The crypto world is increasingly crowded with the presence of meme coins, which rely more on community support than obvious functions. Shiba Inu (SHIB) is one such example, which has managed to attract public attention as much as the popular Dogecoin. What exactly is SHIB, and how did it become a phenomenon in the crypto world? Let's look at the following review.
What is SHIB?
SHIB is a crypto token inspired by the Shiba Inu breed dog, which is often the subject of memes on the internet. SHIB was created as an ERC-20 token running on the Ethereum network, which is the leading platform for decentralized finance (DeFi) applications. SHIB was launched anonymously in August 2020 by someone using the pseudonym Ryoshi.
SHIB gained immense popularity, supported by a vibrant community called ShibArmy, which has over 2.2 million followers on Twitter. SHIB also has the support of well-known figures such as Elon Musk and Vitalik Buterin, who often mention or donate SHIB tokens.
Why Does SHIB Have Such a Large Supply?
One of the interesting things about SHIB is its huge supply, which is one quadrillion tokens. According to SHIB's official document, called the "woof paper," the purpose of this large supply is to allow for very low token prices, so that people can own millions or billions of SHIB tokens at a low cost.
Of that supply, 50% is locked in Uniswap, which is the largest decentralized exchange on Ethereum, and the remaining 50% is transferred to the address of Vitalik Buterin, one of Ethereum's founders.
However, in May 2021, Buterin decided to delist SHIB tokens delivered through a burning mechanism of around 410 billion SHIB tokens, which is equivalent to 40% of the total supply, and donate around 50 billion SHIB tokens to the India Covid Relief Fund. The move aims to increase decentralization and trust in SHIB, as well as show solidarity with the victims of the Covid-19 pandemic in India.
What is the purpose of SHIB Token?
Although many consider SHIB to be a speculative asset or pump and dump, its proponents argue that SHIB has a strong ethos of decentralization, and is an experiment in community empowerment.
SHIB is not just a crypto token, but also an ecosystem of DeFi-related projects and platforms. SHIB also has a vision to become Dogecoin's counterpart on the Ethereum network, and offers a wide range of features and services that Dogecoin lacks.
What Is ShibaSwap: A DeFi Platform from Shiba Inu
One of the key projects of the SHIB ecosystem is ShibaSwap, which is a DeFi platform that allows users to exchange, borrow, lend, and earn crypto tokens. ShibaSwap was launched in July 2021, and immediately gained a high trading volume, reaching more than one billion US dollars in the first 24 hours.
ShibaSwap uses an automated market maker (AMM) mechanism, which means there is no order book or intermediary, but only liquidity provided by users. ShibaSwap also offers innovative features such as asset staking and yield farming, allowing users to earn rewards in the form of SHIB, LEASH, or BONE tokens. These three tokens are part of the SHIB ecosystem, each of which has different characteristics and functions.
SHIB vs. Dogecoin: Which One is Superior?
SHIB is often referred to as the "Dogecoin Killer," as it has ambitions to defeat the dominance of Dogecoin, which is the crypto world's first and largest meme coin. Although both share the same origin, namely the Shiba Inu dog meme, SHIB has several advantages over Dogecoin.
Pertama, SHIB berjalan di jaringan Ethereum, yang berarti ia bisa memanfaatkan berbagai aplikasi dan protokol DeFi yang ada di Ethereum, seperti ShibaSwap, Uniswap, Aave, Compound, dan lain-lain. Dogecoin, di sisi lain, berjalan di jaringan sendiri, yang memiliki keterbatasan dalam hal skalabilitas, keamanan, dan interoperabilitas.
Kedua, SHIB memiliki pasokan yang terbatas, yaitu satu kuadriliun token, sementara Dogecoin memiliki pasokan yang tidak terbatas, yang berarti jumlahnya akan terus bertambah seiring waktu. Hal ini bisa berdampak pada nilai jangka panjang dari kedua token tersebut.
Kesimpulan
SHIB adalah fenomena yang menarik dalam dunia kripto, yang menunjukkan betapa kuatnya pengaruh meme dan komunitas dalam membentuk masa depan keuangan. SHIB bukan hanya sekadar koin lucu, tetapi juga sebuah ekosistem yang terus berkembang dan berinovasi, dengan meluncurkan berbagai proyek dan platform yang terkait dengan DeFi.
SHIB juga menjadi saingan berat bagi Dogecoin, dengan menawarkan berbagai fitur dan layanan yang lebih unggul dan canggih. SHIB mungkin masih memiliki tantangan dan risiko yang harus dihadapi, tetapi ia telah membuktikan bahwa ia bukan hanya sekadar lelucon, melainkan sebuah revolusi dalam dunia kripto.
Cara Beli SHIB di Bittime
Kamu bisa beli dan jual token SHIB dengan cara yang mudah dan aman melalui Bittime. Bittime adalah satu aplikasi kripto terbaik di Indonesia yang sudah resmi terdaftar Bappbeti. SHIB tersedia di Bittime dengan pairing SHIB IDR.
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 DOGE purchases in the application. Complete Guide on How to Buy SHIB on Bittime.
Monitor the price chart movements of Shiba Inu (SHIB), Dogecoin (DOGE), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
What is Shiba Inu Token (SHIB)? Concept and Function
Shiba Inu (SHIB): What is it, How Does It Work, and Why is It Popular?
Shibarium: Shiba Inu 2 Layer Blockchain Ecosystem and Token
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.
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