Shiba Inu (SHIB): What is it, How Does It Work, and Why is It Popular?

Shiba Inu (SHIB) is one of the rising meme coins in the crypto world. With a logo featuring a cute Japanese Shiba Inu dog, SHIB caught the attention of many crypto enthusiasts, especially after being endorsed by famous figures including Vitalik Buterin.

So, what exactly is Shiba Inu? How does it work? And why is it popular? This article will answer those questions briefly and clearly.

What is Shiba Inu?

Shiba Inu (SHIB) is a crypto project started in August 2020 by an anonymous developer who uses the pseudonym "Ryoshi". The initial goal of the project was to create a cryptocurrency similar to Dogecoin (DOGE), a cryptocurrency that was originally created as a joke or meme, but later became popular and valuable. Ryoshi wants to make SHIB a "Dogecoin killer", a cryptocurrency that can rival or even surpass DOGE in terms of popularity and value.

To achieve this goal, Ryoshi created SHIB with a very large supply of 1 quadrillion (1,000,000,000,000,000,000) tokens. Ryoshi also sent half of the supply to Vitalik Buterin, one of Ethereum's founders, as a form of marketing and charity. Ryoshi hopes that in this way, SHIB will gain the attention and support of the Ethereum community, which is one of the largest and most popular crypto platforms in the world.

In addition, Ryoshi also made SHIB part of a larger ecosystem, referred to as SHIBA INU. The ecosystem consists of three different tokens, namely SHIB, LEASH, and BONE. SHIB is the main token used as a trading currency.

LEASH is a token that rewards liquidity providers, i.e. people who provide funds to facilitate trading on the ShibaSwap platform, a decentralized exchange created by the SHIBA INU team. BONE is a token used as a governance tool, i.e. giving voting rights to its holders to determine the future direction of the ecosystem.

How Does Shiba Inu Work?

Shiba Inu (SHIB) operates on the Ethereum blockchain, which is a decentralized network that allows anyone to create and run crypto applications.

SHIB follows the ERC-20 standard. ERC-20 is a token standard that defines the basic rules for creating and operating crypto tokens on the Ethereum blockchain. By following this standard, SHIB can interact with other Ethereum-based crypto applications, such as wallets, exchanges, and protocols.

To verify SHIB transactions on the Ethereum blockchain, SHIB uses a mechanism called Proof of Stake (PoS). PoS is a mechanism that requires validators, i.e. people who maintain network security and agreements, to deposit a certain amount of SHIB tokens as collateral.

If validators do a good job, they will be rewarded with new SHIB tokens created by the network. However, if validators commit fraud or mistakes, they will lose some or all of the SHIB tokens they deposited.

By using the PoS mechanism, SHIB can reduce the cost and energy consumption required to run the network, compared to the Proof of Work (PoW) mechanism used by Bitcoin and Dogecoin. PoW is a mechanism that requires miners to use large amounts of computing power to solve difficult mathematical puzzles.

Why is Shiba Inu popular?

Shiba Inu (SHIB) became popular for several reasons. First, SHIB caught the attention of many crypto enthusiasts because it has a cute and adorable logo, namely the Japanese Shiba Inu dog which is also the mascot of Dogecoin. This logo makes SHIB easily recognizable and memorable by many people, especially on social media, where many people share memes and images about SHIB.

Secondly, SHIB received support and promotion from several well-known figures in the crypto world, such as Elon Musk and Vitalik Buterin. Elon Musk, who is the CEO of Tesla and SpaceX, frequently mentions SHIB on his Twitter account, which has more than 50 million followers.

In addition, Elon Musk is also known as a fan of Dogecoin, which makes many people consider SHIB as a brother or rival of DOGE. Vitalik Buterin, who is one of the founders of Ethereum, also lent support to SHIB by donating most of the SHIB tokens given to him by Ryoshi which were then donated to a charity in India namely India Covid Relief Fund. This donation is intended to help victims of the Covid-19 pandemic in India.

Third, SHIB has a strong and loyal community, referred to as the SHIB Army. This community consists of thousands of SHIB fans and holders, who actively participate in various activities related to SHIB, such as discussing, sharing information, giving advice, providing support, and others.

This community also contributes to the development and growth of the SHIBA INU ecosystem, such as by providing input, voting, providing liquidity, and others. This community makes SHIB have high appeal and loyalty among crypto users.

How to Buy SHIB on Bittime

You can buy and sell SHIB in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappbeti. SHIB is available on Bittime with SHIB USDT pairing.

To be able to buy SHIB/IDR tokens on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, then you can make SHIB purchases in the application. Complete Guide on How to Buy SHIB on Bittime.

Monitor the price chart movements of Shiba Inu (SHIB), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.