What is Shiba Inu SHIB and which type of altcoin is this
Meaning of Shiba Inu
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What is Shiba Inu SHIB and which type of altcoin is this
ShibaInu cryptocurrency (SHIB) is what’s known as a “meme coin,” or a cryptocurrencybased on a meme. Ameme coin is a cryptocurrency or crypto token based on a viral joke or culturalreference. Projects built around meme coins rely heavily on social media hypeto attract new users/investors. Shiba Inu (SHIB) was inspired by Dogecoin(DOGE), the original meme coin created in 2014 that uses the image of a ShibaInu dog, and which we discussed above.
SHIBintends to be an alternative to Dogecoin or a “Dogecoin killer.” Unlike DOGE, which has its ownblockchain, SHIB runs on the Ethereum blockchain. One thing DOGE and SHIB bothhave in common, however, is that their supply is abundant. SHIB began with aninitial circulating supply of one quadrillion coins.
As with anyinvestment vehicle, Shiba Inu crypto has both advantages and disadvantages. Italso has value for a couple of reasons:
There is alimited supply of SHIB. The SHIB coin was launched in 2020 with a fixed 1quadrillion supply — nearly 50% of which has already been burned or donated —which has kept the market price low (one SHIB coin is worth a fraction of apenny). The cap on the number of coins has also given the price somewhere to go,if demand should rise.
SHIB comeswith attractive rewards. Shiba Inu has a system that can provideinvestors with passive income via rewards from staking — locking up cryptoholdings to get rewards or earn interest — or depositing funds in a liquiditypool. This reward system intends to offer users the incentive to expenddifferent coins on the network.
“Shiba Inu” is a registered trademark of Nintendo. The Shiba Inu character is a small companion dog that resembles the Japanese Spitz breed. In Japan, the Shiba Inu is often seen as a mascot of the urban middle class and their lifestyles.