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What Is Shiba Inu?

Mar 29, 2023
4 min read

This blog post will cover:

  • About Shiba Inu (SHIB)
  • Where did Shiba Inu (SHIB) come from?
  • What are the advantages of Shiba Inu (SHIB)?
  • What are the disadvantages of Shiba Inu (SHIB)?
  • How to buy Shiba Inu (SHIB) on SimpleSwap?

About Shiba Inu (SHIB)

As the official website says, Shiba Inu is a “decentralized meme token that grew into a vibrant ecosystem”. SHIB sees itself as the Dogecoin killer, aiming to outpace another giant meme token by staying under a penny. It’s the strategy of making the token a profitable venture by going up to just $0.01It is planned to list SHIB on the ShibaSwap - an autonomous, non-custodial, decentralized exchange created by the SHIB team, which would be used in trading ERC-20 tokens from one wallet to another directly.The approach to the coin distribution is quite interesting: the developers went down the road of locking 50% of the total supply to Uniswap and the other 50% burning to Vitalik Buterin, thus making users buy the token on the open market. The project has a bunch of tokens: SHIB, LEASH, and BONE. SHIB is the main utility token. LEASH was originally set to be a rebase token pegged to the price of Dogecoin. Now, it has been unleashed and will not rebase. BONE is going to be a staking token in the near future. As a matter of fact, all the meme tokens, including SHIB, are not a techno-leap or innovation, but rather they are a social phenomenon and experiment.The SHIB token gained attention when Ethereum founder, Vitalik Buterin, donated over 50 trillion SHIB ($1 billion worth at that time) to the Indian COVID-19 relief organization. Since then the cryptocurrency has been hyping and increasing the circulation of the tokens on the market.

Where did Shiba Inu (SHIB) come from?

The Shiba Inu project was launched in August 2020 by a user known in the digital sphere as Ryoshi. From the very beginning, the anonymous team was saying outright that they were planning to make an “experiment in decentralized spontaneous community building”.

What are the advantages of Shiba Inu (SHIB)?

  1. Amazon Smile campaign
    The Shiba Inu team organized the fundraising “Amazon Smile” campaign to help in improving the lives of real Shiba Inu dogs all over the world.
  2. ERC-20 token
    As SHIB is based on the Ethereum blockchain, it’s an ERC-20 token, enjoying the full spectrum of its advantages: operating on the PoW consensus protocol, dApps developing, smart contracts’ operation, etc.

What are the disadvantages of Shiba Inu (SHIB)?

  1. New platform
    The speculative nature of new projects and hyping meme themes have mixed into the SHIB token, making it riskier than any other cryptocurrency. For some of us, it’s a vivid advantage out there, yet the unstable nature of SHIB makes it a dubious purchase.
  2. Invaluable
    The developers say that the project was created as an experiment. Because of that, Shiba Inu can’t boast any intrinsic function that would make it a beneficial long-term investment. If it did, SHIB would also act as an ideological inspiration to the crypto and digital world, but not yet. The token doesn’t hold any visible values thus making it a second-think investment.

How to buy Shiba Inu (SHIB) on SimpleSwap?

Ready to try your luck and dive into an adventurous venture with Shiba Inu? SimpleSwap is right here to be part of your journey. Follow this instruction to become a SHIB owner:

  1. For example, you want to swap BTC for SHIB. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  2. Select SHIB in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  3. Click the Exchange button.
  4. Enter the Recipient's Address. SHIB will be sent. Be careful and make sure you use the correct address.
  5. Create the exchange.
  6. You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to SHIB exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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