What is Shiba Inu (SHIB) and How Does It Work?

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Ever since Dogecoin rose to fame as one of the first meme coins, there has been no shortage of Dogecoin competitors trying to claim their share of the spotlight. One such coin is Shiba Inu, lovingly nicknamed the “Dogecoin killer“. But is Shiba Inu just another meme coin, or does it have genuine potential? Let’s take a deeper look.

What is the purpose of Shiba Inu (SHIB) coin?

Shiba inu shib token

Shiba Inu was created in August 2020 by an anonymous developer known as Ryoshi with the aim of being “an experiment in decentralized spontaneous community building.” Ryoshi noted that Dogecoin had limitations by running on its own blockchain, and envisioned Shiba Inu as an Ethereum-based alternative that could tap into the powerful Ethereum ecosystem.

By building on Ethereum, Shiba Inu tokens are able to interact with decentralized applications (dApps) and participate in activities like yield farming and liquidity providing. This expanded functionality beyond what Dogecoin offers has certainly contributed to Shiba Inu’s rapid rise.

How does Shiba Inu (SHIB) crypto work?

Like Dogecoin, Shiba Inu has an initial circulating supply of one quadrillion tokens. Half were provided as liquidity on Uniswap while the other half went to Ethereum co-founder Vitalik Buterin. This helped kickstart trading and boost credibility by having a well-known figure hold a portion.

Since then, the Shiba Inu ecosystem has expanded to include additional tokens like LEASH and BONE. LEASH is scarce at only 100,000 tokens while BONE acts as a governance token. The crown jewel though is ShibaSwap, a decentralized exchange that lets users swap, provide liquidity and even earn interest by staking their tokens – all powered by the Ethereum blockchain.

Does Shiba Inu (SHIB) token have a future?

Shiba inu shib future

With a dedicated community called the SHIB Army constantly promoting the coin on social media, Shiba Inu gained a tremendous following and popularity alongside Dogecoin in 2021. Its price skyrocketed over 10,000% at its peak! This massive rally was certainly fueled in part by speculation after tweets from influencers like Elon Musk hinting at the coin.

However, Shiba Inu’s future remains uncertain. While its experiment with community self-governance through the SHIB token is unique, the coin still lacks serious use cases or scarcity compared to cryptocurrencies aiming to be long term stores of value. Much depends on how the team further develops the ecosystem and whether real world adoption of SHIB for payments and as a currency occurs. Only time will tell if SHIB can evolve into more than just a popular meme coin.

When Shiba Inu (SHIB) coin launched?

Shiba Inu was launched on August 1, 2020 by its anonymous creator Ryoshi. Ryoshi’s goal was to establish an experiment in decentralized community building, done without a pre-existing team or reserves. Ever since, the passionate SHIB Army community has helped propel Shiba Inu’s growth at a rapid pace.

Is Shiba Inu (SHIB) crypto a scam?

Shiba inu shib crypto

While many doubted Shiba Inu in its early days given its odd supply, antics of Ryoshi or lack of transparency, it’s hard to deny Shiba Inu is a real project at this point. With over 1 million holders, listings on major exchanges and an expanding dedicated team, it’s disingenuous to call Shiba Inu an outright scam. However, significant risk remains given its heavy reliance on speculation. Do careful research before investing.

Is it safe to invest in Shiba Inu (SHIB) token?

As with any cryptocurrency, there are inherent risks involved with investing in Shiba Inu due to price volatility. However, if purchasing small amounts from regulated exchanges like Coinbase for long-term holding, the risks are managed. Invest only what you can afford to lose and don’t chase pumps fueled by influencer tweets. SHIB remains a highly speculative investment without long term guarantees due to its immense supply and lack of real world use at the moment. All investments come with uncertainty.

Is Shiba Inu (SHIB) coin worth it? SHIB Price 2023

Shiba Inu shib price 2023

SHIB price predictions are all over the place given its extreme volatility. While it surged over 10,000% in 2021, it has declined sharply since. Some experts foresee SHIB reaching $0.001 or $0.01+ in the coming years if mainstream adoption accelerates. However, with over 1 quadrillion tokens in supply, SHIB would need to aggressively burn tokens to seriously challenge those lofty estimates. A more modest forecast sees SHIB trading sideways in a range of $0.00002-$0.0001 through 2025. As always, do your own research. Potential gains have to be weighed against significant downside risk with SHIB.

Where to buy Shiba Inu (SHIB) crypto?

The most popular centralized exchanges to buy SHIB include Coinbase, Binance, Bybit and OKX. For a more hands-on decentralized experience, you can also purchase SHIB directly through ShibaSwap and Uniswap by connecting your crypto wallet like MetaMask. Whichever platform you choose, be sure to meticulously follow account security best practices like enabling 2FA and using a hardware wallet for long term holding.

How to sell Shiba Inu (SHIB) token?

Shiba inu coin

To sell your SHIB holdings, simply transfer the tokens back to the centralized exchange you purchased from and place a market sell order. Exchanges will convert your SHIB to fiat currency like USD or stablecoins according to live market prices. Alternatively, some allow withdrawing proceeds directly to your linked bank account. For those using decentralized exchanges, reverse the steps used during purchase by swapping SHIB back to another cryptocurrency or stablecoin of your choice.

How to stake Shiba Inu (SHIB) coin?

SHIB holders can earn additional rewards by staking their tokens. Head over to ShibaSwap and provide liquidity by pairing SHIB in the Bone – SHIB pool. Rewards are paid out in BONE tokens which can be compounded for even greater returns. Alternatively, platforms like Crypto.com offer SHIB staking with variable APY returns. Just remember, staked funds are locked up and can’t be accessed until the end of the staking period.

How to mine Shiba Inu (SHIB) crypto?

SHIB cannot be mined like Bitcoin since it is an ERC-20 token built on Ethereum. However, thanks to EXEcrypto you can now get all the latest SHIB and crypto news delivered straight to your phone in seconds. Stay updated on price movements and new developments across the industry without wasting time searching multiple sources. Together, we can intelligently invest in the future of digital finance.

While Shiba Inu may never evolve past being a popular meme coin driven by hype, it has undeniably made great strides since its inception. By leveraging the full power of the Ethereum ecosystem, the SHIB project aims to prove naysayers wrong through continued community participation and innovation. For the adventurous investor willing to stomach high risks, keeping a small SHIB position may yield surprising future profits. Just don’t go all in without solid risk management.

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