- Shiba Inu ($SHIB) is an ERC-20 token launched by an anonymous person or group using the pseudonym “Ryoshi” in August 2020 with a total supply of one quadrillion tokens.
- It is used to buy Siboshi NFTs and rename them; buy in-game items on the ecosystem’s games; and purchase land on its Metaverse.
- Ryoshi gave half of the token’s total supply to Ethereum creator Vitalik Buterin. However, in 2021, Buterin donated 50.6 trillion $SHIB to Crypto Covid, a relief fund in India, and burned the remaining 90% of the tokens he owned.
It seems like the crypto community is a certified dog lover. Because the two top meme coins on the market are inspired by the Shiba Inu breed—Dogecoin and Shiba Inu.
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Shiba Inu: The Birth
Shiba Inu ($SHIB) is an ERC-20 token launched by an anonymous person or group using the pseudonym “Ryoshi” in August 2020 with a total supply of one quadrillion tokens.
Getting the hype as the “Dogecoin killer,” Ryoshi proudly said that the token has “the ability to outpace the value of Dogecoin, exponentially, without ever crossing the $0.01 mark.” Ryoshi then launched $SHIB at a $0.000025 trading price.
Moreover, to attract more attention from the community, Ryoshi gave half of the token’s total supply to Ethereum creator Vitalik Buterin. For context, there was a saying before that if “Vitalik uses it, so it has utility,” creating a perception to the community that if Vitalik owns a certain crypto, it is useful, and thus, you should have it.
However, in 2021, Buterin donated 50.6 trillion $SHIB to Crypto Covid, a relief fund in India, and burned the remaining 90% of the tokens he owned.
SHIB to PHP Price
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On the other hand, Ryoshi locked the other half in the decentralized exchange (DEX), Uniswap, through a SHIB/ETH liquidity pool. This led to the creation of Shibaswap, the token’s own DEX.
“ShibaSwap was the first step to building the infrastructure that supports the overall Shiba Inu ecosystem. The Shiba Inu tokens are the seeds from which the ecosystem sprouted, and ShibaSwap is how they have dug in their roots,” its website read.
Basically, users of ShibaSwap are allowed to provide liquidity and stake the tokens in the Shiba Inu ecosystem—$SHIB, Bone ShibaSwap ($BONE), and Doge Killer ($LEASH)
“The goal of ShibaSwap is to provide a safe place for the community to trade tokens on a decentralized exchange, while implementing special incentives and rewards to those who contribute to the ecosystem, such as liquidity providers,” the developers stressed. But take note that ShibaSwap only supports ERC-20 tokens.
Siboshis is the ecosystem’s own NFT collection, with a total of 10,000 editions. These NFTs can be used for SHIB: The Metaverse and Shiba Eternity, both Shiba Inu-centric blockchain games.
“These amazing Shiboshis come with various traits that make each very unique and collectible in essence. For instance Laser Eyes, or Party Hat. No two Shiboshis are the same,” the team explained. “Shiboshis are the very genesis and original Shib NFT collection. As the Shib ecosystem continues to evolve, it promises upcoming utilities for those who hold them close as a keep-sake or collectable.”
Furthermore, Shiboshi holders can also have direct communication with the Development team and Core Team members of the Shiba Inu Ecosystem, access to information and news about Shiboshi-related developments and upcoming NFT/Gaming releases in the ecosystem, and have a say on the development, design, and implementation of Shiboshis.
Holders can also rename the NFT they own, which is worth $100. Shiboshis can be purchased on OpenSea and ShibaSwap.
Lastly, one of the most anticipated upgrades in the Shiba Inu ecosystem is Shibarium, a layer-2 blockchain that runs on top of the Ethereum blockchain.
“Shibarium embarks on becoming a powerful Layer 2 blockchain and a transitional evolution to the Shiba Ecosystem. Shibarium’s layer 2 is a collective blockchain that scales and invites solutions, innovation, and security to the Decentralized Finance Space,” the team noted.
Earlier this year, the team hinted at the beta testnet for the Shibarium. A beta testnet is a blockchain that mimics real-world functioning. Layer 2, on the other hand, is a set of off-chain solutions or a separate blockchain built on top of Layer 1s, which helps reduce bottlenecks with scaling and data.
“This layer aims, as a protocol, to work on top of existing blockchain networks, allowing for faster, cheaper, and more private transactions to be processed off-chain, while still relying on the security of the underlying blockchain,” they added.
“Combined, web3 and Shibarium’s layer 2 blockchain technology can enable a new decentralized metaverse and gaming ecosystem, where players can interact and transact in a trustless and decentralized way and where players can own, buy, and sell the digital assets they acquire.”
$SHIB Use Cases
The projects on the Shiba Inu ecosystem mentioned above all use $SHIB as the ecosystem’s main token.
It is used to buy Siboshi NFTs and rename them; buy in-game items on the ecosystem’s games; and purchase land on its Metaverse.
Also, in 2022, online publication International Business Times reported that at least 10 brick-and-mortar stores” have begun accepting $SHIB as a form of payment. The list include:
- Gucci, an Italian high-end luxury fashion house
- Rooms To Go, an American furniture store chain
- Porsche Towson, an exclusive Porsche center in U.S.
- Vegas Auto Gallery, a car dealer
- Kandy Skulls Ink, a tattoo shop in Rutherglen, Scotland
- Amsterdam Vintage Watches, a boutique for vintage luxury watches
|All-Time High||$0.00008616 (October 28, 2021)|
|All-Time Low||$0.000000000056366 (November 28, 2020)|
How to Buy $SHIB?
- To start buying, selling, holding, and trading $SHIB on exchanges, users should create and verify an account by providing requirements such as personal information, an email address, a phone number, a valid ID, and a selfie. Local exchanges PDAX and Coins.ph offer $SHIB.
- Choose the $SHIB trading pair; it could be $SHIB/USDT, $SHIB/USD, $SHIB/PHP, or others.
- Buy $SHIB by typing the desired amount.
- Check the crypto wallet of the exchange, select the transfer or send option, and type in the wallet address of the receiver. Make sure that the wallet is compatible with $SHIB.
- Check if the transaction is complete. Usually, the amount has already been loaded to the wallet.
How to Stake $SHIB?
- Transfer the tokens to a crypto wallet like MetaMask or Coinbase.
- Connect the wallet to Shibaswap.
- Click on the “Bury” tab at the top of the Shibaswap interface, then select SHIB from the list of available options.
- Enter the amount of SHIB to be staked.
- Click “Approve.”
- Click on “Stake.”
- Wait for a confirmation message.
This article is published on BitPinas: The Dogecoin Killer? A Guide on Shiba Inu
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- Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
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Original article follows
(may contain outdated information):
Shiba Inu token (SHIB) was initially created by an individual named Ryoshi to make fun of another cryptocurrency, Dogecoin. Hence, dubbing SHIB as the Dogecoin Killer. But because of the hype and support of the community (called ShibArmy). It had developed its own decentralized exchange (DEX) named Shibswap where its users could swap crypto with SHIB and stake SHIB and earn interest through the DEX.
SHIB is on the Ethereum blockchain unlike DOGECOIN which has its own blockchain.
DISCLAIMER: This is not financial advice. The objective of the article is to educate the reader about the specific cryptocurrency. Practice due diligence in researching crypto before investing.
How to buy SHIB in the Philippines
Since the huge spike of SHIB which eventually reached its all time high (ATH) in October 2021, Some Filipinos started investing on this token because of the hype.
How to Buy SHIB TOKEN in Coins.ph?
As of July 19, 2022 it’s currently available to select Android users.
1) Sign up with a Coins.ph account. (If you already have an account and are already ID and selfie-verified, proceed to step 3.)
2) Get ID and Selfie-verified.
3) On the Coins.ph app, select “Crypto” and select “SHIB” from the drop-down menu to convert your PHP.
Other Places to Buy SHIB
You can purchase SHIB from Binance through P2P. This is the simplest out of the options mentioned in this article. Here are the steps:
- Log in or register to Binance
- Go to its P2P page
- Find a seller of USDT for your PHP
- Transfer USDT from Binance P2P to Binance Spot
- Find SHIB/USDT Pair
Via OTC, Shiba Inu is available in PDAX Prime. Learn more about PDAX Prime here.
SHIB enthusiasts have been using Uniswap, Huobi, Kucoin, Coinbase and Binance to swap or trade known cryptocurrencies and stablecoins with SHIB. It is also available in PDAX Prime.
Traders can also use their own decentralized exchange (DEX) ShibaSwap to swap ETH to SHIB. Staking SHIB can also earn LEASH and BONE.
What is the ecosystem of Shiba Inu?
Shiba Inu initially was created by Ryoshi with a supply of 1 quadrillion tokens. Half of it was locked in Uniswap while another half was given to Ethereum co-founder Vitalik Buterin. As of their website, this was for safekeeping.
Vitalik donated 10% of what he got from Ryoshi to help India’s fight in preventing further the spread of COVID-19. While 40% of it was “burned” or placed on a dead crypto wallet.
Shiba Inu’s ecosystem has three native tokens: SHIB, LEASH, and BONE.
SHIB is the foundational currency that traders can use as an investment into the ecosystem using the ShibaSwap platform.
LEASH was originally set to be a rebase token, but then they removed the rebase. It has a total supply of 107,646 tokens in circulation. This token is also used in ShibaSwap and holders can be rewarded for providing liquidity.
Lastly, BONE has 250,000,000 tokens. It serves as the Governance token which will allow the ShibArmy to vote on upcoming proposals on their Doggy DAO.
What is ShibaSwap?
ShibaSwap is a decentralized exchange (DEX) for the purpose of giving its users the ability to DIG (provide liquidity), BURY (stake), and swap tokens to gain returns through their reward system. The platform may also include its plans of having a non-fungible token (NFT) marketplace named Shiba Inu Incubator and other tools they plan to add into the platform.
SHIB Use Cases for the Crypto Holder
SHIB may not have many use cases but as mentioned above on the use of ShibaSwap, SHIB holders and investors can potentially earn from staking and burning SHIB.
Its own NFT marketplace Shiba Inu Incubator is not yet available and may also be beneficial to well talented artists in the community.
It has its own NFTs called Shiboshis. A total of 10,000 NFTs are written on the Ethereum blockchain.
Things to Consider about SHIB
Shiba Inu Tokens are still considered meme tokens and may only be beneficial for short-term trading but not a long-term investment. It may require trillions of dollars as its market cap (which needs to be more than what Bitcoin has) for its value to reach a penny or a dollar in value.
The strength of Shiba Inu is its community. If the decentralized autonomous organization (DAO) is implemented and good decisions are made, there could be potential into what the community may do for the future of cryptocurrency.
This article is published on BitPinas: What is Shiba Inu | Where to Buy SHIB in the Philippines
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.