In recent months we have not stopped hearing comments about the Shiba Inu (SHIB) project. This cryptocurrency aims to dethrone the Dogecoin cryptocurrency meme, since SHIB, despite being a meme, also hides much more inside.
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What is Shiba Inu (SHIB)
First of all, we must mention that it is a meme. Also, Shiba is not a cryptocurrency itself, but rather an ERC-20 token that is enabled within the Ethereum blockchain. However, despite being an ERC-20 token, Shiba is the first unit of a huge ecosystem that integrates other tokens of the same type, a decentralized exchange and ERC-1155 tokens.
Shiba appears with the intention of creating a new complete ecosystem within the Ethereum Blockchain, and a community of users like the one that owns the Dogecoin cryptocurrency. To achieve this purpose, they have devised several elements to try to boost the prominence of the Shiba cryptocurrency.
Of the total amount of cryptocurrencies created, in this case, 1,000,000,000,000,000, they have been divided into two parts. Half of the tokens have been fully deposited within Uniswap, so that anyone can acquire them. The other half of the production has been delivered to Vitalik Buterin, the developer and creator of the Ethereum blockchain.
This distribution has been carried out in this way in order to create a fair division of the tokens. The developers of the cryptocurrency have not kept any in their possession.
Vitalik has created controversy among the community for actions carried out with its SHIB tokens. For example, the first decision that created a stir among users was the donation of more than 1,000 million dollars in Shiba Inu tokens to the organization “India Covid Relief Fund” to support their fight against the coronavirus. This caused SHIB to lose 40% of its value.
The next controversial action that Vitalik has carried out was the burning of 410.24 billion Shiba tokens, that is, 90% of its remaining tokens. These had a value at the time of the burning of 6.740 million dollars.
These tokens are accessible from Uniswap or the decentralized exchanges that support it. They are not accessible from a centralized chain.
Shiba Tokens (SHIB)
Within Shiba Inu, we can find several tokens that have been developed for the functioning of its ecosystem
LEASH Token
The second token after Shib, it is finishing development and is characterized by its scarcity. In other words, only 100,000 LEAHS will be launched on the market. These tokens will be awarded as special rewards.
Token BONE
As we mentioned before, one of Shiba’s goals is to dethrone the cryptocurrency meme par excellence, the well-known Dogecoin. For this, they have developed a certain amount of elements that allow them to achieve their objectives. The Bone token serves this purpose and is currently under development.
Its main objective is to take the decentralized finance system to the next level. With this token, they focus on creating a system to acquire the token, an ecosystem-based solely on tokens, and a series of incentives that will be distributed during the presentation of ShibaSwap, the decentralized Exchange in development.
ShibaSwap
This element of the ecosystem is still in the development phase by the creators of the SHIB token. It consists of a Decentralized Exchange (DEX) in the purest Uniswap or Sushiswap style.
Within this decentralized Exchange or DEX, as in the rest that we can find within the Ethereum blockchain, only the exchange of tokens will be allowed within the Ethereum and Ether blockchain.
The developers of this platform say that it is still under development. Once completed, intensive security verification work will be carried out through an external audit. In this process, they will be in charge of making the relevant changes, updates and improvements so that the application works correctly and safely.
NFT
Another aspect that the Shiba team is working on is the creation of a platform that allows the development of non-fungible tokens (NFT).
This platform aims to invite the best artists who are part of the Shiba community to join the project. In addition, the invitation to different speakers from various fields and platforms is proposed to create a community with artists, give confidence and establish solid relationships.
The invited artists will be leaders of the artistic movement within Shiba Inu, in addition, they will help to investigate how to launch the project to the NFT market. At the moment there are more than 75 interested artists, already working on the presentation of the final portfolio and within the development of the first official Shiba Inu NFT.
Shiba Inu solidarity movement
The Shiba project brings with it a solidarity movement focused on the rescue of Shiba dogs, the breed of dogs that the currency represents. This breed needs great care and for this reason, many owners end up abandoning their dogs.
Due to this problem with this breed, Shiba recommends that Amazon users make their purchases through the Amazon Smile program. When a user makes their purchases through this program, they are not subject to any added cost, however, this transaction method will cause the Shiba NGO to receive funds to carry out the work.
Shiba risks
Demand for Shiba has skyrocketed due to its increasing popularity. Binance added the SHIB token within its Trading platform. The CEO of Binance has warned of the risk of acquiring this cryptocurrency because it is only integrated into 3 wallets and that its recent creation gives the cryptocurrency strong volatility.
Currently, the SHIB value is significantly low. It has no real value or use-value, and its price is based on speculation. Most of the Shiba tokens, approximately 80% of the total, are already on investor wallets.
Conclusion
Shiba Inu was born as the cryptocurrency that wants to dethrone the current Dogecoin, and for this, in addition to following the concept of meme and maintaining the image of the dog, it has added functionalities that make it a cryptocurrency that goes beyond the simple meme.
It tries to consolidate a community and offer services within the Ethereum ecosystem, and its popularity has caused thousands of investors to acquire or demand the Shiba cryptocurrency in recent months.
The main difference between Shiba and dogecoin is that the former keeps updating and looking for an increase in performance, while Dogecoin is leaving the system aside and has stopped updating. Maybe Doge will surprise us in the future with an improvement to the system, however, at the moment we do not have any new news.
Shiba does not need to make scalability improvements because it is implanted within the Ethereum blockchain, so it is nourished by the update of one of the strongest blockchains on the market.
Cryptocurrencies have created a market with high popularity and high demand. This is attracting millions of buyers who want to trade cryptocurrencies. Therefore, from Trading from Zero we believe that training in financial and cryptocurrency markets is necessary, to reduce the risk and the possibility of being scammed.
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