Shiba Inu (SHIB) Explained

$SHIB is an ERC-20 token built on Ethereum. The Shiba Inu ecosystem supports Shibaswap, a decentralized exchange.

TL;DR

  • Shiba Inu Coin (SHIB) is an ERC-20 token based on the Ethereum blockchain, allowing certain functionalities, like swapping tokens, staking, and gaining yields.
  • ShibaSwap is Shiba Inu's very own decentralized exchange, creating an ecosystem that provides three types of tokens: SHIB, LEASH, and BONE.
  • SHIB is now listed on Coins.ph and Coins Pro, one of the first licensed and regulated cryptocurrency exchanges in the Philippines, where Filipinos can easily convert PHP to buy and use $SHIB.

What is Shiba Inu (SHIB)?

Shiba Inu Coin (SHIB) is an ERC-20 token built on Ethereum. SHIB can use smart contracts to create products or services for decentralized finance and other decentralized applications. Dubbed as the “Dogecoin Killer," the Shiba Inu ecosystem supports NFT art incubators and a decentralized exchange called Shibaswap. Similar to Dogecoin, there are plenty of SHIB in circulation — with an initial supply of one quadrillion coins.

How Does Shiba Inu Work?

Since Shiba Inu is built on the Ethereum blockchain, it offers trading between ERC-20 tokens. Shiba Inu has its own decentralized exchange called ShibaSwap. This makes Shiba part of the decentralized financial ecosystem on Ethereum, allowing its users to get certain functionalities, like swapping tokens, staking, and gaining yields.

What are SHIB, LEASH, and BONE?

ShibaSwap is Shiba Inu's own decentralized exchange where users can "dig" (provide liquidity), "bury" (stake coins), "fetch" (get tokens from Uniswap or SushiSwap), and "swap" tokens. Using this platform, investors have a number of ways to improve their return on investment. The ecosystem includes SHIB, LEASH, and BONE tokens.

  • SHIB is the main token of the ecosystem. The SHIB token is a cryptocurrency that allows users to hold trillions of tokens. Shiba Inu can be used for peer-to-peer digital payments or as a payment method for businesses that accept it. At the start of 2022, more than 600 businesses accepted Shiba Inu.
  • LEASH: The payment cryptocurrency used for purchases of goods and services on top of just being a form of investment. Holders of $LEASH unlocks unique benefits like the ability to provide liquidity in DEXs which gives a 0.5% reward of all $BONE per block added to the blockchain. It is designed to be more stable compared to the Shiba Inu token.
  • BONE: is a sharing economy cryptocurrency that was created to be used as a donation mechanism. It is designed to be the foundation of the layer 2 ecosystem, Shibarium.

What Are the Use-Cases of Shiba Inu?

Digital Currency

ShibaSwap is an Ethereum-based platform that allows users to trade ERC-20 tokens.  Users can also stake their cryptocurrency in the exchange's liquidity pools, allowing it to be used by the exchange. Users receive crypto rewards on their staked tokens in exchange for their participation.

NFT

The Artist Incubator is a unique feature of the Shiba Inu project.  The network encourages users to create their own NFTs in order to increase the project's meme atmosphere and buzz. Artists from all over the world are encouraged to submit their work to the NFT market.

The Shiboshis on OpenSea

ShibaSwap has a market for non-fungible tokens (NFTs) called Shiboshis, which are pixelated cartoons of Shiba Inu dogs with their own unique traits. In addition, the Shiba Inu team is developing a Shiboshi game that will use these characters.

Governance

ShibaSwap's governance token is BONE. Holders can propose and vote on changes to ShibaSwap. BONE is also used for crypto staking since holders can stake it to earn more.

What is Shiberse?

Shibarium is considered to be a powerful tier 2 blockchain and a transitional evolution for the Shiba ecosystem. It runs on top of the Ethereum blockchain, using tokens from the SHIB ecosystem ($SHIB, $LEASH, and $BONE). With the evolution of Web3, blockchain technology is starting to become mainstream. Some of the biggest obstacles to mainstream adoption are the cost and speed of transactions.

Shibarium's layer 2 blockchain protocols can serve different industry areas such as metaverse, Web3 innovation, and gaming. This is mainly due to the common scalability and performance limitations of current existing blockchain networks. This layer aims to work on top of existing blockchain networks, allowing faster, cheaper and more private transactions processed off-chain, still relying on the security of the underlying blockchain.

This can help reduce the load on the blockchain network and improve the user experience for metaverse and gaming applications. Together, web3 and Shibarium's Layer 2 blockchain technology can enable a new decentralized metaverse and gaming ecosystem where players can interact and transact in a trusted, decentralized way and where players can own, buy, and sell the digital assets they acquire.

SHIB Community

Community is what makes or breaks a project. The Shiba Inu Community has different ecosystems that are all linked together like ShibaSwap, Woof analytics, Shibarium (Eth L2 Blockchain), and even an NFT Collection Shiboshis.

Their Telegram has more than 77k members and more than 3.6 million followers on Twitter making SHIB’s community, one of the strongest ones around.

How to Buy Shiba Token (SHIB)?

Via Coins Buy & Sell Crypto Portal:

  1. Step 1: Log in through your Coins.ph account, and if you still haven’t downloaded the app, you may download it at App Store or Google Play.
  2. Step 2: Cash in any amount you would like to through your Coins.ph wallet.
  3. Step 3: You may now purchase $SHIB tokens as part of your crypto portfolio.

Via Coins Pro, BSP Licensed Spot Exchange:

  1. Step 1: Log into your Coins Pro account and click [Balance].
  2. Step 2: Select the currency you want to deposit, click on [Deposit] and enter your desired cash-in amount.
  3. Step 3: Select SHIB/PHP pair and enter the [Order Quantity]  you would like to trade.
  4. Step 4: Click Buy or Sell to place your Limit and Stop Orders.
  5. Step 5: Wait for your order to be filled

Get your crypto journey started with Coins.ph

Coins.ph is regulated by the Bangko Sentral ng Pilipinas (BSP) and is the first-ever blockchain-based company in Asia to hold both Virtual Currency and Electronic Money Issuer licenses from a central bank.

Sign up for a Coins.ph account now to start trading OR download the Coins.ph app. Once you have verified your account, you can convert PHP into the cryptocurrencies of your choice.

Get P50 in BTC when you sign up(with level 2 verification) and fund P200 into your coins wallets with promo code: coinsacademy

Start trading your favorite Crypto on Coins Pro with fees as low as 0.05%!

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