Shiba Inu, often referred to as SHIB, is a decentralized cryptocurrency that was created in August 2020. It is an Ethereum-based ERC-20 token that has gained popularity as a "meme coin" similar to Dogecoin. Despite its meme status, Shiba Inu offers some interesting features such as the ability to hold billions or even trillions of it, which has attracted a large and active community.
The creator of Shiba Inu is known only by the pseudonym "Ryoshi." In the spirit of decentralization, Ryoshi chose to remain anonymous and does not lead the project. Instead, the Shiba Inu community as a whole governs and contributes to the future of SHIB. Notably, Ethereum co-founder Vitalik Buterin was a major contributor to the project, as he was gifted half of SHIB's total supply upon its creation, which he later burned (permanently removed from circulation).
Shiba Inu has a total supply of one quadrillion tokens. This large supply allows for individual tokens to have a low price, making it accessible to a wide range of investors. As of now, approximately 394.796 trillion SHIB tokens are in circulation.
Shiba Inu tokens can be purchased on several major cryptocurrency exchanges. These include Binance, Huobi, and Coinbase Pro. It's also available on decentralized exchanges like Uniswap and 1inch.
Shiba Inu tokens are primarily used as a medium of exchange or a store of value. Many holders also use SHIB for speculation, hoping the price will increase over time. Furthermore, SHIB can be used in decentralized finance (DeFi) protocols to earn interest or for yield farming.
Shiba Inu has recently seen a surge in popularity and price, largely due to its active community and widespread availability on major exchanges. In May 2021, SHIB experienced a significant price increase when it was listed on Binance and other top exchanges. More recently, the coin has seen further price increases due to rumors of a potential listing on Robinhood, one of the most popular trading platforms in the United States.
On the development side, the Shiba Inu team has launched ShibaSwap, a decentralized exchange where users can swap, stake, and farm SHIB and other tokens. This development has added utility to the token and has been positively received by the community.
Recent news about Shiba Inu highlights a significant surge in its price. The digital coin has seen a 12.6% increase in the past 24 hours, with analysts predicting a further rise if it sustains above certain levels. The Shiba Inu price today is forming a pattern that, if broken, could lead to a significant jump, potentially reaching new highs.
In other Shiba Inu news, a large holder of the coin, often referred to as a 'whale', moved a massive amount of SHIB tokens recently. This movement, coupled with the fact that Shiba Inu is the sixth most held token by large Ethereum holders, indicates a strong interest in the coin. Additionally, there have been multiple instances of SHIB token burn transactions, a process that reduces the number of tokens in circulation and can potentially boost the coin's value.
Shiba Inu news today also includes the upcoming launch of Shibarium, a layer-2 solution designed to enhance the Shiba Inu ecosystem. This technological development aims to provide faster transactions at a lower cost, improving the overall user experience. Large Ethereum holders have reportedly accumulated a substantial amount of Shiba Inu in anticipation of this launch.
Recent news about Shiba Inu also reveals its growing acceptance in the market. The coin's BONE token is now listed on several crypto exchanges, and SHIB holders can even use their tokens to purchase luxury sports cars from a Swedish manufacturer. If you're wondering where to buy Shiba Inu, these developments suggest that the coin is becoming increasingly accessible.