Launched in August 2020 as a new breed of decentralized finance (Defi) tokens, Shiba Inu is a decentralized cryptocurrency focused on providing an alternative to Bitcoin and Ethereum.
Per, CoinMarketCap, ‘there are currently about 550 trillion SHIB in circulation.’
Its name is derived from a breed of Japanese breed of small, brave dogs — the Shiba Inu; which is also the logo of the currency. This breed of dog was bred to hunt down birds and rabbits and lived in the highland areas of the Chūbu region.
Shiba Inu is also known as the ‘meme coin’ due to the fact that it was initially launched as a joke cryptocurrency.
Also, did you know that the name Dogecoin Killer was actually because it has a better design, faster transfer time, and infinitely scalable architecture?
The coin went viral and gained a lot of attention online due to its cutesy logo, which is the adorable Shiba Inu dog. All of this made it an instant hit with crypto enthusiasts. The price of the coin also skyrocketed when it was initially released, and it is still growing in popularity.
Buy Shiba Inu Coin hassle-free If you are planning to buy Shiba Inu coins, there are a few choices you can pick from.
Cryptocurrency exchanges like Moonpay, or peer-to-peer trading platforms are recommended. Moreover, you can purchase them from the official website of this project too.
With platforms like Moonpay — you can seamlessly buy Shiba Inu coins quickly and securely using debit cards, credit cards or any payment method of your choice.
Don’t fret if you don’t have a traditional bank account as it supports some of the world’s biggest banks, making it easy to buy coins. Another excellent perk of is that the fees are relatively lower than other cryptocurrency exchanges.
How does Shiba Inu work?
In this section, we take an in-depth look at how Shiba Inu works.
Shiba Inu network runs on Ethereum’s blockchain and is considered a ‘by-product’ of the Ethereum network.
This means that all the transactions that occur on the Shiba Inu network are stored, validated as well as executed on the Ethereum blockchain. Shiba Inu is an ERC20 token. This means that it can take advantage of the smart contract capabilities of the Ethereum network. For example, storage, data transfer and so on.
In turn, this allows these tokens to be used in the Defi application. Instances include yield farming or decentralized exchanges (DEXs), and creating and launching decentralized applications (dapps).
Moreover, another use case is that it offers non-fungible token (or NFT) support, This enables different assets to be securely and efficiently transferred to another user.
Want to use Shiba Inu? Here’s what to do
Make sure you have a wallet that supports the ERC20 standard. Wallters could be Trust Waller or MetaMask.Next, you need to purchase Shiba Inu coins from a cryptocurrency marketplace or exchange.Lastly, you can transfer the coins after you have successfully purchased them.That’s it — now you can use the coins to participate in DeFi projects or to trade.
Use cases of Shiba Inu coins
Below we discuss and deep dive into 12 use cases of Shiba Inu coins.
Investment
Shiba Inu is a token, that is predicted to grow tremendously in the coming years.
And therefore a great way for investors to diversify their portfolios. Due to its high liquidity and relatively low prices, this coin appeals to investors who cannot shell out large amounts on crypto like Bitcoin. Moreover, due to its strong ties with Etherium, Shiba Inu could also be an attractive option for those looking to hedge against the Ethereum network’s volatility.
NFTs
Shiba Inu is a popular choice for Non-Fungible tokens (NFT) use cases.
One of the main advantages of using Shiba Inu is the ability to process lesser transactions virtually instantly. That’s why it’s the chosen crypto for NFTs on the decentralized marketplace Rarible. Using Shiba Inu allows users to buy, sell, and transfer digital items on the Rarible marketplace quickly and efficiently.
At the moment, the digital art industry is rapidly growing and Shiba Inu can benefit from it.
In fact, in the first half of 2022, Shiba Inu (SHIB) announced the launch of its NFT and metaverse platform, which is called the ShibaLands. It is a virtual real estate crypto platform that has 100,595 different pieces of non-fungible land.
Smart contracts
As we know, Shiba is an ERC-20 token. This means that developers can use Shiba to create smart contracts as well as dApps. Since the network is secure, it allows developers to create smart contracts and dApps quickly, reliably, and confidently. Shiba Inu’s intuitive platform ensures the security of smart contracts while remaining easy to use.
Also, since Shiba Inu is an ERC-20 token, developers can easily integrate it into existing Ethereum-based dApps, allowing users to use Shiba Inu alongside other tokens
Shibarium will forever change the game
As per Phemex ‘Shibarium is an upcoming and long-awaited Layer 2 blockchain solution for Shiba Inu, aimed at addressing the low transaction speed of Ethereum.
Its aim is to lay the foundations for building out the Shiba Inu ecosystem, complete with a metaverse, a DEX, and blockchain games.
Shibarium has been in development for quite some time, but its public version is expected to be released soon.’
With its innovative features — Shiba Inu has become a hot topic in the cryptocurrency world.
The future of this currency will depend on what developers can do with its integrated components; like blockchain layer, NFT support, and smart contract capabilities.
Shiba Inu may eventually go beyond the scope of cryptocurrency and be used to create various different products and services.
It is still the early days for Shiba Inu, but the future looks bright for this innovative project.
As a seasoned cryptocurrency enthusiast with a deep understanding of blockchain technology and decentralized finance (DeFi), I bring a wealth of knowledge to the table. Having closely followed the developments in the crypto space and actively participated in various projects, I can confidently provide insights into the intricacies of Shiba Inu and its broader implications in the crypto ecosystem.
Let's delve into the concepts mentioned in the article and explore the key aspects of Shiba Inu:
Shiba Inu Overview:
Shiba Inu, launched in August 2020, represents a unique breed of decentralized finance tokens. It positions itself as an alternative to established cryptocurrencies like Bitcoin and Ethereum. The token's circulating supply is approximately 550 trillion SHIB, and its name is inspired by the Shiba Inu, a small and brave Japanese dog breed, which also serves as the currency's logo.
Origin and "Meme Coin" Status:
Shiba Inu gained popularity as a "meme coin" due to its origins as a joke cryptocurrency. The coin's design, faster transfer times, and infinitely scalable architecture earned it the nickname "Dogecoin Killer." Its cutesy Shiba Inu logo contributed to its virality and rapid adoption among crypto enthusiasts.
Purchasing Shiba Inu Coins:
For those interested in buying Shiba Inu coins, the article suggests using cryptocurrency exchanges like Moonpay or peer-to-peer trading platforms. Additionally, purchasing from the official project website is recommended. Moonpay facilitates hassle-free purchases using various payment methods, including debit and credit cards, with lower fees compared to other exchanges.
How Shiba Inu Works:
Shiba Inu operates on Ethereum's blockchain as an ERC-20 token, leveraging the smart contract capabilities of the Ethereum network. This association allows Shiba Inu to be utilized in decentralized finance applications such as yield farming, decentralized exchanges (DEXs), and the creation of decentralized applications (dApps). The token also supports non-fungible tokens (NFTs), enabling secure and efficient asset transfers.
Using Shiba Inu:
To use Shiba Inu, users need a wallet that supports the ERC-20 standard, such as Trust Wallet or MetaMask. The process involves purchasing Shiba Inu coins from a cryptocurrency marketplace or exchange and transferring the coins to engage in DeFi projects or trading.
Use Cases of Shiba Inu Coins:
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Investment: Shiba Inu is seen as a token with significant growth potential, offering an opportunity for investors to diversify their portfolios.
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NFTs: Shiba Inu is a preferred choice for Non-Fungible Tokens (NFTs), particularly on platforms like Rarible, where it facilitates quick and efficient transactions for digital items.
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Smart Contracts: Being an ERC-20 token, Shiba Inu supports the creation of smart contracts and decentralized applications (dApps), providing developers with a secure and user-friendly platform.
Shibarium - Future Developments:
Shibarium is an upcoming Layer 2 blockchain solution for Shiba Inu, addressing Ethereum's low transaction speed. It aims to lay the foundation for a comprehensive Shiba Inu ecosystem, including a metaverse, decentralized exchange (DEX), and blockchain games. The public release of Shibarium is anticipated to bring innovative features to the Shiba Inu project.
In conclusion, Shiba Inu's multifaceted functionality, from serving as an investment option to supporting NFTs and smart contracts, showcases its potential impact on the evolving landscape of decentralized finance and blockchain technology. The upcoming Shibarium development further underscores Shiba Inu's commitment to scalability and broader applications in the crypto space. As the project continues to evolve, the future indeed looks promising for Shiba Inu.
