Shiba Inu (SHIB) currently has a price of £0.000032 and is up 57.51% over the last 24 hours. The cryptocurrency is ranked 11 with a market cap of £19B. Over the last 24 hours, it saw £10.5B of trading volume. The token has a circulating supply of 589.3T tokens out of a total supply of 1000T tokens.
Shiba Inu (SHIB) is a meme-based cryptocurrency that gained popularity as the "Dogecoin Killer" and aims to provide decentralized community tokens with a focus on building a vibrant community and value for its holders. It is inspired by the Shiba Inu dog breed, known for its resemblance to the "Doge" meme.
Shiba Inu is a cryptocurrency that is often referred to as a "memecoin" because of its connection to the popular Shiba Inu dog internet meme. SHIB stands out from traditional cryptocurrencies due to its strong community-driven nature, influenced by meme culture. This has created a devoted following among its holders. Unlike other cryptocurrencies, SHIB's value is driven by its popularity and meme status rather than technological advancements or real-world applications. It has gained traction primarily through social media platforms, where users promote it as a fun and speculative investment opportunity. SHIB is decentralized and operates on the Ethereum blockchain using smart contracts for secure and transparent transactions. This means that SHIB holders can transact directly with each other, bypassing the need for intermediaries like banks.
However, it's crucial to note that despite its unique features, SHIB carries significant risks. Its value can be highly volatile, influenced by market sentiment and speculative trading. Investors should exercise caution and thoroughly research before trading or investing in SHIB.
Created by an anonymous individual or group known as "Ryoshi," Shiba Inu draws inspiration from Dogecoin (DOGE) and aims to establish a decentralized ecosystem led entirely by its passionate community. The Shiba Inu community places great importance on decentralization and community involvement. The developers have relinquished control, allowing anyone to contribute and influence the future development and direction of SHIB. This grants community members a sense of ownership and empowerment, enabling them to shape the project according to their preferences and vision. A key advantage of a community-driven cryptocurrency like Shiba Inu is the heightened transparency and accountability it offers.
With no single entity in control, all decisions and actions are subject to scrutiny by the community. Through decentralized mechanisms like on-chain voting and dedicated forums, community members can participate in governance, propose changes, and vote on important matters. This ensures that the project remains aligned with the majority of community interests and prevents any individual from gaining excessive control.
Developers from around the world can contribute to its improvement, as the code undergoes peer review. This process helps identify and address any hidden vulnerabilities or malicious intent, ensuring the security of the cryptocurrency. The decentralized and open-source nature of SHIB brings several benefits. Firstly, it promotes inclusivity by allowing anyone to participate in the network without intermediaries or permission. This aligns with the goal of cryptocurrencies to provide financial empowerment to individuals. Moreover, the decentralized structure enhances security, making it difficult for hackers to compromise the system.
Shiba Inu has a large circulating supply, which means there are numerous tokens available for trading. This typically results in a low price per token — currently at a fraction of a cent — meaning that holders often end up with a higher number of coins than were they to buy a token with a smaller supply. It is crucial to note that the value of a cryptocurrency is not determined by its circulating supply.
Shiba Inu was created or founded in August 2020, during the height of the meme cryptocurrency craze. The founders of Shiba Inu are anonymous, which is common in the cryptocurrency world. They are often referred to as the "Shiba Inu Community" and have chosen to remain anonymous to focus on building a decentralized community that is not dependent on any individual or entity. The creation of Shiba Inu was heavily influenced by the success of Dogecoin, another meme-based cryptocurrency that gained significant attention and popularity. The founders saw an opportunity to create a similar community-driven token but with a focus on offering value and utility to its holders. The choice to base the cryptocurrency on the Shiba Inu dog breed, which gained fame through the popular "Doge" meme, added to its appeal and helped it gain traction in the market.
When Shiba Inu was launched, the founders claimed that half of the token supply had been burned. Except that in fact the tokens had been sent to Ethereum co-founder Vitalik Buterin's wallet and were freely accessible. Buterin sold some of the tokens, giving the proceeds to charity and burned the rest.
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