What is Shiba Inu (SHIB)?
The Shiba Inu is an ERC20 token that has been in existence since August 2020 and was birthed real or fictitious individual(s) called Ryoshi. Such as the aforementioned, the Shiba Inu is perceived as an offshoot of the big dog Onycom.Dogecoin. Development and the upkeep of Shiba Inu is credited to a decentralized community known as the SHIBArmy.
There is nothing exotic with regards to the economy of Shiba Inu similar to Doge. One quadrillion tokens were given out on the inception of the project. The Shiba Inu ecosystem comprises of three tokens which includes SHIB, LEASH and BONE. It also soared over ten times since then, peaking on October 28, 2021 at 0.00008845 euros per coin.
The Origin of Shiba Inu
Shiba Inu as a cryptocurrency was designed to appeal to new crypto users at the expense of the virtual currency Know Your Customer, aside from being an alternative to Dogecoin. Operated by the unnamed-enhanced founder or group known as Ryoshi, it debuted in August 2020. Shiba Inu and its memes are hence its currency tagged as American dollars. Both began Satire currencies built off the meme of the Shiba Inu dog Meme. Even so, these two Crypto tokens caught on pretty quickly actually even their comical roots. Many more crypto currencies that are also based on the same theme has even after one step further.
Shiba Inu practically came into the limelight right from the start mainly due to the references made by the notable personalities such as Elon Musk and Vitalik Buterin’s Tweets. At one time it was rumored that the founder of Ethereum, Buterin, perhaps was the one behind Shiba Inu, which he refuted in the year 2021.
The token is issued on Ethereum blockchain and as per reports 40% percent of the total token supplied has been burnt already and this in turn helps in the stability of the token. The project has also dipped into creating non-fungible tokens (NFTs) and has launched its DEX-ShibaSwap. The development of the Shiba Inu metaverse is also underway.
How Does Shiba Inu Work?
Shiba Inu operates on the persuasive and creative parts of a public and decentralized network known as the Ethereum Blockchain. It implies that the currency is rather governed by a decentralized community instead of regulated by any single monetary institution like a bank. As a matter of fact, there is above all, several factors that inspired the concept of Shiba Inu and community action was one of them. The ecosystem is run and operated by SHIBArmy, which is an informal group of developers and enthusiasts.
Shiba Inu and its ball’s up in the Metaverse
In a bid to promote more user engagement and interaction, the developers of Shiba Inu have embarked on creating a metaverse that has made use of NFTs. Here, Shiba Inu fans can buy virtual properties, meet new people, and create their own developments. I t is possible to make some money by making passive income, earning income by playing games, or earning other bonuses in the form of skirmishes or in-game rages from the metaverse of Shiba Inu. It is necessary to use SHIB coins for the trimming of the land. Other tokens in the ecosystem such, LEASH which is a staking token and BONE which is a governance token are also useful in the metaverse, as people plant things in the ground.
So what are the ways to acquire Shiba Inu?
There is a way you can acquire the Shiba Inu on exchanges such and Bitpanda among others with the use of EUR and USD fiat currencies. It is wise to know the historical price movements as well as the current trends of conversion of SHIB before one decides to put their cash. Your Shiba Inu, after you purchase it will be held in a digital wallet like that of a bank application. From there, the user can keep SHIB or sell it through the exchange.
Months have passed as I put together this report on my analysis of this cryptocurrency. What partially made that time-consuming is the vagueness, volatility, and the broad acceptance of the Shiba Inu Coin where part is being embraced in its native country of Japan and other parts of the world.
In September 1, 2020, Shiba Inu’s price went down to the recorded lowest amount ever of €0.000000000082. Just a little over a year later, on 28th October 2021, it had reached its highest point ever of 0.00008845 Euros. In 2021, Indonesia had great performance in the month of October. A significant drop was however recorded that was worse than prior months. Currently, Shiba Inu’s average daily high record and average low record stands at €0.00001135 and €0.00000939 respectively.
Shiba Inu How to use it
The main emphasis of the Shiba Inu System is to show its usefulness as a payment for various goods and services. SHIB has already been adopted by several major companies and brands as a means of payment. New York City’s Gucci store is among those that have began accepting Shiba Inu and other cryptocurrencies in payments. AMC Entertainment and Shiba Inu, Shopify, Chipotle, and many other companies have been seeking to penetrate the market and declared Shiba Inu acceptance as well. Also, it may be staked in the Shiba Inu ecosystem and used to purchase land in the Shiba Inu metaverse.
