Many people buy cryptocurrency, exchange BTC to BCH, and even haven’t heard about memo coins. Shiba Inu emerged as another cryptocurrency in 2020. It was popular among private investors, who were mainly looking for low-cost tokens. The founder of this project has positioned it as a “Dogecoin killer.” While Dogecoin increased by 3100% in 2021, tokens under the SHIB ticker increased by 49 000 000%.
However, following SHIB’s sharp rise and subsequent price cuts, the crypto market asked, “What’s next for this memo coin?” Well, let’s consider all the details of it.
What Is Shiba Inu Coin?
Shiba Inu was released experimentally. Its goal was to create a decentralized project from a spontaneous community.
“Community-led tokens are geared toward united people. So it makes no sense if you don’t provide it,” Ryoshi, founding father of Shiba Inu, writes.
Technically, SHIB is an ERC-20 token built on the Ethereum blockchain. It means that Shiba Inu doesn’t have its blockchain network. Therefore, SHIB tokens are based on the Ethereum solution. The demand for tokens, network traffic, and price increases. Ryoshi chose Ethereum as a base because it was already secure. It also allowed the project to change and evolve freely without being influenced by external rules.
The lack of a dedicated blockchain can be an obstacle for some investors. But using an established network has advantages. First, Shiba Inu benefits from strong security, performance, and an active Ethereum development team. Also, Shiba Inu can now inherit all the advanced smart contract features of the Ethereum network. Ultimately, it will facilitate the implementation of lawn-related DeFi applications.
Shiba Inu is already taking advantage of these advanced DeFi features through its ShibaSwap DeFi platform. It allows you to earn passive income by providing liquidity, accumulating tokens, and exchanging. ShibaSwap also gives you access to crypto-specific tools, such as new NFTs and wallet trackers.
Shiba Inu Coin: Forecast and Prospects
Shiba Inu is working on various projects, such as its blockchain network, “Shibarium,” and “SHI Stablecoin.” The release date of Shibarium is unknown. But they plan to add various new use cases to improve overall transaction throughput and reduce transaction fees.
“Shiboshis Social Club” is intended for owners of 10,000 NFT “SHIBOSHIS” produced by Shiba Inu, which was sold out immediately after release in October 2021.
Shiba Inu is also working on its Shibaverse metaverse.
The understated image of cheap and friendly memo coins will help crypto investors not get tired of other technically complex and often confusing crypto projects.
What Distinguishes Shiba Inu from Other Memo Coins?
A characteristic feature of Shiba Inu is that it began as an experiment to test group decentralization. Also, the development team doesn’t have a dedicated percentage of tokens. It makes the supply of tokens one of the first decentralized cryptocurrencies.
Another difference is community management using Doggy DAO. It allows users with a minimum of 30,000 BONE to submit suggestions for community voting. Doggy DAO is an important step towards full decentralization for Shiba Inu.
Thirdly, the “ShibaNet” decentralized trading platform with a “fully decentralized collection and trading methodology” is developing the project. The trading platform will be able to use flexible tokens to distribute balances and royalties between the parties. It is also possible to distribute royalties through the blockchain automatically.
ShibaNet plans to introduce stable SHI coins with a fixed value of 1 US cent, which will be used to purchase goods and services. So, don’t hurry to exchange BCH to USDT. Instead, it is better to buy some Shiba Inu memo coins.