What is Shiba Inu NZ? - New Zealand's Crypto Guide (2025)

If you're exploring the dynamic world of cryptocurrencies in New Zealand, you've likely come across Shiba Inu (SHIB). More than just a meme, SHIB has cultivated a vibrant community and an expanding ecosystem.

At Cryptocurrency NZ, we've observed firsthand the fascination and potential surrounding this unique digital asset. This comprehensive guide, updated for 2025, will delve into what Shiba Inu is, how it works, and how New Zealanders can engage with it securely.

Shiba Inu was introduced in 2020 with a strong emphasis on community engagement.

The SHIB cryptocurrency draws its name from the renowned Shiba Inu dog breed originating from Japan, and its symbol prominently features this lovable dog. The Shiba Inu breed gained significant recognition through the widely popular “doge” meme, which in turn inspired the creation of another well-known cryptocurrency memecoin, Dogecoin

.

As mentioned above In 2020, a mysterious individual or collective known as “Ryoshi

” introduced a cryptocurrency called Shiba Inu, named after the popular dog meme. This new token was part of a series of cryptocurrencies inspired by various dog memes.

As Shiba Inu gained significant popularity in 2021, it became recognized as the official competitor to Dogecoin, another well-known cryptocurrency with a dog-themed origin.

Since its inception until October 2021, the value of the SHIB coin experienced an extraordinary surge. It started from an low value of $0.000000000056 and reached an impressive ATH of $0.00008616, marking an astounding increase of 150 million percent.

Furthermore, a significant milestone in the history of the coin was the remarkable act of generosity when Vitalik Buterin, a prominent engineer and co-founder of Ethereum

, donated a staggering $1 billion worth of SHIB. This substantial contribution was aimed at aiding the battle against the devastating spread of COVID-19 in India.

Interesting Fact: It stands as the largest cryptocurrency donation ever made in history.

View Vitalik’s donation here on Etherscan.

Shiba Inu is an Ethereum-based ERC-20 token, meaning it operates on the Ethereum blockchain. Initially, SHIB lacked specific utility, but its community has since developed a robust ecosystem around it, aiming to provide real-world applications and foster decentralization. This ecosystem includes several key components:

ShibaSwap

ShibaSwap

, is the decentralized exchange (DEX) at the heart of the Shiba Inu ecosystem. It allows users to swap ERC-20 tokens, provide liquidity, and earn rewards.

Key features include:

• DIG (Liquidity Providing): Users can provide liquidity to various token pairs and earn BONE tokens.
• BURY (Staking): Staking SHIB, LEASH, or BONE tokens to earn rewards.
• WOOF (Farming): Earning BONE tokens by providing liquidity.

BONE

BONE serves as the governance token, empowering holders to participate in decision-making by staking it to vote on proposals. Additionally, BONE can be utilized in liquidity pools, offering users further opportunities for engagement and potential rewards.

LEASH

LEASH was initially created with the purpose of tracking the price of DOGE. However, this tracking feature was later disabled. Holders of LEASH have the option to stake the token or utilize it within liquidity pools on ShibaSwap. It’s worth noting that the total supply of LEASH tokens is limited to just 107,646 adding to its scarcity.

NFTs

In October 2021, the developers of Shiba Inu introduced a collection of 10,000 pixelated dog-themed NFTs called Shiboshis. These NFTs quickly gained immense popularity and were sold out within a remarkable timeframe of just 35 minutes. Each Shiboshi possesses unique characteristics such as accessories, clothing, fur patterns, and headwear.

Shibarium

To capitalize on the growing utilization of Ethereum layer 2 solutions like Arbitrum and Optimism, the Shib Army took the initiative to develop their own layer 2 solution.

Dubbed Shibarium, Shiba Inu’s layer 2 network will utilize BONE as the payment method for transaction fees, enhancing scalability and speed compared to Ethereum.

The initial implementation of Shibarium went live in early 2022, with plans to launch a public beta version later in the year. Primarily, Shibarium will prioritize peer-to-peer transactions and interactions with ShibaSwap during its initial stages.

Acting as your digital identity and signature, every cryptocurrency wallet

is distinct by having its own unique public and private key – with each unique key pair being freshly generated whenever a new cryptocurrency wallet is created.

• Private Key: Private keys is the password to your crypto bank account, and it’s required to sign off outbound transactions from your wallet. Never share your private key with anyone, and the security of your wallet rides on how safely you store your private key.
• Public Key: Shiba Inu public keys are like your crypto bank account number – an address others can use to send you Shiba Inu. You can safely send your public key to anyone, knowing they can’t change or open your wallet and take your Shiba Inu.

Important! It is crucial to take precautions like backing up your wallet's private keys and seed phrases

Choosing the right wallet for your SHIB depends on your needs, but security should always be paramount. Here are some top recommendations for New Zealanders, with a special mention for Exodus:

Hardware Wallets: The Gold Standard (Trezor & Ledger)

For long-term storage of significant amounts of SHIB, hardware wallets are the most secure option. Devices like Trezor and Ledger store your private keys offline, making them impervious to online hacks. Both support SHIB (as an ERC-20 token) and are highly recommended by me for serious investors.

Software Wallets: User-Friendly & Accessible (Exodus)

For those seeking a balance of convenience and security, a reputable software wallet is an excellent choice. Exodus Wallet stands out as a top recommendation for beginners in New Zealand, and it's a personal favorite at Cryptocurrency NZ for its user-friendly interface and multi-currency support.

Exodus Wallet: Pros & Cons for SHIB Holders

Pros:

• User-Friendly Interface: Exodus is renowned for its intuitive design, making it easy for newcomers to manage their SHIB.
• Multi-Currency Support: Supports SHIB (ERC-20) along with hundreds of other cryptocurrencies.
• Built-in Exchange: Allows for easy swapping of SHIB with other supported assets directly within the wallet.
• Good Customer Support: Offers responsive support, which is a huge plus for beginners.

Cons:

• Hot Wallet: Being a software wallet, it's connected to the internet, making it less secure than a hardware wallet for very large holdings.
• Closed Source: The code is not open-source, which some security-conscious users prefer for transparency.
• Lacks 2FA: Currently, Exodus does not offer Two-Factor Authentication for wallet access, relying on strong passwords and seed phrase security.

Web3 Wallets: For DeFi & DApp Interaction (MetaMask)

If you plan to actively engage with the Shiba Inu ecosystem's DeFi applications on ShibaSwap or other Ethereum-based dApps, MetaMask is essential. It's a browser extension wallet that connects seamlessly to Web3 platforms. While convenient, it's crucial to remember that MetaMask is a hot wallet.

Shiba Inu has proven to be more than just a fleeting trend; it's a project with a dedicated community and a developing ecosystem. For New Zealanders interested in SHIB, the key is to approach it with a clear understanding of its nature and, most importantly, with robust security practices.