What is Shiba Inu (SHIB) Cryptocurrency and How Does It Work?
Shiba Inu (SHIB) is a meme-based cryptocurrency that has gained immense popularity in the crypto world. Known for its community-driven nature and playful branding, SHIB is often referred to as the “Dogecoin Killer.”
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Shiba Inu (SHIB) is one of the symbols of the memecoin revolution that has taken the crypto world by storm.
It started as a fun experiment but quickly became a huge trend, thanks to its cute mascot and aim to compete with Dogecoin.
However, SHIB is more than just a meme—it’s a growing project with a strong community and expanding features.
Whether people view it as a joke or a real investment, Shiba Inu has definitely caught the attention of millions worldwide.
History of Shiba Inu (SHIB)
Shiba Inu was launched in August 2020 by an anonymous developer named “Ryoshi.”
The project was initiated as an experiment in community-driven cryptocurrency, aiming to create a decentralized ecosystem powered entirely by its supporters.
Ryoshi’s vision was to build something larger than Dogecoin, a popular meme-based cryptocurrency that had already established a strong presence.
The early days of Shiba Inu saw significant publicity, especially when the project sent half of its total supply to Ethereum co-founder Vitalik Buterin as a gesture of goodwill.
Buterin later donated a large portion to charity and burned the rest, effectively reducing the circulating supply and generating buzz around SHIB.
Since then, Shiba Inu has grown its ecosystem by launching ShibaSwap, a platform where users can earn rewards by staking their SHIB tokens, adding funds to support trading, and voting on important community decisions.
Main Characteristics of Shiba Inu (SHIB)
| Feature | Description |
|---|---|
| Blockchain | Ethereum (ERC-20 token) |
| Launch Date | August 2020 |
| Creator | Anonymous (also known as Ryoshi) |
| Circulating Supply | Around 589.52T SHIB (October 2024) |
| Utility | Used in ShibaSwap for staking, liquidity provision, and governance votes |
| Market Cap | Around $10.40B (October 2024) |
| Trading Volume | Around $249.36M (October 2024) |
| Ecosystem Tokens | LEASH, BONE (other tokens in the Shiba Inu ecosystem) |
Pros and Cons of Shiba Inu (SHIB)
Just like any other cryptocurrency, Shiba Inu also has its advantages and flaws.
Let’s start with the good stuff first.
PROS
To begin with, SHIB has quite a large and dedicated community that often drives its popularity and visibility. Having a strong community support is usually crucial for the success of a crypto project because it helps in building more partnerships and listings on exchanges.
Shiba Inu is easy to buy and sell because it has high liquidity and trading volume. And it’s also accessible to beginner investors who want to own a large number of tokens without spending too much. At the moment of writing this text, the price of 1 SHIB was around €0.0000164.
Shiba Inu is not just a memecoin. It has also developed its own products like ShibaSwap - Shiba Inu's official decentralized exchange (DEX) where users can trade cryptocurrencies, provide liquidity, and earn rewards by staking SHIB and other tokens within the Shiba Inu ecosystem.
CONS
Since SHIBA is a memecoin, this means that its price can be highly volatile and unpredictable.
Being one of the memecoins also means constant competition from other meme-based cryptocurrencies, such as Dogecoin, Bonk or Floki. And there’s also the possibility of new, upcoming crypto projects to take over the popularity and make SHIBA yesterday’s news.
As an ERC-20 token, Shiba Inu relies on the Ethereum blockchain, which can result in high transaction fees during network congestion.
What Are The Examples of Shiba Inu (SHIB) Use Cases
Many view SHIB as an investment asset, aiming to buy and hold it with the expectation that its growth could surpass Dogecoin's, even without reaching $0.01.
The introduction of the ShibaSwap exchange adds more utility to SHIB, allowing holders to stake ("bury") and farm ("dig") their tokens for rewards. This method not only rewards users but also improves the platform’s liquidity and trading efficiency.
Another great example is that SHIB has grown beyond its trading and staking functionalities to become a form of digital payment. Several merchants and online platforms have started accepting SHIB as a payment method.
Platforms like NOWPayments, BitPay and other crypto payment gateways integrate SHIB, allowing users to make purchases for products and services using their SHIB coins. Some of the familiar platforms that use these gateways include:
- Travala - a blockchain-based travel booking platform
- Twitch - you can donate crypto to your favorite streamers
- AirBaltic - the Latvian airline accepts cryptocurrencies for booking flights
How and Where to Buy Shiba Inu (SHIB)
There are several ways of buying Shiba Inu (SHIB) cryptocurrency. If you plan to use a digital wallet, you need to create an account, which is necessary for the purchase of any cryptocurrency.
Alternatively, you can also choose to store your cryptocurrencies on a hardware wallet.
Choosing between a digital wallet and a hardware wallet for storing Shiba Inu (SHIB) depends on your priorities, such as convenience, security, and frequency of use.
Digital wallets often integrate seamlessly with decentralized exchanges (DEXs) like ShibaSwap, allowing users to stake or swap tokens without transferring funds to another platform. And they are (usually) free to use.
On the other hand, hardware wallets (such as Ledger Nano or Trezor) store your SHIB offline, making them immune to online attacks, hacks, or phishing attempts. They are considered one of the safest ways to store cryptocurrencies. However, they are not free and some of them cost even more than €200.
Once you’ve decided on a type of wallet, here’s how you can buy SHIB:
1. Online purchase through a web platform: Bitcoin Store’s online platform offers a simple and secure way to purchase SHIB. Users can create an account, deposit funds, and buy SHIB in just a few steps. The platform provides a user-friendly interface and competitive trading fees, making it an ideal choice for both beginners and experienced traders.
2. Using a mobile wallet app: To buy crypto on-the-go, you can try the Bitcoin Store Wallet app, available for free download on Google Play and App Store. It supports SHIB and other popular cryptocurrencies, offering advanced security features like two-factor authentication (2FA) and encrypted private keys to ensure your funds are protected.
3. In physical cryptocurrency exchange offices
If you like buying cryptocurrencies in person, you can visit one of Bitcoin Store’s physical exchange offices to buy SHIB with cash (you can currently pay only in EUR). It’s a convenient way to get SHIB while speaking directly with a Bitcoin Store representative for a secure and personalized experience
What is The Future of Shiba Inu Cryptocurrency?
It’s hard to say. The future of Shiba Inu depends heavily on its strong community and the continued development of its ecosystem.
If the community remains active and dedicated, it could lead to more partnerships and platform growth, especially through tools like ShibaSwap, which might boost SHIB’s value.
However, as a meme coin, SHIB is highly volatile, making it both an opportunity and a risk for investors. Its future value could also be influenced by new exchange listings and wider acceptance as a payment method, helping increase its reach and credibility.
For those interested in exploring SHIB further, Bitcoin Store provides a secure and convenient way to buy and store Shiba Inu, whether through its online platform, Bitcoin Store Wallet, or physical exchange offices.
As always, make sure to do your research first and stay informed about market dynamics to make the best possible decisions!
Disclaimer: Bitcoin Store is not a consulting firm and is not authorized to offer financial or investment advice. The opinions, analysis, and other content provided on our website are for informational purposes only and should not be considered as investment advice. Trading cryptocurrencies is speculative, and prices can fluctuate rapidly, potentially leading to financial loss. Before investing in cryptocurrencies, seek independent advice and ensure you are fully aware of the risks associated with this type of financial instrument.