What is Shiba Inu?

Shiba Inu (SHIB) is an ethereum-based counterpart to Dogecoin but unlike the latter, it’s a token.

By Staff

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If you know dogecoin, it is very certain that you know the rival coin Shiba Inu. It was named after a Japanese breed of dog originating in the ChĹ«bu region, the same breed that is depicted in Dogecoin’s symbol. Created in August 2020 by an anonymous person or group known as “Ryoshi”, Shiba Inu (SHIB),  exploded onto the scene in 2021 and gunned its name as the “Dogecoin killer” and has  soared through the rankings, from its low of $0.000000000056 in November 2020 to an all-time high of $0.00008616 in October 2021. 

SHIB is an ethereum-based counterpart to Dogecoin but unlike the latter, it’s a token—a cryptocurrency that runs atop another blockchain’s infrastructure—rather than a coin, which exists on its own blockchain.  Since SHIB was created from the inspiration of internet memes, its price movements are linked to breaking news and celebrity and influencer endorsements. 

Where can you buy Shiba Inu?

SHIB can be bought through exchanges with Binance. It’s additionally traded on decentralized exchanges (DEXs) along with Uniswap, 1inch, and 0x. At Binance, you can buy SHIB immediately using USD; different exchanges provide trading pairs with Tether (USDT), Binance USD (BUSD), or Wrapped Ethereum (WETH).

How to buy SHIB?

It is worth noting that a large part of SHIB’s explosive price action is due to its addition to many centralized exchanges like Binance, on the spot exchange, users are able to participate in SHIB markets.

What is SHIB used for?

The main use case for SHIB tokens at the moment is to stake and trade them at ShibaSwap. These actions yield special tokens which accrue interest over time and can be later converted and sold. The Shiba Inu ecosystem also includes an NFT incubator, which uses SHIB as the native currency.

Finally, you can also donate SHIB to charity.

The future of SHIB.

SHIB’s meteoric rise made a number of investors richer as one wallet saw its holdings rise from around $8,000 to over $5 billion in 400 days. However, institutional investors don’t want anything to do with the coin and token because of the uncertainty of “meme” coins. This is however not an issue since meme coins may be the future of crypto currencies.

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