While looking to expand the utility of SHIB, the development team introduced a metaverse — a virtual reality project powered by non-fungible tokens (NFTs). Here, users can mint parcels of digital lands using ETH or its equivalent amount in SHIB tokens. This meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin paired with headlines and tweets from personalities like Elon Musk and Vitalik Buterin. In order to use any of these three tokens as collateral, traders have to transfer them from their spot wallet to their futures wallet. It’s important for investors and enthusiasts to conduct thorough research and consider the inherent risks before engaging with any cryptocurrency, including Shiba Inu. The landscape is ever-evolving, and staying informed is crucial for navigating the market effectively.
Musk even got a Shiba Inu puppy, named Floki Frunkpuppy, triggering another market surge. SHIB had an initial total supply of 1 quadrillion, or 1,000,000,000,000,000 tokens. LEASH was originally a rebase token but the developers recently removed the rebase to increase the potential. It has a total supply of 107,646 tokens, offering different incentives and rewards on ShibaSwap. WhaleStats compiled data of the largest ETH wallets and found that SHIB represents over 20% of the combined market shares of all ERC-20 tokens held by Ethereum whales. SHIB also surpassed the one-million holder mark following its all-time high.
Robinhood executive Christine Brown has lauded the efforts of the Shiba Inu community, saying that one of her favorite things was seeing it engage with the community to make its wishes heard. The market momentum affecting shiba inu can mainly be attributed to Tesla CEO Elon Musk, who was also responsible for dogecoin’s massive price surge. Musk’s interest in dogecoin creates the market’s excitement for SHIB.
How Is the SHIBA INU Network Secured?
The ecosystem includes a decentralized exchange called ShibaSwap, a non-fungible token (NFT) marketplace, and a metaverse called Shibarium. Additionally, retailers increasingly started adopting SHIB as a means of payment following its popularity among small-time investors. American electronics retailer Newegg added SHIB at the start of December 2021, partnering with crypto payments platform BitPay to unlock payments in SHIB. At one point, the Shiba Inu community called for McDonald’s to accept Shiba Inu, although the social media effort eventually fell short. Kraken listed the Shiba Inu SHIBUSD token in late 2021 following a successful campaign by the community behind the popular meme coin to secure another major exchange listing.
One of the pivotal developments for Shiba Inu was the launch of ShibaSwap, its own decentralized exchange, which marked a significant step towards building its ecosystem. Alongside this, the introduction of ShibaChain and the AiShiba OG NFT Collection represented the expansion of its offerings and engagement with the burgeoning NFT space. Another significant application of Shiba is in the realm of non-fungible tokens (NFTs). The token can be used to purchase NFTs, integrating Shiba into the burgeoning market for digital collectibles and assets. This use case taps into the growing interest in NFTs, providing Shiba holders with a gateway to participate in this innovative and creative aspect of the blockchain world. A notable aspect of Shiba’s security measures is the adoption of Fully Homomorphic Encryption (FHE) in collaboration with Zama, a leader in web3 encryption technology.
Shiba Inu Stats
It has been speculated that Vitalik Buterin was behind the initial liquidity that helped set up Shiba Inu’s liquidity on Uniswap. According to Ryoshi, he had “a fren” he met at Devcon in Osaka that sent him 10 ETH to set up the liquidity pair on Uniswap. Ryoshi also stated that Shiba Inu was an experiment in decentralized community building, and he thus declined all the influencer requests and pitches from different exchanges he received. His “job” is to defend the brand and give suggestions, although he does so very sparingly, as his last blog entry dates back to May 2021.
Shiba Inu news
Kraken, a major US-based cryptocurrency exchange, has added to Shiba Inu SHIBUSD as new collateral for futures contracts. October 2021 was another period of surge for Shiba Inu, highlighting the volatile nature of meme coins and their susceptibility to rapid changes in market sentiment. This period of increased speculative activity underscored the community’s enthusiasm and speculative interest in SHIB futures. Despite its high market capitalization and the enthusiasm surrounding its launch, Shiba currently faces challenges in terms of utility and adoption. The ecosystem’s long-term value and growth are contingent on expanding its use cases and enhancing its appeal to a broader audience. The experiment was a succes, and in October 2021 SHIB briefly flipped Dogecoin to become the most-valued meme coin by market capitalization.
This move, along with a 0% tax mechanism on certain exchanges and locking out-of-circulation tokens on a vesting basis, is designed to protect investors and build confidence within the community. Shiba Inu (SHIB) is a decentralized meme token created in August 2020 by an anonymous person or group of people under the pseudonym Ryoshi. It is based on the Ethereum blockchain and is one of the most popular dog-themed cryptocurrencies in recent years.
In mid-2021, Ryoshi kept to his promise and stepped away, leaving the token entirely in the community’s hands. There is no burning or halving mechanism in place to reduce the supply of SHIB further. The #ShibArmy consists of talented individuals, which Shiba Inu supports by cultivating an environment that incentivizes activity and growth.
Kraken makes it possible for traders to deposit several collateral currencies into a single wallet. The list of collateral currencies includes fiat currencies like the US dollar and the euro, various stablecoins as well as Bitcoin and a slew of altcoins. The second-largest meme cryptocurrency can now be used in order to gain exposure to more than 200 perpetual futures. It’s important for individuals to conduct their own research and consider the security features of any cryptocurrency before investing. In addition to hardware wallet integration, Shiba utilizes a combination of proven and audited technologies alongside best practices to fortify its security framework. This includes the implementation of multi-signature transactions, which require multiple approvals before processing, adding an extra layer of security.
- October 2021 was another period of surge for Shiba Inu, highlighting the volatile nature of meme coins and their susceptibility to rapid changes in market sentiment.
- This period of increased speculative activity underscored the community’s enthusiasm and speculative interest in SHIB futures.
- In summary, Shiba’s utility encompasses staking for passive income, trading on DEXs, purchasing NFTs, and potential use as a payment method, supported by a strong foundation of community trust and security measures.
- This meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin paired with headlines and tweets from personalities like Elon Musk and Vitalik Buterin.
- As with any cryptocurrency investment, potential investors should conduct thorough research and consider the risks involved.
- It is possible to buy Shiba Inu on Binance, Huobi, Coinbase, Gate.io, Uniswap (V2) and OKEx, among other exchanges.
FHE allows for sensitive data to be encrypted end-to-end throughout its entire lifecycle, ensuring that data remains secure from the point of creation to storage and transmission. This level of encryption is particularly significant in the context of blockchain and cryptocurrencies, where data privacy and security are paramount. Shiba employs a multifaceted approach to ensure its security, incorporating both traditional and innovative measures. The foundation of its security strategy involves the use of hardware wallets, specifically supported Ledger devices, which are known for their robust security features. These devices help in securely storing auto-generated wallets and private keys on a dedicated encrypted server, providing a solid layer of protection against unauthorized access. SHIB token was born from the idea of being just another “meme” token, but over time has become its own ecosystem backed by a growing community.
The project has also been recognized outside of the traditional crypto spaces, being listed on Forbes’ “30 Under 30” list, which showcases its growing influence and the attention it’s garnering from broader audiences. In addition to these specific uses, Shiba is actively seeking to expand its utility through partnerships and integration as a payment method. This effort to broaden its acceptance and use cases reflects a strategic move to enhance Shiba’s value proposition and adoption in everyday transactions and beyond. The live price of the Shiba Inu coin (SHIB) is updated and available in real-time on Binance. A high market capitalization implies that the asset is highly valued by the market.
This aspect of Shiba not only encourages long-term holding but also contributes to the stability and security of the network by incentivizing participation in the ecosystem’s consensus mechanisms. Shiba’s commitment to security is further evidenced by its operational decisions, such as the renouncement of the contract and the burning of liquidity tokens. These actions eliminate access to these critical components, thereby reducing the risk of malicious activities and building trust within the community. Moreover, the project’s adherence to a 0% tax mechanism on transactions and the locking away of out-of-circulation tokens on a vesting basis demonstrate a proactive approach to investor safety and confidence. Shiba’s approach to investor safety is notable, with the project taking steps to renounce the contract and burn liquidity tokens, effectively removing access to them.
Transactions on the Shiba Inu network are validated using a Proof-of-Stake (PoS) consensus mechanism. The SHIB Army is a community of SHIB holders and supporters whose members are encouraged to guide the community. The live price of Shiba Inu coin (SHIB) is updated and available in real time on Binance.
Additionally, May 2021 saw Shiba Inu being listed on a major cryptocurrency exchange platform, further enhancing its visibility and credibility within the crypto community. In summary, Shiba’s utility encompasses staking for passive income, trading on DEXs, purchasing NFTs, and potential use as a payment method, supported by a strong foundation of community trust and security measures. In summary, Shiba represents a community-driven endeavor within the cryptocurrency space, aiming to challenge traditional financial systems and provide users with opportunities for participation and reward. However, its future success will largely depend what is responsibility accounting on its ability to broaden its utility and foster wider adoption among users. As with any cryptocurrency investment, potential investors should conduct thorough research and consider the risks involved. SHIB is not intended to be a currency but rather a community token that can be used to interact with the Shiba Inu ecosystem.