What is Shiba Inu? (SHIB)

The Beginner’s Guide

Shiba Inu is an Ethereum (ETH) based ERC-20 token. The token is touted on its official site as a “self-generated decentralized community building experiment”.

Since Shiba Inu is a breed of dog, naturally, “is it a new Dogecoin (DOGE)?” brings along the questions. As will be remembered, the popularity of Dogecoin grew like an avalanche, making it the 4th place in the Coinmarketcap ranking.

The most important difference of SHIB from DOGE is that it has an ecosystem. Within this ecosystem, there is also a cryptocurrency exchange led by SHIB called ShibaSwap.

Another member of the SHIB ecosystem is BONE. Called a new Dogecoin killer by the community, BONE is not yet live. However, it is clearly stated that it is planned as a DeFi (Decentralized Financial Structure).

When was the SHIB coin released?

SHIB was launched last year. The first price data for SHIB is available as of August 2020, so it would not be wrong to say that the project is on the market at this time.

Who Created Shiba Inu?

Shiba Inu, discovered by someone named Ryoshi, went on sale as an Ethereum-based coin. 50 percent of the total supply was sent to Vitalik Buterin, the founder of Ethereum.

What is the link between SHIB and Elon Musk?

It is not yet known whether Elon Musk and the SHIB community have a direct link. The only known one is that Elon Musk has posted 2 tweets so far that mean “I’m getting Shiba Inu” and “I’m waiting for Shiba Inu’s rise”. For this reason, the community’s “Dogecoin killer” discourse was also met in the eyes of investors due to the rise that followed Elon Musk’s shares.

Note: The information, comments and evaluations contained here are NOT in the Scope of Investment Consultancy. Keep following the SinceCoin.

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