What is Shiba Inu (SHIB)? Will it Displace Dogecoin?

Shiba inu (SHIB) has been making the rounds as the one meme coin to end all others ?. And from the price movements it has seen in 2021, there might be some truth to that title soon. So let’s dive in and see what makes Shiba Inu (SHIB) important. 

What is Shiba Inu (SHIB) Crypto? 

Shiba Inu is a Defi crypto token created in September 2020. It is dubbed the Dogecoin killer and was inspired by Shiba Inu, the Japanese dog meme that Dogecoin was created after. The token behind Shiba Inu is known as SHIB and it has a maximum supply of 1 quadrillion tokens. 

Shiba inu is one-third of a group of coins by the same creator. Staying true to the dog theme, the other coins in this group are LEASH and BONE. LEASH has a supply of 107,646 tokens while BONE has a supply of 250 million tokens. 

The SHIB whitepaper also claims that Vitalik Buterin supports the project. 

Who Created SHIB?

SHIB was created by an anonymous person under the name of ‘Ryoshi’. According to the whitepaper, the coin was created to “build an ecosystem consisting of three tokens with different supplies.”   

Ryoshi also created ShibaSwap, a decentralised exchange that powers SHIB swap transactions with other cryptocurrencies and exchanges. 

Why is SHIB Important?

People used to see meme coins as something to laugh about but things have gotten a lot more serious. More people are putting their money where their laugh is and buying into these coins. In turn, these coins are evolving in their features and what they offer. SHIB represents an effort to make meme coins more functional and profitable. If anything, its price tells the story. You can view this price history on coinmarketcap.com.

Shiba Inu vs Dogecoin

It’s a war of the canines between SHIB and DOGE and we love the competition. The growing popularity of memes and Elon Musk’s hype of Dogecoin has contributed to more similar coins coming up. But are Dogecoin and Shiba Inu really that different? And if so, what are the differences? We’ve highlighted the simplest differences between them in the table below:

  Shiba Inu Dogecoin
Type of crypto Token (lives on the Ethereum blockchain) Coin (has its own blockchain
Circulating supply 400 Trillion 131 Trillion
Blockchain network Ethereum (ERC-20)  
Year created  2020 2013
All-time high $0.000037 $0.532
Decentralised Exchange?  Yes (ShibaSwap) No

Is SHIB a Good Investment? 

While we can’t give you financial advice ?, we can give you the facts and you can do your research and make decisions on it. So here are some facts about SHIB since its creation: 

  • It is a meme coin and has made waves by following the footsteps of Dogecoin, the more popular meme coin.
  • Shiba Inu has its own decentralised exchange known as ShibaSwap
  • The price of Shiba Inu increased by more than 3000% in May 2021 
  • There are currently about 400 Trillion SHIB in circulation. 

How to Buy SHIB 

You can buy SHIB with USDT and QDX in these simple steps: 

  • Sign into your Quidax account on the Quidax website or mobile app (android/apple store)
  • Click on instant buy & sell, choose SHIB
  • Select the currency to buy with as USDT or QDX depending on what you prefer
  • Enter the amount of SHIB you want to buy 
  • Just like that, you’re good to go!!?

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