What is Shiba: A Complete Guide

In the cryptocurrency world, Shiba Inu (SHIB) has emerged as a popular digital asset with a growing community of enthusiasts. Often referred to as the “Dogecoin Killer,” Shiba Crypto has garnered attention for its meme-inspired brand and its potential for high returns. In this article, we'll explore what Shiba Crypto is, its history, characteristics, and role in the cryptocurrency market.
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Shiba Crypto is a decentralized cryptocurrency that runs on the Ethereum blockchain. It was created in August 2020 by an anonymous developer known as “Ryoshi.” Inspired by the success of Dogecoin, another cryptocurrency based on memes, Shiba Crypto highlights the dog Shiba Inu as a mascot.

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Key features of Shiba

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Decentralization : Like many other cryptocurrencies, Shiba operates on a decentralized network, which means it is not controlled by a single entity or government.

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Memes culture : Shiba has capitalized on the popularity of internet memes, especially the Shiba Inu dog meme, to create a strong community of supporters and investors.

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Tokenomics : Shiba has a unique tokenomics structure, with a total supply of 1 quadrillion tokens. The supply was initially burned to create scarcity, and the majority of the tokens were deposited into a Uniswap liquidity pool, with ownership relinquished to the community.

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ShibaSwap : ShibaSwap is a decentralized exchange (DEX) built on the Ethereum blockchain that allows users to trade various cryptocurrencies, including Shiba, Bone (a governance token), and Leash (another token in the Shiba ecosystem).

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NFTs and games : Shiba has expanded its ecosystem to include non-fungible tokens (NFTs) and games, offering additional opportunities for community engagement and revenue generation.

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The rise of Shiba

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Since its inception, Shiba has experienced significant growth in both price and popularity. Its low price and its meme-inspired brand have attracted a large number of retail investors looking to capitalize on its potential for high returns.

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In May 2021, Shiba experienced a meteoric surge in value, with its price increasing by more than 1,000,000% in just a few weeks. This surge in prices coincided with increased media coverage and celebrity endorsements, further fuelling investor interest.

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Risks and Considerations

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While Shiba has garnered attention for its potential for high returns, it's important to recognize the risks associated with investing in cryptocurrencies. The crypto market is highly volatile, and prices can fluctuate significantly in a short period of time.

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Additionally, as an anonymous project with limited transparency, Shiba Crypto may be subject to regulatory review and security risks. Investors should conduct thorough research and exercise caution when investing in Shiba or any other cryptocurrency.

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Paying in Shiba with Lyzi?

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To make a cryptocurrency transaction, users must first ensure that they have SHIB in their digital wallet, as well as verify that they have activated the Binance payment feature on the app or website.

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To do this, two paths are available:

• on the website, users must log in to their account, then access the “More” section, followed by “Pay”, “Setting”, “Order of priority”, and finally “Add currency”.
• As for the application, the process involves logging into the account, followed by clicking on the Pay logo, then clicking on “Setting,” “Priority Order,” and also “Add Currency.”

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These simple steps allow users to ensure that they are ready to use their Shiba (SHIB) to make purchases easily with Lyzi.

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Conclusion

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Shiba is a decentralized cryptocurrency inspired by internet memes and built on the Ethereum blockchain. With its unique brand and community-based ethos, it has attracted a large number of supporters and investors. However, investors should be aware of the risks associated with investing in cryptocurrencies and conduct thorough research before making any investment decisions.

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