Résumé

Shiba Inu (SHIB) is a meme cryptocurrency named after a Japanese dog. It was created in 2020 by an anonymous developer named Ryoshi, who designed SHIB as an alternative to Dogecoin (DOGE) on the Ethereum blockchain.

SHIB is an ERC-20 token with a decentralized exchange called ShibaSwap. The SHIB roadmap and ecosystem also includes an NFT art incubator called Shiba Artist Incubator, 10,000 “Shiboshi” NFTs, and an NFT game, Shiboshi Game.

Shiba Inu had an initial circulating supply of 1 quadrillion tokens. Ryoshi locked 50% of the tokens on Uniswap to create liquidity, and sent the remaining 50% to the wallet of Ethereum co-founder Vitalik Buterin. However, Vitalik decided to destroy 90% of the tokens and donate the remaining 10% to charity.

You can buy and sell SHIB on crypto exchanges like Binance with different trading pairs, such as SHIB/USDT and SHIB/DOGE.

 

Introduction

For animal-loving crypto traders, 2021 has been particularly exciting with the boom in dog-themed cryptocurrencies. Shiba Inu (SHIB) is one of the rising coins in the market that has seen a significant increase in its price. Nicknamed the “Dogecoin killer,” the SHIB currency has become a social media hit. Since November 2021, SHIB has been among the main cryptocurrencies by capitalization. It is ranked#11on CoinMarketCap, putting it close to its competitor, DOGE.

 

What is Shiba Inu (SHIB)?

Shiba Inu (SHIB) is a meme cryptocurrency on the Ethereum blockchain. It was created in August 2020 by an anonymous developer named Ryoshi, whose identity is as mysterious as that of bitcoin creator Satoshi Nakamoto. As its name suggests, SHIB is inspired by the Japanese Shiba Inu breed.

SHIB had a total supply of 1 quadrillion. When it first launched, Ryoshi locked 50% of the total supply on Uniswap to provide liquidity. Uniswap is an automated market making (AMM) protocol on the Ethereum blockchain and is one of the most successful projects in the decentralized finance (DeFi) space. The other 500 trillion SHIB was sent to Ethereum co-founder Vitalik Buterin, who decided to destroy 90% of it and donate the rest to India's COVID-19 relief fund.

 

The shiba inu ecosystem

To continue the dog theme, Shiba Inu uses canine terms in its ecosystem. According to the “WoofPaper” (white paper), Shiba Inu is a community project aimed at creating a decentralized cryptocurrency.

The SHIB ecosystem consists of a decentralized exchange called ShibaSwap. You can trade SHIB and other cryptocurrencies on ShibaSwap, “dip” into Puppy Pools for liquidity, or “bury” your tokens in smart contracts to generate interest with SHIB and two other ERC-20 tokens, Doge Killer (LEASH) and Bone ShibaSwap (BONE).

LEASH is the second token created by Shiba Inu and is also on ShibaSwap. With a circulating supply of 107,646 tokens, LEASH was initially used as a rebase token to track the price of dogecoin. However, the developers of SHIB decided to transform LEASH into an ERC-20 token. LEASH holders can stake their tokens in the liquidity pool and earn xLEASH as a reward.

BONE is a governance token. It has a supply of 250,000,000 tokens. In the future, it will allow the ShibArmy (nickname of its community) to vote on future proposals on Doggy DAO.

Shiba Inu also offers a non-fungible token (NFT) art incubator called Shiba Artist Incubator. She invites dog-inspired artists from around the world to showcase their Shiba Inus on the NFT marketplace, showcasing artwork such as painting, photography, and digital rendering.

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

 

What are meme currencies?

Dogecoin and Shiba Inu, along with hundreds of other meme cryptocurrencies, are known as meme coins or meme tokens. For example, Dogecoin and Shiba Inu were inspired by memes of an adorable Shiba Inu dog, while PepeCoin (MEME) was inspired by Pepe the Frog, a popular anthropomorphic frog meme.

Most memes are created with limited utility or use cases and have a lower duration than common cryptocurrencies like bitcoin (BTC) and ether (ETH). Therefore, a large number of memes cannot be traded on major trading platforms. Additionally, the price of memes is usually low due to their huge supply. Even the most popular ones like SHIB and DOGE are only worth a fraction of a cent.

Meme coins have taken a backseat to larger-cap cryptocurrencies, but they have started to appreciate in value following the trend of GameStop (GME) and AMC Entertainment (AMC) “meme stocks” in 2021. In January 2021, a Reddit group named SatoshiStreetBets considered DOGE to be the crypto equivalent of GME and joked about driving up its price. As the price of DOGE fell, traders turned their attention to DOGE and other memes, looking to make gains on the rebound. DOGE price reached an all-time high of 73 cents in May 2021, increasing by over 2,000% in just five days.

However, it is important to keep in mind that trading and investing in cryptocurrencies carries high financial risk. Meme currencies can be super volatile, so you should always DYOR (do your own research) and never invest what you cannot afford to lose.

 

During the global pandemic in 2020, the cryptocurrency market crashed and then exploded as retail investors flocked to digital assets such as bitcoin (BTC) and Ether (ETH) for protect against inflation. As we mentioned, the stock market saga led to the rise of meme currencies. Some attribute SHIB's popularity to the influence of social media, including that of Tesla CEO Elon Musk. After he publicly joked about Dogecoin on television in May 2021 and caused the price to drop, SHIB and other memes had taken advantage of the growing popularity of meme tokens. As of November 2021, the price of SHIB has increased by over 60,000,000% since January.

One of the reasons why SHIB stands out from other puppy currencies is its Shiboshi gaming and NFTs. Taking inspiration from the style of NFT markets, the 10,000 Shiboshis sold out in less than 35 minutes. Shiba Inu has launched its own NFTs using the ShibaSwap platform. As owners name their Shiboshis and trigger the SHIB token burn, as well as the development of the Shiboshi NFT game, the popularity of the Shiba Inu may continue to grow.


How to buy SHIB on Binance?

SHIB can be purchased on cryptocurrency exchanges like Binance.

1. Log in to your Binance account and click [Trader] on the top bar to select classic or advanced trading view.

2. On the right side of the screen, type “SHIB” in the search bar and you will see the available trading pairs. We will use SHIB/BUSD as an example. Click on it to open the SHIB/BUSD trading page.


4. Next, go to the [Spot] tab and enter the amount of SHIB you want to purchase. You can select different order types to buy SHIB. In this example, we will use a Market order. Click [Buy SHIB] to confirm the order and you will see the purchased SHIB in your Spot Wallet.



To conclude

The Shiba Inu has seen significant gains in 2021. With the launch of Shiboshi NFTs and the upcoming Shiboshi Game, the utility of SHIB and its ecosystem could potentially surpass its competitor, DOGE. However, you should exercise caution and do your own research (DYOR) before investing in cryptocurrencies, especially meme currencies. They can be more volatile than larger-cap cryptocurrencies, with most of their value based primarily on social media opinion.