What Is Shiba Inu? — A Look Into The Trending Coin
In the world of cryptocurrency, it is only expected that whatever goes up, must surely come down. Shiba Inu coin is one of the few coins that Binance listed earlier this year, in August; it had originally been designed as an early bloomer coin, but look how great it’s doing!
The Shiba Inu coin was designed by an anonymous individual named “Ryoshi”; just like how Bitcoin’s Satoshi Nakamoto is anonymous, the owner of the Shiba token is also anonymous. The term Shiba Inu is translated and known as a Japanese term for a breed of hunting dogs (seemingly related to huskies); it is also the dog that is shown on Dogecoin’s symbol. However, there is a difference between Dogecoin and Shiba Inu coins.
What Is Shiba Inu Token?
As mentioned earlier, Shiba Inu Token with SHIB is a decentralized cryptocurrency that was created by the anonymous programmer “Ryoshi.” We know that ‘Shiba Inu’ is the Japanese name for a husky-like breed of hunting dogs; but one thing that we failed to mention in the introduction was that Ryoshi also created Dogecoin, which is the original meme coin. It was designed in recognition of the meme on the internet during that period- the Doge meme.
You can say that his dog has a similar face to that of the original Shiba Inu coin. In response, the hashtag #SHIB movement began trending on social media. This act alone led to a deletion in its price, however, it is still less than a penny; in spite of this, we are fully aware of the power and influence that social media has and how it can affect your cryptocurrency project.
Shiba Inu is a cryptocurrency released on the ERC-20 and has a large share of popularity. Rumors making rounds on the internet have alleged that SHIB was supposed to have hit $1 in this quarter of the year.
So far, we’ve seen SHIB go over 240% every week and 55% almost every day, since its major surge early this month. Although the Shiba token had some recent success that made its number of users, and trade volume increase, there is still some skepticism about its actual worth as a cryptocurrency. In simpler words, people still view it as shitcoin.
How to Buy Shiba Inu Tokens
For people that would love to own hundreds or thousands of Shiba Inu tokens, here’s how you can go about it for the various marketplaces, exchanges, and platforms available online.
- First sign into your KuCoin website or mobile application.
- Select “Buy Crypto”, then click on “Credit/Debit Card.”
- Next, highlight “I want to Spend,” insert the amount of USDT that you would like to purchase.
- Click on “I want to Buy,” click on the drop-down menu, and select USDT.
- Then select your payment method, i.e. Visa/MasterCard, and your desired payment channel.
- You’ll see a disclaimer button, tick it, and click “Confirm.” Follow the prompts to finish the payment process.
- It won’t take more than 30 seconds before you find your purchased USDT in your Main Account Wallet. Next, click on “Transfer” and switch your USDT to your Trading Account.
- Switch tabs to your trading account, confirm that USDT has been deposited there. Click on “Markets” to swap USDT for Shiba Inu.
- There’s a search box on your far right in the same Window, type in “SHIB.” Click on the SHIB-USDT trading pair to begin the swap.
- Input your trading password, and once you’ve confirmed the password, click on Market, on the lower-right quadrant.
- On the “Buy SHIB” section, click the 100% button. Doing so will ensure that all your USDT will be swapped for SHIB.
- Click on “Buy SHIB.” You’re all done!
With Bank Transfer- You can purchase stablecoins listed on Binance by wiring money from your account to the providers of these coins. Then, use these stablecoins to buy Shiba coin on Binance exchange. You can then trade them for Shiba Inu tokens by visiting the market section on the Binance website or app.
Select the SHIB-USDT, SHIB/BNB/SHIB/BUSD, SHIB/BTC or SHIB-USDC trading pairs — whichever cryptocurrency asset that you have, as long as it trades with Shiba Inu. Select 100% on the limit or market order trade, and select buy. Once the market order has been completed, the SHIB will be deposited in your spot wallet.
With P2P- you can buy BTC, USDT, BUSD, ETH, and other cryptocurrencies via Binance P2P marketplace. Once you’ve bought the said cryptocurrency, you can transfer it to your spot wallet, and trade it directly. First, visit the market or trade option on your Binance application or web platform. Select the SHIB-USDT or SHIB-USDC trading pairs whichever cryptocurrency asset that you have. Once the limit or market order has been completed, you should have your Shiba Inu tokens deposited in your spot wallet.
With your Credit Card- thanks to Binance’s unlimited options, you can directly purchase Shiba coin with credit card or debit card on Binance.
What is ShibaSwap?
Just like other cryptocurrencies, SHIB has its decentralized exchange, which is a peer-to-peer trading platform similar to Pancakeswap and Uniswap. This platform allows its users to trade SHIB and other crypto tokens without the aid of a crypto exchange or any other intermediary companies. ShibaSwap also allows users to provide liquidity by depositing funds into pools for traders to use during trade sessions.
It also allows traders to deposit into their SHIB wallet for staking; they earn interest from their staked Shiba Inu tokens and two other ERC-20 tokens in the Shiba ecosystem. These tokens include BONE and LEASH; let’s briefly talk about these tokens:
- Doge Killer (LEASH)
The LEASH tokens were originally released as elastic or rebased tokens. A rebase token is a type of token with a similar algorithm to a stablecoin. Its supply automatically increases and decreases with the aid of a computer algorithm; this algorithm helps to keep its price stable with that of its other asset (DOGE).
- Bone ShibaSwap (BONE)
The BONE token was designed to be the governance token of ShibaSwap. It has a total supply of 250 million coins, and a holder of the BONE token can propose and vote on the changes to the Shiba protocol through another protocol known as “Doggy DAO.” The token can also be minted and sent to its users as a reward for providing liquidity on ShibaSwap.
Functions of ShibaSwap
There are six functions that are available on ShibaSwap; these functions use the three native tokens on the SHIB ecosystem.
The term “Dig” or Digging is the liquidity pool function on ShibaSwap; this platform allows traders and other users to deposit crypto assets in pairs to existing liquidity pools on the platform or a personal pool. ShibaSwap then rewards them with their liquidity pool token (SSLP) which represents their share of liquidity in the pool and gives them an opportunity to redeem free BONE tokens.
The Woof function allows traders who provide liquidity to redeem BONE token rewards whenever they receive and cash out their SSLP tokens.
Bury allows users to stake their SHIB, BONE, and LEASH tokens to generate a high-interest yield. This interest is received in BONE tokens, within rates 171%, 266% and 814% respectively. Once said tokens have been staked users will receive their staked amount in xSHIB, xBONE, or xLEASH.
This feature allows users to swap between their multiple assets that are available on the ShibaSwap platform.
Just like the “portfolio” available on other Swap platforms, “Bonefolio” is SHIBs version of this analytical dashboard. With these features, users can explore current interest rates, track their yield returns and check out their next investment option.
Although it hasn’t been fully released, this function allows users access to 10,000 exclusive Shiba Inu generated NFTs, known as SHIBOSHIS.