ShibaSwap - Shib

ShibaSwap - ShibaSwap - Gitbook - Gitbook ShibaSwap gives users the ability to DIG (provide liquidity), BURY (stake), and SWAP tokens to gain WOOF Returns …

After the exponential rise of various meme-oriented tokens like Dogecoin and GameStop, Shiba Inu is one such cryptocurrency that has now become popular among crypto investors. The name is derived from a dog breed in Japan, and interestingly, it is the same dog which is the mascot of Dogecoin.

Despite being based on a dog meme, Shiba Inu supports more projects than Dogecoin, especially NFT art. It is also intentionally abundant, with a total of one quadrillion tokens in supply. Keep reading to know more about Shiba Inu cryptocurrency, its working and other aspects.

What is Shiba Inu?

The Shiba Inu coin was developed in August 2020 by an anonymous person or a group referred to as Ryoshi. It was primarily inspired by Dogecoin (DOGE), which is the original meme-oriented cryptocurrency.

Similar to other cryptocurrencies, Shiba Inu crypto also runs on a blockchain algorithm. However, it does not have its own hashing algorithm and functions on the Ethereum blockchain network.

There are three coins under Shiba Inu available for trading, namely – SHIB, BONE and LEASH. One of the unique features of this cryptocurrency is that it has its own decentralised exchange system known as ShibaSwap that allows its users to bury (stake coins), dig (provide liquidity), fetch (retrieve coins) and swap the coins.

A major difference between DOGE and Shiba Inu is that the latter has its own decentralised exchange system. It allows users of SHIB (SHIB Army or people engaged in managing this network widely use Bone tokens) and other coins to indulge in swapping, staking and other activities.

How to Use Shiba Inu Cryptocurrency?

We have already discussed the basic premise of Shiba Inu tokens. Let’s discuss the workings of the three coins issued under Shiba Inu.

• SHIP: It is the main currency of the entire Shiba ecosystem, and many consider this the fountainhead of Shiba Inu. It runs on an Ethereum-backed blockchain network. SHIB started its journey with around 1 quadrillion coins in August 2020. Out of these, around 50% of the coins were locked in Shiba Inu’s exchange ecosystem – Shibaswap.

• LEASH: There are only 107646 units of LEASH tokens available in the markets. It is one of the least supplied Shiba Inu tokens, and users receive this as a staking reward for validating crypto-related transactions.

• BONE: There are about 250 million units of BONE available for trading and investment. This is often classified as a governance coin of the Shiba Inu ecosystem. Traders can use these tokens to vote and take part in the decision-making process of this ecosystem. SHIB Army, or people engaged in managing this network, widely use BONE tokens to express their opinion on various proposals.

In addition to the three tokens mentioned above, the Shiba Inu network also supports NFT (Non-fungible Token) art projects. There is a Shiba Inu incubator in this ecosystem which allows for nurturing of artists from around the world. Many users and artists can use this tool to come together and create different artworks, which the Shiba Army will display on the ecosystem. The network will also provide training to budding NFT artists.

Price of Shiba Inu

Shiba Inu is one of the most popular cryptocurrencies. The market capitalisation of Shiba Inu tokens as of 27.06.2022 is more than $6 billion. The current trading price of Shiba Inu coins (SHIB) is $0.000011, and there are more than 500 trillion SHIB coins in circulation.

It is currently ranking in 14th place in terms of market capitalisation. Additionally, the price of Shiba Inu coins in rupees (INR) fluctuates between $0.0006 and $0.0009.

It reached its all-time high of $0.00008845 during its peak valuation in October 2021. The Return on Investment (ROI) provided by SHIB coins is more than 683846%. However, Individuals planning to buy SHIB should be careful as it is a highly volatile cryptocurrency.

How to Buy Shiba Inu Tokens?

Shiba Inu is listed on various Indian crypto trading exchanges. Once you select your preferred you can follow these steps to buy Shiba crypto.

Step 1: Create an account on the crypto exchange platform by completing the registration and KYC process.

Step 2: Once your account is verified, search ‘Shiba Inu’ on the platform.

Step 3: After checking the current price of Shiba Inu, click on ‘BUY’ and enter the number of tokens that you wish to purchase.

Step 4: Transfer the required funds from your bank account to the digital wallet.

Step 5: Once you confirm the payment, the purchased tokens will be reflected in your wallet.

Additionally, you can also purchase Shiba Inu cryptocurrency by exchanging other Ethereum-based cryptocurrencies.