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Updated – 15th July 2024

What is Shiba Inu? 

SHIB is termed to be the “DOGECOIN KILLER,” according to the SHIBA INU website. It will be listed on its own ShibaSwap, a decentralized exchange.

Shiba Inu coin was created by a person under the pseudonym “Ryoshi” in August 2020. The combined influence of articles and Tweets from celebrities like Elon Musk and Vitalik Buterin attracted a community of investors, thus quickly increasing the charm of the coin, eventually affecting the speed and value visibly.

Shiba Inu is an Ethereum-based alternative to Dogecoin’s Srypt mining method. It is among a slew of canine-themed cryptocurrencies, including Baby Dogecoin (BabyDoge), Dogecoin (DOGE), JINDO INU (JIND), and Alaska Inu (AlaskaInu) (LAS).

As mentioned above, “Ryoshi” is the pseudonym for the Shiba Inu coin’s creator. However, much like the founder of Bitcoin, Satoshi Nakamoto, little is known about the mystery founder of the dog-themed cryptocurrency. 

The SHIBA INU website enables dog-inspired artists worldwide to participate in the “creative Shiba movement” (a plunge into the NFT market). SHIBA INU has also launched an Amazon Smile campaign to raise funds for the Shiba Inu Rescue Association, which rescues Shiba Inu dogs.

How Does Shiba Inu Work?

SHIB is an Ethereum-based ERC-20 token. Shiba Inu can use smart contracts to construct decentralized finance products because it runs on the Ethereum network. 

Through its decentralized exchange and artist incubator, The Dogecoin Killer intends to join the DeFi industry, which has gained traction as protocols’ prices and acceptance have risen. Artists will be able to utilize Ethereum’s network to auction out non-fungible tokens via smart contracts, resulting in a non-fungible token (NFT) market that eliminates the need for third parties.

Users will be able to bet their coins for BONES once Shiba Inu’s DEX, ShibaSwap, debuts. 

According to Shiba Inu’s website, BONE, dubbed “another Dogecoin Killer,” will be their next asset, bringing DeFi’s power to new heights. More information on how one can obtain BONE will be released at a later date. Staking SHIB on the ShibaSwap platform will be the sole option to mine BONES whenever it becomes available. Those that invest in SHIB will be rewarded with interest. As per reports, LEASH, ShibaSwap’s third flagship asset, will have a total availability of only 100,000 coins. This could be found on Uniswap.

How to Invest in Shiba Inu?

As of now, only the SHIB token is available on Indian crypto exchanges. SHIB can be purchased on one of the many platforms available in India. There are a number of apps available now that make purchasing and investing in SHIB extremely straightforward. All you need is an account with a trusted cryptocurrency exchange, such as WazirX.

WazirX apps provide the current value of SHIB and other available cryptocurrencies, giving investors insight into cryptocurrency rates, growth, and decline.

How to buy and sell the SHIB token in India?

SHIB is a cryptocurrency that may be traded in India through several platforms that offer Shiba Inu trade as a service. You might begin by using a cryptocurrency exchange site. Shiba Inu users may purchase and sell cryptocurrency using the app or the web platform of these exchanges.

WazirX is India’s biggest cryptocurrency exchange, with Binance, the world’s largest cryptocurrency exchange, as a backer. In less than 60 seconds, using the QuickBuy option, you can start investing for as little as 100 rupees.

Is Shiba Inu legal in India?

No cryptocurrency is illegal in India, and everyone has the freedom to purchase and trade them as they like. However, the crypto market is unregulated in India, and the government is currently working on establishing a regulatory body to smoothen things in the crypto sphere.