What Is Shiba Inu and How Does It Work?

Launched in August 2020 as a new breed of decentralized finance (Defi) tokens, Shiba Inu is a decentralized cryptocurrency focused on providing an alternative to Bitcoin and Ethereum.

Per, CoinMarketCap, ‘there are currently about 550 trillion SHIB in circulation.’

Its name is derived from a breed of Japanese breed of small, brave dogs — the Shiba Inu; which is also the logo of the currency. This breed of dog was bred to hunt down birds and rabbits and lived in the highland areas of the Chūbu region.

Shiba Inu is also known as the ‘meme coin’ due to the fact that it was initially launched as a joke cryptocurrency.

Also, did you know that the name Dogecoin Killer was actually because it has a better design, faster transfer time, and infinitely scalable architecture?

The coin went viral and gained a lot of attention online due to its cutesy logo, which is the adorable Shiba Inu dog. All of this made it an instant hit with crypto enthusiasts. The price of the coin also skyrocketed when it was initially released, and it is still growing in popularity.

Buy Shiba Inu Coin hassle-free If you are planning to buy Shiba Inu coins, there are a few choices you can pick from.

Cryptocurrency exchanges like Moonpay, or peer-to-peer trading platforms are recommended. Moreover, you can purchase them from the official website of this project too.

With platforms like Moonpay — you can seamlessly buy Shiba Inu coins quickly and securely using debit cards, credit cards or any payment method of your choice.

Don’t fret if you don’t have a traditional bank account as it supports some of the world’s biggest banks, making it easy to buy coins. Another excellent perk of is that the fees are relatively lower than other cryptocurrency exchanges.

How does Shiba Inu work?

In this section, we take an in-depth look at how Shiba Inu works.

Shiba Inu network runs on Ethereum’s blockchain and is considered a ‘by-product’ of the Ethereum network.

This means that all the transactions that occur on the Shiba Inu network are stored, validated as well as executed on the Ethereum blockchain. Shiba Inu is an ERC20 token. This means that it can take advantage of the smart contract capabilities of the Ethereum network. For example, storage, data transfer and so on.

In turn, this allows these tokens to be used in the Defi application. Instances include yield farming or decentralized exchanges (DEXs), and creating and launching decentralized applications (dapps).

Moreover, another use case is that it offers non-fungible token (or NFT) support, This enables different assets to be securely and efficiently transferred to another user.

Want to use Shiba Inu? Here’s what to do

Make sure you have a wallet that supports the ERC20 standard. Wallters could be Trust Waller or MetaMask.Next, you need to purchase Shiba Inu coins from a cryptocurrency marketplace or exchange.Lastly, you can transfer the coins after you have successfully purchased them.That’s it — now you can use the coins to participate in DeFi projects or to trade.

Use cases of Shiba Inu coins

Below we discuss and deep dive into 12 use cases of Shiba Inu coins.

Investment

Shiba Inu is a token, that is predicted to grow tremendously in the coming years.

And therefore a great way for investors to diversify their portfolios. Due to its high liquidity and relatively low prices, this coin appeals to investors who cannot shell out large amounts on crypto like Bitcoin. Moreover, due to its strong ties with Etherium, Shiba Inu could also be an attractive option for those looking to hedge against the Ethereum network’s volatility.

NFTs

Shiba Inu is a popular choice for Non-Fungible tokens (NFT) use cases.

One of the main advantages of using Shiba Inu is the ability to process lesser transactions virtually instantly. That’s why it’s the chosen crypto for NFTs on the decentralized marketplace Rarible. Using Shiba Inu allows users to buy, sell, and transfer digital items on the Rarible marketplace quickly and efficiently.

At the moment, the digital art industry is rapidly growing and Shiba Inu can benefit from it.

In fact, in the first half of 2022, Shiba Inu (SHIB) announced the launch of its NFT and metaverse platform, which is called the ShibaLands. It is a virtual real estate crypto platform that has 100,595 different pieces of non-fungible land.

Smart contracts

As we know, Shiba is an ERC-20 token. This means that developers can use Shiba to create smart contracts as well as dApps. Since the network is secure, it allows developers to create smart contracts and dApps quickly, reliably, and confidently. Shiba Inu’s intuitive platform ensures the security of smart contracts while remaining easy to use.

Also, since Shiba Inu is an ERC-20 token, developers can easily integrate it into existing Ethereum-based dApps, allowing users to use Shiba Inu alongside other tokens

Shibarium will forever change the game

As per PhemexShibarium is an upcoming and long-awaited Layer 2 blockchain solution for Shiba Inu, aimed at addressing the low transaction speed of Ethereum.

Its aim is to lay the foundations for building out the Shiba Inu ecosystem, complete with a metaverse, a DEX, and blockchain games.

Shibarium has been in development for quite some time, but its public version is expected to be released soon.’

With its innovative features — Shiba Inu has become a hot topic in the cryptocurrency world.

The future of this currency will depend on what developers can do with its integrated components; like blockchain layer, NFT support, and smart contract capabilities.

Shiba Inu may eventually go beyond the scope of cryptocurrency and be used to create various different products and services.

It is still the early days for Shiba Inu, but the future looks bright for this innovative project.