Have you heard about Shiba Inu? This cryptocurrency is gaining popularity in Canada and around the world. Learn more with our guide.
We’ve all heard of the rise of cryptocurrencies. First, Dogecoin blew up. Next, we had Ethereum skyrocket, and then it dipped. And now it’s back near all-time highs.
“What’s next in the world of crypto?” you may well be asking.
Well, if you’ve been following the field, you’ve probably heard of the Shiba Inu token. This new player in the crypto world rose by 367% in — wait for it — just a week. And of course, Elon Musk had something to do with this one too. Want to learn more? Keep reading.
What Is Shiba Inu?
The Shiba Inu token was created anonymously by Ryoshi in August 2020. It is an altcoin of Dogecoin and is named after the Shiba Inu Japanese dog breed. It blew up across the interwebs when Elon Musk tweeted about it.
What makes it unique?
The Shiba coin is the first crypto out there that is 100% powered by its community, known as the Shiba Army. This community orientation means it takes decentralization (the aim of every cryptocurrency) to the next level! It is indeed commendable, considering the coin lacks a centralized team, funding, and leadership.
How Does Shiba Inu Work?
SHIB is the token name for the coin. It is powered by Ethereum, as the founder sent it to Vitalik Buterin (the founder of ETH) to lock it for liquidity. The main benefit is that Shiba Inu can create decentralized products for the financial industry using smart contracts. It also allows it to have dealings in the Defi space and non-fungible tokens.
The total supply of SHIB coins is one quadrillion. Because there are so many coins out there, the price of one coin will likely remain relatively low for a while. However, the price will fluctuate due to normal market conditions as well.
It also plans to create three flagship coins under its patronage. These are:
The idea with having these coins is that users will be able to swap one coin for the other and farm their stakes across currencies.
The Elon Musk Connection
Elon Musk is credited in large part for the rise of Shiba Inu in popular media. When the coin launched, it failed to make much of an effect. However, Tesla CEO Elon Musk became a vocal advocate for the cryptocurrency, which caused it to grow in the popular perception. As a result, Musk has been called the ‘Dogefather.’
When Musk mentioned the coin in one of his tweets, the currency saw an immediate increase of 2000% in five days. He also got a new Shiba Inu puppy which contributed to the price increase as well.
What Makes Shiba Inu Unique?
As mentioned earlier, SHIB takes decentralization to the next level. It is fully community-driven, which is a remarkable feat. The community also uses a portion of profits for donations, which is unique in the crypto space. For example, the coin is donated to the Shiba Inu Rescue Association, which is in tune with the more prominent brand.
Lastly, the creator is making a push to integrate the coin into the art world. They have launched an artists’ incubator to promote the Shiba movement and work their way into the NFT space. This will make for an interesting use case for Shiba Inu.
How to Buy Shiba Inu Token?
Are you wondering how you can get your hands on Shiba Inu in Canada? Well, luckily, there are several platforms where you can make the trade with ease. Binance, Newton, Crypto.com, KuCoin, Uniswap, and Atomic Wallet are some of the many platforms selling SHIB.
Before getting your hands on the coin, you will need to purchase Tether or USDT. Simply buy USDT and then use it to trade in for the SHIB coin. This is simply the easiest way to do it.
Alternatively, trade SHIB for whichever coin or fiat you have in your wallet and works on your trading platform!
Looking to the Future
What can you expect from Shiba Inu in the future? First, the community plans to launch its exchange, dubbed the ShibaSwap. The platform aims for decentralization. Users will be able to swap other currencies and coins for SHIB, as well as LEASH and BONE.
There is no information available on when the launch will take place. But developers have said they are working on the final updates and carrying out high-level security tests for responsible investing.
However, you don’t need ShibaSwap to get involved. The coin has a massive and devoted following, who have set up numerous community platforms and groups. You can check out Facebook and Subreddit groups to learn more about the coin.
In addition, the community is optimistic, positive, and upbeat. The community is also very open to newcomers, so it is great to get involved with this new altcoin.
Stay Updated on the Crypto World
The Shiba Inu token only launched recently. However, its elusive creator has made some critical decisions that have already made it stand out in the crypto world.
Its price increase and interest by famous speculators has certainly triggered its popularity too. So, will you be keeping an eye on this coin to buy into a potential dip?
Keeping up to date on the finance and crypto market is a great way to understand the industry and make sound financial decisions. At Creditpicks, we believe that information is power. We offer personal financial advice on credit cards, loans, insurance, and more — straight to your inbox.
Be sure to check out our crypto resources today!