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Shiba Inu Explained: Should You Invest in $SHIB?

Shiba Inu has been on an absolute tear this entire October, hitting all-time highs as of this past Sunday. If you’re like me, you might not have known much about the Shiba Inu coin before this recent price move.

In this article, we’ll explore what Shiba Inu is, whether it’s worth investing in, and some of the tokenomics that have attracted so many investors to this project.

What is Shiba Inu?

To understand what Shiba Inu is, we first need to understand what a cryptocurrency is and the coin that inspired Shiba Inu: Dogecoin. A cryptocurrency is a decentralized form of digital currency, meaning that no one person or entity has control over it. Bitcoin is the most common cryptocurrency, and it was designed to act as a decentralized form of digital currency that is not controlled by any government or financial institution.

Dogecoin was founded in 2013 by software engineers Billy Marcus and Jackson Palmer as a parody of all the serious crypto projects coming up at the time. It was considered the joke of the cryptocurrency world for the majority of its existence, but that changed in July 2020 when it started surging due to a viral TikTok video that claimed that if everyone on TikTok invested in Dogecoin, everyone could make a lot of money.

Shiba Inu was born in August 2020 by an anonymous crypto community member by the name of Ryoshi. The founder of the Shiba Inu project saw what was going on with Dogecoin at the time and decided to start a dog coin project too. Shiba Inu operates on the Ethereum network, and the token itself is an ERC-20 standardized token.

Tokenomics

Shiba Inu’s tokenomics are somewhat different from other meme coin projects. When I’m looking at investing in a cryptocurrency, I like to ensure that the team is good, think about the community and the tokenomics of the project, and make sure that the project aims to solve some sort of real-world problem.

Shiba Inu has a thriving community and its ecosystem consists of a decentralized exchange called Shiba Swap and two other tokens, Leash and Bone. Shiba Swap allows users to trade their Shiba tokens to other cryptocurrencies without an intermediary, reducing fees and allowing people to stake tokens and earn interest using the Shiba token.

The Bone token is the platform’s governance token, with a total of 250 million supply. If you own Bone, you actually have a say in the decentralized autonomous organization (DAO) of Shiba’s future. A DAO is a method of governance in which the project’s future decisions are made by a collective of the community. Most legitimate cryptocurrency projects and even NFT projects have a DAO, so this is a good sign for Shiba Inu.

The Leash token is a secondary token within the Shiba ecosystem. It was initially used to track the price of Dogecoin and become the eventual Dogecoin killer, but that has since been given up on. Now, it just kind of exists as a store of value on the Shiba Swap website.

Should You Invest in Shiba Inu?

Shiba Inu has a thriving community and its ecosystem consists of a decentralized exchange called Shiba Swap and two other tokens, Leash and Bone. Shiba Swap allows users to trade their Shiba tokens to other cryptocurrencies without an intermediary, reducing fees and allowing people to stake tokens and earn interest using the Shiba token.

However, investing in any cryptocurrency is risky, and Shiba Inu is no exception. While Shiba Inu has a lot of potential, it’s important to do your own research and understand the risks involved before investing.

Conclusion

Shiba Inu is a cryptocurrency that has been on an absolute tear this entire October, hitting all-time highs as of this past Sunday. While it’s easy to get caught up in the hype, it’s important to understand what Shiba Inu is and whether it’s worth investing in.

Shiba Inu operates on the Ethereum network and has a thriving community and ecosystem that consists of a decentralized exchange called Shiba Swap and two other tokens, Leash and Bone. Shiba Swap allows users to trade their Shiba tokens to other cryptocurrencies without an intermediary, reducing fees and allowing people to stake tokens and earn interest using the Shiba token.

However, investing in any cryptocurrency is risky, and Shiba Inu is no exception. While Shiba Inu has a lot of potential, it’s important to do your own research and understand the risks involved before investing.

Do you think Shiba Inu is a good investment, or is it just another meme coin? Let us know in the comments below!

Ashish
Ashish

Whether it's exploring the impact of emerging technologies on business operations or providing tips for effective project management, this author's writing is always informative and engaging.

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