What is Shiba Inu
Shiba Inu (SHIB) is an Ethereum-based cryptocurrency whose logo, similar to Dogecoin (DOGE), depicts a dog of the Shiba Inu breed, which has become the symbol of meme tokens.
Shiba Inu was created in August 2020 by an anonymous person or group called Ryoshi.
According to its white paper, the Shiba Inu was created to be governed entirely by its community. The founder, Ryoshi, attributes its origin to “an experiment in decentralized spontaneous community building.”
The core principles of the meme token community are:
- The project started from scratch in the spirit of creating something from nothing
- It was not founded from an existing community or pre-existing team
- A declaration of love for the Shiba Inu dog breed
The Shiba Inu ecosystem
SHIB is an ERC-20 token that uses Ethereum’s network instead of its own. The choice of Ethereum was primarily based on the fact that the network was secure and established, and allowed the project to remain decentralized.
The Shiba Inu ecosystem consists of the following three tokens:
- SHIB: This is the main currency of the project. Starting with a supply of 1 quadrillion, Ryoshi locks 50% in Uniswap (for liquidity purposes), and then sends the other 50% to Aetherium co-founder Vitalik Buterin for safekeeping. In May 2021, Buterin donated more than 50 trillion SHIB coins, then worth more than $1 billion, to the COVID-19 fund in India when the country was reeling from the delta variant of the coronavirus. Shortly thereafter, Buterin also “burned” – or permanently removed from circulation – 40% of the total supply of Shiba Inu in the so-called dead wallet.
- LEASH: The second token, which represents the other end of the ecosystem spectrum, with a total supply of just 107,646 tokens compared to the trillions of SHIB tokens.
- BONE: Bone fits in between the other two cryptocurrencies in terms of circulating supply, with a total supply of 250,000,000 tokens. It is designed to be a network management token that will allow “SHIBArmy” to vote on upcoming proposals.
The Shiba Inu ecosystem also includes:
- ShibaSwap: The goal of the DeFi platform is to provide a safe place to trade cryptocurrencies while remaining decentralized.
- Shiba Inu Incubator: the incubator aims to shift the focus beyond popular art forms such as painting, photography, and digital imaging, and find ways to honor creativity and ingenuity.
- Shiboshis: These are 10,000 Shiba Inu NFTs generated by Shiba Inu, recorded in the Ethereum blockchain, with various characteristics.
How do I buy Shiba Inu?
1. Choose a crypto exchange
There are numerous cryptocurrency exchanges and marketplaces that range from easy-to-use systems to complex dashboards for advanced traders.
Because Shiba Inu is so popular, you’ll be able to purchase the token on most cryptocurrency exchanges, but it’s advisable to stick to a few of the more popular exchanges like Binance, Kraken, Coinbase, etc. Different platforms come with different fees, security measures, and may include other features, so it’s a good idea to do your research before signing up.
2. Create an account and confirm it
Start with account registration, which is completely free on the aforementioned platforms. For added security, 2FA – two-factor authentication – is also enabled. This way, you and your device are the only ones who can grant access to the account.
You are then taken through a KYC process, which is providing personal information – ID card/passport/driving license details, proof of address (e.g. bank statement or utility bill).
After completing these steps, you are ready to buy, sell and trade Shiba Inu (SHIB) as well as avail various services such as steaming.
3. Feed your account
Once your account has been registered and verified, you need to fund the account to start taking advantage of the platform’s buying and trading services.
The main deposit options are:
- Credit/Debit Card
- Bank deposit
- Peer-to-peer (P2P)
Where to buy Shiba Inu?
On Binance, the world’s largest cryptocurrency exchange, deposits are absolutely free.
