Know Your Meme coin: Shiba Inu

• Shiba Inu is named after a Japanese Dog breed originating in the shubu religion used for hunting.
• Shiba Inu was originally designed as a digital currency, it launched its own decentralized crypto exchange 

Cryptocurrencies are often divisive but Shiba is in its own class. Shiba Inu was first known as an alternative coin to Dogecoin. The coin is named after a Japanese Dog breed originating in the shubu religion used for hunting.

Shiba Inu was created on August 2020 with an initial supply of 1 quadrillion tokens. Shiba Inu launched its own decentralized crypto exchange (DEX), Shibaswap in 2021. Dex does not have a specific central body to govern it.

Dex is part of Decentralized finance (Defi). These are traditional finances that do not require banks or other financial institutions’ services.DEX allows traders to swap cryptocurrencies directly from their blockchain wallets without registering for an account or providing any personal information.

Shibaswap is built on the Ethereum blockchain and offers traders access to trade ERC-20 tokens, on the tokens built on that specific blockchain. Shiba swap is also a marketplace for NFTs

The anonymous founder of Shiba Inu Ryoshi transferred 10% of the tokens to Ethereum co-founder Buterin Vitalik. Ryoshi did this as a stunt to increase the publicity of the meme coin. This left  Shiba Inu circulating at 549 trillion tokens.

Buterin ended up donating 10% of the tokens and burning the rest. Ryoshi partnered with David Folk (former vice president of technology at Activision) to develop a cryptocurrency gaming project.

Shiba Inu is often referred to as a joke built on the Ethereum blockchain, allowing it to run on smart contracts. Through the Ethereum blockchain (CRYPTO: ETH), Shiba Inu can work with decentralized applications (dapps). Without the Ethereum blockchain, Shib has a limit to what it can do.

It plans to be bigger than dogecoin “The Dogecoin killer“. Some refer to the coin as a plump dump (useless), on the other side of the coin it is hyped on social media.

Shiba Inu is on the verge of dropping by 10% after the Feds meeting on Wednesday. Anxiety is going to increase as 100 basis points could be on the cards before the year ends. Shiba Inu can be used for peer-to-peer digital payments but it doesn’t really pose a relevant competition to other cryptocurrencies

Shiba Inu began at a price of $0.000000000119 with its all-time high at $0.00008845. Later on, the price nosedived by 74,000,000 in October 2021.