Meme cryptocurrency Shiba Inu, code SHIBUSD, is yet another Ethereum altcoin whose mascot is the Japanese breed of dog Shiba Inu. It widely thought to be Dogecoin’s alternative, with many saying it is the Dogecoin killer.
It and Dogecoin are what people describe as meme coins because they are associated with these – the Shiba Inu dog for Shiba Inu, and the Dogecoin – were rolled out as merely parodies instead of currencies with real asset values. Shiba Inu was launched in August of last year, by the anonymous group Ryoshi.
The crypto’s value rose ten-fold last October earning it a market cap of $35 billion and the 10th spot overall. A tweet by Tesla’s founder, Elon marks featuring a Shiba Inu named Floki helped propel the coin’s value.
The guiding principles of Shiba Inu
The meme coin’s guiding tenets are provided in a woof paper, an alteration of the white paper, and can be found on the webpage ShibaToken. Its creation was in response to the need to have a crypto run entirely by the community. Its creator, Ryoshi, says its origin was an experiment in decentralized community empowerment.
Shiba Inu’s Ecosystem
The ecosystem is made up of three key tokens: Shiba Inu, SHIB, the project base currency. The founder started off with 1 quadrillion, 50 percent of which was invested in Uniswap, while the other half was sent to Vitalik Buterin of Ethereum who was staked with safekeeping.
The other token is Leash, LEASH, which represents the alternate end of the spectrum. There’s only 107646 of it, compared to a trillion of Inu tokens. Lastly, there is Bone, which fits between SHIB and LEASH with regards to circulation, with about 250000000 of its available today.
Shiba Inu’s Canine Terms
With regards to the crypto’s canine theme, the woof paper uses dog terms to explain how one can generate returns from an Inu coin. On the platform ShibaSwap, they can be used to generate liquidity (Dig), stake tokens (Burry) and exchange tokens (Fetch). These tokens generate woof (margins) in terms of bone tokens distributed in puppy pools, the woof paper says.
How To Purchase Shina Inu Tokens
The following steps detail how to purchase LEASH or SHIBS
- Start by creating a wallet
- Transfer ETG (Ethereum) to the wallet from platforms such as Coinbase
- Link your wallet to ShibaSwap
- Exchange ETH, LEASH, SHIB or BONE units
Special Considerations When Investing In Shiba Inu Tokens
As is the case in many other ventures, investing in cryptocurrencies can be a risk affair because of their volatile nature and absence of proper regulations. Investing in meme coins presents an even bigger risk since there is no differentiation and value is decided by the token’s followers.
When investing in this token, consider the following; Shiba Inu has made gains in the past few days, however, it still costs less than a cent, so you can get millions of tokens for a few pounds.
Also, the token has limited use case and utility. While its NFTs are widely available, Shiba Inu has very little utility as we speak. Lastly, its market cap places it above most Standard and Poor firms – companies that have been on the market for decades.