What is Shiba Inu (SHIB)?

Cryptocurrency

Shiba Inu (SHIB) is a meme coin inspired by the famous Japanese hunting dog, Shiba. Created as an altcoin on the Ethereum (ETH) blockchain, SHIB was introduced as an alternative to Dogecoin (DOGE). It gained widespread attention in 2023 and 2024, particularly as cat and dog-themed meme coins became a trend, attracting large investor groups.

The Shiba Inu (SHIB) ecosystem is entirely controlled by the Shiba Inu community. In fact, Shiba Inu was created as an answer to the question, "What happens when a cryptocurrency project is 100% controlled by the community?" The Shiba Inu community is known as SHIBArmy, which has around 500,000 members. The SHIBArmy members embrace the following principles:

The project started from nothing, with the spirit of creating something from nothing.
The project does not rely on an existing community or team.
SHIBArmy members have a deep love for the Shiba dog breed.

How Does Shiba Inu (SHIB) Work?

Shiba Inu (SHIB) is a meme coin launched on the Ethereum network in 2020 by an anonymous person or group known as Ryoshi. SHIB was introduced as an alternative to Dogecoin and stands out as a community-driven cryptocurrency. Since it is based on Ethereum, it uses the ERC-20 standard and has the potential to integrate with decentralized finance (DeFi) applications through smart contract support.

Who are the Creators of Shiba Inu?

It is common to encounter anonymous but well-known figures in the cryptocurrency world. For example, the identity of Satoshi Nakamoto, who created the Bitcoin (BTC) blockchain and cryptocurrency, remains a mystery. It is still unclear whether Satoshi Nakamoto is an individual or a group.

The creator of Shiba Inu, Ryoshi, is a mysterious figure who follows in Satoshi Nakamoto's footsteps. There is no information about whether Ryoshi is an individual or a group, or about his identity. However, Ryoshi became one of the most recognized figures in the crypto ecosystem through the Shiba Inu project. Ryoshi’s Twitter account (@RyoshiResearch) and blog posts were widely followed in the crypto world. But as of June 1, 2022, Ryoshi completely withdrew from the Shiba Inu project and most likely from the cryptocurrency world as well. Interestingly, Ryoshi made his last tweet on May 29, 2021, saying "decentralization works," and since then, he had been active only on his blog. Now, he has erased all his content, including blog posts, and disappeared. This sudden disappearance raises some questions about the future of Shiba Inu, but Ryoshi once said, "I am not an important person, and one day I will leave quietly. Embark on the SHIB journey and dive into adventures."

Ryoshi had designed Shiba Inu from the very beginning to be an ecosystem entirely controlled by the ShibArmy community. Therefore, Ryoshi’s disappearance may not have a negative impact on Shiba Inu. However, the fact remains that he was one of the most influential figures in the cryptocurrency world in recent years.

Interestingly, Ryoshi also follows Satoshi Nakamoto’s lead in disappearing. Satoshi Nakamoto announced his departure from the project in 2010 and has never returned.

What Makes Shiba Inu Unique?

Shiba Inu presents itself as a "Dogecoin Killer." Its uniqueness largely comes from its community. From Shiba Inu coin reviews, it can be understood that investors see this cryptocurrency not only as an investment vehicle but also as a culture. In addition to SHIB tokens, the Shiba Inu ecosystem also includes LEASH and BONE tokens. Moreover, the decentralized exchange platform ShibaSwap offers users the opportunity to provide liquidity and stake their tokens. The most unique feature of SHIB coin is its social media and community power. The interest shown by Shiba dog lovers and owners has rapidly grown into a large movement.

What Adds Value to Shiba Inu?

The value of Shiba Inu largely comes from its community support and popularity on social media. The Shib Twitter community, in particular, plays a crucial role in the coin’s growth. Additionally, news about Shib coin and the project’s developments can directly affect its price. According to Shib TRY comments and analysis, sudden price increases are often driven by community activities.

How Much Shiba Inu (SHIB) is in Circulation?

The total supply of Shiba Inu is set at 1 quadrillion tokens, a large portion of which has been burned. For example, a significant portion of the SHIB tokens donated to Vitalik Buterin was burned by the Ethereum founder. When analyzing the Shiba Inu coin's chart data, it is observed that the price remains low due to the high circulating supply. Currently, the circulating supply of SHIB meme coin is 589,255,265,689,599 tokens.

How is the Shiba Inu Network Secured?

Since Shiba Inu operates on the Ethereum network, its security is ensured by Ethereum's Proof of Stake (PoS) mechanism. Additionally, the tokens in the SHIB ecosystem are protected through smart contracts.

SHIB Token Project

Shiba Inu has gone beyond being just a meme coin by creating its own ecosystem. The ShibaSwap platform allows users to stake SHIB, LEASH, and BONE tokens to earn rewards.

In short, ShibaSwap functions as a platform for exchanging financial instruments between two parties, similar to other swap platforms like Uniswap and Pancakeswap in the crypto market. All swap platforms operate through their native and internal tokens for payment fees and transfer costs. For example, on the Uniswap exchange, this cryptocurrency is a UNI coin, and the Pancakeswap platform has created a CAKE coin for this process.

Therefore, ShibaSwap can be described as a swap system centered around Shiba (SHIB) coin. Additionally, SHIB's sensational rise led it to be dubbed the "Doge Killer," and the increasing use of ShibaSwap compared to other swap platforms indicates the project’s advancement. The project has recently developed a Layer-2 solution called Shibarium, aimed at increasing Shiba Inu's transaction speed.

Shiba Inu Coin Review

Designed as a competitor to Dogecoin, Shiba Inu quickly gained popularity due to its community-driven structure and began to be referred to as the "Dogecoin Killer." The Shiba Inu ecosystem offers a structure that combines a fun meme culture with decentralized finance (DeFi).

Shiba Inu's Structure

Shiba Inu is developed on the Ethereum blockchain with the ERC-20 token standard. By leveraging Ethereum's security and wide usage, Shiba Inu has a strong infrastructure. Other elements within the ecosystem include:

ShibaSwap: A decentralized exchange (DEX), ShibaSwap offers DeFi services such as staking and liquidity provision to SHIB holders.
BONE and LEASH Tokens: In addition to SHIB, the Shiba Inu ecosystem also features two other tokens, BONE and LEASH. BONE is used for governance, while LEASH stands out for its rarity.
Shibarium: Shibarium, a Layer-2 solution for Ethereum, is a project aimed at offering faster and lower-cost transactions.

Circulating Supply and Token Economics

Total Supply: Shiba Inu’s total supply was initially set at 1 quadrillion tokens.
Burn Policy: Its creator, Ryoshi, sent 50% of this supply to Ethereum’s founder, Vitalik Buterin. Buterin burned a significant portion of these tokens, thereby reducing the supply considerably.
Circulating Supply: After burns and community projects, the circulating supply is approximately 589 trillion SHIB.

Advantages

Community Power: Shiba Inu has a strong and active community. Known as the SHIB Army, this community continuously supports the project and develops new use cases.
Ethereum Support: Since it operates on the Ethereum infrastructure, it has the advantage of integrating with a broad dApp ecosystem and offering DeFi solutions.
Accessibility: Shiba Inu is listed on major exchanges such as Binance, Coinbase, and Kraken, enabling it to reach a wide investor base.
Shibarium: The developing Layer-2 solution will support the ecosystem’s growth by offering lower transaction fees and faster transfers.

Disadvantages

Volatility: As a memecoin, Shiba Inu is naturally prone to high price fluctuations, which can pose risks to investors.
Limited Use Cases: Compared to traditional financial instruments, its use cases are still limited. However, projects like ShibaSwap are working to improve this situation.
High Supply: The high supply of SHIB tokens, with millions being traded at low price levels, could require further supply reduction for the price to rise in the long term.

Shiba Inu (SHIB) has evolved into an innovative project that aims to build an ecosystem beyond being a memecoin. With a strong community and Ethereum infrastructure, it may support long-term growth. However, investors should be aware of risks such as high volatility and limited use cases. The future of Shiba Inu depends on the active participation of its community and the success of projects like Shibarium.

How to Buy Shib Coin?

To purchase Shib coin, you first need to create an account on a cryptocurrency exchange or use your wallet on a decentralized platform to make the purchase. It is always recommended to buy such cryptocurrencies from secure and regulated crypto exchanges. In response to the question of where to buy Shib coin, we can mention that it is listed on popular exchanges like Binance, Coinbase, and CoinTR. The answer to the question of where Shib coin can be purchased is typically through these exchanges with Turkish Lira (TRY) or Tether (USDT).

Also, see: What is a Crypto Wallet?

Where to Buy Shib Coin?

Shib coin is traded on many major cryptocurrency exchanges. Listed on platforms such as CoinTR, OKX, and KuCoin, SHIB can also be bought and sold in SHIB/USDT and SHIB/TRY pairs by searching for "Shib coin price" or "Shiba Inu price in TRY". When analyzing the Shib coin chart, you can take into account price changes depending on which exchange you are using. Additionally, you can follow our crypto market screen for the live Shib coin price. From this section, you can check the live prices of any cryptocurrency.

As for where you can buy SHIB coins, CoinTR is one of the first safe options that come to mind. You can quickly open an account and start buying and selling SHIB/TRY or SHIB/USDT pairs by registering on CoinTR’s cryptocurrency exchange.

Furthermore, exchanges like CoinTR offer fast and easy cryptocurrency trading opportunities with low transaction fees.

Conclusion

Shiba Inu is one of the best examples showing how powerful community influence can be in the crypto world. With its strong presence on social media and innovative projects, it has earned a significant place in the cryptocurrency market. We can say that Shiba Inu has made a notable impact in the meme coin era. Especially during a time when cat and dog-themed meme coins are trending, SHIB has stood out thanks to social media influence. According to Shib coin market analysis, Shiba Inu's future will be shaped by community activities and the development of its ecosystem.

Risk Disclaimer: The cryptocurrency market is subject to high risk and price volatility. The value of your investments may fluctuate, and you could lose the amount you invested. CoinTR is not responsible for any potential losses. Past performance is not a guarantee of future results. The past price performance of cryptocurrencies does not guarantee future outcomes, and users should only invest in products they are knowledgeable about and understand the risks involved. Before making any investment decisions, you should carefully evaluate your investment experience, financial situation, investment goals, and risk tolerance, and/or consult with an independent financial advisor.

2025-02-24

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