What is Shiba Inu and how does it work?
Shiba Inu is a decentralized cryptocurrency token launched in 2020 on the Ethereum blockchain. Often called a "meme coin" due to its Shiba Inu dog logo, it operates similarly to other ERC-20 tokens. Users can buy, hold, and trade SHIB on various exchanges. The token has no utility function like DeFi protocols, but the Shiba Inu ecosystem has introduced features like ShibaSwap (a decentralized exchange) to add functionality. Shiba Inu gained popularity through community hype and social media buzz rather than technological innovation. As with all cryptocurrencies, its value is volatile and driven by market sentiment and trading activity.
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