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Shiba Inu (SHIB) is a meme-based cryptocurrency named after the Japanese Shiba Inu dog breed. The coin was created in 2020 by an anonymous developer named Ryoshi, who wanted to make an alternative to Dogecoin (DOGE) on the Ethereum blockchain.

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

The initial turnover of Shiba Inu was 1 quadrillion tokens. Rioshi locked 50% of the tokens on Uniswap in order to increase liquidity, and transferred the remaining 50% to the wallet of Ethereum co-founder Vitalik Buterin. However, Vitalik decided to burn 90% of the coins and donate the remaining 10% to charity.

You can buy and sell SHIB on cryptocurrency exchanges such as Binance with various trading pairs such as SHIB/USDT and SHIB/DOGE.

 

Introduction

For animal lovers, 2021 has been a particularly interesting year amid the boom in dog-themed cryptocurrencies. Shiba Inu (SHIB) has proven to be one of the fastest growing coins on the market, becoming a hit on social media and being dubbed the “Dogecoin killer.” As of November 2021, SHIB is among the top cryptocurrencies by market capitalization. It is ranked 11th on CoinMarketCap, which puts it closer 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 - no less mysterious than the creator of Bitcoin, Satoshi Nakamoto. The name of the SHIB coin refers to the Japanese Shiba Inu dog breed.

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

 

Shiba Inu Ecosystem

The Shiba Inu ecosystem consists of several elements, the names of which correspond to the chosen dog theme. According to the WoofPaper white paper, Shiba Inu is a community project focused on creating a decentralized cryptocurrency.

The SHIB ecosystem includes a decentralized exchange called ShibaSwap. On ShibaSwap you can trade SHIB and other cryptocurrencies, provide liquidity in Puppy pools or use the tokens in smart contracts and earn interest with SHIB and two other ERC-20 tokens: Doge Killer (LEASH) and Bone ShibaSwap (BONE) ).

LEASH is the second Shiba Inu token that is also listed on ShibaSwap. With 107,646 tokens in circulation, LEASH was initially used as a rebase token to track the price of Dogecoin. However, the SHIB developers decided to replace LEASH with an ERC-20 token. LEASH holders can add their tokens to the liquidity pool and receive xLEASH as a reward.

BONE is a governance token with a supply of 250,000,000 tokens. In the future, it will allow the ShibArmy (the community of this cryptocurrency) to vote on upcoming proposals for the Doggy DAO.

Shiba Inu also offers a non-fungible token (NFT) art incubator called Shiba Artist Incubator. It allows people from all over the world to put their Shiba Inu-themed creations on the NFT market, displaying their paintings, photographs, digital images and other creativity.

In October 2021, the SHIB team released 10,000 NFTs called Shiboshi on the Ethereum blockchain and announced the NFT Shiboshi Game. She also announced a new token burning mechanism: if Shiboshi holders want to change the name of their NFTs, they will have to pay a fee of $100 to SHIB. In this case, the commission will be burned (i.e. sent to the wallet for burning SHIB).

 

What are meme coins?

Meme coins include Dogecoin, Shiba Inu, and hundreds of other meme-based cryptocurrencies. Thus, Dogecoin and Shiba Inu were inspired by the cute Shiba Inu dog, and PepeCoin (MEME) was inspired by Pepe the Frog, that is, a popular anthropomorphic frog.

Most of these coins have few uses and are considered short-lived compared to widely accepted cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). Because of this, a significant portion of meme coins are not supported on major trading platforms. In addition, due to the huge supply, their price is usually low: even popular coins such as SHIB and DOGE cost less than a cent.

These coins have been underperforming cryptocurrencies with larger market capitalizations, but have begun to rise in 2021 following the GameStop (GME) and AMC Entertainment (AMC) trend toward meme assets. In January 2021, a Reddit community called SatoshiStreetBets considered DOGE to be the cryptocurrency equivalent of GME and decided to jokingly increase its price. As DOGE's value soared, traders turned their attention to this and other similar coins, hoping to capitalize on their rise. The price of DOGE hit a record 73 cents in May 2021, up 2,000% in just five days.

However, it is important to remember that trading and investing in cryptocurrency carries high financial risk. Meme coins can be very volatile, so you should always do your own research and never invest more than you are willing to lose.

 

During the pandemic in 2020, the cryptocurrency market crashed and then soared again as retail investors sought inflation protection through digital assets like Bitcoin (BTC) and Ether (ETH). New interest from the community has led to the rise of meme-based coins such as SHIB. Some attribute its popularity to the influence of social media and the words of Tesla CEO Elon Musk. In May 2021, his Dogecoin joke on television led to a surge in the cryptocurrency and increased attention to SHIB and other meme coins. As a result, from January to November 2021, the price of SHIB increased by more than 60,000,000%.

SHIB is different from other dog-themed coins thanks to its Shiboshi NFT and NFT game. Due to the incredible popularity of non-fungible tokens, 10,000 Shiboshi tokens sold out in less than 35 minutes and were launched on the ShibaSwap platform. Currently, token holders name their Shiboshi and burn SHIB tokens. The NFT game Shiboshi is actively developing, and the popularity of the Shiba Inu ecosystem is likely to continue to grow.


How to Buy SHIB on Binance

SHIB can be purchased on cryptocurrency exchanges such as Binance.

1. Log into your Binance account, open the [Trading] tab in the top bar and select the classic or advanced interface.

2. On the right side of the screen, enter “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.


3. Go to the [Spot] tab and enter the amount of SHIB you want to purchase. You can choose different types of orders to buy SHIB. In this example we will use a market order. Click [Buy SHIB] to confirm the order and the purchased coins will be transferred to your spot wallet.



Summary

The Shiba Inu coin has seen significant growth in 2021. With the launch of Shiboshi NFT and the development of the Shiboshi game, the application of SHIB and its ecosystem may surpass its competitor DOGE. However, you should be careful and do your own research before investing in cryptocurrencies, especially meme coins. They can be more volatile than cryptocurrencies with larger market capitalizations because their value largely depends on the sentiment of users on social media.