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What is Shiba Inu (SHIB) Cryptocurrency?

Shiba Inu (SHIB) is an Ethereum-based token created in the summer of 2020. It is an ERC-20 token, meaning it is based off the Ethereum blockchain and is compatible with any wallets and applications built for Ethereum. Named after the popular breed of Japanese dog, the Shiba Inu, it has registered tremendous success and growth in its short history. Donated to AAVE Community Fund and Uniswap in January 2021, Shiba Inu has since become one of the most discussed cryptocurrencies and is often nicknamed the "DOGECOIN Killer".

Shiba Inu is a decentralized cryptocurrency while most coins created today are centralized, meaning they have inventors and teams who have ownership of the coins. Shiba Inu, as a decentralized currency, does not have this kind of ownership attributed to it, which makes it different from most coins available today. This means that anyone who holds Shiba Inu tokens will be able to access them and control the transactions associated with them, and the whole process is kept anonymous and eventually secure for the user.

Although, like many altcoins, it is impossible to trace the origins of Shiba Inu, one thing for sure is that the currency is based on the Dogecoin protocol. In fact, the difference between Shiba Inu and Dogecoin arises from the different total supply of coins. When it comes to Shiba Inu, the total supply is an astonishing one quintillion (1,000,000,000,000,000,000) coins, which is 250x larger than the total supply of Dogecoins. Furthermore, Shiba Inu coins often feature the face of a Shiba Inu dog as a logo, a reference to its namesake.

One of Shiba Inu’s primary method of distribution is the so-called “Shiba Launchpad”, which is basically a crowdfunding platform where users can purchase SHIB tokens. As with many tokens, buying these tokens does require users to verify their identity in order to comply with the KYC/AML standards. It is for this reason that Shiba Inu has become a popular token for many users, as it is both secure and private.

At the moment of writing, SHIB has already been listed on a number of major cryptocurrency exchanges, including Binance, OKEx, Huobi, and Huobi Global. What makes this token unique is its inflation policy, which is actually deflationary. This means that instead of increasing the supply of tokens over time, it actually decreases the amount of Shiba Inu tokens in the market. This is done through the Burn Token feature which destroys any SHIB tokens that are sent to the Burn Token address.

As of the time of writing, Shiba Inu (SHIB) has grown to be valued over six billion dollars and is currently among the top 20 coins in terms of market cap. It is now also included in many major cryptocurrency market indices such as the Grayscale Digital Large Cap Fund. Given its sudden rise and its many unique features, Shiba Inu could very well be a major contender in the cryptocurrency space in the near future.

Conclusion

In summary, Shiba Inu is a decentralized cryptocurrency based on the Ethereum blockchain and launched in the summer of 2020. It has since skyrocketed in value despite its short period of existence and is now valued over six billions dollars. It utilizes deflationary principles, meaning the total supply of tokens decreases instead of increasing over time, as well as the Burn Token feature which destroys any SHIB tokens sent to the Burn Token address. These unique attributes make Shiba Inu stand out among other cryptocurrencies and give users peace of mind that their investments are secure.

Exchanges List. where To Buy Shina Inu SHI