Shiba Inu is recognized as a memecoin due to its origins and association with the Shiba Inu dog breed and internet memes. Shiba Inu has over 1.2 million holders as of 2022.
In this guide, Cryptocurrency NZ will delve into the history and features of this community lead project – and help gauge if this meme cryptocurrency token is for you. Enjoy!
What is Shiba Inu in NZ?
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.
History of Shiba Inu
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.
How Does Shiba Inu Work?
When Shiba Inu was first launched, it didn’t have any defined purposes or practical applications. However, the community swiftly came together and took it upon themselves to develop numerous blockchain-based initiatives using the token. These initiatives span various areas, such as Decentralized Finance, NFTs, and layer 2 protocols.
ShibaSwap, developed as the primary dApp for SHIB, serves as a bustling hub for DeFi activities. At its core, ShibaSwap functions as a decentralized exchange where users can easily swap ERC20 tokens, often paired with SHIB, within liquidity pools.
In addition to facilitating token swapping, ShibaSwap offers features such as staking (referred to as “BURYing”), providing liquidity (known as “DIGging”), engaging with NFTs hosted by Shiba, and participating in governance proposals by means of voting.
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 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.
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.
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.
This strategic focus aims to minimize gas fees associated with participating in Decentralized Finance activities, ultimately fostering wider adoption of the platform.
Recommended Shiba Inu Crypto Wallets
⭐Cryptocurrency NZ Recommendation 🏆
Exodus Wallet is a popular crypto wallet that provides a user-friendly interface and supports a wide range of digital assets. It is available for users in NZ and offers a convenient way to store, manage, and exchange cryptocurrencies.
Ledger Wallet is a hardware wallet designed to provide a secure and offline storage solution for cryptocurrencies. It is available for users in New Zealand and offers enhanced security measures to protect digital assets.
Private Keys and Public Keys
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.
Shiba Inu Communities in New Zealand
New Zealand boasts a thriving community of Shiba Inu and crypto enthusiasts, many of whom gather on popular social platforms like Facebook, Telegram, Reddit and Discord.
These online communities are an excellent source of information for locals.
Check out our comprehensive list of Shiba Inu and Crypto communities in New Zealand:
- Cryptocurrency NZ Facebook Group – (Highly recommend)
- Cryptocurrency NZ Monthly Meetups – (Last Wednesday of every month)
- Cryptocurrency NZ Discord Group
- NZ P2P Crypto Marketplace – (NZ’s Largest Cryptocurrency P2P marketplace)
Have a community for us to list? Please reach out to us!
How to Buy Shiba Inu in NZ
Is Shiba Inu a Good Investment?
At Cryptocurrency NZ, we consider Shiba Inu to be one of the leading meme cryptocurrency tokens in today’s market. However, it’s worth noting that the Shiba Inu development team maintains a relatively confidential approach to their coin roadmap.
This level of secrecy could make it difficult to accurately anticipate the future plans.