Shiba Inu Price

What Is Shiba Inu?

Among circles of crypto natives, Shiba Inu has gained fame for its wild price swings and eye-watering returns. As is the norm in the crypto space, loyal communities develop around crypto projects and help to spread the project's presence online. However, Shiba Inu arguably sits in a class of its own, with its native token SHIB garnering a high level of support from the public.

Critics have called SHIB “a copycat of DOGE” — and they’re not entirely wrong. SHIB shares the same face as DOGE's mascot, and although Shiba Inu isn’t a direct fork of Dogecoin, it’s designed to target the same demographic: People who are into popular meme-based cryptocurrencies. Even the project's own GitHub repository describes Shiba Inu as the "Dogecoin killer.” From this alone, the Shiba Inu team has taken the comparisons with DOGE in stride.

The project has also raised about $6 million from Ethereum's biggest private whales in the recent past, in what many refer to as an “initial coin offering" (ICO). Shiba Inu's 15 minutes of fame first came when the project's founder sent half of the token's supply to Ethereum's founder, Vitalik Buterin. Perceived as a publicity stunt to pique the interest of investors and the crypto community, this move cut the supply of Shiba Inu from 1 quadrillion tokens to 549 trillion. Buterin burned 90 percent of the tokens he received, and donated the remainder to a COVID-19 relief fund in India.

What Is SHIB?

The Shiba Inu ecosystem comprises one decentralized exchange and three dog themed cryptocurrencies: BONE, LEASH and SHIB. Ranked fifteenth on CoinMarketCap, SHIB aims to catch up with DOGE, which is currently ranked tenth. 

Unlike DOGE, which was intended as a joke, the team behind SHIB claims it has ambition and actual utility. Shiba Inu takes pride in being a fully fledged, decentralized and community-run project. The project's website claims that the native SHIB token is meant to be a “fun and friendly decentralized cryptocurrency with a dog theme.” 

It’s worth noting, however, that Shiba Inu's claim to decentralization and being community-run is nothing new. Various projects in the crypto space have made such claims, but later on, they were revealed to be run by individuals with no or little accountability. Unfortunately, the anonymity of SHIB's founding team could work against them.

Who Is the Founder of Shiba Inu? 

According to the project's whitepaper, Shiba Inu was founded by a group of individuals from Singapore with a love for the particular dog breed. The project's GitHub repository was created on May 15, 2020. The first commit (version 1.0) to the repository was made on August 24, 2020, the same day the SHIB token was launched.

So far, the only known detail about the founders is that they go by the name “Ryoshi.” According to Ryoshi, the platform is geared toward answering this question: What would happen if a cryptocurrency project were run 100 percent by its token holders? 

Ryoshi further explains that the power of collective ownership will help to create a "decentralized, autonomous and spontaneous community.” In line with this, the project's team chose to keep their identities a secret. The community has speculated that Ryoshi might be involved in the development of DOGE, Ether and other popular cryptocurrencies as well.

Also according to the project’s whitepaper, Shiba Inu was built on Ethereum's blockchain to leverage its vast developer ecosystem, and its security and smart contract standards.

What Is SHIB Used For?

When the SHIB token launched in August 2020 with an initial token supply of 1 quadrillion tokens, it quickly rose to become one of the top 30 cryptocurrencies by market capitalization.

The SHIB token is an ERC20 token, meaning it’s compatible with Ethereum's smart contracts, and can be stored in any cryptocurrency wallet that supports ERC20 tokens.

SHIB is used across the Shiba Inu ecosystem for a variety of purposes. 

The token can also be used to purchase goods and services on the Shiba Inu platform, pay transaction fees on the decentralized exchange or tip other users for content.

Additionally, the token can be used for peer-to-peer (P2P) payments, and in a number of stores. According to The Motley Fool, as of 2022, about 40,000 businesses accept SHIB as a form of payment.

SHIB is also meant to be a utility token that gives holders access to the platform's various features and functions, such as Shiba Inu’s DEX. Different from Dogecoin, Shiba Inu's SHIB is compatible with Ethereum's ecosystem. Additionally, it can be used across DApps (decentralized applications) and smart contracts built on Ethereum's blockchain.

While Dogecoin is mostly used for tipping content creators, SHIB's use cases go beyond that. You can use SHIB to purchase land in the Shiba metaverse, and also purchase items on Amazon, eBay and Walmart via Shopping.io.

How Does Shiba Inu Work?

The Shiba Inu ecosystem includes:

• ShibaSwap: A decentralized exchange where users can trade, stake and earn SHIB, BONE and LEASH.

• Bone Protocol: A staking protocol that allows users to earn interest on their SHIB tokens.

• Leash Protocol: A lending protocol that allows users to lock up and earn interest on their SHIB tokens.

A platform under the Shiba Inu ecosystem called the “Shiba Incubator” helps new projects get off the ground by providing them with the necessary resources, mentorship and funding.

Apart from Shiba Incubators, the ecosystem also comes with NFTs called “SHIBOSHIS” — 10,000 exclusive NFTs that can be used as collectibles by the platform's users.

True to its name, the Shiba Inu platform is pervaded by an underlying canine theme.

For example, the project's team name, Ryoshi means “good boy” in Japanese, and the project's white paper is humorously referred to as a "woof paper.” Providing liquidity on ShibaSwap is referred to as "digging" and the act of staking tokens is referred to as "burying.”

To "fetch" is to exchange one token for another, and "Puppy Pools" are liquidity pools where a liquidity provider stakes their coins. The project’s team and supporters are also referred to as “ShibArmy” — a name becoming of its global following of 544,000+ holders, social media influencers, meme makers and more.

Although still in its beta phase, Shiba Inu's team has implemented a DAO-based governance system called "Shiba Inu Doggy DAO" into the platform. With this system, users holding tBONE (the staked version of BONE) can distribute their voting power to the projects of their choice. Doggy DAO will be released in stages, and is part of the platform’s efforts toward true decentralization.

Why Is SHIB Valuable?

Investing in Shiba Inu might seem like a shot in the dark for some. However, for others, it’s an excellent opportunity to get in on what could become the next big thing in cryptocurrency. Here are three reasons why SHIB is considered valuable.

1. Deflationary

The value of SHIB comes from its potential use cases and deflationary supply model. The token has a total supply of 1 quadrillion, which is a large amount, but the majority of the tokens are locked up and not in circulation.

Also, the project's team has burned a large portion of the total supply, which further reduces the amount of SHIB tokens in circulation. The deflationary supply model means that as demand for SHIB increases, its price will go up since there is a limited supply.

1. Utility Token

SHIB is meant to be a utility token that can be used across the Shiba Inu ecosystem. The token gives users access to the platform's various features and functions. The token can also be used for payments, staking and lending.

The utility of the token is expected to increase as more DApps and services are built on the Shiba Inu platform. As the platform grows in popularity, the demand for the SHIB token will also increase, which would logically lead to an increase in price.

1. Owned by the Community

As mentioned earlier, Shiba Inu is a community-owned project with no single authority. Instead, the project is owned and run 100 percent by the community/SHIB holders. The community decides fully how the project is run and what direction it takes, which could make the token more valuable long-term.

What Makes Shiba Inu Unique?

Dog-Inspired Design

The dog-inspired design of Shiba Inu makes it appealing in the cryptocurrency space. From the project's team members down to its branding, everything about the project is inspired by man’s best friend. The project's website is full of Shiba Inu graphics that give it a fun and light-hearted feel. This differentiates it from other projects in the space, which tend to be more serious and focused on the technical aspect of things.

How Many SHIB Are in Circulation?

As of 22 July, 2022, the circulating supply of SHIB is about 549 trillion, with its maximum supply over 1,000 times that number. SHIB price stands at $0.000012 per token. Its 24 hour trading volume is about $536.35 million.

How to Store SHIB

The SHIB token is an ERC20 token, which means it’s compatible with Ethereum's smart contracts. SHIB can be stored in any cryptocurrency wallet that supports ERC20 tokens, including Ledger and Trezor.

How to Buy SHIB

You can buy SHIB from any top crypto exchange, including Bybit (Remember to do your own research beforehand).

How to Buy SHIB on Bybit

To purchase SHIB on the Bybit exchange, follow these simple steps:

1. Head to the spot trading page of SHIB. 

2. Select your trading pair on the left side of the page. You can trade SHIB with USDT.

3. Choose the type of order you’d like: Limit Order, Market Order or Conditional Order.

For Limit Orders:

1. Select Limit.

2. Enter the order price.

3. Enter the number of SHIB tokens you wish to buy.

4. Click on Buy SHIB.

5. Once you’ve confirmed your information is correct, click on Buy SHIB.

6. View your order details under Active on the web page, or Orders if you’re using the Bybit app.

For Market Orders:

1. Select Market.

2. Enter the amount of USDT you’ve paid to buy SHIB.

3. Click on Buy SHIB.

4. Once you’ve confirmed your information is correct, click on Buy SHIB.

5. View your order details under Filled.

For Conditional Orders:

1. Select Conditional.

2. Enter the trigger price.

3. Choose to execute at Market Price or Limit Price.

   1. Market Price: Order price doesn’t need to be set.

   2. Limit Price: Order price needs to be set.

4. According to order types:

   1. Market Buy: Enter the amount of USDT you’ve paid to buy SHIB.

   2. Limit Buy: Enter the number of SHIB you want to buy.

5. Click on Buy SHIB.

6. Once you’ve confirmed your information is correct, click on Buy SHIB.

7. View your order details under Conditional on the web page, or All Orders → Current Orders on the Bybit app.

For more help, visit the Bybit spot trading guide.