As a relatively new entrant to the world of cryptocurrencies, Shiba Inu (SHIB) has been making a big splash in recent months.

This so-called “memecoin” was created in August 2020 as a fork of Dogecoin (DOGE), and has since become one of the most popular altcoins in the market.

At the time of writing, SHIB is ranked as the 25th largest cryptocurrency by market capitalization, with a total value of over $6 billion.

So, what is Shiba Inu and what makes it so special? In this article, we’ll take a closer look at this popular memecoin and explore its potential future.

 

What is Shiba Inu?

Shiba Inu is a decentralized cryptocurrency that runs on the Ethereum blockchain. It was created as a fork of Dogecoin (DOGE) and shares many similarities with its predecessor.

Like Dogecoin, Shiba Inu was originally created as a joke coin and named after the popular “Doge” meme featuring a Shiba Inu dog. However, unlike Dogecoin, which has since become somewhat serious and adopted by many businesses and organizations, Shiba Inu remains true to its roots as a meme coin.

This is reflected in its branding and marketing, which often features humorous memes and references to popular culture. For example, the official website for SHIB includes a countdown timer that counts down to “when moon?” – a reference to the popular crypto meme about when prices will reach astronomical levels.

Despite its light-hearted approach, there’s no denying that Shiba Inu has been extremely successful so far. Within just six months of launch, SHIB had already become one of the top 30 cryptocurrencies by market cap. And, as we mentioned earlier, it currently sits in 25th position with a market cap of over $6 billion.

 

How Does Shiba Inu Work?

Shiba Inu has a total supply of 1 quadrillion tokens – that’s 1 followed by 15 zeroes! This huge supply means that each SHIB token is worth just 0.0000000005 ETH at current prices. However, because there are so many tokens in circulation, the price of SHIB can still rise significantly if demand increases.

The vast majority of SHIB tokens (50%) were initially distributed to holders of Ethereum (ETH). A further 20% was sent to holders of other major cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC), Cardano (ADA), Polkadot (DOT), and Chainlink (LINK). The remaining 30% was locked up in what’s known as the “ShibaSwap liquidity pool”.

The distribution of SHIB tokens was designed to incentivize holders of major cryptocurrencies to buy and hold SHIB. This is because holders of ETH and other major cryptos would receive free SHIB tokens simply for holding onto their existing coins. As such, there was an initial surge in demand for SHIB soon after launch which helped push prices up significantly.

Since then, however, things have changed slightly as SHIB can now be bought and sold on major cryptocurrency exchanges such as Binance and Huobi Global. Nevertheless, the vast majority of SHIB tokens are still held by early investors who acquired them for free during the initial distribution period.

 

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I Love My Dog So Much is an American-Based Online Magazine Focused On Dogs, Including Entertainment, Wellness, Educational Resources For Pet Owners, Advocacy, And Animal Rescue.

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