Don’t fret. We’ve compiled a FAQ for you below—dive in and explore.
Shiba Inu is one of the more popular “memecoins” in the market. Specifically, it’s a dog memecoin like Dogecoin. SHIB was originally created to be the “Dogecoin Killer” and is built on the Ethereum blockchain.
Shiba Inu initially had 1 quadrillion tokens in circulation. However, more than 40% of them have already been burned.
Shiba Inu was created by an anonymous developer named “Ryoshi.” Ryoshi is very active in the community and with SHIB development.
Unlike BTC, all the SHIB tokens have already been pre-mined. “Pre-mining” means that all the tokens have already been unlocked and released into the ecosystem. On the contrary, Bitcoin blocks need to be individually mined to release new BTC coins.
Ryoshi released the SHIB tokens in August 2020. The coin is named after the Shiba Inu, a Japanese dog breed popularized by the “doge” meme. The Shiba dog is the mascot of the Dogecoin protocol as well.
SHIB holders can stake their tokens in ShibaSwap to earn yield. Plus, holders can lock up their tokens with other pairs to feed liquidity into different pools.
You can now buy SHIB at CoinSmart with CAD/EUR/USD.
Crypto Asset Statement
Most recent update: November 3, 2021
This overview provides a summary of certain risks involved trading any crypto asset and is not exhaustive. Investors are encouraged to conduct their own research prior to trading any crypto asset.
No securities regulatory authority has expressed an opinion about the Crypto Contracts or Shiba Inu, made available on the CoinSmart Platform, including an opinion that Shiba Inu is not itself a security and/or derivative. Changes to applicable law may adversely affect the use, transfer, exchange or value of your crypto assets and such changes may be sudden and without notice.
Prior to listing Shiba Inu on the CoinSmart Platform, Simply Digital Technologies Inc. (SDT) conducted due diligence and determined that Shiba Inu is unlikely to be a security or derivative under Canadian securities legislation. Our analysis including reviewing publicly available information concerning:
Like all crypto assets, there are general risks associated with Shiba Inu including: volatility risk, liquidity risk, short history risk, demand risk, forking risk, code defects, regulatory risk, electronic trading risk and cyber security risk. For additional information of general risks associated with crypto assets, you may refer to the Risk Statement. Further, Shiba Inu is a memecoin, and its valuation is mostly dependent on the whims of its community. As such, Shiba Inu is more volatile than most of the other tokens. Also, its network development is primarily dependent on the efforts of its anonymous founder – “Ryoshi.” Having said that, the Shiba Inu ecosystem has become more mature following the launch of ShibaSwap, and the token has more utility than your average memecoin.
As a reminder, this Crypto Asset Statement is not intended to be exhaustive of all risks associated with trading Shiba Inu and we encourage you to conduct your own due diligence to determine whether trading Shiba Inu is right for you.
SDT is offering Crypto Contracts on crypto assets in reliance on a prospectus exemption contained in the exemptive relief decision Re Simply Digital Technologies Inc. dated December 21, 2021 (the Decision). Please be aware that the statutory rights in section 130.1 of the Securities Act (Ontario), and, if applicable, similar statutory rights under the securities legislation of each other province and territory in Canada, do not apply in respect of the Crypto Asset Statement to the extent a Crypto Contract is distributed under the prospectus relief in the Decision.