Get to know the Shiba Inu and find out why this cryptocurrency has become a favourite in the financial market and has made the news all over the world
Launched in August 2020, the cryptocurrency named after the Shiba Inu dog (SHIB) emerged as an alternative to Dogecoin. The SHIB cryptocurrency quickly gained popularity due to its enthusiastic community and catchy symbol.
SHIB is a meme-type cryptocurrency, meaning that its value is often driven by the culture and community around it, rather than having solid technical or economic foundations like the other cryptos on the market.
Shiba Inu's main idea is to create a community and a decentralised economy, with the aim of overcoming the limitations of traditional fiat currencies and conventional cryptocurrencies. It operates on the Ethereum blockchain and has similar features to DogeCoin, such as some fees.
The SHIB boom occurred in 2021 when it was listed on several cryptocurrency exchanges, which attracted the attention of retail investors, especially those focused on high-risk, high-reward investments.
It is important to note that like other cryptos, SHIB also has highly volatile prices and can fluctuate significantly in short periods of time, making it a speculative and high-risk investment.
Before investing in SHIB or any other currency, you need to do your research and analyse the risks according to your investor profile. To find out a few more details about the Shiba Inu, read on.
How the Shiba Inu (SHIB) came to be
Like Dogecoin, Shiba Inu is one of the famous memecoins, cryptocurrencies which were created as a joke.
Created in August 2020 by a group of anonymous developers under the pseudonym Ryoshi, Shiba Inu now positions itself as a fully decentralised ecosystem run by the community.
Unlike Bitcoin, which was developed to be a scarce currency, Shiba Inu followed the opposite path when it started the project by launching 1 quadrillion (1,000,000,000,000,000) coins onto the market.
The first time Shiba Inu was in the news in the crypto world was when its founders donated half of the coins in circulation to the creator of the EthereumVitalik Buterin, who is one of the most respected people in the crypto world.
Vitalik, for his part, decided to give this donation a noble cause: he donated part of the SHIBs he received to a fund to fight COVID-19 in India and "burnt" the rest, showing support for the project - since by reducing the abundant circulation of the currency, he ended up helping to increase the value of the asset.
Crypto Community Support #SHIBARMY
You may not have heard of the Shiba Inu until recently, but there is a large community behind this fun cryptocurrency.
Celebrities such as Nick CarterBackstreet Boys and Tampa Bay Buccaneers footballer Antonio Brown have a few thousand SHIB in their crypto wallets:
In their Whitepaper (a document describing the functionalities of a crypto project), the opening sentence is: "What would happen if a cryptocurrency project was managed 100% by its community?"
Access the project Whitepaper by clicking here (version only available in English).
Where to buy Shiba Inu (SHIB)?
You can buy Shiba Inu from the largest cryptocurrency exchange today, which is Binance. Remember that this is a personal decision and depends very much on your investor profile.
Investing in cryptocurrencies is a volatile and very high-risk investment, but one with great potential returns. If you're an investor with a greater appetite for risk, SHIB could be a good option for getting exposure to the alternative investment market.
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