All You Need to Know About Shiba Inu

Shiba Inu or SHIB is a type of cryptocurrency based on a dog-related meme named after a dog breed. This cryptocurrency was created in the year 2020 by a developer, Ryoshi. He designed SHIB as a competitor to DOGE or Dogecoin.

SHIB has a decentralized exchange named ShibaSwap.

The Meme Coin Shiba

The initial total supply of Shiba Inu had been 1 quadrillion tokens. Out of which 50% were locked into Uniswap to build liquidity, while the remaining 50% went to Ethereum.

The dog-based cryptocurrencies saw a great boom in 2021 and it has been an exciting journey for pro-pet traders. With an exponential price increase, SHIB became one of the most popular meme coins.

It was also known as Dogekiller", and the SHIB coin soon became a social media sensation. According to November 2021 stats, SHIB has been one of the top cryptocurrencies in the market. It has been given the rank #11 on CoinMarketCap, just marginally close to the rival, Dogecoin.

How Does the Shiba Inu Ecosystem Work?

In order to keep the theme of dogs running, Shibu Inu incorporates dog-like terms into its environment. This is a project run by the community which focuses primarily on building a decentralized crypto-network.

A decentralized crypto exchange named ShibaSwap is a major component of the SHIB ecosystem. Trading of SHIB along with other forms of cryptocurrency on this platform allows Puppy Pools to give liquidity, or the tokens can be "buried" in the smart contracts to attain interest with SHIB, along with two others named Doge Killer (LEASH) and Bone ShibaSwap or BONE respectively.

The token LEASH is another one created by Shiba Inu and is available on ShibaSwap, having a circulating supply of almost 107,646 tokens.

BONE has a total supply of 250,000,000 tokens. Being a governance token, in the future, it will allow the ShibArmy (the community-given nickname) to vote on Doggy DAO's upcoming proposals.

Introduction to Meme Coins

Meme cryptocurrencies like Dogecoin, Shiba Inu, and hundreds of others are known as meme coins or meme tokens.

For example, Dogecoin and Shiba Inu have taken their inspiration from memes of an attractive dog, the Shiba Inu dog.

It is interesting to note that most of the meme coins are made having limited use cases and are relatively short-lived as compared to other mainstream cryptocurrencies like bitcoin (BTC) and ether (ETH). As a result, a larger number of these meme coins lose trading on popular trading platforms.

The massive supply limits the price range of meme coins to be low as even the top most ones like DOGE and SHIB would just cost a fraction of a cent.

It is important to note that trading and investing in cryptocurrency brings high financial risk. As meme coins have the potential of being extremely volatile, it is not recommended to invest what you think you are not able to lose.

The Reason Behind SHIB's Popularity

It was during the COVID-19 pandemic time that the cryptocurrency saw a huge slump and investors started investing in digital assets such as bitcoin (BTC) and Ether (ETH) to work against inflation.

Some give the credit to social media for SHIB's popularity, especially attention given by Tesla's CEO, Elon Musk after he made a joke about Dogecoin public on TV in May 2021 which attributed to the slump in DOGE. 

As the boom in the stock market has raised the value of meme coins, as of November 2021, the value of SHIB has also jumped to more than 60,000,000% since January.

How Can SHIB be Bought on Rain?

You can get SHIB on a cryptocurrency platform like Rain. It is more like a cryptocurrency exchange trading in digital currency. These steps should be followed to purchase SHIB on Binance.

1. First, you need to log into your Rain account. You can easily make one if you don't have it. Next, go to "Trade" at the top bar in order to get trading pages.

1. Look for "SHIB" in the search bar on the right side of the screen. There will be trading pairs displayed on the screen. Just click on it to open the SHIB/BUSD trading page. 

Scroll down and check the option Spot box and then enter the amount required of SHIB which needs to be purchased.

Choose the option "Buy SHIB" and click to confirm the order. You will be notified about your purchase. Feel free to get in touch with an expert from Rain if you feel confused or lost. 

Conclusion

The Shiba Inu system has been able to attain massive profits in 2021. After the launch of the Shiboshi NFTs and the upcoming Shiboshi Game, SHIB could potentially surpass its competitor DOGE.

One thing that needs to be mentioned here is that traders need to be very cautious when investing in cryptocurrencies, especially meme coins as these are very volatile as compared to the market cap ones due to their dependency on the social media community trends.