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.
What 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.
“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.
Shiba 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.
Where to buy Shiba Inu
You will be glad to know that SHIB 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.
- Binance: Buying Shiba Inu on Binance was, for the most part, a positive experience during our evaluation of the platform. The credit goes to its unparalleled liquidity. Order fulfillment remained swift and seamless even during periods of high volatility, and that’s indeed a crucial advantage in the ever-unpreditable crypto market.
- KuCoin: As a platform that caters to a broad international user base, KuCoin offers a seamless Shiba Inu buying and trading experience. A diverse and vast altcoin repertoire is another big advantage the platform enjoys over some of its competitors. Our elaborate experience with KuCoin’s marketplace reaffirms its strength in providing exposure to emerging sectors. For instance, their fractional NFT offerings align with the increasing demand for more liquid and inclusive investment opportunities.
- Coinbase: Coinbase provides an intuitive entry point for purchasing Shiba Inu, ensuring high liquidity and a secure trading environment. The enhanced trading dynamics and favorable fee structure of Coinbase PRO impressed us. It demonstrated the platform’s capacity to serve up a superior trading experience. Additionally, it’s their commitment to regulatory compliance and user protection that might amplify your confidence in integrating Coinbase as a staple of your trading activities.
- Kraken: Kraken’s approach to cryptocurrency trading is built on a foundation of security and a broad spectrum of trading options suitable for SHIB and beyond. It offers a robust platform for executing complex trading strategies with advanced order types. In our detailed assessment of Kraken’s offerings, the platform’s integration of futures trading seemed particularly commendable.
- iTrustCapital: iTrustCapital has proven to be a visionary by integrating SHIB into IRA portfolios, merging the growth potential of cryptocurrency with the fiscal prudence of retirement planning. Our examination confirms it as a top choice for individuals aiming to synergize tax advantages with the volatility of digital assets. In addition, iTrustCapital has a transparent and highly competitive fee structure, which is an added advantage when you are buying or trading large volumes of SHIB.
The platforms mentioned above serve as reliable options for those looking to buy shiba inu. They all offer satisfactory liquidity (with Binance in front in this regard), maintain a strong global footprint, and are secure options with decent usability for all user levels.
Unpacking shiba inu wallets
A shiba inu wallet is vital for various activities like buying, storing, staking, trading, and selling SHIB. These wallets can be software-based, online applications, or physical hardware devices, providing convenient access for storing funds, confirming transactions, and monitoring payment history.
Popular shiba inu wallets include YouHodler, Wirex, Uphold Wallet, ZenGo Wallet, and others. To buy and store shiba inu, it’s crucial to use a reliable Shiba Inu wallet. Options include MetaMask and eToro (hot wallets), Trezor Model T (hardware wallet), and Guarda (software wallet), among others.
How to buy shiba inu
1. Firstly, open the Coinbase app and select “Trade.” Choose Shiba Inu in the search box.
2. Secondly, select “Buy” and enter the amount of SHIB you would like to purchase.
3. Lastly, select “Place Order” to complete your purchase.
How to sell shiba inu
1. Firstly, open the Coinbase app and select “Trade.” Choose Shiba Inu.
2. Secondly, select “Sell” and the amount of SHIB you would like to sell.
3. Finally, choose “Place Order” to complete your sell transaction.
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:
Is 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:
- 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
- As a memecoin, SHIB is more prone to market volatility
- It is a relatively new project with only a few years behind it
Shuba inu price prediction
Our shiba inu price prediction anticipates that after reaching its low point in 2023, it’s SHIB will achieve another peak in 2024. At this stage, the expected increase in price is projected to be around 68.18%. By 2026, SHIB is expected to achieve a bullish high, with a projected growth rate of almost 200%.
Following this peak, Shiba Inu’s price trajectory could transition into an even more assertive and bullish phase. It’s estimated that by the end of 2030, upward momentum could carry SHIB to a value of $0.000629. However, while technical and fundamental analysis looks bullish for SHIB, the crypto market is volatile and difficult to predict. The ecosystem would need to see significant adoption to have the chance to reach these prices.
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.
Frequently asked questions
Will shiba reach $1?
Can I buy shiba inu in the U.S.?
How high will Shiba Inu go in 2025?
What will shiba inu be worth in 2030?
How big will shiba get?
Is shiba inu bigger than doge?
Who is the owner of shiba inu?
Top crypto platforms in the US | December 2023
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