Basic definition of Shiba Innu
Like Dogecoin, Shiba Innu is also a meme coin that is making a huge impact on the crypto world. Following in the footsteps of Dogecoin (the first meme cryptocurrency), Shiba Inu has much higher expectations with crypto dealers. Many significant developments are actively associated with this meme coin and it is expected to fill many gaps with Meme Token.
Shiba Inu is a coin powered by communities that love popular memes and culture. An anonymous user named "Ryoshi" crypto world with the concept of memes. Since the launch of Shiba Inu in August 2020, it has received incredible support from the cryptintroducedo community. The idea to create the coin was then conceived, and a day later, the website was live, and the community grew rapidly almost overnight with Hokk Finance Meme Coins.
.jpg)
The most prominent feature of Shiba Inu is that it achieves a good balance between meme culture and the characteristics of cryptocurrencies. As a result, he gained popularity among young crypto-lovers with his themes, images and ideas about crypto life in general. Furthermore, Elon Musk and Vitalik Buterin contributed a lot to the promotion of mem coins around the world with social networks.
Shiba Inu's goal
Experts predicted that Shiba would be the ultimate "Dogecoin Terminator" by offering long-term benefits to the larger ones. Dogecoin is a frozen currency due to the absence of any development and innovative support team. The current team has only been assigned to maintain this meme coin in working order based on the Bitcoin core. Aside from some minor bumps and dumping, Dogecoin is a dying project.
Also Read : What is Hokk Finance
On the other hand, the creators of Shiba Inu seized this opportunity to make a better stand for this mem coin. This meme coin has now been launched as an ERC-20 on the Ethereum network to take advantage of this opportunity. The move offered Shiba a major advantage over Dogecoin. Take a look at some key moments from Shiba Inu's growth:
1. Integration with the modern, booming DeFi world and the Ethereum ecosystem
2. Shiba Inu based services are relatively easy to develop as there is no layer 1 development role
3. The interoperability of this coin to other blockchains is simple
4. Much more than just a meme coin with a greater perspective on growth and active community participation
Shiba Inu has now reached among the best performing cryptocurrencies due to these advantages. As it further expands its reach, it is expected to surpass Dogecoin soon.
Work on Shiba Inu
With a solid functional model, Shiba is designed to meet all types of requirements for crypto dealers. Built on the Ethereum network, it is simply an ERC-20 token that has huge potential in itself. Ethereum integration has driven this coin to be part of the DeFi boom, and its developers are taking full advantage of this. To add more potential, this ERC-20 token can be a great tool for transitioning from Ethereum to Ethereum 2.0.
Unlike Dogecoin, Shiba Inu focuses on developing features around this token instead of blockchain. Additionally, Dogecoin offered all the power over this cryptocurrency to its holders. On the contrary, there are certain spaces and places for the community to participate in the Shiba Inu project and decide on the future of this currency.
.jpg)
Users can use this token to invest in DeFi projects or Shiba-based applications based on the Ethereum network. It certainly has more potential than Dogecoin with significant community support and better performance. The development is still strong, and the new features will spread over time as it progresses towards its goal as an ERC-20 token, as outlined in its White Paper.
Ethereum Shiba Inu network integration
The Shiba White Paper reveals that its creator decided to launch this currency on the Ethereum network. This step was taken to provide a solid foundation and secure a healthy future for this meme coin. From offering better growth opportunities to enabling greater community participation, Ethereum has many roles behind the growth of this cryptocurrency.
Community support is essential because it is crucial to ensure a better future and sustainable growth. However, since all Shiba tokens have this anonymous creator Ryoshi, the decentralization of this coin is a bit vague. However, Rioshi tackled the issue wisely by offering 50 per cent of these tokens to Vitalik Buterin as guarantor of the coin. Initially, there were about a thousand billion SHIBA tokens worth nothing.