Shiba Inu, the dog breed made famous by the “Doge” meme, is now being used to symbolise one of the newest digital currencies.
Dubbed as “Shiba Inu coin” (SBC), this altcoin has been making waves in recent weeks due to its different approach to blockchain technology and overall community involvement. Around $8000 worth of Shiba Inu coins invested in 2021 has a current market value of $52.13 billion.
So, what is SHIB? This article will take a closer look.
1) What Is the Origin of the Shiba Inu Coin?
SHIB is a cryptocurrency that was created in August 2020. It was inspired by Dogecoin and made as a parody of it. The name “Shiba Inu” comes from the Japanese dog breed of the same name.
The face of the Shiba Inu on the coin’s logo is based on the Doge meme, which features a Shiba Inu dog.
The coin was created by an anonymous developer who goes by the name “Ryoshi”. The total supply is infinite, and there are currently over 13 billion in circulation.
2) What Are the Technical Specifications of the Shiba Inu Coin?
The Shiba Inu coin is a fork of the famous Dogecoin. It uses the Scrypt algorithm and has a total supply of 100,000,000,000 coins. The block time is 60 seconds, and the block reward is currently set at 1000 SHIB.
Shiba Inu has gained popularity in recent months due to its meme-inspired branding. The coin is often referred to as the “Dogecoin killer” due to its similar technical specifications and low price.
There are a few critical differences between Shiba Inu and Dogecoin. Firstly, Shiba Inu has a much lower supply of coins. It could mean that the coin is more scarce and more valuable. Secondly, it has a faster block time which means that transactions are confirmed quicker.
3) How Does the Shiba Inu Coin Work?
As you now know what is SHIB, take a look at how it works:
The coin is a decentralised cryptocurrency that runs on the Ethereum blockchain. The coin was created with the help of the Dogecoin community and later developed by an anonymous team of developers.
SHIB has a total supply of one trillion coins and has no pre-mine or ICO. The coin uses a proof-of-work consensus algorithm and can be mined with any Ethereum ASIC miner.
4) What Makes Shiba Inu a Popular Meme Coin?
Some essential factors have made SHIB a popular meme:
A) The Meme Is Subtle and Easy for Users to Understand Quickly
One of the top reasons why Shiba Inu has become such a popular meme coin is because the meme is subtle and easy for users to understand quickly. The token was created to mock Dogecoin, which was created as a parody of Bitcoin.
However, SHIB has managed to take on a life of its own and become one of the most popular coins in space.
The meme features a photo of a dog which is often portrayed as being silly or making funny faces. This light-hearted approach has helped to endear the coin to many users.
2) How Low-Cost Shibe Are When Compared with Other Coins?
Shiba Inu is highly affordable for people who want to invest in cryptocurrency without breaking the bank.
The coins are also popular because they have a very active and friendly community. The Shiba Inu Discord server has over 24,000 members, and the r/ShibaInu subreddit has over 160,000 subscribers. The community is very supportive of new investors and is always happy to answer any questions you may have.
If you’re thinking about investing in cryptocurrency, SHIB is a great choice. You can get started with minimal investment.
3) High Liquidity as an Asset, Which Also Leads to Quick Transactions Times
Shiba Inu has high liquidity as an asset, which means it can be easily bought and sold without affecting its overall price. It also leads to quick transaction times, which is another advantage of Shiba Inu over other cryptocurrencies.
Another reason why it is a popular meme coin is because of its low supply. Only a limited number of coins exist, making it a rare and valuable asset.
Shiba Inu is a popular meme coin for a variety of reasons. For one, its dog mascot is adorable and has a broad appeal. Secondly, the coin has a low supply of only one billion coins, making it attractive to investors. Finally, the team has been very active in promoting the coin and building a community around it, which has helped to increase its visibility.