Shiba Inu is a decentralized cryptocurrency created in August 2020. Its name comes from the Japanese dog breed of the same name, which was also a source of inspiration for Dogecoin, of which Shiba Inu represents the main alternative. Shiba Inu is an ERC-20 token that leverages the Ethereum Blockchain, and its market capitalization exceeds $10 billion.
The crypto belongs to the heterogeneous group of meme-coins, i.e. those cryptocurrencies created for fun in order to ride the trends of the network, the price of which is subject to very strong fluctuations even within a few hours. Just think of the fact that in 2021 Shiba Inu prices grew by over 200,000%.
Unlike Dogecoin, Shiba Inu is a non-inflationary cryptocurrency, as the total supply cannot exceed 589,735,030,408,323 tokens. In addition, the Shiba Inu developers reported that they removed 50% of the total offer through a token burning. Being a pre-mined crypto, it is not possible to earn portions by mining, although it is possible to accumulate SHIB by staking.
The large number of SHIB tokens in circulation and the very low prices allow users to hold billions, if not even trillions, at a very high risk.
In summer 2021, the Shiba Inu community opened the decentralized exchange ShibaSwap to the public, thanks to which users can buy and sell SHIB tokens without intermediation. Shiba Inu is also listed on exchanges such as Binance, Huobi Global, KuCoin and Coimbase.
