Shiba Inu (SHIB +2.19%) is a decentralized cryptocurrency and is one of numerous cryptocurrencies that are often categorized as meme coins. These coins are generally inspired by internet trends like widely shared memes. Like many other cryptocurrencies, its value is primarily driven by community engagement and market trends.
How is Shiba Inu used?
Shiba Inu can be used for payments between users or as a payment method at businesses that accept the token. The cryptocurrency can be used for payments, trading, and more. It's also used to create and trade NFTs and participate in the metaverse.
Holders of Shiba Inu can use tokens to pay on platforms that accept it, such as some retailers and other businesses. It's also possible to use the decentralized exchange ShibaSwap to trade or swap tokens within the Shiba Inu ecosystem.
Companies that accept Shiba Inu generally use a special cryptocurrency payment gateway that supports the token or offers other integrations with cryptocurrency payment solutions. However, Shiba Inu has not been widely adopted as a cryptocurrency.
It's less widely used than other cryptocurrencies like Ethereum, mostly due to its limited utility. Shiba Inu has few real-world applications and doesn't necessarily offer clear advantages over other cryptocurrencies.
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