Shiba Inu Wallets

M

aking fun of others with a token/coin has been a popular trend in the versatile crypto world. It all started with Dogecoin making fun of Bitcoin. But what comes around goes around happened for the meme-coin when Shiba Inu (SHIB) entered the market.

The token started its journey by making fun of DOGE while aiming at outmatching the crypto. The recent popularity and craze of meme-coin introduced SHIB newly to the investors. And the almost worthless digital asset has gained nearly everything in a short period.

In this article we look at Shiba as well as Shiba Inu Wallets.

What is Shiba Inu?

Shiba Inu is a decentralized meme-inspired cryptocurrency named after a Japanese dog breed of the same name. The Ethereum-based altcoin is widely considered the alternative to Dogecoin, the most recognized meme coin. Its proponents have also been spreading the crypto as the ‘Dogecoin Killer’.

The crypto has often been characterized as a meme-coin and a pump-and-dump scheme. But Shiba Inu is a token, not a coin, by its operating ecosystem. SHIB is none other than another ERC-20 token based on the Ethereum blockchain. It has no blockchain system like BTC, ETH, or DOGE.

Shiba Inu community is mainly engaged in NFT (Non-Fungible Token) market. Its directive to outmatch Dogecoin is yet to become a reality. However, the token took over a large share of the meme-based crypto market. And it still maintains the 2nd position among all the meme-inspired assets in the industry.

In order to use Shiba Inu you will need to look at Shiba Inu Wallets in order to find the best storage option for your cryptocurrency assets.

What is the history of Shiba Inu?

An anonymous individual or group named ‘Ryoshi’ in August 2020 made fun of Dogecoin. That’s why SHIB feaures the similarly canine-themed dog symbol as DOGE. The developed project aims to answer what would happen if a crypto project was run 100% by its community.

The involved team started with an enormous initial supply of 1 Quadrillion (1000000 Billion) tokens. Its launching on August 1, 2020, had a mere minimum value of less than $0.00000001. Many experts and analysts in the market discarded the then-new asset as a pump-and-dump scheme.

Its first ground-breaking movement came in May 2021. Its anonymous founder sent almost half of the total supply to Vitalik Butrin, the co-founder of Ethereum. Ryoshi had to explain the action by saying – there’s no greatness without any vulnerable point to justify the massive handover. 

And Buterin donated over 50 Trillion SHIB tokens worth over $1 Billion to the India COVID-Crypto Relief Fund on May 13. However, Buterin only donated 10% of the supply to burn down the remaining 90%. That’s why total SHIB tokens in market circulation stand at about 549 Trillion.

2021 was full of events for the meme-inspired crypto from many different aspects. Shiba Inu launched its decentralized exchange (DEX) called ShibaSwap in July 2021. Dogecoin’s increased interest rate gave SHIB new life to hit the mainstream with all-time high pricing in October 2021.

It partnered with David Folk, the former vice president of Activision, to develop a gaming project. These contributed to bringing crypto under the spotlight. SHIB’s $0.000000000119 value at the start of 2021 reached $0.00008845 by October to increase over 74,000,000% in market values.

Later on in this guide, we look at the various Shiba Inu Wallets.

How is Shiba Inu created?

The token launched on the Ethereum network shares the same consensus mechanism. It features an asset mining rewards mechanism of Proof of Work (PoW), gradually transitioning to Proof of Stake (PoS). The PoW counts the computational power, whereas the PoS entails the number of staked coins.

The founding principles of Shiba Inu include –

    1. Starting from zero and with zero, to create something from nothing.

    2. Not founded by any preassembled team or an existing community.

Also, they’re to show a professed love for the Shiba Inu dogs. SHIB is dependent on the ETH blockchain instead of its own blockchain-based ecosystem. The founder chose Ethereum for its decentralization, stability, and establishment.

The entire Shiba Inu ecosystem stands on three individual tokens –

    • Shiba Inu (SHIB) – It’s the project’s foundational cryptocurrency. SHIB is abundantly available in the market to let you exchange anywhere. You can trade and use the asset on any exchange within the industry. 

    • Leash (LEASH) – It represents the other end of this ecosystem’s spectrum. Only 107,646 tokens are available to make it the least-numbered unit. You can earn them as staking rewards for validating crypto transactions.

    • Bone (BONE) – It perfectly fits between the tokens mentioned above for circulating supply. There are 250 million tokens of these. You can use the governance tokens to vote and decide on different proposals.

However, there’s more in the ecosystem than three different crypto assets –

    • ShibaSwap – The Defi platform is a DEX, allowing safe trading in cryptocurrency. You can swap almost all major assets with SHIB through the platform. It’s arguably the best marketplace to buy and sell SHIB and LEASH.

    • Shiba Inu Incubator – It mostly deals with NFTs, going beyond popular art forms. There’s more to digital rendering, painting, and photography. You can discover more ways to honor artistic creativity, ingenuity, and excellence.

    • Shoboshis – It’s the non-fungible token written on the Ethereum blockchain. There are 10K units directly generated by SHIB. Also, each token features different traits to make every unit unique, distinct, and collectible.

You can look into the guiding tenets of the ecosystem by going through the ‘Woof Paper’. The presumed play on whitepaper explains everything with necessary details for a better understanding.

Once Shiba Inu has been created, it will need to be stored in one of the many Shiba Inu Wallets.

How do I purchase Shiba Inu?

Almost all top crypto exchanges have buyable SHIB tokens. The leading exchanges to find Shiba Inu are: Coinbase, Crypto.com, eToro, Binance, Gemini, Kraken etc.

You can skip the heavily complex exchanges for now. Choose either of the following for an easy buy: BiONE, Huobi Global, FTX, Bitfinex, KuCoin, Gate.io etc.

Also, you can check into ShibaSwap to purchase a SHIB token. Owning an ETH-compatible or ERC-20 token supporting wallet is a must. It requires you to deposit Ethereum or any other supported altcoin to swap with Shiba Inu.

Remember to take care after purchasing your Shiba Inu to ensure that it is safely stored in one of the many Shiba Inu Wallets that are available.

Shiba Inu Wallets

Instead of exchange wallets, personal wallets can provide safety for the tokens. And you can choose any of the two most popular options mentioned right below –

    1. Hardware Wallet – Store your private keys locking away the virtual assets on hardware. The wallet has no internet connectivity, avoiding the odds of being hacked. This cold storage can appear expensive but offers maximum data security. Trezor and Ledger are currently the best options for storing SHIB.

    2. Software Wallet – Downloadable programs to run on your desktop, laptop, or smartphone can store the keys. But it takes an internet connection, exposing you to potential data loss. There are many reliable ones available for Shiba Inu. MetaMask, WalletConnect, and Exodus should get priority for software storage.

Opening an account on any exchange should give you access to a wallet. Whether decentralized or centralized – you shouldn’t put your assets there for long.

Shiba Inu vs. Dogecoin

The dog-themed crypto rivalry between SHIB and DOGE requires proper understanding to put your savings. Don’t let the same dog mascot or similar fraction of a dollar tag fool you. There are more facts to check besides the pooch and the price. 

    • Shiba Inu concerns with a decentralized functional organization with no central leadership. The Ethereum-based ERC-20 token uses PoW consensus. And it was created to compete with Dogecoin in the market.

    • Dogecoin is the 1st meme-inspired coin to introduce a new crypto category. The asset works on Litecoin-based PoW consensus. Its loyal community mostly trades the currency to pay for social media content.

    • DOGE often remains within the top 10 cryptos based on the total market cap. Meanwhile, SHIB maintains the #14 - #18 position most of the time. Additionally, DOGE is a native coin, whereas SHIB is a utility token. 

    • Total circulation is around 133 billion for DOGE against SHIB’s staggering 549 trillion tokens in supply. The DOGE price is somewhat close to 1 dollar, whereas SHIB is almost 600 times less to reach 1 cent.

    • A maximum of 5 billion DOGE can enter the market, making it an inflationary token. So, the price is likely to go down with more coins. But SHIB has no such issue as all the minted tokens are already in circulation.

Being the 1st one in business, Dogecoin holds some cultural significance in the crypto world. You can prefer DOGE to get paid for social media content. However, SHIB is preferable for NFT-related tasks. Plus, SHIB provides an extra benefit of supporting smart contracts due to its ETH-based consensus.

What are the advantages of Shiba Inu?

    • Prevailing Price Tokenomics

Tokenomics makes sense to determine an asset’s potential for future profits. The total number of SHIB tokens shrunk to half by Buterin. Since then, the practice of burning some of the remaining tokens has been keeping up with the demand.

    • Continual Ecosystem Developments

The involved team keeps introducing new systems, techs, and upgrades to the existing ecosystem. And these have a positive effect on functioning organizations. So, you don’t have to worry about potential setbacks, scams, or limiting problems.

    • Absolute Founder Anonymity

One of the many positives of Bitcoin is its founder's anonymity. And Shiba Inu shares the same feature with no customized influence. Market price remains dependent on market factors rather than someone’s personal doing.

    • Considerably Less Investment Risk

Buying an entire BTC or ETH coin will cost you thousands of dollars. But you can buy thousands of tokens with 10 bucks. You won’t have to deal with a significant loss for less investment through the bear market.

    • Excellent Community Support

Despite being a new asset in the game, it somehow gained a dedicated community. The ERC-20 token comes with collectible value through distinctive traits. Also, the community encourages digital arts by using the token for NFTs.

What to consider when investing in Shiba Inu?

Making profits in the Defi world is all about the strategy to grab the opportunity. Still, you need to keep up a few things all the time –

    1. Make sure you buy/swap for SHIB from a secure crypto exchange.

    2. Get yourself an ETH-compatible wallet to support ERC-20 tokens.

    3. Generate a strong, secure password to protect all the private keys.

    4. Keep an eye on multiple exchanges at a time to grab the best price.

    5. Maintain a diversified portfolio to know and assess possible risks.

    6. Don’t fall for fancy ads or ridiculously high selling/buying prices.

    7. Consider how you will store your asset by choosing one of the Shiba Inu Wallets 

How much can I earn from Shiba Inu?

If you don't want to keep your own Shiba in one of the Shiba Inu Wallets, you can earn interest from one of the following:

Should I invest in Shiba Inu?

Shiba Inu lacks differentiating features like other top altcoins. And it leads to almost no real-world value of the asset. Also, it gained so much in 2021 that experts can’t think of any major exponential surges.

However, the uncertain crypto market holds surprises for many investors. SHIB became a leading asset from almost zero. Its less price and substantial tokenomics hold great potential for on-budget investors.

Investing in Shiba Inu is unlikely to rip you off by any means. High-interest rates by DOGE got worldwide attention as the alternative. Therefore, you can look into the possible prices of SHIB to make profits.

Shiba Inu Wallets Conclusion

Investment in the crypto world shouldn’t confine you to either and or. Instead, you need to look for your chances to make money. That’s precisely the case with Shiba Inu in competition with Dogecoin.

And it’s no longer considered a scam, fraud scheme, or shitcoin in the market. There are more benefits with SHIB compared to drawbacks. Setting the right strategy can’t let you down in the long run. 

Shiba Inu FAQs

Mike

An editor at Coincrop

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Mike is a Crop Crop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely putting his latest car project back together.