What is the Origin of Shiba Inu Cryptocurrency?

Named after a Shiba Inu dog breed, which is also depicted on the Dogecoin logo, Shiba Inu (SHIB Coin) originally entered the market under the nickname "Dogecoin killer." Shiba Inu dogs caught the attention of crypto enthusiasts, and since then, several meme coins inspired by dogs have appeared in the market, such as Akita Inu (AKITA), and Kishu Inu (KISHU).

Shiba Inu was brought into existence in August 2020 by an anonymous creator or a group of developers using the pseudonym Ryoshi. The identity or identities wish to remain anonymous. They claim not to hold any SHIB assets themselves in the interest of ensuring that the cryptocurrency is fully decentralized and owned by the community.

Soon, the meme coin attracted the attention of cryptocurrency authorities, including Ethereum creator Vitalik ButerinTesla and CEO Elon Musk . The cryptocurrency garnered attention in May 2021 when Buterin donated over 50 trillion SHIB coins to an Indian COVID-19 relief fund.

At that time, his contribution was valued at over $1 billion. Promotional tweets and news about Vitalik Buterin's donation contributed to elevated investor interest. This boosted the Shiba Inu price and trading volume, helping it become one of the largest digital assets by market capitalization.

Coinbase, a popular crypto exchange based in the United States, listed Shiba Inu on September 17, 2021. This sent the price of Shib even higher, and the value of the coin increased by more than 40% within a couple of days, renewing attention on the meme dog token.

In December 2021, the Shiba Inu team led by the developer Shytoshi Kusama announced the concept of DOGGY DAO, a significant step towards full decentralization of the Shiba ecosystem. The DAO will have the authority to decide which projects and cryptocurrency pairs will be traded on the ShibaSwap DEX, and in the second stage, use SHIB as a governance token to help the Shib Army vote on proposals.

How Does Shiba Inu Work?

Shiba Inu's native cryptocurrency, SHIB, is an ERC-20 token, and it is designed in analogy with Dogecoin but with compatibility with the Ethereum blockchain. The massive circulation of the cryptocurrency, starting with a total supply of one quadrillion coins, was a deliberate decision by its creators, as it makes the cryptocurrency highly accessible to all types of crypto traders.

It seems that the call has been answered: SHIB is among the most held ERC-20 tokens among ETH whales. The increased interest in Shiba Inu among major holders or whales further supports the price and market capitalization of SHIB.

Although Dogecoin may be the original meme-based cryptocurrency, the rapid popularity growth of Shiba Inu has led to the emergence of a whole family of dog-themed cryptocurrencies in the market.

ShibaSwap, a decentralized exchange (DEX) designed for the meme coin, offers more utility and value for Shiba Inu holders, allowing them to stake their tokens and earn passive income. As an ERC-20 token, SHIB powers the Shiba ecosystem. It consists of three tokens (SHIB, BONE, and LEASH) which can be staked, swapped, or deposited into liquidity pools on ShibaSwap to earn rewards and interest.

SHIB (Shiba Inu) Coin

Most other meme currencies lack practicality and function. However, Shiba Inu stands out with its community-driven mission to rescue Shiba Inu dogs and its comprehensive ecosystem that includes ShibaSwap, a decentralized exchange.

Through ShibaSwap, users can seamlessly trade Shiba Inu tokens (SHIB) with other cryptocurrencies and contribute liquidity or stake the ecosystem's three tokens to earn interest. The governance token, BONE, plays a crucial role as it allows holders to propose and vote on protocol changes through the Doggy DAO. BONE tokens also reward liquidity providers on ShibaSwap.

LEASH, once known as the "Doge Killer," used to be a rebase token tied to Dogecoin's price. Its supply automatically adjusted to maintain a 1:1000 ratio with Doge. However, the rebasing algorithm has been removed, and LEASH now serves as a store of value coin in the Shiba ecosystem, with a limited supply.

ShibaSwap offers various functions such as liquidity pool provision, redemption of BONE rewards, staking of SHIB, LEASH, and BONE, asset swapping, and an analytics dashboard for tracking interest rates and yield returns. Additionally, Shiboshi NFTs add a unique touch to the ecosystem with 10,000 pixelated images of cartoon Shiba Inu non-fungible tokens.

Shiba Inu Ecosystem

SHIB (Shiba Inu) is not just yet another meme coin. Instead, it is a full-fledged ecosystem of products and services powered by the Shiba Coin. The Shiba Inu ecosystem consists of the following elements:

Shibarium

It is a layer-2 (L2) blockchain solution built on Ethereum. The platform has several notable features. For example “Bridge” allows for a seamless interoperability between Ethereum network and Shibarium. The network also has a “Delegate” module where users can delegate tokens and earn rewards. Finally, users can become validators and help secure the network through the “Validate” feature of Shibarium. The launch of Shibarium will reduce the transaction costs on the Shiba Inu network, simplify the development of decentralized applications (dApps) on the network, and attract new users to the ecosystem, potentially driving the Shiba Inu coin price up.

Shibacals

Shibacals is an innovative service by Shiba Inu that allows individuals to design and create customized, high-quality products. It operates as a collaborative studio, bridging the gap between the digital and physical worlds. Shibacals partners with Hewlett-Packard (HP) to utilize their cutting-edge 3D printing technology.

This collaboration transforms digital assets into tangible objects. One unique feature of Shibacals is its authentication system. It integrates NFC chips, developed in collaboration with HP, to verify the legitimacy of physical products. This ensures users have confidence in the authenticity of their creations. Shibacals offers a wide range of physical items, including toys, plushies, and exclusive Shiba Inu designed Champion hoodies. Users have various options to choose from.

DEX

ShibaSwap is a decentralized exchange platform where users can DIG (provide liquidity), BURY (stake), and SWAP tokens to gain WOOF returns through the embedded DEFI (decentralized finance) system.

Shiba Eternity

It is a play-to-earn blockchain game where users are tasked to fight opponents and collect cards. As they progress through the game and win battles, Players receive experience points, which helps to unlock new items. The game has an internal cryptocurrency called Kibble, which acts as a reward and can be earned while playing. This crypto allows players to purchase new cards and other in-game items.

Metaverse

The Shiba Inu team launched SHIB: The Metaverse – an online universe powered by the Shiba Inu token. The universe offers virtual real estate properties called Shib Lands, and participants can earn passive income and rewards as they engage with this metaverse.

The Shiba Inu Rescue Association (SIRA)

It is a non-profit organization dedicated to rescuing and rehoming Shiba Inus, a Japanese hunting dog breed. SIRA works tirelessly to provide care, shelter, and medical attention to Shiba Inus in need, including those that have been abandoned, surrendered, or rescued from neglectful environments.

Their mission is to find loving and responsible forever homes for these dogs, ensuring they receive the care and attention they deserve. SIRA also focuses on educating the public about the breed's unique characteristics and requirements, promoting responsible ownership and advocating for the welfare of Shiba Inus everywhere.

Shiba Inu Price

Changelly, a leading cryptocurrency exchange platform, offers real-time Shiba Inu price charts that provide users with comprehensive SHIB price statistics and let them learn about the market performance of Shiba Inu today.

These Shiba Inu price charts reflect crucial data, such as its current price in USD, current market cap, 24-hour trading volume, 7-day trading volume, real-time price changes, Shiba Inu price history, the lowest price and highest price paid for the Shiba Inu Coin, and other valuable figures to empower your buying or selling decisions.

Our charts update the SHIB to USD price in real-time, so you can proactively spot whether the asset is on the rise or decline. You can easily add SHIB (Shiba Inu Cryptocurrency) to your watchlist on coinflip to track its price fluctuations and stay updated with the latest news and developments surrounding Shiba Inu. Our cryptocurrency exchange also offers the latest Shiba Inu news and Shiba Inu price prediction related articles to help you make smarter investment choices.

Monitoring the SHIB's price live data is of utmost importance for cryptocurrency traders and enthusiasts. By keeping a close eye on the Shiba Inu price chart, users can stay updated on SHIB's market trends, identify potential buying or selling opportunities, and make informed decisions. The real-time nature of these charts ensures that users have access to the most up-to-date information, enabling them to navigate the cryptocurrency market confidently and maximize their trading potential.

Factors Affecting the Market Price of Shiba Inu

The market price of Shiba Inu Crypto can be influenced by a variety of factors. One major factor is the demand for the cryptocurrency. If more people are interested in buying Shiba Inu Token, the price is likely to increase. Conversely, if there is less demand, the price may decrease.

• News and announcements related to Shiba Inu can also impact the market price. Positive news, such as partnerships or new features, can attract more buyers and cause a positive price change. On the other hand, negative news or concerns about the cryptocurrency could lead to a decrease in SHIBs price as people may choose to sell their holdings.

• Overall market conditions and trends in the crypto market can also affect the price of Shiba Inu. If the entire market is experiencing a bull run, with many cryptocurrencies increasing in value, Shiba Inu may also go up in price. Conversely, during a market downturn or correction, the price of Shiba Inu may decline along with other cryptocurrencies.

• Additionally, investor sentiment and speculation can play a role in the market price of Shiba Inu. If investors believe that the cryptocurrency has potential for future growth, they may be willing to buy at higher prices, driving up the Shiba Inus price further. Conversely, if there is a lack of confidence or skepticism surrounding Shiba Inu, it could lead to a decrease in price.

The price of Shiba Inu Crypto can be highly volatile and subject to rapid changes due to these factors and other market dynamics. Buying SHIB or any other product related to the crypto market is risky.

What Can You Do with SHIB Tokens?

SHIB as a Means of Payment

Shiba Inu cryptocurrency is convenient to use for digital payments between users and businesses. It is accepted as a payment method by hundreds of companies working with cryptocurrencies.

Shiba Inu To Access DeFi

The ERC-20 token SHIB can be used on decentralized exchanges (DEX) for staking and providing liquidity, allowing holders of this cryptocurrency to earn passive income. The ShibaSwap exchange allows its users to provide liquidity and exchange SHIB for other ERC-20 tokens.

Exchange SHIB for Shitoshi NFTs

The Shiba Inu ecosystem supports NFT operations. Shiba Inu owners can purchase Shitoshi NFTs on the platform using their tokens.

Trading and Holding Shiba Inu Cryptocurrency

You can also exchange Shiba Inu for other cryptocurrencies, stablecoins, and fiat currencies on crypto exchanges like Changelly. If you believe in the long-term potential of this digital asset, you can buy Shiba Inu and hold it.

SHIB (Shiba Inu) Burning Events

Shib Army, a vibrant and enthusiastic Shiba Inu community, regularly conducts token burn events to reduce the circulating supply of coins. These events have a positive effect on the price of SHIB, temporarily increasing it as long as market sentiments remain optimistic.

Bigger Entertainment is one of the largest organizers of SHIB burn events, which are held approximately once a month to decrease the maximum supply and boost the cryptocurrency's value.

The process of burning Shiba Inu coins involves transferring a large number of tokens to a dead wallet, from which they cannot be retrieved or reused. Through this process, the burned tokens are permanently removed from circulation, preventing their reutilization.

How to Get Shiba Inu Coins

Possible ways to get Shiba Inu (SHIB) coins include:

• Cryptocurrency exchanges – buy Shiba Inu with fiat currencies or trade your own cryptocurrencies for SHIB on a platform like Changelly.

• Decentralized exchanges (DEX) – use platforms like Uniswap or SushiSwap to directly swap cryptocurrencies like Bitcoin Cash or Ethereum for SHIB.

• Peer-to-Peer trading – connect with individuals through forums or communities to buy or sell Shiba Inu directly.

• Airdrops and giveaways – participate in events or promotions where SHIB coins are distributed for free.

• Stake Shiba Inu – Shiba Inu operates on the Ethereum network, so there is no specific mining process for acquiring SHIB coins. However, you can earn yield on your SHIB tokens through staking. Shiba Staking involves locking SHIB tokens in a wallet or staking platform to earn rewards. Users stake on DeFi platforms or exchanges to support operations and receive additional tokens. Staking involves risks, such as token lock-up and potential value fluctuations.

Shiba Inu vs. Dogecoin

Shiba Inu Crypto and Dogecoin Crypto are both popular meme coins with enthusiastic communities and origins rooted in satire. However, there are several differences between the two cryptocurrencies.

Dogecoin, launched in 2013, is considered the original meme coin and has its own blockchain based on Litecoin's underlying technology. On the other hand, Shiba Inu coin was launched in 2020 as an Ethereum-based alternative to Dogecoin, running on the Ethereum blockchain and allowing users to interact with the DeFi ecosystem compatible with Ethereum. Another difference lies in their circulating supplies, with Dogecoin having over 140 billion coins in circulation, while SHIB has 589.34 trillion circulating supply. Additionally, Dogecoin has a first-mover advantage, a larger community, and a higher average price compared to Shiba Inu.

However, Shiba Inu's fixed supply may be appealing to certain investors, and its compatibility with Ethereum makes it a better choice for staking and lending in DeFi applications. Ultimately, the price swings of both coins are often driven by hype and virality, making them highly risky investments.