Shiba Inu: Modern Meme Coin with Loads Of Prominence For Crypto Fans
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Basic Definition Of Shiba Inu
Like Dogecoin, Shiba Inu is also a meme coin causing a great impact on the crypto world. Following the trails of Dogecoin (first meme crypto coin), Shiba Inu has much higher expectations with crypto dealers. Many significant developments are actively associated with this meme coin, and expectations are made from it to fulfill many voids.
Shiba Inu is a coin that’s powered by the communities love for popular memes and culture. An anonymous user named “Ryoshi” the crypto world with the meme concept. Since the launch of Shiba Inu in August 2020, it has received incredible support from the cryptintroducedo community. The idea to create the coin was then conceived, and one day later, the webpage was live, and the community grew at a rapid rate almost overnight.
The most prominent feature of Shiba Inu is that it has struck a good balance between meme culture and cryptocurrency features. As a result, it has garnered popularity among young crypto fans with its themes, imagery, and ideas about crypto life in general. Furthermore, Elon Musk and Vitalik Buterin have contributed a lot to promoting meme coins worldwide with social media networks.
The goal of Shiba Inu
Experts predicted that Shiba would be the ultimate “Dogecoin Terminator” by offering long-term utility in the bigger. Dogecoin is a frozen currency due to the absence of any development and innovative team to support it. The current team is only assigned to keep this meme coin in running condition based around the Bitcoin Core. Except for some minor bump and dump, Dogecoin is a dying project.
On the other hand, the creators of Shiba Inu have caught this opportunity to make a better stand for this meme coin. This meme coin is now launched as an ERC-20 on the Ethereum network to seize this opportunity. This move has offered Shiba a major upper hand over Dogecoin. Take a look at a few key highlights of Shiba Inu’s growth:
- 1. Integration with the modern, booming DeFi world and the Ethereum ecosystem
- 2. Shiba Inu-based services are comparatively easier to develop as there is no role of layer 1 development
- 3. Interoperating this coin on other blockchains is simple
- 4. Much more than a regular meme coin with a bigger perspective for growth and active participation from the community
Shiba Inu has now reached among the top-performing cryptocurrencies because of these advantages. As it further expands its reach, it is soon expected to surpass Dogecoin.
Working of Shiba Inu
With a solid function-able model, Shiba is designed to meet all types of requirements for crypto dealers. Built on the Ethereum network, it is simply an ERC-20 token which accounts for tremendous possibilities in itself. Ethereum integration has powered this coin to be a part of the DeFi boom, and its developers are greatly utilizing this advantage. To add more potential, this ERC-20 token can be a great means of transitioning from Ethereum to Ethereum 2.0.
Unlike Dogecoin, Shiba Inu focuses on developing features around this token rather than blockchain development. Additionally, Dogecoin has offered all the power over this cryptocurrency into the hands of its maintainers. On the contrary, there are certain spaces and places for the community to participate in the Shiba Inu project and decide the future for this currency.
Users can use this token to invest in DeFi projects or Shiba-based applications, which are all based on the Ethereum network. It certainly has more potential than Dogecoin with significant backing with community support and better functioning. The developments are still going strong, and new features will unfold along with time as it progresses towards its goal as an ERC-20 token, as stated by its white paper.
Integration of Ethereum Network Shiba Inu
It was revealed in the white paper of Shiba that its creator decided to launch this currency on the Ethereum network. This step was taken to provide a robust foundation and ensure a healthy future for this meme coin. From offering better growth opportunities to allowing more community participation, Ethereum has many roles behind the growth of this cryptocurrency.
Community support is essential as it is critical to ensure a better future and constant growth. However, with all the Shiba tokens having this anonymous creator Ryoshi, the decentralization of this coin is a bit unclear. However, Ryoshi smartly tackled this problem by offering 50 percent of these tokens to Vitalik Buterin as a guarantor for this coin. Initially, there were around one thousand billion SHIBA tokens worth nothing.
Ryoshi offered around 500 billion SHIBA tokens to Vitalik Buterin and took different actions to engage more users. As a result, SHIBA experienced a major boom, and SHIBA tokens started rising in the market. The rest of the work was done by the social media community of this meme coin, ShibaArmy, to support its growth.
Buterin, on the other hand, donated a large portion of his SHIBA token (worth around one billion US dollars) holdings to India’s Covid Care Aid Fund. Then, he burned the rest of the holding, intending to increase the value of SHIBA tokens in the long run.
What Is ShibaSwap?
This meme token has some important built-in functions to make it more useful and engage more users. With this view, ShibaSwap was developed as a decentralized exchange. It is built for supporting trading, liquidity mining, yield farming, collateralized lending, and the NTF marketplace. ShibaSwap has managed to gather a TVL of over 400 million dollars to rank it among top DeFi projects with all its incredible features. Additionally, ShibaSwap powers its token, LEASH, with a limited issuance of 170 thousand tokens.
How Can You Buy Shiba Inu?
Like other cryptocurrencies, buying this meme coin is also an easy process. The fastest way to get Shiba Inu is through the ShibaSwap exchange. You can use ETH or any other type of ERC-20 token to buy as much SHIBA token as you want. If you are a MetaMask wallet user, you can simply connect your wallet with ShibaSwap and purchase.
Since Shiba Inu is a meme coin, crypto supporters face comparatively low recognition. Moreover, because of the massive amount of SHIBA tokens in the market, its value is quite below par. However, SHIBA tokens have made a solid comeback in recent years. Initially, it was valued nothing, but the scene has now changed.
During its launch time, you could easily buy around 100 thousand SHIBA tokens with just one dollar. However, in the current market, one dollar will get you to get something around 36 thousand tokens which sets a value of $0.00000516 for one SHIBA token. On calculating, it depicts an ROI of over 1,709,294.02%. It comes as surprising as this return is comparatively more than top cryptocurrencies like Bitcoin.