What is Shiba Inu?

Shiba Inu

In the world of cryptocurrency, there are numerous digital assets that users can invest in. these crypto projects offer all sorts of different features and capabilities; however, some of them stand out from the crowd as being particularly unique or noteworthy. The Shiba Inu coin is one particular crypto project that has managed to capture the attention of many people all around the world due it’s marketing-success and has proven an opponent for the original meme-coin, Dogecoin.

How big is Shiba Inu (SHIB)

Shiba Inu is one of the biggest meme-coins and is created on the Ethereum-blockchain. At 25 November 2021 Shib has reached 1 million holders after a few big surges earlier that year. So Shiba Inu, or its ticker: “SHIB”, is one of the most popular cryptos out there and is currently ranked number 12 in the list. With a market cap of almost 23B and about 550M coins in circulation it now (at the time of writing) has a price around the $0,00004 mark.

Shib started with a great community-backed marketing-strategy and almost cult-like investors which refuse to sell. This has led to one of the biggest surges of a known cryptocurrency in this year. Updates (with new features) are still being provided and the community looks like they don’t wan’t to sell. What’s next for Shiba Inu?

Where to buy Shiba Inu

It can be bought easily at the more popular centralized exchanges, like binance.com and coinbase.com. Shiba Inu can be bought by using a credit card, a SEPA transfer, or by using another cryptocurrency like Bitcoin, Ethereum, or Tether USD. On the exchanges, you can search for “what you won’t pay”/”what you want to buy”. This is what makes it possible for the exchanges to provide liquidity for a lot of orders in multiple currencies, all at once.

Staking Shiba Inu

Shiba Inu uses a consensus mechanism that is a lot like Proof-Of-Stake. This means that after you have bought (usually a very large amount of) the SHIB token, it can be staked and gives the rights and funds for the smart contract to check and add new blocks of transactions. In the specific case of Shiba, other tokens can be earned by staking Shiba in the DeFi yield-farm.

By providing liquidity (by staking or yield-farms), you will be rewarded by the network. But beware, when tokens are staked they cannot be traded for a set amount of time. Staking (or yield farming) is also used to help exchanges increase their liquidity. Staking then happens in a staking pool and participants are rewarded, sometimes up to 20% per year. For this to happen, the person in question must also stake a lot of tokens. The rewards are normally calculated in a way the biggest liquidity providers get the biggest chunks of the reward, where the rest is split between the rest.

How is Shiba Inu used today

Shiba Inu is used online for making payments, mostly when rewarding another peer for a tip on a forum. They’re also for their decentralized finance apps. The Shiba Inu network is also used for and creating & trading NFT’s — non-fungible tokens. Most often this is digital art or an official document. This is because there can only be 1 real owner on the blockchain. However, most people buy SHIB because they think the price might go up, and do so by using a popular exchange.

Algorithmic trading bot for Shiba Inu

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