Crypto 101: An introduction to Shiba Inu Coin (SHIB)

The rise of cryptocurrencies like Dogecoin came with another wave of dog-themed coins. Among these is the Shiba Inu (SHIB) which has a different set of features that make it promising as well. Read along and discover why it was nicknamed ‘Dogecoin Killer’. 

The rise of cryptocurrencies introduced people to its new potential as a digital asset. These assets are considered as an investment and a reliable payment method at the same time. As decentralised assets, you can also expect cheaper fees, smoother transactions, and other advantages that each coin offers. 

Aside from crypto giants such as Bitcoin (BTC) and Ethereum (ETH), there are other coins that made it big in the industry. Among these is Dogecoin (DOGE) which started as a joke, until it was noticed by billionaire Elon Musk. 

After the bullish run of the coin and its quick rise to popularity in the industry, several other dog-inspired coins followed its creation. Among these is the Shiba Inu coin (SHIB). Here are some facts you should learn more about it: 

What is Shiba Inu coin? 

What made the coin highly appealing was how it took inspiration from the same dog breed that DOGE was patterned after. To date, the creators of SHIB remain anonymous. The only thing that people know about its creator is that it was produced by a pseudonymous Ryoshi. Whether it’s a specific person or a collective, no one knows. 

Regardless of who Ryoshi is, the main objective of the Shiba Inu crypto coin is to compete against DOGE as an Ethereum-based alternative. Shiba Inu Ecosystem's decentralised exchange platform, called ShibaSwap, is where this cryptocurrency operates. With this, you have a safe place to trade your crypto. 

Its Woofpaper (whitepaper) was published in August 2020. The company's official website claims that the coin is a result of their experiment in decentralised spontaneous community building. 

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Coin supply 

The total token supply of SHIB is 1 quadrillion coins. Half of it was given to Vitalik Buterin, the co-founder of Ethereum, and the other half is locked to Uniswap, a cryptocurrency exchange. The reason why the creators did it is that they believe that SHIB will continue to thrive as long as Buterin doesn’t ‘rug’ on them. 

In May 2021, Buterin gave the Indi Fund more than 50 trillion SHIB as a COVID-19 relief fund for India. It is believed that 90% of his assets went to a burn wallet which can only receive but not sell crypto. 

How does the Shiba Inu coin work? 

SHIB is an ERC-20 token powered by Ethereum and runs on the said network as well. It can leverage smart contracts that are needed for the creation of decentralised finance products as it aims to enter the DeFi space. Once it does, it can auction non-fungible tokens (NFTs) with smart contracts and create an NFT market of its own. 

Shiba Inu has its own DEX platform called ShibaSwap which eliminates the use of third-party organisations. On this are three tokens that were each created for different purposes, including SHIB. These are: 

• SHIB → the main coin of Shiba Inu; can be used for trades and as a medium of exchange on various platforms
• LEASH → the token with the least supply (around 107,000) in the Shiba Inu Ecosystem; can be used to stake rewards from validated transactions
• BONE → has a token supply of 250 million; can be used when voting for a proposal
   

How much is Shiba Inu coin worth? 

As of writing, the current Shiba Inu crypto value is $0.00001266 which is far from reaching even 1 cent. As another popular meme coin, SHIB is not yet as valuable as the other coins in the market despite it being well-talked about. 

This means that Shiba Inu was just created for fun and not an asset to seriously rival crypto giants. Like DOGE, they do have a great potential to grow in terms of value but it’s not expected to grow by impressive margins. Regardless of how good the coin performs, it may still take a lot of time before the Shiba Inu coin crypto price reaches 1 cent. 

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How is it expected to grow? 

One of the main concerns you may have is what’s in store for Shiba coin future. Technically speaking, it will need around 1000x multiplier for the coin to reach at least a cent in terms of its value. This is possible but it may take some time and an extra push. 

In 2021, DOGE had its price soar when it was promoted by billionaire Elon Musk on his social media pages as well as his TV guestings. Though the two coins may have significant differences, it can be recalled that it was that certain situation which propelled the price of SHIB by 40%. SHIB was also recognized as the 47th largest crypto in the market even when it’s not yet super popular. 

That situation wasn’t expected even by experts who each had their fair share of Shiba Inu coin predictions. It is safe to say that the chances are slim of having it grow like the other coins or DOGE. It’s hard to eliminate the possibility of having something boost its value in the months or years to come.

How to buy Shiba Inu coin? 

You can do this by learning how to buy SHIB which can be done in a few easy steps as seen below: 

• Choose a reputable exchange platform
• Sign up for an account
• Add your preferred payment method
• Click the SHIB asset
• Input the amount you wish to buy
• Finalise the details
• Confirm the transaction
   

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Where to buy Shiba Inu coin? 

There are a lot of reputable exchanges where you can easily buy SHIB. One of these is Binance which is recognised as one of the best exchange platforms. On their spot exchange, you can choose from their two SHIB markets—SHIB/USDT (Tether) and SHIB/BUSD (Binance USD).

Aside from Binance, other crypto exchange platforms that offer SHIB are: 

• Coinbase
• Huobi
• OKX
• KuCoin
• Uniswap
   

How to store SHIB 

After successfully buying SHIB, it is important that you also learn how to store it properly. Generally, there are three major ways to store the coin—by printing it on a piece of paper, saving it on a mobile device, or by keeping it on a computer. 

There are several wallets that support SHIB and it’s up to you whether you wish to go for cold or hot wallets. A cold wallet is not connected to the internet while the latter is only available online. It is also best to weigh the pros and cons of each to make sure that you are keeping your coins in your preferred wallet. 

Is Shiba Inu coin worth buying? 

SHIB is doing nicely this far. However, it's still too early to say whether or not this meme coin will become the next DOGE. It might be a wonderful idea to invest in it now, while it's still early.

If you’re thinking about buying SHIB, you might as well consider the benefits that come with it. With that, here are some of the benefits that come with using SHIB: 

• Cost-effective → By charging lower fees, it becomes more appealing to crypto investors. Unlike other top coins, you can buy more of this asset at a much lower price.
• Appealing → It’s predicted to have a great future like Dogecoin, especially as it is also supported by Elon Musk.
• Unique → Its structure and own ecosystem make it a standout compared to other coins.
• Security → By being linked to Ethereum, you are assured about the safety of your coin, especially as it uses a Proof of Work consensus.
• Usefulness → You can use SHIB to earn income by staking, farming, and trading it on its DEX.
   

Aside from its potential and how good Shiba Inu coin projections may sound, you should still observe its performance in terms of value and market capitalization. With that, you can further decide if this is a good investment or not. Still, if you wish to give it a try, you may do so for a small amount since the coin is worth less than a cent. That way, you won’t lose much if the coin doesn’t take off well. 

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Words: Kyra Jimenez