a control token. It is used to vote for ShibArmy proposals. The more coins a user has, the more valuable and weighty his vote is.
In addition to these tokens, the platform also includes an incubator. It is supposed to help artists promote their creativity, connecting everyone involved in the creation of creative content together.
There are also Shiboshi NFTs on the platform, which are available on the Ethereum blockchain. Each Shiboshi has its own exclusive characteristics.
How does Shiba Inu work?
The cryptocurrency functions on the Ethereum blockchain. The PoS algorithm is used. All coins are issued in the amount of 1 quadrillion. Since PoS is involved here, it is not possible to mine the cryptocurrency. However, it is possible to earn through the stacking mechanism, holding tokens in the network to ensure liquidity and confirm transactions.
It is worth noting that for many critics of Shiba Inu, it was a surprise that the Shiba Swap exchange was launched. It strengthened the coin's position in the market and showed that SHIB would not share the fate of many other meme coins. The exchange launched last year and has several sections.
In particular, the SWAP section allows tokens to be exchanged on the Ethereum network. Through the DIG section, one can add coins to liquidity pools, when funds are deposited, the user receives LP tokens. Using the BURY section, you can stack all three tokens in the system. The BONEFOLO section has all the relevant data about how the platform works, its performance, liquidity volumes, etc.
How can you buy Shiba Inu tokens?
The asset can be purchased on leading cryptocurrency exchanges where SHIB is listed. These exchanges are Binance, OKX, Huobi, and others. Of course, SHIB is also available for trading on our EXEX platform, where we guarantee transaction security.
Users can also take advantage of exchange services such as Matbea and others.
Can I make passive income with Shiba Inu? Can I use Shiba Inu as a source of passive income? Yes, you can do it on decentralized and centralized exchanges. There is an option of passive income through staking.
What is the future of SHIB cryptocurrency?
Unlike many meme coins, the Shiba Inu ecosystem continues to evolve. This year, the development team began promoting its own Metaverse. Metaverse SHIB allows buying virtual pieces of land for SHIB and LEASH tokens.
Now, the project representatives are actively negotiating with the developers of other Metaverse to include Shiba Inu in their infrastructure. In addition, it is already possible to pay for goods on famous marketplaces like eBay and Amazon with SHIB, not only for cash dollars.
It is unclear how the project relates to Ilon Musk, but he periodically mentions cryptocurrency in his tweets.
Conclusion
What is the prognosis for the future of this popular asset? Judging by its actions, the team wants to make SHIB the most sustainable in its class. Otherwise, it wouldn't have created a decentralized exchange and Metaverse. Doing so shows that Shiba Inu has already transcended meme-coins and should be considered a sought-after cryptocurrency in the global market.
How valuable it will be in the short and medium term will largely depend on what support the community continues to provide and how the overall situation in the crypto market develops.
The community and the developers themselves are convinced that SHIB's value will continue to grow, as will its scope of application in the digital economy. Most likely, Shiba Inu has avoided the unfortunate fate of many meme-coins that joined the so-called shikkoyens, and it will continue strengthening its position.
