Shiba Inu (SHIB) - Coin of the Week
Shiba Inu (SHIB) is a MEME token that has garnered widespread interest from the blockchain investment community. Often viewed as a variant of Dogecoin due to its inspiration from the Shiba Inu dog breed, both projects were created with a lighthearted approach.
However, there are significant technical differences between the two projects. Shiba Inu’s anonymous development team has dubbed their platform an “experiment in decentralized spontaneous community building.” They have marketed the project as a viable alternative to Dogecoin and even branded their token as the “Dogecoin killer.
History of Shiba Inu (SHIB)
Shiba Inu (SHIB) is a relatively new cryptocurrency, launched in August 2020. It was created by an anonymous team of developers who were inspired by the popularity of the Shiba Inu meme and the success of other cryptocurrencies such as Dogecoin.
The lead developer goes by the name Ryoshi. According to his own posts, Ryoshi did not pre-mine and does not hold any Shiba Inu. Uniquely, the token was launched through a Uniswap IEO. The developers locked 50% of the project’s liquidity in the Uniswap pool. An IEO (Initial Exchange Offering) is a fundraising method in which a new cryptocurrency is sold directly on an exchange platform to investors through a listing and sales process coordinated by the platform.
In its first few months after launch, SHIB had a low value, but in April 2021 it began to rise significantly in value, largely due to increased interest from investors in the cryptocurrency world. During that time, SHIB was included on a list of recommended investments by Elon Musk.
In general, SHIB is considered a high-risk cryptocurrency and investors should be cautious of these fluctuations and do their own research before deciding to invest in this MEME token. These types of cryptocurrencies are much more susceptible to FOMO influences due to the generalized increase in general interest in the token.
How does Shiba Inu work?
Shiba Inu is a digital asset that runs on the Ethereum blockchain, which is a decentralized network that enables peer-to-peer transactions without intermediaries. This means that users can send and receive payments directly, without the need for a third party such as a bank.
As a cryptocurrency, Shiba Inu is unique in that it has a high circulating supply of coins, with a relatively low individual value. This can make it an attractive investment option for individuals who are looking for an affordable entry point into the cryptocurrency market.
Shiba Inu is based on a smart contract system, which is a self-executing code that enables the automation of transactions and the verification of their execution. This means that the process of sending and receiving coins can be completed without human intervention, and all transactions are recorded on a public ledger that is transparent and accessible to all users.
As a result of its decentralized nature and smart contract system, Shiba Inu offers several advantages over traditional payment methods, such as faster transaction speeds, lower transaction fees, and increased security.
Shiba Inu (SHIB) advantages
The Shiba Inu ecosystem supports an NFT art incubator and a decentralized exchange called Shibaswap. Overall, SHIB provides a robust and secure platform for the transfer and storage of digital value, with the potential for integration into various DeFi and NFT applications, and with a future plan to improve efficiency through the Shibarium project.
Learn more about the applicability, scalability, and security of Shiba Inu, as well as the future plans of the project and how to acquire the coin and at what price, on the dedicated Shiba Inu page.
Shiba Inu in 2023
New data shows that over one million transactions have already been made on Puppynet, the testnet for Shiba Inu’s highly anticipated layer-2 scaling solution called Shibarium. According to the blockchain scanner Blockscout, 1,076,331 transactions have taken place on the Shibarium testnet since its beta launch at the end of March 2023.
Shiba Inu in numbers
As of April 2023, this is what the figures for Shiba Inu look like:
Market Cap Shiba Inu: 6.1 billions EURO
Shiba Inu price (4 April 23): 0.00001045 EURO
24h Volume: 529 billions EURO
Shiba Inu Community
The latest news about Shiba Inu (SHIB)
April 4th, 2023 - SHIB rises over 15% after Doge replaces Twitter logo.
As a Meme Coin, Shiba Inu is primarily affected by press coverage and the effect that sensational news and actions have on the community. Thus, one of the most important events of 2023 for SHIB was the effect on its price when Elon Musk changed the Twitter logo to an image displaying the Doge dog (April 4th, 2023). The connection between Shiba Inu and Doge Coin is evident, with both tokens being inspired by dogs, and the effect was immediate on both trading volume and price.
How to buy Shiba Inu (SHIB)
Using radesilvania platform, you can buy and sell SHIB or other types of cryptocurrencies such as Ethereum (ETH), Bitcoin (BTC), MultiversX (EGLD) and Solana (SOL).
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Learn more about Shiba Inu (SHIB) on Tradesilvania.com dedicated page.