Learn Cryptocurrency
10 Feb 2022

3 Shiba Inu Utilities that Make it More Than Just A Fad

Devansh Sinhal

A memecoin is an altcoin cryptocurrency that’s exceptionally volatile. It is usually created as a joke rather than a serious product. Dogecoin was the first major memecoin in the crypto world and features the face of a Shiba Inu Japanese breed dog from a popular internet meme. Memecoins are often accused of not having any “real-world utility”, unlike other highly functional cryptocurrencies such as Ethereum and Bitcoin.

Shiba Inu, like Dogecoin, has been considered to be a memecoin for a long time now. It is believed to have no real-world utility, and many people say that it is based on nothing but fluff. Shiba Inu has also been accused of being a scam, especially since the coin returned an unbelievable 49 million% of its value to investors in 2021.

In this article, we present for your benefit a brief outline of Shiba Inu’s beginnings and three of the utilities that make it more than just another random memecoin.

Key Takeaways

  • Shiba Inu started off as an Ethereum-based counterpart of Dogecoin. Although considered a memecoin by many, it does have some interesting fundamental functionalities.
  • ShibaSwap is a decentralized exchange based on SHIB and other tokens like BONE and LEASH.
  • Shiboshi NFTs, based on SHIB, is a collection of 10,000 successful pieces of art that have found their way into top NFT marketplaces like OpenSea.
  • Shiba Inu’s community ethos is one of the strongest in the crypto ecosystem.

Shiba Inu: A Brief Introduction

Shiba Inu is a dog-themed cryptocurrency token. Other cryptos with this theme include DOGE (which saw gains of 15,800% between 1 January and 8 May 2021), KISHU, ELON, and FLOKI. The coin started as an Ethereum-based counterpart of Dogecoin, and its success prompted the creation of a plethora of copies, such as BitShiba, Shiba Fantom, Shibalana, and King Shiba, in 2021. 

Shiba Inu, although considered a memecoin by many, has been one of the most successful cryptocurrencies of 2021.

How come?

Well, if you had bought $2 worth of Shiba Inu on 1 January 2021, you’d be a millionaire by the time the year came to a close!

Shiba Inu Utilities

Here are some utilities of the Shiba Inu network that establish it as a token that is not just based on fluff.

Shiba Inu Is More Than Just A Fad

ShibaSwap

ShibaSwap is a decentralized exchange (Dex) based on the Shiba Inu project. ShibaSwap allows users to swap their tokens on the platform without having to depend on third-party intermediaries. Users, hence, can use it to swap their tokens in a permissionless manner instead of having to rely on platforms like Kraken.

ShibaSwap is completely fueled by the platform’s native token, SHIB, and two other ERC-20 tokens: BONE and LEASH.

ShibaSwap is a highly efficient exchange that’s right up there with other DeXes like UniSwap in terms of functionality and efficacy. It features liquidity pools, allows token swapping, and enables users to stake their coins as well. Governance tokens can be used on the platform to participate in voting and to access a collection of exclusive NFTs called Shiboshis.

Shiboshi NFTs

Shiboshi NFTs are a collection of 10,000 NFTs that exist on the Ethereum blockchain. This collection was first launched in October of 2021. Ever since these NFTs have been attracting huge valuations. Although initially Shiboshis could only be bought on ShibaSwap, top NFT marketplaces like OpenSea have since listed them as well.

Community ethos

Shiba Inu’s community ethos is one of the strongest in the crypto ecosystem. Community members on social media channels like Reddit and Twitter are engaged in the coin’s development and care about its progress. One of the most trending questions in the Shiba community is: What’s the next step for the development of the token?

Since one of the best ways to figure out whether a coin is a serious project or a scam is to monitor its social media presence, the fact that Shiba has a highly functioning one is promising.

In fact, the official Twitter handle of SHIB has more than 2.7 million followersleaps and bounds ahead of Ethereum’s count of 2.2 million.

Other functionalities

Shiba Inu can also be staked on the network to earn regular block rewards by contributing to the security of the blockchain. It is worth noting that Bitcoin, which is by far the biggest crypto coin in the world, still cannot be directly staked on its network. This is because it works on a Proof-of-Work consensus algorithm, while SHIB works on a Proof-of-Stake one.

Wrap-Up

Shiba Inu is a well-established token when compared to other memecoins. This is because it has other functionalities that supplement the token. For instance, the fact that ShibaSwap is completely based on SHIB, and tokens derived from it gives SHIB far more credibility than any other memecoin. While SHIB still can’t compete head-to-head with major currencies like Ethereum and Bitcoin, it has seen a fair share of growth recently. 

Convert SHIB to INR directly here.

Buy SHIBA INU on CoinSwitch seamlessly!

Frequently Asked Questions

Who is the founder of Shiba Inu?

Shiba Inu was created in August 2020 by an anonymous individual or group of individuals called “Ryoshi”.

Are Shiba Inu and Dogecoin the same?

No, although Shiba Inu and Dogecoin belong to the same dog ecosystem of cryptocurrencies, they are completely different tokens operating on completely different protocols.

What is the logo of Shiba Inu based on?

The token has been named after Shiba Inu, a breed of dog that originates in the Chūbu region of Japan. The mascot of Dogecoin is based on the same dog.

Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.

writer

Devansh Sinhal

Content Writer

Table of content