What is Shiba Inu coin? Detailed introduction to Shiba Inu coin online trading platform and total amount

The Shiba Inu coin, a popular meme cryptocurrency based on the Ethereum blockchain, has gained a loyal following and is traded on major exchanges like Binance, Coinbase, and Crypto.com.

Oct 09, 2024 at 03:00 pm

What is the Shiba Inu Coin?

1. Overview:

   • The Shiba Inu coin is a decentralized cryptocurrency created in August 2020.
   • It is named after the Japanese dog breed of the same name.
   • Shiba Inu is based on the Ethereum blockchain and uses the ERC-20 token standard.

2. Purpose:

   • Shiba Inu was initially created as a "meme coin," intended to be a humorous take on the Dogecoin cryptocurrency.
   • However, it has since gained a loyal following among cryptocurrency enthusiasts.
   • Shiba Inu is seen as a potential investment opportunity due to its low price and high volatility.

Shiba Inu Coin Online Trading Platforms

3. Binance:

   • Binance is one of the largest and most popular cryptocurrency exchanges in the world.
   • It offers a wide range of cryptocurrencies, including Shiba Inu.
   • Users can buy, sell, and trade Shiba Inu coins on Binance.

4. Coinbase:

   • Coinbase is another major cryptocurrency exchange with a reputation for ease of use.
   • It offers a limited range of cryptocurrencies, including Shiba Inu.
   • Coinbase allows users to buy and sell Shiba Inu coins (but cannot trade).

5. Crypto.com:

   • Crypto.com is a cryptocurrency exchange and wallet provider.
   • It offers a variety of cryptocurrency services, including support for Shiba Inu.
   • Users can buy, sell, and trade Shiba Inu coins on Crypto.com.

Total Amount of Shiba Inu Coins

6. Issuance:

   • Shiba Inu has a total supply of 1 quadrillion coins.
   • This vast supply was created to reflect the inflationary nature of the Dogecoin cryptocurrency.

7. Distribution:

   • 50% of the total Shiba Inu supply was initially burned (sent to a dead wallet).
   • The remaining 50% was sent to the Ethereum founder, Vitalik Buterin, as a publicity stunt.
   • Buterin subsequently donated a significant portion of his Shiba Inu coins to charity.

8. Burning and Deflation:

   • Shiba Inu has implemented a burn mechanism to reduce the supply of coins over time.
   • A portion of the transaction fees is used to burn Shiba Inu coins, making them permanently unavailable.
   • This deflationary mechanism aims to increase the value of the remaining Shiba Inu coins.