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Shiba Inu Coin at a Glance
Shiba Inu SHIB is a hybrid cryptocurrency that has been created and hosted on the Ethereum platform. It means it doesn't have its own instead of using an ERC-20 address like most other tokens do to send/receive transactions or store funds securely in their wallet for safekeeping purposes.
While the value of the SHIB token has dropped, its reputation has only grown and it is now as known as one of the top coins. Shiba Inu SHIB is still the crown prince of the meme coin world, with many Facebook groups, millions of followers and tweets, and weekly headlines in mainstream media.
Shiba Inu ticker: SHIB
Total SHIB supply: 1 Quadrillion
Market cap: $3,347,157,138
Circulating SHIB: 500 Trillion SHIB coins
Shiba Inu Coin Price: $0.00000673
Shiba Inu Coin Price Aud: $0.00000913
All-time high: $0.00003791 (May 10, 2021)
Notable team members: Anonymous founder “Ryoshi”
Partnerships: PayPal, Amazon, and Visa
Token uses: Trading and exchanging cryptocurrencies.
Network: A decentralized meme token
What is Shiba Inu coin?
In August 2020, Shiba Inu (ticker: SHIB) was created by an anonymous person to be a decentralized cryptocurrency. The Shiba Inu is a peer-to-peer cryptocurrency that aims to provide less centralized mining. Shiba Inu is a Japanese term for the breed of dogs depicted in Dogecoin's symbol, which itself was initially just an internet joke based on memes like "DOGE."
The Shiba Inu is a new altcoin created on the Ethereum blockchain, which allows its users to create an ecosystem of three coins known as SHIB (a currency used for transactions), LEASH(an asset that tracks Shibas), and BONE(paid utility). This decentralized exchange called ShibaSwap also offers swap services with other cryptocurrencies such as Bitcoin (BTC)/Ethereum (ETH) or Litcoin (LTC)/Dogecoin (DOGE), among others.
Ryoshi sent Vitalik Buterin, the founder of Ethereum and creator behind its native token Ether (ETH), half of the SHIB supply. The crypto world was shocked when the price of Shiba Inu crypto tanked after he donated and burned all his coins, which sent shockwaves through Ethereum communities and Shiba Inu crypto holders.
Ryoshi, an unnamed person, designed the Shiba Inu Coin in August 2020. He is originally from India, and he wanted to create something that combined two of his favorite things: Dogecoin (an altcoin), which mines bitcoin, as well as Japanese Dog breeds named after a type called "Shiba."
The Shiba Inu price AUD started at $0.000000000077 and reached up around $0.000052. Since then, though, it has experienced quite a steep downfall.
Though the SHIB token has seen a decrease in value, its popularity only increases with each day. With countless groups on Facebook and millions of followers across social media every week, and headlines found in mainstream news sources such as CNN or Fox News almost daily.
The Shiba Inu Market Cap
The Shiba Inu price chart AUD shows that the market cap of Shiba Inu is 4.696B. Market capitalization or market cap for short can be used to determine the worth of crypto. This number tells you how much investors are willing to pay for each share, and it represents their collective opinion on whether they think that coin will increase in value over time or not.
Shiba-Inu Token Security
The ShibaSwap is a new cryptocurrency exchange that allows users to trade their coins for other crypto assets. The idea of this project is to make sure there's safety and security in investing while still being decentralized, so nobody has too much power over your funds or anything like that--just pure transparency.
The ability for participants in the network to exchange their tokens directly from a wallet with other ERC-20 compatible ones on this non-custodial platform is an attractive feature. This way, hackers cannot access quickly because they do not retain huge quantities of bitcoin like some centralized exchanges, making them more secure than others and faster and easier.
The Unique Features of the Shiba Inu Coin
Hash Algorithm: Shiba Inu uses the hash algorithm. A hash function is any algorithm that can map data of arbitrary size to fixed-sized values. To check if something is accurate, we hash it. We use hashing to make sure that data is not fake or changed. Hashing can be used for passwords or other things like files and documents too.
Hash functions are used for generating public keys and block hashes. In this process, a group of unconfirmed transactions is fed into the hash function, generating one specific digital fingerprint or "hash" that cannot be changed without changing all other copies.
Decentralized Governance: Shiba Inu crypto is decentralized. A decentralized government is one in which power is divided rather than concentrated among a few individuals. Through this, the SHIB investors have more power.
Coinjoin: CoinJoin is an online technique for anonymizing SHIB transactions. CoinJoin is a multi-party transaction in which all participants deposit the same amount of SHIB tokens. Still, the addresses are combined during the process, making it tough to determine where the coins originated. While it is more known in Bitcoin, Shib uses Coinjoin as well.
ChainLocks: ChainLocks is a novel method for ensuring the first-seen rule is implemented correctly. A few hundred masternodes are chosen to form an LLMQ for each block, and each member signs the initial block it sees extending the active chain at the current height.
PrivateSend and InstaSend: With PrivateSend, you can send and receive Dash without taxing either party. Not only does this make transactions completely anonymous, but also it provides a form of protection from being traced in case something goes wrong. Dash InstantSend allows you to make instant payments without having any fees and with low commissions.
It was designed specifically for the Dash master node structure, which means this solution will be the default form of transactions in future releases. Both of these are features of the Shiba Inu crypto as well. While more articles are related to PrivateSend, InstaSend, and Dash, these are also unique features of SHIB.
ShibaSwap: ShibaSwap is a unique decentralized cryptocurrency trading platform created to create a safe environment where users can trade cryptocurrencies. The team behind Shiba Inu stresses the importance of decentralization, as their loyalties lie with token holders.
Shiba Inu FAQs
Who Are the Founders of Shiba Inu?
Shiba Inu Coin is the creation of an anonymous cryptocurrency entrepreneur who calls himself Ryoshi.
Is Shiba Inu Wallet available for Android & iPhone?
Yes. Freewallet is one wallet available for Android and iPhone. You can also purchase Shibas on several different platforms, including Binance and KuCoin.
Which are the Differences Between BTC vs Shiba Inu?
Shiba Inu is an Ethereum-based token, while Bitcoin is the first decentralized cryptocurrency. Experts said that the Shiba Inu price could fluctuate dramatically, even surpass Bitcoin if cryptocurrencies’ unpredictable nature persists. However, it will take a long time before it happens.
Can Shiba Inu Be Hacked?
Shiba Inu crypto, just like any other cryptocurrency, is subject to attack because all transactions are public. It means that anyone with the necessary skill can track the digital wallet. Thus, beware of phishing websites.
Will Shiba Inu be a Good Investment Opportunity?
Shiba Inu Coin is one of the most talked-about coins on social media, which may be why it's gaining popularity. SHIB has been generating buzz among international chat rooms and other places where people discuss cryptocurrencies and influencers like yourselves who could help raise its value even more.
Can I Buy Shiba Inu With Paypal?
Not yet. However, as of June 2021, a petition has been made for Paypal to include Shiba Inu in its platform.
How Can I Buy Shiba Inu With My Credit Card?
To purchase a Shiba Inu, fund your account using your credit card. However, some exchanges do not have the option to acquire Shiba Inu tokens with money directly. In this case, you need to buy other tokens such as BTC or a stable coin and exchange it for SHIB.
Shiba Inu vs Other Coins What Should I know?
Dogecoin and Shiba Inu have many similarities in their technology. They both run on blockchain, but whereas doge's tokens use Bitcoin's algorithm to power them, the Fungible token system was created by Ethereum for this purpose instead - which is what makes it different from other cryptocurrencies like BTC or ETH (Ether).
What is The Future of Shiba Inu?
The future of the SHIBA coin is unpredictable because it has increased its value due to DOGE and other popular memes. However, if the creators can create more utility with SHIB and the community accepts meme coins better, SHIB can give high returns long term.
Will Shiba Inu Reach $1000?
As of today, it is unlikely that Shiba Inu will reach $1000. In the short time that this cryptocurrency has been around, it's seen a lot of volatility. Though many people think crypto coins are destined to be hit or miss with their investments in them- Shibu Inu can reach 1 USD and have its minimum value at just 0.004 cents by 2030.