What Is Shiba Inu?
Shiba Inu (SHIBUSD) is an Ethereum-based altcoin (a cryptocurrency other than Bitcoin) using the Shiba Inu as its mascot, a Japanese hunting dog breed. Shiba Inu is commonly regarded as a Dogecoin alternative; in fact, its proponents refer to it as “the Dogecoin killer.”
Meme coins, such as Shiba Inu and Dogecoin, are cryptocurrencies that are connected with a theme—in the case of Shiba Inu and Dogecoin, the Shiba Inu dog—but are frequently created as a parody or inside joke rather than as a digital commodity with actual utility. While Dogecoin was established in December 2013, Ryoshi, an unidentified individual or group, invented Shiba Inu in August 2020.
The Shiba Inu hunting dog serves as the mascot for Shiba Inu, an Ethereum-based altcoin.
It is commonly regarded as a Dogecoin alternative, and its followers, known as the SHIBArmy, have dubbed it “the Dogecoin killer.”
Ryoshi, an individual or group, founded Shiba Inu in August of 2020.
Shiba Inu’s value more than tenfolded in October 2021, giving it a market capitalization of $35 billion (as of Oct. 31, 2021) and placing it tenth among all cryptocurrencies by this metric.
Shiba Inu’s value more than tenfolded in October 2021, giving it a market capitalization of $35 billion (as of October 31, 2021) and placing it tenth among all cryptocurrencies by this metric. 1 The joke coin’s price increase was sparked by a tweet by Tesla CEO Elon Musk on Oct. 4, 2021, displaying a picture of his new Shiba Inu puppy Floki. Musk’s cryptic tweets often result in increased volatility in the cryptocurrency market because he is one of the most high-profile proponents of Dogecoin and the self-proclaimed “Dogefather.”
Shiba Inu’s price spike in October 2021 nearly caught up to Dogecoin’s market value of $36.9 billion (as of Oct. 31, 2021), after temporarily topping it. It remains to be seen whether Shiba Inu will fulfill the expectations of its expanding network of supporters, known as the SHIBArmy, of becoming “the Dogecoin killer.” But, at least in October 2021, Shiba Inu, a previously unknown cryptocurrency, became the Dog’s tail as its price skyrocketed (ecoin).
Shiba Inu are a type of Shiba Inu dog.
The Shiba Inu ecosystem’s guiding principles are written out in a “woof paper”3 (probably a play on white paper), which can be found on the ShibaToken.com website.
Shiba Inu was created in response to a simple question, according to the paper: “What would happen if a cryptocurrency project was managed entirely by its community?” It began as a “experiment in decentralized spontaneous community development,” according to its founder Ryoshi. Ryoshi believes that the strength of collective decentralization may generate something far more powerful than a centralized team could ever achieve.
The SHIBArmy’s nearly 500,000 members believe in its fundamental ideals, which are as follows:
The project began with zero, in the spirit of making something from nothing; it was not created on the basis of an existing community or pre-assembled team; and it was founded on the basis of a declared love of Shiba Inu dogs.
Shiba Inu is an Ethereum-based ERC-20 token, which means it is created and hosted on the Ethereum blockchain rather than its own. According to Ryoshi, he picked Ethereum to develop the Shiba Inu ecosystem because it was already secure and well-established, as well as because it allowed the project to remain decentralized.
Is Buying a Shiba Inu a Risky Business?
Yes, Shiba Inu is a high-risk, high-reward investment. Cryptocurrencies are notoriously volatile, and SHIB’s recent advances could put it at risk of a major drop. Shiba Inu has relatively limited function, and its value is dependent primarily on a speculative frenzy generated by social media.