Shiba Inu PRICE USD CHART

Shiba Inu (SHIB) is a decentralized, dog-themed meme coin created in August 2020 by an unknown developer named Ryoshi. The SHIB token is an ERC-20 token created to compete with Dogecoin (DOGE). ShibaSwap, a decentralized exchange, is at the heart of the SHIB ecosystem which also includes the Shib Artist Incubator and  Shiboshi Game.

Shiba Inu is a protocol that uses smart contracts to create decentralized finance products. One can “dig” into the Puppy Pools to provide liquidity, or “bury” tokens into smart contracts to earn interest with “SHIB”, which is the network’s primary incentivized token. Users can stake their SHIB on ShibaSwap and receive BONE tokens for voting in Doggy DAO. LEASH, ShibaSwap’s second incentivized token has a total supply of only 107,646 coins and can be found on Uniswap. LEASH provides profitable rewards to holders providing liquidity.

According to the “WoofPaper” (whitepaper), Shiba Inu is a community-driven project focused on creating a decentralized cryptocurrency. Shiba Inu was created with the sole purpose of surpassing Dogecoin. Ryoshi was inspired by the “Doge” meme and how the community became a serious investment, leading to the birth of SHIB.

Developed in August 2020, Shiba Inu (SHIB) began with a supply of quadrillion coins. Its founder Ryoshi locked half of the supply in Uniswap’s DEX to create liquidity, and the remaining half was sent to Ethereum’s co-founder- Vitalik Buterin’s wallet, where the majority was burnt. 

SHIB’s price rose from $0.000000000056 to an all-time high of $0.000084 in October 2021, a 150,000% increase. It owes its popularity to 2 major events. First, when Elon Musk, the owner of Tesla, tweeted about his desire to possess a Shiba puppy which fueled the cryptocurrency market and caused its prices to soar by 300%. 

The second was when SHIB’s value dropped by up to 40% after Vitalik Buterin gave 50 trillion Shiba Inu coins (10% of his holdings) to the India Covid Relief Fund. The donation was valued at approximately $1 billion at the time, the greatest in the world.

The Shiba Inu network is secured by the SHIB staking process. The SHIB token is an ERC-20 token established on the Ethereum blockchain that uses the network’s smart contract features. Ethereum is shielded with a Proof-of-Work (PoW) consensus mechanism. Ethereum’s recent move from a PoW protocol to a more energy-efficient Proof-of-Stake mechanism can be beneficial for Shiba Inu.

The Shib Army is responsible for making all decisions concerning Shiba Inu. The main principle revolves around making the token decentralized, which prohibits the institutional monopoly. 

While the transactions and storage of SHIB on their DEX sound traditional and secured, these conventional ways can have a pitfall. What one truly possesses when owning a cryptocurrency is the private key. The user cannot do much to secure the key. A Ledger Hardware wallet lets you store, secure, and manage tokens in one place without having to worry about accessibility.

The traditional ways of buying and storing cryptocurrencies on CEXs are becoming a talk of the past due to security concerns. The new and modern hardware/cold wallets offer a one-stop solution for the security, storage, and management of your tokens such as SHIB. 

In case of a computer hack, your private key and crypto assets will still be inaccessible if you are using Ledger. This makes a hardware wallet the safest solution as the key is kept offline and hacks are tightened. 

Ledger Live app gives the option to manage 1800+ coins and tokens from a smartphone or desktop, making the protocol convenient. The provision to use a PayPal account or Debit/Credit Card to purchase Shiba Inu (SHIB) offered by Ledger is useful. Follow the following simple steps: 

• Get a Ledger Hardware Wallet.
• Download Ledger Live on a web or mobile device.
• Install the Ethereum application on the hardware wallet from the Ledger Live dashboard. 
• Create a designated Shiba Inu account after setting up Ledger Live.
• Start buying SHIB using Ledger Live. 

On Ledger, users have the option to buy SHIB, as an ERC-20 token and make use of a wide range of services on the Ledger Live app. Infinite swap pairs available on Ledger can be accessed as follows: 

• Get a Ledger Hardware Wallet. 
• Download Ledger Live.
• Install the ‘Exchange’ application on Ledger Live, along with the applications for the coins you wish to swap.
• One must have SHIB in the linked hardware wallet to facilitate the swap. 
• Once there are sufficient assets in the wallet, swapping is possible.