Summary

ShibaCoin (SHIB) is a canine-themed meme cryptocurrency named after the Japanese Shiba Inu. Created in 2020 by an anonymous developer named Ryoshi, ShibaCoin is intended to be an alternative to Dogecoin (DOGE) on the Ethereum blockchain.

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

The initial circulating supply of Shiba Inu Coin is 1,000 trillion. Ryoshi locked 50% of the tokens in Uniswap to create liquidity, and the other 50% of the tokens were transferred 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 exchanges such as Binance and buy and sell Shiba Inu coins through different trading pairs such as SHIB/USDT and SHIB/DOGE.

 

Introduction

Canine-themed cryptocurrencies have been booming in 2021, much to the delight of pet-loving crypto traders. One of the coins that has seen a significant increase in price is Shiba Inu Coin (SHIB). Shiba Inu Coin is known as the "Dogecoin Killer" and is popular on social media. As of November 2021, it is one of the cryptocurrencies with the highest market capitalization, ranking 11th on CoinMarketCap, narrowing the gap with its competitor Dogecoin (DOGE).

 

What is Shiba Inu Coin (SHIB)?

Shiba Inu Coin (SHIB) is a meme-based 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 Bitcoin's creator Satoshi Nakamoto. As the name suggests, Shiba Inu Coin is inspired by the Japanese Shiba Inu.

The total supply of SHIB is 1,000 trillion. After the initial launch, Ryoshi created liquidity by locking 50% of the total supply in Uniswap, an automated market maker (AMM) protocol in the Ethereum blockchain and one of the most successful projects in the decentralized finance (DeFi) space. 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", Shiba Inu Coin is a community-driven project focused on creating a decentralized cryptocurrency.

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

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

Next, the community of BONE, a governance token with a supply of 250 million, nicknamed “ShibArmy,” will vote on the proposals that Doggy DAO will present.

Shiba Inu Coin also proposed a non-fungible token (NFT) art incubator called "Shiba Inu Coin Artist Incubator". It invites dog-inspired artists from all over the world to bring Shiba Inu Coin 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 announced the upcoming launch of an NFT game called "Shiboshi Game". The new token destruction mechanism is also worth paying attention to. When Shiboshi holders want to change the name of the NFT, they must pay a fee of $100 in SHIB. These fees will be destroyed (i.e. sent to the SHIB destruction wallet).

 

What is Memecoin?

Dogecoin and ShibaCoin, along with hundreds of other meme-based cryptocurrencies, are collectively referred to as “memecoins” or “meme tokens.” For example, Dogecoin and ShibaCoin 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). As a result, a large number of memecoins cannot be traded on mainstream exchanges. In addition, the supply of memecoins is huge, so the price is usually low. Even popular coins such as Shiba Inucoin and Dogecoin are only priced at a few cents.

Memecoins have long been underappreciated compared to cryptocurrencies with larger market caps. However, memecoins have begun to rise in 2021, following the trend of GameStop (GME) and AMC Entertainment (AMC) "meme stocks". In January 2021, a Reddit group called SatoshiStreetBets considered Dogecoin a cryptocurrency on par with GME and joked about driving its price up. As prices soared, traders turned their attention to Dogecoin and other memecoins, hoping to profit from the rally. The price of Dogecoin was pushed to an all-time high of 73 cents in May 2021, an increase of more than 2,000% in just five days.

Nevertheless, the high financial risks of cryptocurrency trading and investment cannot be ignored. Memecoins are volatile, and you should always do your own research (DYOR) and never invest more money than you can afford.

 

The global pandemic caused the cryptocurrency market to collapse in 2020. Subsequently, in order to protect against inflation, retail investors rushed to buy digital assets such as Bitcoin (BTC) and Ethereum (ETH), causing the market to explode. As mentioned above, the stock market boom has driven the rise of memecoins. 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 it. In May 2021, he publicly ridiculed Dogecoin on TV, causing its price to plummet. Shiba Inu Coin and other meme coins "took advantage of the situation" and continued to rise on the 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. Under the hype of the NFT market, 10,000 Shiboshis sold out in 35 minutes. Shiba Inu Coin launched its own NFT through the ShibaSwap platform. As holders name Shiboshis and trigger the destruction of SHIB tokens, the popularity of Shiba Inu Coin may continue to grow with the development of Shiboshi NFT games.


How to buy Shiba Inu Coin on Binance?

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

1. Log in to your Binance account, go to [Trade] in the top bar, and select the Classic or Advanced Trading page.

2. Type "SHIB" in the search bar on the right side of the screen to view the 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 amount of SHIB you wish to buy. You can purchase Shiba Inu Coins using different order types. In this example, we choose a market order. Click [Buy SHIB] to confirm the order. You will see the purchased SHIB in your spot wallet.



Summarize

Shibacoin has seen significant gains in 2021. With the advent of Shiboshi NFTs and the upcoming Shiboshi game, Shibacoin's utility and its ecosystem have the potential to surpass its competitor Dogecoin. However, investing in cryptocurrencies, especially memecoins, requires extreme caution and doing your own research. Memecoins are more volatile than high-market-cap cryptocurrencies, with much of their value primarily dependent on social media sentiment.