About Shiba Inu (SHIB)

Do You remember sometime in 2021 when a particular cryptocurrency went from almost 0.01 to $1, making some investors overnight millionaires? That coin is SHIB Token, popularly known as the Doge killer. Shiba Inu is an altcoin built on the Ethereum blockchain, and it features a Japanese hunting dog as its mascot. Cryptocurrency investors widely consider Shib as an alternative to Elon musk’s Dogecoin, and the coin has been referred to as the Doge killer by crypto traders.

Shib is one of the meme coins currently trading in the crypto market. Meme coins are those coins that are Associated or linked with some theme, like the Japanese hunting dog in front of Shiba Inu and the Dogecoin. Those sets of cryptocurrencies classified as meme coins are mostly launched as parodies or inside jokes rather than as digital assets with some financial value. Shiba Inu was created and launched by an anonymous individual developer or group known as Ryoshi in 2020, seven years after Elon musk’s Dogecoin was created and released.

Shiba Inu can be traded against other pairs in the cryptocurrency spot market. The coin can also be bought, held, and sold off once the price appreciates. Some online vendors like shops and casinos now accept Shib as a payment tender; this means that you can use your Shiba to pay for goods and services online. The coin is built on the Ethereum Blockchain Network; like many other altcoins, Shib is already dragging the market with Dogecoin. It is currently rising as an investment choice among crypto-Market investors.

Before you invest in Shiba Inu, there are things you should have in mind; you should know that Shiba Inu price and value are not static as the cryptocurrency market is a volatile one. It would be best if you did your Market research before investing.

How Does Shiba Inu Work?

Shib coin is an ERC-20 token powered by the Ethereum blockchain; Shiba Inu leverages small contracts for creating decentralized finance Products. The coin also plans on entering the Defi space, which has witnessed high growth after seeing protocols increase in price and be massively adopted by crypto investors through its exchange and artist incubator. This incubator will permit NFT artists to use Ethereum’s network to sell off their non-fungible tokens with smart chain contracts, and this will help create an NFT Market that does not need third parties.

Shiba DEX and Shibaswap

The owner of Shib has plans underway to Lunch the tokens Dex and Shibaswap; once those Products are launched, investors can be able to stake their Shiba coin for BONES; according to the information on the coin website, they believe that BONE is another Dogecoin killer; they also believe that Bone will eventually take the power of Defi to greater levels, details on how to buy this Bone is available at Shiba Inu website. Once Dex and Shibaswap are available, the only way to mine BONE will be by staking Shiba tokens on the Shibaswap platform. The users who stake their SHIB will be rewarded interest as an incentive. Shiba Inu is also considering launching their own NFT project, and the NFT project is Shibaswag which will actualize real-world applications beyond digital boundaries.

The Shiba Inu Ecosystem

The SHIB ecosystem is an awesome yet strange community where people gather to discuss and deliberate their love and support for Shiba Inu. The platform comprises different people, from those who love the breed to those who have decided to breed and show them. This platform is a screen place where people not only discuss but also learn from each other the current trends in the cryptocurrency market and support each other in their endeavours.

The ecosystem is an open-source, decentralized Application (DApps), protocol, and community that allows users to create smart contracts and decentralized applications (DApps) on the Ethereum network. This ecosystem also houses Shiba Inu toke (SHIB). Users can use this token to purchase goods and services within the ecosystem.

Shiba Inu Price Today

You should know that the Shiba Inu price is not static; it’s volatile and can change in minutes, hours or days. SHIB token reached an all time high price of $0.2 in May 2021. When tracking the current Shiba Inu price, it is better to consider some factors that affect the rising and falling of the token’s live price, as it will help you to make the right move.

Generally, in the cryptocurrency market, some factors can influence the market price now and noting these factors down can make you on top of your cryptocurrency trading game. The factors include:

Demand

Demand is one factor that influences the price value of Shiba Inu. As the law of economics states that the higher the demand for a commodity, the higher the price; the same thing is applicable to Shiba Inu, the more investors that are buying off the supply, the higher the price and during this time, don’t buy, if you already bought then see.

Supply

Another factor that affects the price of Shiba Inu is the supply. If the token being mined is higher than the token demanded, then the price will fall drastically, and this will be the perfect time to buy the coin, don’t sell because selling at this time is not a favourable one.

News from big players

News or tweets from the bigger players in the crypto industry can serve as a catalyst that will catalyze the rise or fall of the Shiba Inu price USD. For example, when Elon musk tweeted about buying the coin, the tweet alone hyped the price of Shiba Inu to increase by 300%, and also the price of the token by 40% after the owner of Ethereum Blockchain Network, Vitalik Buterin, gifted 50 trillion SHIB token to the Indian Relief Fund, established by an Indian crypto investor named Sandeep Naiwal. Have you seen why a single tweet or news catapulted the price of the Shib token? That is to tell you the importance of news from the big boys.

Where is Shiba Inu Used Now?

It is like a miracle how some merchants begin using a jovial meme token as a payment tender. Shiba Inu has been adopted as a legal cryptocurrency by more than 179 regions. Do you know that you can now spend your Shib token at a range of stores within and outside the United States? You are using it to pay for games, clothing, and food, to mention a few.

You should note that those companies that accept Shiba Inu as tender payment use Flexa to allow for payment in the form of Shib tokens. Flex is a cryptocurrency payment processing startup that supports different crypto cryptos such as Bitcoin, Ethereum, Litecoin and Dogecoin. The payment platform is also endorsed by the Winklevoss twins, two of the big players in the crypto Industry. The following are stores that accept the coin as payment tender.

GameStop

This company accepts SHIB tokens to offer users hot video games and consoles along with the hottest new electronics from renewed brands like Apple, Samsung and Sony. You can trade your games, console & more GameStop accepts the coin as a payment tender through Flexa.

Nordstrom

If you want to spend your Shib tokens on clothing, Nordstrom is the right place. The store offers kids’ clothes, men’s and women’s clothing, shoes, handbags, nice jewellery and accessories. They also sell beauty products and home furnishings; you can pay with Shiba Inu through Flexa.

Who Created Shiba Inu?

The real identity of the Shiba Inu owner(s) is still a mystery to be solved, as little or no information is known about the creator. Shib token holders have been debating this question for a long time, and the debate is not yet coming to an end.

Shiba Inu was created and released in August 2020, and it has gained a significant amount of attention from crypto investors. The founder also had another project before the creation of the Shib token. They included the Shibarium Layer-2 the SHI stablecoin was devised firstly by its creator in the original medium post.

This coin was first developed in August 2020 as a decentralized jovial meme token. After the coin was released, Ryoshi gave almost 50% of all SHIB tokens to the Ethereum founder, Vitalik Buterin. The Ethereum co-founder Buterin has donated his SHIB collection to India’s covid Relief Fund, burning about 410 trillion SHIB in the process. The founder of SHIB also created LEASH – another cryptocurrency in the Shiba Inu ecosystem. The name of Shiba Inu creator is RYOSHI; however, this is the only information about the founder as he prefers to be called an anonymous creator. It is a similar case with Bitcoin founder – Satoshi Nakamoto, who also chose to remain anonymous.

Ryoshi’s mission for his project remains central, even though projects like Shibarium, Shibanet and SHI stablecoin were all devised by Ryoshi in his several blog posts. On 29 May 2021, Ryoshi published a long blog post titled “I AM RYOSHI ” the essence of the blog post was to discuss their identity. Still, unfortunately, the blog post was deleted before bloggers could get a grip of the information.

How to Buy Shiba Inu (SHIB)?

This coin is gaining value when you look at its price history from many months ago and compare it with today’s Shiba Inu price. If you want to buy the coin, there are several ways that you can use and get the coin. Those processes are discussed below. Buying this meme token from these exchanges follows the same procedures and will offer you a live token price. Follow this procedure to buy the coin securely.

• Create an account on the platform: the first thing to do is to open a free account on your chosen crypto exchange platform. You will be required to input your basic bio information, like your name, age, etc.
• Verify your account: You will need to do your know your customers (KYC) verification before you are eligible to purchase cryptocurrency from the platform. At this point, you will be required to provide your original or official means of identification, don’t worry about safety; those platforms know how to protect their customers’ sensitive information.
• Buy your coin: You can now choose how you wish to purchase the coin. You can purchase the coin directly with your credit or debit card, or you can choose to buy the coin from the p-2-p section of the trading platforms.
• Store your coin: You can store your coin until the worth is good enough for selling. Most trading platforms offer the trading account and the wallet to store your coin on your profile, so you don’t need to take it to another wallet if you wish.

Become Shiba Inu merchants

Another lucrative way to get this coin is to become Shiba Inu merchants, which means that your customers can pay for their goods and services using the token as an e-currency payment tender. This way, you can get a large amount of the meme token without even buying it. When you notice the price appreciating, you can sell Shiba Inu to USD and make more profits.

Is Shiba Inu Using Mining?

Mining Shiba Inu can be a rewarding yet time-consuming task. In a simple definition, mining is the process of creating new coins and recording new transactions in the blockchain. This means that miners help to maintain the blockchain.

SHIB Token mining is a process of getting a new coin as an incentive for participating in the validation of new transactions on the Shiba Inu protocol. Mining plays a vital role in aiding the security of the SHIB protocol, which rewards participants with some new Shiba Inu tokens in return.

However, this mining process is never a way to make a huge profit, but you can make passive income which, when left for some time, can turn into ample cash. SHIB Token mining can only be a profitable venture; the main cost of running the mining farm is less than the price of the coin. The token protocol was designed to only reward miners with new coins after 8 minutes of mining. This step is taken to ensure that the validation level stays stable. This is very hard to increase as several miners enter the market. This is also a factor that determines the cost of SHIB tokens compared to the traditional currency.

SHIB token is mined computing rigs that include very expensive hardware like ASICS, CPU and GPU. The SHIB token is also mined using a pool that uses a new Video Random Access memory with a memory capacity of 6 gigabytes. The participants are given some new Shiba Inu tokens as an incentive for aiding the verification and documentation of new transactions in the Ethereum Network.

Why SHIB coin mining is very necessary because, through mining, the price of the token is regulated. Mining helps to validate new blocks of transactions in the Shiba Inu protocol. The security of the SHIB protocol is maintained through mining.

How to Safely Store Shiba Inu

Storing your SHIB token after purchase is the next thing that should be on your mind, treat this token as you would treat your traditional currency in the bank. This is because any slightest mistake from you, your coin will go and recovering them will take an eternity. To save yourself from such stress, you must take the necessary precaution while storing your coin.

Two ways that you can store your coin

• By staking: As you know that the SHIB token is built on the Ethereum blockchain, you can store the coin by staking it to earn more of the coin. This process is an alternative to mining. You can stake your token with Binance using the Binance Trust Wallet to store-stake it.
• Cold storing with external wallet: you can cold-store your Shiba Inu with external wallets such as ledger wallet, eToro, Atomic wallet, Trust Wallet, MetaMask, and Guarda Wallet.

Before storing your coin in any of the platforms or methods explained above, you have to consider the level of security offered by that wallet and read up on its terms and conditions. Be sure you understand everything about the platform before you get involved. And when transferring your coin to an external wallet, ensure you copied the right address to avoid losing funds.