Abstract

Shiba Inu Coin (SHIB) is a canine-themed meme cryptocurrency named after the Japanese Shiba Inu. Shiba Inucoin was created in 2020 by an anonymous developer named Ryoshi to replace Dogecoin (DOGE) on the Ethereum blockchain.

SHIB is an ERC-20 token used on a decentralized trading platform called "ShibaSwap". SHIB's roadmap and ecosystem also include an NFT art incubator called the "Shiboshi Artist Incubator," 10,000 "Shiboshi" NFTs, and an NFT game, the Shiboshi Game.

The initial circulating supply of Shiba Inu coins is 1,000 trillion. Ryoshi locked 50% of the tokens in Uniswap to create liquidity, and transferred the other 50% to the wallet of Ethereum co-creator Vitalik Buterin. However, after receiving the tokens, Vitalik decided to destroy 90% and donate the remaining 10% to charity.

You can log in to cryptocurrency trading platforms such as Binance and buy and sell Shiba Inu Coin through different trading pairs such as SHIB/USDT and SHIB/DOGE.

Introduction

Canine-themed cryptocurrencies are booming in 2021, making crypto trading for pet lovers Those who feel happy. Shiba Inu Coin (SHIB) is one of the coins in the market that has experienced significant price increases. Shiba Inu Coin is known as the "Dogecoin Killer" and is widely favored on social media. As of November 2021, it is one of the cryptocurrencies with the highest market cap, ranking 11th on CoinMarketCap, closing the gap with rival Dogecoin (DOGE).

What is Shiba Inu Coin (SHIB)?

Shiba Inu Coin (SHIB) is a memetic cryptocurrency running on the Ethereum blockchain. Shiba Inu Coin was created in August 2020 by an anonymous developer named "Ryoshi", whose identity is as mysterious as Satoshi Nakamoto, the creator of Bitcoin. As the name suggests, the Shiba Inu coin is inspired by the Japanese Shiba Inu.

The total supply of SHIB is 1,000 trillion. After its initial launch, Ryoshi created liquidity by locking 50% of the total supply in Uniswap. Uniswap is an automated market maker (AMM) protocol on the Ethereum blockchain and one of the most successful projects in the field of decentralized finance (DeFi). Another 500 trillion Shiba Inu coins were transferred to Ethereum co-creator Vitalik Buterin, who decided to destroy 90% of them and donate the remaining 10% to the Indian COVID-19 Relief Fund.

Shiba Inu Coin Ecosystem

To highlight the canine theme, Shiba Inu Coin uses canine terminology in its ecosystem. According to the "WoofPaper" (white paper), Shiba Inu Coin is a community-driven project focused on creating a decentralized cryptocurrency.

The Shiba Inu Coin ecosystem consists of a decentralized trading platform called "ShibaSwap". You can trade Shiba Inu Coin and other cryptocurrencies on ShibaSwap, "mine" Puppy Pools to create liquidity, or "deposit" your holdings into smart contracts via Shiba Inu Coin and two other ERC-20 tokens - Doge Killer (LEASH) and Bone ShibaSwap (BONE) earn interest.

LEASH is the second token created by Shiba Inu Coin and also runs in ShibaSwap. LEASH has a circulating supply of 107,646 coins and was originally used as an elastic supply token to track the price of Dogecoin. However, the developers of Shiba Inu Coin decided to change LEASH to an ERC-20 token. LEASH holders can stake their tokens in liquidity pools and earn LEASH rewards.

BONE is a governance token with a supply of 250 million. Next, its community (nicknamed "ShibArmy") will vote on the proposals to be submitted by Doggy DAO.

Shiba Inu Coin also proposed a non-fungible token (NFT) art incubator called "Shiba Inu Coin Artist Incubator". It invites dog-inspired artists from around the world to bring Shiba Inu coins into the NFT market through artistic creation, launching artworks such as paintings, photography, and digital renderings.

In October 2021, the SHIB team launched 10,000 "Shiboshi" NFTs on the Ethereum blockchain, and also announced the upcoming launch of an NFT game called "Shiboshi Game", a new token The destruction mechanism also deserves attention. When Shiboshi holders want to change the NFT name, they must pay a $100 fee in SHIB. These fees will be destroyed (i.e. sent to SHIB destruction wallet).

What is a memecoin?

Dogecoin and Shiba Inucoin, as well as hundreds of other meme cryptocurrencies, are collectively known as "meme coins" or "meme tokens". For example, Dogecoin and Shiba Inu Coin are inspired by the cute Shiba Inu meme, while PepeCoin (MEME) is inspired by the popular anthropomorphic frog meme "Pepe the Frog".

Most memecoins are created with limited utility or use, and have a shorter lifespan than mainstream cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). Therefore, a large number of meme coins cannot be traded on mainstream trading platforms. Additionally, memecoins have a huge supply, so prices are usually lower. Even popular coins like Shiba Inu Coin and Dogecoin only cost pennies.

Memecoins have been underappreciated compared to cryptocurrencies with larger market caps. However, meme coins started to rise in 2021, following the trend of GameStop (GME) and AMC Entertainment (AMC) "meme stocks." In January 2021, a Reddit group called SatoshiStreetBets believed that Dogecoin was a cryptocurrency comparable to GME, and joked that it would raise its price. As prices soared, traders turned to Dogecoin and other memecoins in hopes of profiting from the rally. The price of Dogecoin was pushed to an all-time high of 73 cents in May 2021, a gain of more than 2,000% in just five days.

Despite this, the high financial risks of cryptocurrency trading and investing cannot be ignored. Memecoins are fickle and you should always do your own research (DYOR) and never invest more than you can afford.

Why are Shiba Inu coins so popular?

The global epidemic in 2020 caused the cryptocurrency market to collapse. Subsequently, in order to resist inflation, retail investors rushed to buy digital assets such as Bitcoin (BTC) and Ethereum (ETH), causing the market to explode. As mentioned earlier, the stock market boom drove the rise of meme coins. Some people believe that the popularity of Shiba Inu Coin is inseparable from social media, and Tesla CEO Elon Musk has played a role in fueling the situation. In May 2021, he publicly ridiculed Dogecoin on TV, causing its price to plummet. Shiba Inu Coin and other meme coins have "taken advantage of the opportunity" and continued to rise by riding on the increasing popularity of meme coins. As of November 2021, Shiba Inu Coin has risen by more than 60,000,000% since January.

SHIB stands out from the crowd of canine tokens with Shiboshi NFTs and games. Amid the hype in the NFT market, 10,000 Shiboshis were sold out within 35 minutes. Shiba Inu Coin launches exclusive NFT through ShibaSwap platform. As holders name Shiboshis and trigger SHIB token destruction, the popularity of Shiboshi NFT coins will likely continue to grow, riding on the development of the Shiboshi NFT game.

How to buy Shiba Inu Coin on Binance?

You can buy Shiba Inu Coin on cryptocurrency exchanges like Binance.

1. Log in to your personal Binance account, enter [Trading] on the top bar, and select the classic or advanced trading page.

2. Enter "SHIB" in the search bar on the right side of the screen to view available trading pairs. Let's take SHIB/BUSD as an example. Click to open the SHIB/BUSD trading page.

3. Scroll down to the [Spot] area and enter the quantity of SHIB you wish to buy. You can purchase Shiba Inu Coins through different order types. In this example, we select Market Order. Click [Buy SHIB] to confirm the order. You will see the SHIB bought in your spot wallet.

Summary

Shiba Inu Coin has made significant gains in 2021. With the advent of Shiboshi NFTs and the imminent launch of Shiboshi games, the utility of Shiboshi Coin and its ecosystem has the potential to surpass rival Dogecoin. However, investing in cryptocurrencies, especially memecoins, requires extreme caution and your own research. Memecoins are more volatile than high market cap cryptocurrencies, with much of their value largely determined by social media sentiment.