Shiba Inu is an altcoin of Dogecoin, while Dogecoin itself is an altcoin of Bitcoin. Shiba is a competitor for Dogecoin. If you were participating in the market in 2020, you have heard about this cryptocurrency.

Although its price is below one cent, this token garnered much attention. It seems that the meme coin is one of their 10 top cryptocurrencies by market value today. Most investors know this coin as the Dogecoin killer.

Since Shiba Inu is one of the market’s cheapest cryptocurrencies, you might be tempted to jump in and song Shiba Inu. We will talk about everything you need to know about this cryptocurrency.

What Is Shiba Inu?

Ryoshi, an anonymous developer from India, created Shiba Inu in 2020. Shiba Inu is an Ethereum-based token. It means it doesn’t have a unique blockchain, and it uses the Ethereum blockchain’s infrastructure.

According to the Shiba Inu white paper, or as the community calls it, “woof paper,” Ryoshi launched Shiba Inu on Ethereum because it’s already secure and well established.

The total supply of Shiba is one quadrillion. Ryoshi locked 50% of the total supply to Uniswap, a Defi protocol for swapping tokens on the Ethereum blockchain. Ryoshi sent the rest of the coins to Vitalik Buterin, the co-founder of Ethereum. Vitalik burned most of them and donated the rest to different charities. Meanwhile, it seems the top wallets hold up to 60 percent of the total supply.

Why Has Shiba Inu Been So Popular?

The official website claims that Ryoshi created Shiba Inu as an “experiment in Decentralized, Spontaneous Community Building.” Ryoshi means fisherman in Japanese. We don’t know whether Ryoshi is an individual or a group of people. They claimed to be nobody and replaceable. They argue that they made it very clear that no one is in charge from the beginning.

If you’re wondering what make these cryptocurrencies so popular, we should mention the Tweet of Elon Musk. He tweeted his interest in owning a Shiba puppy, which excited the market and let a 300% rise in the Shiba Inu price.

What Are The Risks?

The most important thing to consider is that altcoins like Shiba Inu, which is better to call Meme coins, are primarily community-based. It means that the community must grow for the coin to be successful.

When it comes to investing in cryptocurrency, any investment can result in the loss of your entire investment. So it’s always better to invest what you can afford to lose, no matter what type of cryptocurrency you choose.

The Shiba Inu Ecosystem

Shiba Inu (SHIB) ecosystem consists of different tokens. Shiba Inu is the primary currency of the project. Leash (LEASH) is another project token with a total supply of only 107646 tokens. Bone (BONE) is the third token of the ecosystem, with a limited supply of 25000000 tokens.

The project includes ShibaSwap, Shiba Inu Incubator, and Shiboshis.

ShibaSwap is a Defi project, aims to provide a decentralized and safe place to trade cryptocurrencies. Shiba Inu Incubator aims to appreciate creativity and ingenuity. Shiboshis are 10000 Shiba Inu non-fungible tokens on the Ethereum blockchain.

The Future of Shiba Inu Coin

The increasing popularity of Shiba Inu led this coin towards a dazzling future. Suppose this cryptocurrency can rise again. It is said that Shiba Inu has the potential to grow to $0.00001040 in an active buyer’s market. It might not be a significant rise, but it can hugely influence big investors in the cryptocurrency market.

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Where Can You Buy Shiba Inu in Australia?

You can purchase Shiba Inu in crypto exchanges in Australia. One of the best local exchange platforms in Australia is Bitunivex. It is possible to buy Shiba Inu directly using USD and AUD. The price of Shiba Inu jumped in 2021, and this coin can see higher prices as well.

As we all know, crypto investments are always risky, and meme coins such as Dogecoin and Shiba Inu are volatile. You should be ready to lose everything you invest or enjoy a significant profit overnight.

Can I Cash Out Shiba Inu Anytime?

Suppose you want to cash out your investment anytime you want. In that case, you should consider choosing the best cryptocurrency exchange in your region. If you live in Australia, you may have heard about Bitunivex. It is one of the most reliable and secure cryptocurrencies in Sydney, which aims to provide best-in-class cryptocurrency services. It is considered one of the most reliable wallet service providers and crypto exchange platforms in Australia.

Using this cryptocurrency exchange, you can convert currency into any digital asset or withdraw your investment within just a few seconds.

No matter how many Shiba Inu you want to cash out, all you need to do is send us a message, and we will answer your message within three minutes.

Bitunivex Is Not Just an Exchange

We are here to help you be a better trader. You can download and generate a thorough report of your activities to see how you have behaved as a trader.

We also provide you with some tools and technical indicators to help you chart up your favorite asset. In Bitunivex, you have everything you need for a perfect trade in one place. Including an overview of your portfolio, top players, security, reports, and any other thing you need to find your place in the crypto market.

Bitunivex is registered (ASIC) and regulated by AUSTRAC. It is considered the best exchange regulated under the Anti Money Laundering and Counter-Terrorism Financing Act 2018. Being a successful trader in the crypto markets takes more than education. You can learn every little detail about a cryptocurrency. However, as long as you do not have the right and safe place to trade the cryptocurrency, all you have learned is worth nothing.