Blockchain technology has taken the world by storm, and cryptocurrencies are becoming more mainstream every day. One of the latest trends in the blockchain world is the emergence of new meme coins, like Shiba Inu.
But what exactly is Shiba Inu on, and how does it compare to other popular cryptocurrencies? In this guide, we’ll explore everything you need to know about Shiba Inu and its place in the blockchain world.
What is Shiba Inu?
Shiba Inu (SHIB) is a decentralized cryptocurrency that was created in August 2020 by an anonymous developer or group of developers known as Ryoshi. The cryptocurrency was designed to be a fun and friendly alternative to Bitcoin and Ethereum, with a focus on community and social media engagement.
Shiba Inu is based on the Ethereum blockchain and uses the ERC-20 token standard, which allows it to be used on various decentralized exchanges (DEXs) and wallets. The cryptocurrency has a total supply of 1 quadrillion tokens, with a circulating supply of around 938 billion at the time of writing this article.
Shiba Inu vs. Bitcoin and Ethereum
While Shiba Inu shares some similarities with Bitcoin and Ethereum, it has a few key differences that set it apart from these more established cryptocurrencies.
-
Market Cap: As of writing this article, Bitcoin has a market cap of around $800 billion, while Ethereum has a market cap of around $365 billion. By comparison, Shiba Inu has a market cap of around $40 billion.
-
Community: Shiba Inu has a strong community focus, with many users actively participating in social media platforms like Twitter and Reddit to discuss the cryptocurrency and its potential. This community involvement has helped to drive the growth of Shiba Inu and has given it a unique character compared to Bitcoin and Ethereum.
-
Utility: While both Bitcoin and Ethereum have a wide range of use cases, Shiba Inu is primarily designed for social media engagement and gaming. The cryptocurrency can be used to tip content creators on platforms like Twitter and Reddit, as well as in games that are built on the Ethereum blockchain.
-
Tokenomics: Shiba Inu has a unique tokenomics structure that sets it apart from Bitcoin and Ethereum. For example, Shiba Inu has a “burn rate” of around 10% per transaction, which means that as more transactions occur on the network, more tokens are burned and destroyed, reducing the overall supply.
Shiba Inu on Other Blockchains
While Shiba Inu is primarily based on the Ethereum blockchain, there are a few other blockchains where you can find it.
-
Polygon (formerly Matic Network): Polygon is a layer-2 scaling solution for the Ethereum blockchain that allows for faster and cheaper transactions. Shiba Inu has been integrated into the Polygon network, allowing users to trade and use the cryptocurrency more efficiently.
-
Binance Smart Chain: Binance Smart Chain is another popular layer-2 solution for the Ethereum blockchain that offers faster and cheaper transactions. Shiba Inu has also been integrated into the Binance Smart Chain, allowing users to access a wider range of trading pairs and use cases.
-
Solana: Solana is a high-performance blockchain that uses a proof-of-stake consensus algorithm instead of the proof-of-work algorithm used by Bitcoin and Ethereum. Shiba Inu has been integrated into the Solana network, allowing users to access more decentralized exchanges and use cases.
Shiba Inu vs. Other Meme Coins
Shiba Inu is just one of many meme coins that have emerged in recent years.