What is Shiba Inu (SHIB) Coin?

The Shiba Inu coin was created due to a meme but now gripping the trading market rapidly.

The coin is launched in August of 2020 with the price of $0.00000001 and remain study through out the year. After that in the starting of 2021, its price reached to $0.000003. In April, its price dipped for two weeks and then it gained the pace again and reached to $0.000006 in May.

This price reached to $0.000007 on 29th of May. The supply of this coin is around 394.8 trillion. While the market capitalization is around $2.9 billion. In terms of fully diluted market capitalization, it is around $7.5 billion. This is why it is the 33rd in crypto market cap ranks. In October 2021, its price reached to $0.00008 and its market cap is around $50 billion.

What is an Shiba Inu Coin?

As we know that in the recent days, people are trolling each other by meme. Sometimes, few of meme were so impressive and popular that investors or creators make some product over it.

Same is happened with Shiba Inu coin. It wa created on a meme-based on a cryptocurrency, Dogecoin. Some computer developers took the name of Dogecoin for their new digital currency after the meme got popular about Doge currency.

In starting the coin is not successful but after some period of time, it becomes one of the top crypto coins. Some computer developers of Japan also follow the same trend and make a digital coin with the name Shiba Inu (SHIB). This word is a name of a Japanese dog breed. The develops also set a goal to overpass the Dogecoin.

There are three tokens, SHIB, LEASH and BONE. SHIB is the main currency, LEASH is rebased token turned independent token and BONE is governance token.

Future Goal of Shiba Inu.

To achieve its goal, Shiba Inu starts planning. It has launched its decentralized exchange (DEX), ShibaSwap DEX. This will do trading in various cryptocurrency including Shiba token.

It is also focusing other aspects of exchanges. This is the reason; it is claiming itself one of the safest and best decentralized exchanges in crypto trading market.

This is similar to other liquidity pools, to earn interest users can deposit token in the SHIB pool of this exchange. Here are some terms, which one should know while using this exchange. These terms are DIG, BURY, TREAT, FETCH and BONEFOLIO.

DIG– In this, one can provide liquidity to SHIB pool and earn BONE tokens by digging their SHIB tokens.

BURY– Here, one can stake tokens in Shiba Inu blockchain and in return get the additional SHIB token.

FETCH– This will allow users to switch their tokens with other tokens.

TREAT– It is all new token that will introduce very soon in the trading market.

BONEFOLIO– It is kind of portfolio where you can access your stash.

Where we can Use Shiba Inu?

One can use Shiba Inu in trades and stake at ShibaSwap. There is also a NFT incubator in Shiba Inu ecosystem. In this, we can do transaction in SHIB currency.

This currency is also coming in use for charity. One can follow in Vatalik Buterin’s footsteps to donate SHIB for charity. Shiba Inu community has also collaboration with Shiba Inu Rescue Association that do charity for the welfare of Shiba Inu dogs in America.

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The Shiba Inu coin was created due to a meme but now gripping the trading market rapidly.

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The Shiba Inu coin was created due to a meme but now gripping the trading market rapidly.