Shiba Inu (SHIB) is a decentralised cryptocurrency with branding that draws on memes and a focus on the community. Shiba Inu is intended for use in peer-to-peer transactions and online purchases, but it's vital to understand the risks and volatility that come with using or investing in this cryptocurrency or any other.
Shiba Inu was first introduced as an ERC-20 token on the Ethereum platform in August 2020. It was developed under the alias "Ryoshi" by an unknown individual or group that took inspiration from the Shiba Inu dog breed's widespread online meme, which served as the public face of the meme currency Dogecoin (DOGE).
The major application for Shiba Inu is as a decentralised digital currency meant to serve as a substitute for established financial institutions. Peer-to-peer transactions, online purchases, and value storage are all intended uses for it. With its developers and community members actively engaged in its development and marketing, Shiba Inu also has a strong community-driven focus.
Shiba Inu has drawn interest for its novel tokenomics, which include a substantial total amount of tokens and a deflationary mechanism whereby a portion of each transaction is burned, potentially lowering the supply over time. Shiba Inu, like many other cryptocurrencies, is, nevertheless, quite speculative and volatile, therefore it's vital to use caution and conduct careful study before investing in or using it.
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