Everything you need to know about Shiba Inu coin

The world of cryptocurrencies is very complex, and many of these coins and tokens have strong social and social media and express their values beyond what they are. In this series of articles, like security articles in plain language, we intend to educate DYOR audiences (meaning gaining knowledge about what we are going to do) and also take a look behind the scenes of these digital currencies to see if they really What goes on behind the scenes?

In this regard, we intend to share the ecosystem, roadmap, advantages and disadvantages of Shiba Inu with you audience in simple language. So join us.

(SHIB) is a dog-themed cryptocurrency named after a Japanese dog breed. The cryptocurrency was created in 2020 by an anonymous developer named Ryoshi, who designed SHIB as an alternative to Dogecoin (DOGE) in the Atrium blockchain. SHIB is an ERC-20 token with a decentralized exchange called ShibaSwap. The SHIB Roadmap and Ecosystem has also introduced an initiative called the Shiba Artist Incubator, which is a kind of NFT market. This innovation invites all artists who are interested in Shiba Inu dogs to introduce and display their works of art related to these dogs in this NFT market.

Shiba Inu (SHIB) is non-extractable and had a primary circulating source containing 1 quadrillion tokens from the very beginning. Ryoshi locked 50 percent of the tokens in Uniswap to generate cash and sent the other 50 percent to the wallet of Atrium founder Vitalik Butrin. However, Vitalik Butrin decided to burn 90% of the coins and donate the remaining 10% to charity.

For crypto-loving pet traders, 2021 has been a very exciting year with the boom in dog-themed digital currencies. Shiba Inu was one of the growing tokens in the market, which faced a significant price increase. The Shiba Inu token, also known as the “Dogecoin killer”, has become a successful currency on social media. As of November 2021, SHIB is among the top digital currencies in terms of market value. The currency is also ranked 11th in CoinMarketCap, which brings it closer to its rival, DOGE.

What is SHIB?

Shiba Inu (SHIB) is a Meem digital currency located on the Atrium blockchain. The currency was created in August 2020 by an anonymous developer named Ryoshi, whose identity is as mysterious as that of Bitcoin creator Satoshi Nakamoto. As the name implies, SHIB is inspired by the Japanese dog breed Shiba Inu.

As mentioned earlier, SHIB has offered a total of 1 quadrillion. When the currency was first launched, Ryoshi locked 50% of the total supply in Uniswap to provide liquidity. Uniswap is an automated market maker (AMM) protocol in the Atrium blockchain and is one of the most successful decentralized financial space (DeFi) projects. It is interesting to note that at the beginning of the work another 500 trillion SHIBs were sent to Vitalik Butrin, one of the founders of Atrium, who decided to burn 90% and donate the rest to the COVID-19 Relief Fund of India.

Introduction to Shiba Inu ecosystem

One of the considerations of the Shiba ecosystem is the terms used in this blockchain. Sheiba Ino has personalized many specialized terms in the digital currency ecosystem that correspond to its meme-like nature. For example, in the world of this digital currency, the term “Woofpaper” is used instead of the common term “White Paper”. Many other specialized terms, including BURY shares, DIG tokens, WOOF Returns, and the ShibArmy user community, have their own equations.

The SHIB ecosystem consists of a decentralized exchange called ShibaSwap. You can trade SHIB and other cryptocurrencies on ShibaSwap, “DIG” for cash in Puppy pools, or “Bury” your tokens in smart contracts with SHIB and two other ERC-20 tokens. , Doge Killer (LEASH) and Bone, earn money.

LEASH is the second token created by Shiba Inu and is also available on ShibaSwap. With a circulation of 10,7646 tokens, LEASH initially used the term “Doge killer”. However, the developers of SHIB decided to change the LEASH to an ERC-20 token. LEASH holders can place their tokens in the cash pool and earn xLEASH as a reward.

BONE is a government token with 250,000,000 tokens. Which, in the future, will allow ShibArmy (aka the Shiba Ino community) to vote on future proposals in the Doggy DAO.

In October 2021, the project team developed 10,000 NFTs called Shiboshi on the Atrium blockchain, and they also announced plans to release an NFT game called Shiboshi Game. They also unveiled a new token-burning mechanism. The way this mechanism works is that if Shiboshi token holders want to change the name of their NFTs, they have to pay a fee of $ 100 in the form of a SHIB token. The tokens received in this way will be burned (deposited in a special case) and this will reduce the stock of SHIB tokens and increase its value.

What is Meem Quinn?

Dogecoin and Shiba Inu, along with hundreds of other Meem digital currencies, are known as Meem Coins. For example, Dogecoin and Shiba Inu are inspired by the memes of a famous dog named Shiba Inu, while Pepe the Frog’s PepeCoin (MEME) is inspired by a popular frog meme.

Because memes are mostly community-oriented, these cryptocurrencies can become popular overnight with the help of online forums and FOMO (fear of losing profits and falling behind others). But when traders turn their attention to new market memes, the price of those memes can also drop unexpectedly. For this reason, the price of memes is mostly unstable.

Most memes are inflatable compared to bitcoins and also do not have a supply ceiling. Ecosystems, usability, and basics Most memes are defined by the jokes and collective jokes of that meme community. Only a few memes are built on the technology of major digital currencies. For example, DOGE currency technology is derived from LightCoin (LTC), and in the same vein, the SHIB digital currency is built on the Atrium blockchain.

Community-centric meme queens are another potential risk for investors to consider. It is also worth noting that memes are bigger, more risky and more profitable than digital currencies with marketed copy. The fluctuations and instabilities of memecoins constantly lead to unexpected pumps and dumps in this currency.

Most memes are created with limited use or uses and have a shorter lifespan than common digital currencies (BTC) and (ETH). Many memecoins cannot be traded on major trading platforms. Also, the price of memes is generally low due to their large supply. Even popular items like SHIB and DOGE have only a fraction of the price tradition.

Memoquins have become market-valuable cryptocurrencies, and GameStop (GME) and AMC Entertainment (AMC) shares began to rise in 2021 following the trend of memecoins. In January 2021, a Reddit group called SatoshiStreetBets pumped DojQuin, pushing DOGE to its highest level of 73 cents in just five days in May 2021, up more than 2,000 percent.

However, it is important to remember that trading and investing in digital currencies carries a high financial risk. Memoquins can be very risky, so you should always have DYOR and never invest in something you can not afford to lose.

Why is SHIB so popular?

During the global corona epidemic in 2020, the digital currency market collapsed and then exploded as micro-investors flocked to digital assets such as Bitcoin (BTC) and Ether (ETH) to protect against inflation. As mentioned, the stock market epic has led to an increase in memes. Some attribute SHIB’s popularity to its influence on social media, particularly through Tesla CEO Ilan Mask. After Tesla’s CEO publicly joked about Dogecoin on television in May 2021 and slashed its price, SHIB and other meme coins took advantage of the growing popularity of meme tokens. Since November 2021, the SHIB price has increased by more than 60,000,000% since January.

On September 17, 2021, Kevin Bass, the largest digital currency exchange in the United States, listed Shiba Ino on its platform. The news of Shiba Ino being listed caused its price to increase by more than 40% in just 2 days. The highest price of Shiba Ino is $ 0.000088, which was registered on September 27, 2021.

One of the reasons SHIB stands out from other dog-themed quinces is its NFTs and Shiboshi game. As the irreplaceable tokens market became trending, 10,000 shiboshis were sold in less than 35 minutes. Shiba Ino launched its irreplaceable tokens using the ShibaSwap platform. As Shiboshi owners sign up and burn SHIB tokens, the popularity of Shiba Inu could continue to grow as the Shiboshi NFT game develops.

Conclusion
Shiba Ino has made significant achievements in 2021. With the launch of Shiboshi NFTs and Shiboshi Game and its ecosystem, this digital currency could potentially surpass its competitor, DOGE. However, you should be careful and have DYOR before investing in cryptocurrencies or cryptocurrencies, especially memes. Because they can be more volatile than more valuable digital currencies, because most of their value is largely based on social media sentiment.