What Is a Shiba Inu Token?
The Shiba Inu token (SHIB) is a decentralized memecoin that operates on the Ethereum network.
Initially created as a playful competitor to Dogecoin, another memecoin, it draws inspiration from the Japanese Shiba Inu dog breed, which was the original logo for Dogecoin.
Despite its origins as a joke, the Shiba Inu token has evolved into a multi-billion dollar project driven by its community.
Differentiating Coins and Tokens
It’s important to differentiate between coins and tokens.
While Dogecoin is a coin that operates on its own blockchain, Shiba Inu is a token built on top of the existing Ethereum blockchain.
However, it’s worth noting that a meme token like Shiba Inu is subject to high volatility.
While Shiba Inu has a market cap exceeding $6 billion and a circulating supply of 550 trillion (and growing), its value primarily relies on its cultural relevance rather than technological advancements.