Shiba Inu is a Dogecoin fork that was created in early August 2020. The project was initiated by a group of anonymous developers who were dissatisfied with Dogecoin’s centralization and lack of development. Shiba Inu has a total supply of 1,000,000,000,000 SHIBA and uses the Ethereum blockchain.
The native token of the Shiba Inu network is called SHIB and has a max supply of 1,000,000,000,000 SHIB. The project aims to provide a decentralized, community-driven alternative to Dogecoin.
SHIB tokens are currently being traded on a number of exchanges including Binance, Huobi Global, Gate.io, and OKEx. The token has seen a rapid price increase since its launch, with its price rising from $0.000001 on August 4th to its current price of $0.
000005. This represents a 5x increase in price in just over two weeks.
The Shiba Inu network is based on the Ethereum blockchain and utilizes the ERC-20 token standard. This means that SHIB tokens can be stored in any wallet that supports ERC-20 tokens such as MetaMask or MyEtherWallet.
The team behind Shiba Inu have also created a non-custodial wallet called Dogewallet which allows users to store their SHIB tokens securely without having to worry about losing their private keys.
The Shiba Inu project has no pre-mine or ICO and the team behind the project have stated that they have no intention of ever conducting one. Instead, the team is relying on donations and community support to fund the development of the network.
So far, the project has received over $1 million in donations from the community.
The Shiba Inu network is currently in its early stages of development but the team behind the project have ambitious plans for the future. The team is currently working on a number of features including atomic swaps, smart contracts, and cross-chain compatibility with other Ethereum-based protocols such as Binance Smart Chain and Polkadot.
Once these features are completed, Shiba Inu will be well positioned to compete with other established cryptocurrencies such as Dogecoin and Bitcoin Cash.
It remains to be seen whether or not Shiba Inu will be able to live up to its hype but the project definitely has a lot of potential. With its rapidly growing community and strong development team, Shiba Inu could become a major player in the cryptocurrency space in the years to come.
Yes, Shiba Inu is linked to Ethereum because it utilizes Ethereum’s blockchain technology and ERC-20 token standard. However, Shiba Inu is its own independent project with its own community and development team.