What is Shiba Inu (SHIB)?
Shiba Inu (SHIB) is a cryptocurrency that gained a lot of notoriety during 2021. Against all odds, the value of this meme-coin rose incredibly fast, and today this cryptocurrency is impossible to imagine the crypto space without it. Despite being a counterpart to Dogecoin, the team behind Shiba Inu has several products in the pipeline.
In this article, we will tell you what Shiba Inu is and what they want to achieve in the future. At the end, we'll also explain the best way to buy SHIB tokens from Shiba Inu, and where to store them next.
What is Shiba Inu?
Shiba Inu is a cryptocurrency that was created as a counterpart to the well-known meme-coin Dogecoin. In 2013, Dogecoin was conceived as a joke and counterpart to Bitcoin. However, the creators never expected Dogecoin to become so large and valuable.
The creators of Shiba Inu call their project "Dogecoin killer," but they were not the only ones with the idea of creating a parody of Dogecoin. However, they are one of the only ones to have succeeded in this, as everyone in the crypto world and beyond has heard of Shiba Inu.
Over the course of 2021, Shiba Inu became an increasingly well-known crypto currency. The coin became even more famous when Vitalik Buterin decided to sell 1 billion SHIB tokens and donate the money to India's Crypto Covid Relief Fund.
Shiba Inu's white paper described that the creators had sent 50% of the SHIB tokens to the wallet of the famous Ethereum founder. They assumed that Vitalik Buterin would not do anything with this, and that the tokens would in fact be 'burnt'. Nothing turned out to be less true, and this caused an enormous increase in value.
Shiba Inu does not have its own blockchain. Instead, it runs on Ethereum's blockchain. Therefore, the SHIB token is also an ERC20 token, like most tokens that run on Ethereum's blockchain.
Many crypto traders consider Shiba Inu to be a meme-coin. This is a cryptocurrency that is linked to a theme and is mainly seen as a joke, rather than a serious project. Dogecoin is considered the first meme-coin.
Who came up with Shiba Inu?
It is not clear who the actual creators of Shiba Inu are. The whitepaper indicates that a group called 'Ryoshi' is behind Shiba Inu, only no one knows who belongs to this group.
Ryoshi can therefore be seen as an acronym, just as Satoshi Nakamoto is for Bitcoin. To this day, no one knows who is behind this group, which is why the actual founders remain under the radar.
The Future of Shiba Inu
One difference from Dogecoin is that Shiba Inu seems to be a more ambitious project. In fact, the team behind Shiba Inu is in the process of developing an entire ecosystem made up of various crypto currencies:
This ecosystem has yet to be developed, and therefore it is important to do your own research on the likelihood of its realization. It is currently only possible to buy SHIB and LEASH tokens.
The team also plans to launch its own DEX within this ecosystem, called ShibaSwap. Users can buy and sell tokens on ShibaSwap, as well as participate in liquidity pools and staking. The DEX will launch at the same time as the BONE token.
A DEX is a decentralized exchange that runs on a blockchain. This means that transactions are conducted peer-to-peer, and no middleman is used.
The SHIB token
SHIB is the first token of Shiba Inu. To date, this token can only be used as an investment by speculating on the price. If you think that the price of the SHIB token will increase in the future, you could proceed to purchase the SHIB token.
It is important to always do your own research on a cryptocurrency before investing in it. Therefore, do not blindly rely on advice from other people. Just like any other financial product, Shiba Inu can also lose its value, which means you can lose your money.
Where can I buy Shiba Inu (SHIB)?
If you want to buy Shiba Inu's SHIB token, the best place to do so is at Coinmerce. If you already have an account, you can log in and go to 'Coins' via the menu to search for Shiba Inu.
At Coinmerce it is possible to buy Shiba Inu with iDeal, SEPA, Giropay, Bankcontact, Sofort, EPS and MyBank.
If you don't have an account at Coinmerce yet, fortunately you can create one pretty quickly. First, you will have to go to our registration page by clicking here [LINK TO CREATE ACCOUNT]. Once you have entered your information and created an account, you can start buying Shiba Inu tokens after verification.
How can I store SHIB?
Shiba Inu is a project that runs on Ethereum, and so the token uses the ERC20 protocol. This is the protocol used by most tokens running on Ethereum.
After you have bought Shiba Inu at Coinmerce, you can store the tokens in our exchange's software wallet. You don't have to worry about security, because we keep our users' tokens largely in cold storage.
It is also possible to store your SHIB tokens in your own hardware wallet. Think for example of a wallet of Ledger or Trezor. For this you will first have to verify the address of the wallet at Coinmerce, after which you can send the Shiba Inu tokens to your own wallet.