Shiba Inu cryptocurrency: All you need to know about the meme coin

Shiba Inu, created in August 2020 by Ryoshi, is a joke coin or meme coin which was launched as a rival to Dogecoin.

Shiba Inu has been in the news for two reasons. Recently, Tesla founder Elon Musk had tweeted stating he would like to own a Shiba pup that excited the crypto market and the prices rose by 300 percent.

The prices of Shiba Inu coins fell by around 40 percent after the 27-year-old Russian Canadian Billionaire Vitalik Buterin donated 50 trillion Shiba Inu coins to India Covid Crypto Relief Fund, run by Indian crypto entrepreneur Sandeep Nailwal.

Who owns Shiba Inu?

The owner of Shiba Inu is someone named Ryoshi though no one knows this person’s actual name. The meme coin has been named after the Japanese dog breed, Shiba Inu. Incidentally, Shiba Inu had claimed they are the ‘Dogecoin Killer’ when it was launched in August 2020 and is seen as a rival to Dogecoin. The mascot of Shiba Inu is based on the Shiba pup and looks quite similar to that of Dogecoin. The platform and model are based on Dogecoin too.

How different is Shiba Inu?

Dogecoin has been developed using the same technology as Bitcoin. Shiba Inu tokens are powered by Ethereum. Fungible tokens like Shiba Inu are ERC-20 tokens and non-fungible tokens (NFTs) use the ERC-721 token standard of the Ethereum platform.

SHIB token is our first token and allows users to hold Billions or even Trillions of them, the official website mentions. More additions are coming up as per the Shiba Inu’s website. The creators plan to launch Bone Dogecoin Killer, the next coin in future.

How can you trade Shiba Inu?

In India, you can trade the Shiba Inu coin at WazirX. It was listed by WazirX wrongly at Rs 3 on Thursday and the company clarified that a misconfiguration caused the listing at a higher value. After it was discovered, the prices crashed to 0.0015 levels.

Other platforms such as Uniswap and the web version of CoinDCX have listed Shiba Inu tokens also. Uniswap is a decentralized trade (DEX) on Ethereum’s network that allows buying and selling cryptocurrencies for ETH and other Ethereum-based tokens. These coins cannot be purchased in Indian rupees (INR) but only in USDT / BUSD.

Currently, in the WazirX platform, Shiba Inu is being traded in the range of 0.001417 to 0.001419.

This news is republished from another source. You can check the original article here

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