Shiba Inu (SHIB) is a cryptocurrency token that runs on the Ethereum blockchain. Created in 2020, it is often referred to as a "meme coin" and features the Shiba Inu dog breed as its logo, aiming to build a community-driven ecosystem.
It is primarily used within its own decentralized ecosystem, which includes a decentralized exchange and NFT projects. Users can trade it, hold it as a digital asset, or use it within these community-built platforms and games.
Most people buy Shiba Inu on a major exchange. Binance has the lowest fees and the widest selection — here's the quick version:
SHIB is an ERC-20 token that operates on the Ethereum network, benefiting from its security and smart contract capabilities.
It functions as a digital currency and a community token. Its ecosystem is developed to include decentralized finance (DeFi) components and ShibaSwap, a platform for trading tokens.
No, they are separate cryptocurrencies. Dogecoin runs on its own blockchain, while SHIB is a token built on Ethereum, though both were inspired by the same dog meme.