Shiba Inu is a utility-focused memecoin. Built atop the Ethereum blockchain, shiba inu (SHIB) is often assessed as a direct dogecoin competitor, more so due to the similar mascot focus — the shiba inu dog. However, Shiba Inu is not just a memecoin. From setting up an entire ecosystem involving games, a metaverse, layer-2 solutions, DeFi tools, and more, the concept has been growth-focused since the beginning. Anyone wishing to buy shiba inu (SHIB) should consider all this.
In this guide, we explore every important aspect of the ecosystem to help you make an informed call about buying SHIB, the ecosystem’s primary token. From its operation to the newest price-impacting enhancements, here’s what to know about shiba inu (SHIB).
Unveiling Shiba Inu
Founded by the anonymous “Ryoshi” in 2020, shiba inu quickly gained a stronghold in the crypto space, thanks to 2021’s bull market and sentimental contributions from the likes of Vitalik Buterin and Elon Mask — in the form of tweets.
SponsoredWhat is shiba inu?
Shiba inu is an ERC-20 token created atop the Ethereum blockchain. The project was launched with an initial supply cap of 1 quadrillion tokens, almost 45% of which were burned at the onset. It has SHIB as the primary token, which freely trades on popular crypto exchanges like Binance, OKX, and more.
In particular, and like with many memecoins, the value of the Shib Army, or rather the active community is shilling the tokens, needs to be highlighted.
Did you know? SHIB, the native token of the shiba inu ecosystem, surged by over 40% in under two days when the Coinbase Exchange listed it in September 2021.
How does shiba inu work?
The shiba inu ecosystem has three tokens — SHIB, BONE, and LEASH. Each token serves a specific purpose within the ecosystem. For instance, SHIB is the exchange-specific, tradable token that helps the Shiba Inu ecosystem stay liquid. LEASH is a rebase token and is termed the “doge killer.” And finally, there is BONE — the governance token of the ecosystem.
Besides the flagship tokens, the ecosystem also focuses on burning SHIB tokens to improve its tokenomics model. The flexible or rather dynamic shiba inu burn rate brings aspects like supply reduction, token removal, and deflationary pressure into the mix. Coin burn rate explorer Shibburn can be referred to if you want to see the change in the shiba inu burn rate each day.
The rise of shiba inu
Shiba inu, since its inception, has aimed to make its presence felt across diverse cryptocurrency sectors. From introducing an NFT-powered metaverse to making a DeFi impression in the form of its decentralized exchange, ShibaSwap, the ecosystem is certainly on the rise. Yet, there are other reasons why many investors have taken an interest.
Why is shiba inu popular?
There are several other reasons why shiba inu remains popular. The ecosystem has been a part of Amazon Smile’s philanthropic campaigns, as well as others.
Sponsored Sponsored“Amazing to see more good work on Long Covid!
Also big thanks to @CryptoRelief_ for providing funds that helped make this possible, and of course the Shiba Inu community.”
Vitalik Buterin, co-founder of Ethereum: Twitter
And yes, the Shib Army has been actively pushing the memecoin narrative forward. Moreover, the ecosystem has also gained a lot of traction due to the launch of its first game in 2022: Shiba Eternity.
The key features of the offering include collectible card-style gameplay, zero initial investment, and tutorial-style indulgence.
Apart from the Shiba Eternity, the EVM-compatible Shibarium — a layer-2 solution — has also contributed to Shiba Inu’s rise. As an EVM-compatible layer, Shibarium aims to host an entire ecosystem of DApps, all while lending scalability to the Ethereum ecosystem. Also, like any other layer-2 solution, Shibarium aims to lower the high gas fee limitation, which we usually associate with Ethereum.
Here is how Shibarium is shaping up:
Shiba inu vs. other cryptocurrencies
Yes, Shiba Eternity brought much community engagement and a positive reception for Shiba Inu. But before you dive straight in and buy shiba inu, let us see how the token compares to other memecoins.
Shiba Inu vs. dogecoin
While Shiba Inu aims to be a diverse and wholesome ecosystem of DeFi products and NFTs, Dogecoin aims to be a peer-to-peer currency. The latter is still ahead of SHIB in terms of ranking by market cap. However, in October 2021, SHIBA flipped DOGE for a brief period.
SponsoredShiba Inu vs. pepe
Pepe is a relatively new memecoin compared to Shiba Inu. It features a built-in deflationary mechanism and ensures that the transactions can be initiated entirely for free. And unlike SHIB, which still has a supply of almost 580 trillion, PEPE’s cap stands at 420 Trillion.
Unpacking shiba inu wallets
If you wish to buy shiba inu, you should also have provisions to store it safely. This is where a shiba inu wallet can be of use. Also, as a SHIB holder, you can try out some of the best wallets in the market, including the likes of Metamask, eToro — a hot wallet, Trezor Model T — a hardware wallet, Guarda — a software wallet, or any other option that suits you the best.
How to buy shiba inu
If you’re still wondering how to buy Shiba Inu, you will be glad to know that shiba inu trades on almost every leading global exchange. You can open an exchange account, get KYC verified, and buy SHIB tokens. As of September 2023, Binance’s SHIB/USDT pair enjoys the most volume and liquidity.
If you are looking to buy shiba inu anonymously — therefore with a DEX — UniSwap, ShibaSwap, and SushiSwap are the best familiar options to explore.
How to sell shiba inu
To sell on an exchange, you simply need to hit the sell tab. You can sell SHIB at the market rate or can even set a limit order. However, if your SHIB tokens are on an external wallet like MetaMask, you need to deposit them on an exchange and then sell them. Note that this process will incur gas fees.
And yes, you can even trade SHIB perpetual on select exchanges. Something like this:
Sponsored SponsoredIs shiba inu worth buying?
If you want to buy shiba inu, the first thing you should do is track the pros and cons associated with purchasing. Here’s what to know:
Pros
- A low price point, which makes the tokens accessible to investors
- Sentimental price drivers with surges being big and pronounced
- The ecosystem itself keeps growing, with new use cases coming in periodically
Cons
- As a memecoin, SHIB is more prone to market volatility
- It is a relatively new project with only a few years behind it
As for the long-term expectations, our Shiba Inu (SHIB) price prediction even foresees a $0.0046 level for this memecoin, eventually. However, to reach that level, SHIB must experience a massive surge in adoption.
Can shiba inu be the biggest memecoin ever?
Only time will tell if shiba inu can become the biggest memecoin ever. However, if you want to buy shiba inu at this point, we suggest you focus most on the upcoming utilities and use cases. Over time, these innovations, followed by the aggressive coin burn mechanism, will drive SHIB’s value.
