Shiba, trading as SHIB on the cryptocurrency market, is a decentralized token that has attracted a lot of attention over the past year.
Despite the fact that not much has passed since the birth of this digital currency, with its stunning growth, this currency has been able to earn a name and a proper place in the cryptocurrency market.
In this article, we will further introduce the Shiba digital currency, the ShibaSwap platform, compare it with Dogecoin and the wallets of this digital currency. Let’s dive in and discover together:
- What is Shiba digital currency?
- Why is Shiba a meme coin?
- Introducing the shiba inu token
- What is ShibaSwap?
- Introducing Shiba Swap functions
- Comparing shiba inu and dogecoin
- The adoption process in different companies
- The impact of Elon Musk’s tweets
- Shiba Price chart
- Introducing the best wallets for shiba
- What is the future of SHIB digital currency?
- Frequently Asked Questions on Shiba
What is Shiba digital currency?
This currency is a token based on Ethereum blockchain and ERC-20 standard, which was created in August 2020 by an unknown person nicknamed “Ryoshi”.
The word shiba inu in Japanese is the name of the breed of hunting dog whose exact image can be seen in the Dogecoin logo.
This currency is widely known by its supporters as the “Dogecoin Killer” and fans of this memecoin consider it to be a successor to DOGE.
Since this currency is an ERC-20 token, it does not have its own blockchain. Ryoshi stated in its white paper:
For this reason, I chose the Ethereum platform to build the ecosystem, which has already proven the security of this network to everyone, and this blockchain allows the project to remain decentralized.
Why is Shiba a meme coin?
Memes, jokes, and images shared on social media are designed over time based on a specific topic. Therefore, basically, the mission of memes is based on jokes and laughter.
So, as the name of meme coins (meme + coin) suggests, they are digital currencies whose origin is closely related to internet memes. For example, Dogecoin, the most famous meme coin in the market, was originally inspired by the popular shiba dog meme and a joke on the nature of Bitcoin.
We should mention that so far more than 80 meme coins are listed on CoinMarketCap and many of them are imitators and followers of their big brother Dogecoin.
Introducing the shiba inu token
The first thing to note about the token is its supply. A total of 1 quadrillion (10 to the power of 15) Shiba currency was issued during its official launch in 2020.
About 50% of the total supply in UniSwap’s liquidity pool is blocked. The remaining 50% was given to Vitalik Buterin, the founder of Ethereum.
During an action to support the society and deflation, Buterin burned the vast majority of these tokens by sending them to an inaccessible wallet address and part of them (worth 1.2 billion dollars at that time) with the aim of helping Covid 19 patients in India donated to charities.
But the whole story of the project does not end here. Ryoshi, the developer of this currency, introduced the newest member of this ecosystem called ShibaSwap in 2020.
Swap is basically a decentralized exchange that uses shiba inu as utility tokens along with two tokens “LEASH” and “BONE”. In the following, we will introduce more of them.
What is ShibaSwap?
This platform is a decentralized exchange. A peer-to-peer trading platform similar to UniSwap that allows users to trade digital currencies without intermediaries on the Ethereum platform.
You can see the list of currencies tradable on this platform at coinmarketcap.com. Also, users of this platform can earn profit by giving liquidity (depositing their funds to pools for use by other traders) and staking (depositing funds in a smart contract), in the form of Shiba and two other tokens (BONE and LEASH).
- BONE: is a governance token with a total supply of 250 million coins, whose owners can propose changes to the protocol through the “Doggy DAO” system and put it to a vote. This token is also awarded as a reward to the liquidity providers on the platform.
- LEASH: This token is actually a rebase token or a token with a flexible price. LEASH is a stablecoin-like token whose supply is automatically increased or decreased by a computer algorithm to connect its price to the value of a secondary asset. For example, the supply of LEASH tracks the price of Dogecoin at a rate of 1/1000.
This means that if the price of Dogecoin is $0.05, the supply of LEASH will change (by increasing or decreasing the supply) so that its price reaches $50.
Introducing Shiba Swap functions
- Dig: The operator related to the liquidity pool on the platform. In this section, users can deposit their crypto assets in currency pairs in existing liquidity pools. Liquidity providers are rewarded with Liquidity Pool Tokens (SSLP). These tokens show the amount of liquidity of users in each pool. Also, users can get free Shiba tokens through them.
- Woof: This operator is for getting BONE rewards by cashing SSLP tokens.
- Bury: Users can stake their SHIB, LEASH, and BONE tokens through this operator to earn high-interest profits that are paid out in BONE. Currently, the interest rates of these currencies are 171, 266 and 814 percent, respectively.
- Note: 33% of BONE rewards from staking are immediately available and the remaining 66% are blocked for six months.
- Swap: Users will be able to trade their cryptocurrencies through this operator.
- Bonefolio: This operator is actually an analytical dashboard where users can see their current interest rate and profit.
- NFT: In this section, users can trade 10,000 non-fungible tokens (NFT) called “Shiboshi”. Like CryptoPunks, Shibushis are cartoon images of this token that have different degrees of rarity.
Comparing shiba inu and dogecoin
In the following, we will compare this meme coin and doge coin in terms of the type of technology, the amount of supply and functionality.
Type of technology
When it comes to technology, some may not know that Dogecoin is very similar to Bitcoin, the king of digital currencies. In fact, Dogecoin has used exactly the technology of Litecoin, the little brother of Bitcoin.
The algorithm used by DOGE is based on Proof of Work (PoW). That is, like Bitcoin, it uses the computing power of computers in its blockchain.
On the other hand, this currency runs on the Ethereum blockchain and its main token is an ERC-20 token based on the Proof of Stake (PoS) consensus algorithm.
The amount of supply
Although both of these cryptocurrencies have significant supply, shiba has the upper hand in this regard. Dogecoin has no supply limit.
10,000 DOGE are generated every minute. This means that 15 million daily and 5 billion new Dogecoins are launched on the market.
On the other side is Shiba Inu, which has a supply limit of 1 quadrillion. This means that all tokens have been generated from scratch.
Meanwhile, half of them have been taken out of circulation forever by Vitalik Buterin, the founder of Ethereum, which partially prevents the occurrence of inflation and decrease in the value of this token.
Function type
Dogecoin is a digital currency with low price, high supply, user-friendly and without any special complexity. Such cases have made this cryptocurrency a suitable option for small payments.
Although the original goal of Dogecoin was the same. It means becoming a tool for everyday payments. Like a digital version of a penny or a dollar bill that is always in people’s pockets.
So from this point of view, the unlimited supply of Dogecoin is somewhat justified.
But since this currency operates on the platform of the Ethereum blockchain, it has benefited from more advanced features such as smart contracts.
Therefore, in addition to micropayments, it is used as a native utility token on the platform.
In summary, the differences between Dogecoin and Shiba Inu are:
| Shiba Inu | Dogecoin | |
| Trading symbol | SHIB | DOGE |
| Currency type | Token | Coin |
| Dedicated blockchain | No (Ethereum Blockchain) | Yes (Dogecoin Blockchain) |
| Algorithm type | Proof of stake | proof of work |
| Supply amount | 1 quadrillion (10^15) | Unlimited |
- Dogecoin has its own blockchain, but Shiba is based on Ethereum.
- SHIB is a token, but Dogecoin is a coin.
- Dogecoin is based on proof-of-work and mining algorithm, but shiba uses the proof-of-stake consensus model.
- The number of Dogecoin is infinite, but Shiba has a supply limit of one quadrillion (10×15) tokens.
- Dogecoin’s function is to be used in micro-payments, while SHIB is also the native token of the ShibaSwap decentralized exchange.
The adoption process in different companies
Acceptance of a digital currency by another platform or business can act as a launching pad to success. When a digital currency is used by an entity, more investors will be willing to buy it.
Also, accepting a cryptocurrency is the gateway to using it in everyday life. In this section, we have reviewed some of the most important and recent adoptions of the Shiba Inu by various businesses.
AMC cinema chain
According to many analysts in the field of digital currencies, the acceptance of Shiba Inu by the AMC cinema chain as the world’s largest cinema complex is considered one of the major milestones in the history of this currency.
After this event, customers of this complex can pay for tickets using Shiba Inu. Adam Aron, the CEO of AMC, revealed this issue before officially accepting Shiba Inu, and continued to keep his promise.
After the official adoption of the Shiba Inu by AMC, the hope for its adoption by other prominent businesses has also increased.
Rumors of acceptance by Tesla
Sawyer Merritt, one of the founders of the Twin Birch fashion and clothing company, wrote in a tweet some time ago:
” In the codes of the Tesla website, in the payment method selection section, the name of this token can be seen, which is not active at the moment. But since I’m not a programmer, you’ll find out for yourself what that means! “
So far, no official news has been published by Tesla. As Sawyer pointed out, this code is not active and clicking on it will not run any script.
Tesla has always had a positive view of digital assets and sees them as a viable alternative to cash. According to the company, cryptocurrencies can become more valuable in the long term and be used as a payment method.
Newegg company
Recently, the Newegg online store for electrical appliances has brought new rumors of acceptance to its users. In a mysterious tweet, this company tagged the official page of this token and invited the developers of this currency to answer some questions.
Immediately after this tweet was published, supporters of the currency spread rumors about the possibility of SHIB being accepted as a payment method by the company. It should be mentioned that this company added Dogecoin to the list of accepted currencies in April.
Previously, in 2014, Newegg was among the first major stores to accept Bitcoin as a payment method. Currently, in addition to Bitcoin and Dogecoin, cryptocurrencies such as Bitcoin Cash, Litecoin, Ethereum, Dai and four stablecoins (BUSD, USDCT, GSDC, GUSD and PAX) are present in the list of payment methods of this company.
Vegas Auto Gallery
Recently, Vegas Auto Car Gallery, the official dealer of luxury cars in Las Vegas, has added this currency to its list of payment options.
Founded by Nick Dossa and Ed Ghaben in 2018, the company has a diverse portfolio of luxury cars including Lamborghini, Aston Martin, Rolls-Royce and Bentley.
It is not bad to point out that the transactions of the customers of this store are automatically converted into dollars immediately through the leading BitPay cryptocurrency processor. With this, there is no risk to Vegas Auto regarding high price fluctuations.
Gamestop platform
One of the most interesting adoptions of Shiba Inu in 2023 is related to the Gamestop gaming platform. Thanks to this cooperation, users can make in-app payments and purchase items and games offered at Gamestop through Shiba Inu digital currency.
The acceptance of this token by a gaming platform and its entry into the field of computer games will have a significant effect on advertising and increasing its value.
American Cancer Society
Most memecoins are often not taken seriously by users and are forgotten after a while. But the story of Shiba Inu is very different. Thanks to its popularity, this cute digital currency managed to pave its way to be used by the American Cancer Society as a semi-official institution in 2023.
Well-wishers can deposit their cash donations from all over the world in the form of Shiba to this association and play an important role in eradicating this disease from all over the world.
The impact of Elon Musk’s tweets
Although the launch of this token failed to attract everyone’s attention at first, this currency also made a lot of noise around the time when Elon Musk and other prominent people started expressing interest in Shiba’s competitor Dogecoin.
The first time Elon Musk mentioned this currency in a tweet was when he revealed his intention to buy a Japanese shiba inu dog for his family. Immediately after this tweet, the price of this currency experienced a significant growth of 30%.
Among other effects of this Tesla CEO for Doge Coin and this token, it can be mentioned that he changed his profile picture, choosing a photo of himself with sunglasses reflecting the Doge logo for his Twitter account. This again increases the price of Dogecoin and its value.
Therefore, this cryptocurrency, like Dogecoin, has been strongly affected by Elon Musk and has always experienced severe fluctuations with the words and tweets of this CEO of Tesla.
Shiba Price chart
This token, which was considered an unknown token on the Ethereum platform at the time of its launch, was released for the first time at a price close to zero dollars on the UniSwap decentralized exchange.
But the year 2021 went like a dream for this meme coin. To the extent that this cryptocurrency increased by more than 800% in October and by more than 700,000% compared to March.
This stunning growth made its market cap briefly surpass that of Dogecoin on October 31, 2021 ($36.9 billion). This caused the famous slogan “Shiba, the killer of Dogecoin” to be raised more than ever by the supporters of this currency.
Of course, the price of Shiba Inu, like many other digital currencies, went down from the middle of 2021 to the beginning of 2022. However, this price reduction is considered a normal issue due to the major changes in the market and did not cause the investors and Shiba Inu community to lose hope for this popular digital currency.
Introducing the best wallets for shiba
You can buy this token on two platforms, Ethereum and Smartchain, which are listed below some of the best Shiba wallets:
Trust Wallet
Trust Wallet can be considered among the best software wallets available in both Android and IOS versions. In terms of security, this wallet is considered one of the best software wallets in the crypto world.
In addition to storing this token on the Ethereum platform, Trust Wallet also supports this token on the Smart China platform, which is a special advantage for lovers of this cryptocurrency.
Atomic Wallet
Another software wallet that you can use for storage is Atomic Wallet. This wallet has two mobile and desktop versions and has the ability to store in the ERC-20 platform.
MyEtherWallet
As you can guess from the name MyEtherwallet, this wallet is specifically for the Ethereum network. In the sense that it supports all ERC20 tokens and is considered one of the best wallets for digital currency. MyEtherWallet has mobile as well as web-based versions.
Ledger Nano S
Ledger Nano S is one of the most popular and secure hardware wallets. This wallet looks like a flash memory and the screen on its body allows users to view and confirm transactions directly from the device.
What is the future of SHIB digital currency?
If you are one of those people who intend to invest in this currency, the future of Shiba Inu is definitely important to you. We must say that its extraordinary growth in 2021 attracted the attention of many cryptocurrency investors.
At the same time, the listing of this currency in reputable exchanges such as Binance increased its trading volume. But the point that we should consider about the future of this currency is that the increase in its price and volume of transactions may be due to market excitement.
This means that the value of this currency is not solely due to its technology or applications. Therefore, although many traders and analysts are optimistic about the future, only considering parameters such as price growth is not a definitive criterion for investing in a meme coin.
Experts warn that any emotional investment in digital currencies can lead to the loss of your entire capital. They generally recommend that no matter which cryptocurrency you choose, only invest as much capital as you can afford to lose.
In this article, we tried to answer the question of what is Shiba, its price history, wallets and how to trade this digital currency. Currently, this currency, with a market value of more than 5 billion dollars, is competing in the shadow of Dogecoin, and perhaps few people had the idea that this meme coin, created from the heart of Dogecoin’s hype, would one day be a serious competitor to its older brothers.
What do you think is the future of Shiba digital currency? Has this currency really come to kill Dogecoin? We are waiting for your comments.
Frequently Asked Questions on Shiba
Why is Shiba called the Dogecoin Killer?
According to founder Ryoshi, this is why shiba has earned the nickname “Dogcoin Killer” because its market cap is poised to overtake Dogecoin.
Ryoshi added that even if this currency does not reach $0.01, its value will be much higher than Dogecoin.
Why Shiba became the main headline of the news in October 2021?
In October 2021, the value of this currency increased more than tenfold and this token was among the top 10 cryptocurrencies in the market.
Also, Tesla founder Elon Musk tweeted a picture of his puppy Floki, which led to significant investment by retailers in this meme coin.
Is it profitable to buy SHIB?
According to different opinions of experts and of course Shiba’s accurate map, the future of this currency can be bright and investing in it will be profitable.
