In previous blog articles, we’ve covered a broad view of cryptocurrency and offered a closer look at Bitcoin, Ethereum and several other altcoins.
👀 In this article, we’ll take a closer look at the meme-based cryptocurrency Shiba Inu and provide information on what it is and how it works. Here is our brief guide to get you on a clearer path to understanding.
🌰 SHIBA INU IN A NUTSHELL
👉Shiba Inu, like Dogecoin before it, is a meme-based cryptocurrency inspired by the Shiba Inu hunting dog – representing its mascot (also like Dogecoin).
The Shiba Inu community, known as the SHIBArmy, tout the currency as the “Dogecoin killer”.
🪙 The SHIB token is an Etthereum-based ERC-20 token that has been created on and is hosted by the Ethereum blockchain.
📜 SHIBA INU HISTORY
Shiba Inu was created in August 2020 by an anonymous individual or group called “Ryoshi”. The guiding tenets of the Shiba Inu ecosystem were laid out in a “woof paper” available at the ShibaToken.com website.
Answering the simple question "What would happen if a cryptocurrency project was 100% run by its community?", founder/s Ryoshi attributes Shiba Inu’s origins to “an experiment in decentralized spontaneous community building”. According to Ryoshi, the power of collective decentralization can build something stronger than a centralized team could ever create.
The SHIBArmy's base of over 500,000 members embrace the project’s founding principles:
- The project started from zero, with zero, in the spirit of creating something out of nothing.
- The project wasn’t founded from an existing community or pre assembled team.
- A professed love of Shiba Inu dogs.
In July 2021, the Shiba Inu team launched a decentralized exchange (or DEX) called ShibaSwap.
🪙 SHIBA INU TOKENOMICS
The initial finite supply of Shiba Inu totalled 1 quadrillion (equal to 1,000 trillion) SHIB. Since that time, at least 40% of the currency has been burned. Currently, the total supply in circulation is 549,063.28 billion SHIB (or 549 trillion). The current market capitalization of Shiba Inu is approximately USD$5.16 billion.
THE SHIBA INU ECOSYSTEM
The Shiba Inu ecosystem consists of three tokens:
Shiba Inu (SHIB): the project’s foundational currency.
Leash (LEASH): The second token in the Shiba Inu ecosystem used as a store of value for ShibaSwap investors.
Bone (BONE): the governance token for Shiba Inu’s DEX DeFi platform, ShibaSwap.
🏪 ShibaSwap offers a marketplace for its NFTs, known as “Shiboshis” – a collection of 10,000 pixelated illustrations of Shiba Inu dogs. The platform also offers the Shiba Inu Incubator, which aims to shift the focus beyond popular art forms such as painting, photography to digital rendering and discover ways to honor creativity and ingenuity.
💲 SHIBA INU PRICE
When Shiba Inu initially launched in early 2021, it had a very nominal low value of USD $0.00000001. Later that year, SHIB grew in popularity, initially to a peak of USD $0.00003469 in May. Shiba Inu's price peaked more than tenfold on Oct. 29, 2021, reaching an all time high price of USD $0.00007489, giving it a market capitalization of $41 billion. Even with a steep drop in market cap since that time, Shiba Inu still ranks in the top ten among all meme cryptocurrencies by this measure, right behind Dogecoin.
👉 EARNING SHIBA INU WITH BLOOM
📲.The Bloom shopper rewards app allows you to earn Shiba Inu and other crypto (like Bitcoin, Ethereum and a range of other altcoins) with every purchase made on your Visa card 💳.
🦉 All you need to do is download the Bloom app, register an account, link your Visa card and shop anywhere using your credit or debit card.
🪙 With every purchase, you will earn Bloom Coins by simply using your Visa card 💳. The more you use your card, the more Bloom Coins you will earn.
💰 The Bloom Coins you earn can be spent within the app 🎁 and converted into Shiba Inu.
🆓 Converting crypto on Bloom, such as Shiba Inu, is free of charge and has no gas fees!
💎 Earn exclusive 3x Bloom Coin rewards with a Premium Membership.
The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Bloom does not recommend that any cryptocurrency or NFTs should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.