What is Shiba Inu ?
Shiba Inu is a cryptocurrency based on the Ethereum blockchain. The coin started as a meme coin launched as a joke or a parody rather than based on actual utilities, to “create something out of nothing” with more than 500,000 community members.
Shiba Inu is an ERC20 token based on the Ethereum blockchain. The founders chose to base the token on Ethereum because of its reliable security protocols and well-established network.
The name ‘Shiba Inu’ is based on a Japanese breed of dog originating in the Chūbu region, the same dog breed depicted in the Dogecoin (DOGE) logo.
Primary features of Shiba Inu
Here are some features of the Shiba Inu ecosystem:
- Shiba Inu (SHIB) – SHIB is the foundational token of the entire ecosystem. This was the first token to be launched as part of the Shiba collection. Shiba Inu skyrocketed in value in October 2021 when it increased its market cap tenfold to more than $35 billion. The total supply of Shiba Inu was initially capped at a quadrillion tokens (1,000 trillion).
- Bone (BONE) – BONE is another token in the Shiba Inu ecosystem that allows Shiba community members to vote on governance issues in the blockchain. The total supply of BONE is capped at 250 million tokens.
- Leash (LEASH) – This is another token part of the ecosystem. The total supply of LEASH tokens is capped at 107,646 tokens.
Is Shiba Inu a promising cryptocurrency?
Shiba Inu is one of the hottest cryptocurrencies out there. Reaching its peak back in October 2021, the coin has seen a massive surge in community membership ever since. Although the coin does not boast too many functional advantages in terms of security, network efficiency, or technology, it does have a loyal social following.
Shiba Inu is a very cheap cryptocurrency with one token valued at a fraction of a rupee. As of late December 2021, investors can buy more than 1 million tokens at approximately ₹2300 only.
Another thing to consider is that at a market cap of more than $18 billion, it is already a top #20 cryptocurrency on CoinMarketCap. The coin has returned more than 14,000,000% of its value in 15 months! That’s far bigger than a return on any mainstream cryptocurrency, not to mention any other investment class.
While Shiba Inu does seem to be promising in the long term, investors are sceptical of its insanely high volatility index, even by the standards of the cryptocurrency market. With more functional developments and a growing community, there is a solid chance that even meme coins like Shiba Inu could prove to be beneficial in the long run.
How to use Shiba Inu coins?
- Shiba Inu coins are meme coins that can be used to store value.
- Another token in the Shiba ecosystem, BONE, can be used by community members to vote on governance issues on the Shiba network.
- Shiba Inu can also be transferred P2P and used as a medium for value transactions.
Pros & Cons of Shiba Inu coin
- It has returned an unprecedented amount of value in the last 12 months to investors.
- The coin has a massive social media presence and community following, including a growing believer base.
- Billionaire investors like Elon Musk believe in the project and are actively involved.
- Major exchanges worldwide have listed Shiba Inu for trading, hence increasing liquidity.
- Little information is available about critical aspects of the decentralisation protocols of the platform.
- No fundamental long-term utility.
- Very high volatility.
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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.