If you’re a new entrant to the cryptocurrency market and considering investing in Shiba Inu, here are five simple things you need to know about the most talked-about crypto in the world.
Are you new to the cryptocurrency market and planning to invest your hard-earned money in Shiba Inu? If yes, then here are 5 simple yet important things you need to know about SHIB.
1. Shiba Inu is a Token, not a Coin
The difference between a ‘coin’ and a ‘token’ is that coins operate on their own in-house blockchain network. For example Bitcoin, Ethereum and Dogecoin run on their own respective blockchains and are therefore called ‘coins’.
On the other hand, ‘tokens’ are created on top of existing blockchains and don’t have their own in-house blockchain network. For example, Shiba Inu doesn’t have its own blockchain and is built and operates on the Ethereum network. Hence SHIB is called a token and not a coin.
2. Multi-token system
SHIB’s ecosystem consists of three different tokens. While the main and popular token is Shiba Inu, its supportive systems are Bone and Leash tokens. Bone token and Leash can be purchased on ShibaSwap. Also, the SHIB team confirmed during a recent Twitter AMA that Bone will be used as fees in the upcoming Shibarium layer-2 network.
SHIB’s ecosystem isn’t limited to one but has a variety of options to choose from. Investors can make the most out of it and diversify their portfolio and reduce the risks connected to the market.
3. Supports specific DeFi products
Shiba Inu supports specific Decentralized Finance (DeFi) products and is selective in the DeFi space. The devs have cherry-picked the best of the DeFi sector and offered it to users to generate profits.
The meme-token supports smart contracts and allows users to stake their holdings to earn passive income. Users can also lend their tokens as loans to other DeFi apps and earn interest based on the lending amount.
When it comes to staking, users can stake their SHIB holdings on ShibaSwap and earn recurring fees in return. Even if the crypto market dips, the staking returns would remain the same making it the best choice of investment.
4. Anonymous Founder
Another important thing to know is that the founder of Shiba Inu is an anonymous person. Nobody knows about his whereabouts, personal details among others and the identity remains to be a mystery. However, the founder has named himself with a pseudonym called Ryoshi.
However, there is still no guarantee if Ryoshi is an individual or a group. Rumors were doing the rounds that Ethereum founder Vitalik Buterin could be Ryoshi. Nonetheless, none of it is confirmed and the rumors remain to be pure hearsay.
5. Shiba Inu has plenty incoming updates in 2022
SHIB is all set to launch a plethora of developments in 2022 that can positively affect its price in the long run. It would launch its own layer-2 network Shibarium and also release its in-house NFT collections called Shibosis. It is also partnering with PlaySide Games for a Metaverse-themed game. There are lots in store for the meme-token this year.
Read here for in-depth and complete details about Shiba Inu’s 2022 developments for a better understanding.
At the time of publishing, Shiba Inu was trading at $0.00002817 and is up +4.87% in the days’ trade.