Shiba Inu (SHIB) is a dog-themed meme cryptocurrency named after a Japanese dog breed. It was created in 2020 by an anonymous developer named Ryoshi, who designed SHIB to be an alternative to Dogecoin (DOGE) on the Ethereum blockchain.
SHIB is an ERC-20 token with a decentralized exchange called ShibaSwap. The SHIB roadmap and ecosystem also features an NFT art incubator called Shiba Artist Incubator, 10,000 “Shiboshi” NFTs, and an NFT game Shiboshi Game.
Shiba Inu had an initial circulating supply of 1 quadrillion tokens. Ryoshi locked 50% of the token in Uniswap to create liquidity, and sent the other 50% to Ethereum co-founder Vitalik Buterin’s wallet. However, Vitalik decided to burn 90% of the coins and donate the remaining 10% to charity.
You can buy and sell SHIB on crypto exchanges like Binance with different trading pairs, such as SHIB/USDT and SHIB/DOGE.
What is Shiba Inu (SHIB)?
SHIB had a total supply of 1 quadrillion. When it was first launched, Ryoshi locked 50% of the total supply in Uniswap to provide liquidity. Uniswap is an automated market maker (AMM) protocol on the Ethereum blockchain and is one of the most successful projects in the decentralized finance (DeFi) space. The other 500 trillion SHIB were sent to Ethereum co-founder Vitalik Buterin, who decided to burn 90% and donate the remaining to the India COVID-19 relief fund.
The Shiba Inu Ecosystem
To keep up with the dog theme, Shiba Inu uses canine terms in its ecosystem. According to the “WoofPaper” (whitepaper), Shiba Inu is a community-driven project focused on creating a decentralized cryptocurrency.
BONE is a governance token. It has a supply of 250,000,000 tokens. In the future, it will allow the ShibArmy (a nickname for its community) to vote on upcoming proposals on Doggy DAO.
In October 2021, the SHIB team launched 10,000 “Shiboshi” NFTs on the Ethereum blockchain and announced an upcoming NFT game called Shiboshi Game. The announcement included a new token-burning mechanism as well. Whenever the Shiboshi holders want to change the name of their NFTs, they need to pay a fee of USD 100 in SHIB. The fees will be burned (i.e., sent to the SHIB burn wallet).
What are meme coins?
Dogecoin and Shiba Inu, along with hundreds of other meme cryptocurrencies, are known as meme coins or meme tokens. For example, Dogecoin and Shiba Inu were inspired by memes of an adorable Shiba Inu dog, while PepeCoin (MEME) was inspired by Pepe the Frog, a popular anthropomorphic frog meme.
Most meme coins are created with limited utility or use cases and are more short-lived than the mainstream cryptocurrencies like bitcoin (BTC) and ether (ETH). Therefore, a large number of meme coins cannot be traded on major trading platforms. Also, the price of meme coins is generally low due to their huge supply. Even the popular ones like SHIB and DOGE only cost a fraction of a cent.
Meme coins have been taking back seats to the larger market capitalization cryptocurrencies, but they started to rise following the “meme stock” trend of GameStop (GME) and AMC Entertainment (AMC) in 2021. In January 2021, a Reddit group named SatoshiStreetBets considered DOGE the crypto equivalent of GME and joked about pumping its price up. As DOGE price took off, traders have turned their attention to the DOGE and other meme coins, looking to achieve gains off the rally. DOGE price was driven up to an all-time high of 73 cents in May 2021, with over 2,000% increase in just five days.
Why is SHIB so popular?
During the global pandemic in 2020, the cryptocurrency market crashed and then exploded as retail investors flocked to digital assets like bitcoin (BTC) and Ether (ETH) to hedge against inflation. As mentioned, the stock market saga has led to the rise of meme coins. Some attribute SHIB’s popularity to social media influence, especially from Tesla CEO Elon Musk. After he publicly joked about Dogecoin on TV in May 2021 and made it slump in price, SHIB and other meme coins had taken advantage of the rising popularity of meme tokens. As of November 2021, SHIB price has increased more than 60,000,000% since January.
One of the reasons for SHIB to stand out from its fellow puppy coins is its Shiboshi NFTs and game. Catching on to the hype of the NFT markets, the 10,000 Shiboshis sold out in under 35 minutes. Shiba Inu launched its own NFTs using the ShibaSwap platform. As the owners name their Shiboshis and trigger the SHIB token burn, along with the development of the Shiboshi NFT game, the popularity of Shiba Inu could continue to grow.
How to buy SHIB on Binance?
1. Log in to your Binance account and go to [Trade] at the top bar to select the classic or advanced trading page.