Shiba Inu, launched in August 2020 by "Ryoshi," is a decentralized, community-driven cryptocurrency inspired by Dogecoin.
Key Features:
- ERC-20 token on Ethereum blockchain
- Total supply: 1 quadrillion tokens
- Burning mechanism to reduce supply
- ShibaSwap DEX for trading, staking, and liquidity provision
- Community-driven, with high social media engagement
Controversies & Criticisms:
- Legitimacy questioned due to meme-coin status
- Lack of solid use cases
- Market manipulation concerns
- Influence of large holders
Risks & Security:
- High volatility
- Regulatory challenges
- Community-driven model introduces significant risks
Investor Alert:
- Conduct thorough research
- Understand risks
- Prepare for significant volatility
- Consider professional financial advice
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