Shiba Inu (SHIB): 5 Key Things You Should Know Before Considering Investing in SHIB

Shiba Inu is a blockchain based on the same technology as Ethereum, but with the difference that it is completely controlled by the community. It is an altcoin launched in 2020, whose cryptocurrency called SHIB was originally intended to be a “joke” and a “Dogecoin killer”.

Shiba Inu (SHIB): what you need to know

1 – What is a Crypto Shiba Inu (SHIB)?

  • The basic principle : This cryptocurrency is based on the same blockchain technology as Ethereum, but differs in that it is completely managed by the community. Therefore, it is expected to be decentralized and independent of any institution, fund or organization. Another peculiarity of it is that it was originally intended as a “joke” in response to its competitor Dogecoin.
  • Use : With its Ethereum-based SHIB ERC-20 token, Shiba Inu allows the full use of smart contracts to create decentralized financial products. The Shiba Inu also uses a dedicated decentralized exchange platform: shibaswap. The latter facilitates the exchange of crypto assets or the sequestration of cryptocurrencies.

2 – The project and blockchain behind the Shiba Inu

  • Project : Wednesday is especially great as it aims to not only fund the rescue of real Shiba Inu dogs through its Amazon Smile campaign, but also to help introduce the Shiba art movement to the NFT market through an artist incubator. Finally, Shiba Inu also announced that they are launching their own metaverse.
  • Blockchain: Like Ethereum, the Shiba Inu ecosystem uses the Proof of Work consensus mechanism and will move to Proof of Stake in the future. This optimizes transactions in terms of speed and cost on the network. In addition, Shiba Inu has been integrated with Avalanche Bridge, a bridge to facilitate transfers between the Avalanche and Ethereum blockchains. Thus, SHIB token holders can take advantage of smart contracts and decentralized applications on Avalanche.

Read also Ripple (XRP): 5 Fundamental Things You Must Know Before Thinking About Investing in XRP

4– Shiba Inu Analysis and Opinion (SHIB)

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  • With ShibaSwap, users can now buy, store, and sell and trade for rewards, surpassing the value of other betting platforms. The promise of cheaper and faster transactions should increase ShibaSwap’s potential to become one of the most popular and largest decentralized exchanges in terms of volume.
  • The Shiba Inu ecosystem also has the largest community called the “Chiba Army” which is well over one million members.

  • The total supply of SHIB tokens is one quadrillion, of which 50% are locked on Uniswap, a decentralized finance platform. An offer that is too large, which greatly reduces the value of the token. This is why SHIBs are regularly destroyed (burned) to reduce the supply in circulation and thus contribute to scarcity…but this will take a very long time.
  • Initially launched as a simple joke, the Shiba Inu is often equated, rightly or wrongly, with a pure scam that has no real content or currency devoid of any real perspective.

5- Useful Resources

Connections

Discussion, forum and chat

Video and YouTube channel

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