Numerous additional cryptocurrencies that emerged after Bitcoin offered choices in terms of how they are used. New real-world features and services were added by platforms like Ethereum. And then there is Dogecoin, a cryptocurrency that was inspired by online memes.
Shiba Inu (SHIB) coin, a cryptocurrency inspired by Dogecoin, was created as the “joke” approach continued.
The Japanese Shiba Inu dog breed serves as the inspiration for the logo of the meme-based cryptocurrency known as SHIB. SHIB began getting attention during the spring 2021 bull market, but Elon Musk’s SNL performance gave it genuine impetus.
Let’s examine some of the characteristics, such as the history, objectives, and capabilities of the currency, to help you choose whether SHIB is a wise investment for you.
Shiba Inu Coin Defined
SHIB is frequently described as a joke-inspired cryptocurrency with larger growth aspirations than Dogecoin. We now know that the SHIB token, an ERC-20 token, is the one operating on the Shiba Inu blockchain.
How Does Shiba Inu Coin Work?
A new initiative in the Ethereum network is called Shiba Inu. Shiba Inu’s consensus process and Ethereum’s are similar since they both start with Proof-of-Work (PoW) before switching to Proof-of-Stake (PoS).
Because of the PoW mechanism, the mining rewards are determined by the nodes’ computational capacity. The number of coins you stake in the network determines the mining rewards under the PoS mechanism.
SHIB coins are ERC-20 tokens on the Ethereum network, as was already mentioned. Such tokens are fungible, which means that since they all have the same value, they can be duplicated.
Shiba Inu are available in a total quantity of 1 quadrillion SHIB. This supply is incredibly large. As a result, even if there is a restricted quantity of SHIB, there is still enough of it to cause inflation. The amount of Shiba Inu in circulation as of May 29, 2021, is around 394.8 trillion SHIB.
On Uniswap, 50% of the available supply of SHIB is locked. The remaining 50% was transferred to a cryptocurrency address owned by Ethereum co-founder Vitalik Buterin. Even if the coins provided to Buterin are still accessible in case he wishes to use them, they are regarded as having been “burned.”
The Shiba Inu’s Visions
At the moment, Shiba Inu is developing its own decentralised exchange (DEX). The ShibaSwap DEX, scheduled for release in June 2021, will be used to exchange different cryptocurrencies for SHIB tokens. According to ShibaSwap, their exchange will be among the most secure and decentralised on the market.
A look at the ShibaSwap Decentralized Exchange (DEX). Source: Shiba Token
Similar to other liquidity pools, users can deposit tokens in the SHIB pool of ShibaSwap to earn interest. ShibaSwap is going to use terms such as DIG, BURY, FETCH, TREAT and BONEFOLIO. By “digging” SHIB tokens, you provide liquidity to the SHIB pool and earn BONE tokens (soon to be released).
By “burying” SHIB tokens, you can stake tokens in the Shiba Inu blockchain and get rewarded with additional SHIB tokens. “Fetching” allows you to directly swap your SHIB tokens with other tokens. “Treat” is another token that is expected to release very soon. Last but not least, “Bonefolio” is the portfolio where you can access your stash.
An illustration showing how the Shiba Inu’s BURY and DIG options operate. Shiba Inu Woofpaper as a source
The BONE token, which will soon be made available, has a total quantity of 250 million tokens in terms of tokenomics. In addition to trading, BONE tokens can be used for voting. Shiba Inu intends to concentrate these coins even more on the decentralised finance (DeFi) industry.
The Shiba Inu blockchain also supports the Doge Killer (LEASH) currency, which functions as an ERC-20 token. In comparison to SHIB and BONE, this token has a much smaller supply, only 107,647 LEASH.
Due to the very little supply, LEASH is substantially more expensive, reaching an all-time high on May 11th, 2021, of about $8,900. On Uniswap, you may purchase LEASH.
The Origins of Shiba Inu Coin
Let’s start with where the name Shiba Inu came from. Japanese dogs of the Shiba Inu breed. In the twenty-first century, this breed served as the inspiration for “Doge” online memes.
The joke gained so much popularity that it prompted several computer programmers to create Dogecoin, a cryptocurrency based on it.
Dogecoin did not start out with much success. As time passed and its community grew, Dogecoin began to attract serious investors.
Other people were encouraged by this to start their own cryptocurrency based on memes or just on Dogecoin itself. Shiba Inu was developed in this manner.
Ryoshi is the fictitious name used by the founder of Shiba Inu. Shiba Inu, however, truly has a particular objective: to surpass Dogecoin, in contrast to other Dogecoin-inspired coins.
Shiba Inu intends to accomplish this by offering more and superior services compared to Dogecoin. It’s possible that ShibaSwap will soon offer these services.
There was no ICO or other type of development funding for the project. This could be one of the reasons why some of its features, like ShibaSwap, will be added over time and weren’t present when the project was first introduced.
At first, the portion of the supply that went to Vitalik Buterin—50%—was thought to be burned tokens. When Vitalik Buterin actually spent 50 trillion out of the 500 trillion to support a Polygon charity that fights COVID-19 problems in India, this was not the case.
About $1 billion worth of tokens were given away by Buterin. Even though the price of SHIB may have been marginally impacted, this contributed to the growth of the Shiba Inu community.
Shiba Inu Coin Price History
SHIB began trading with a price less than $0.00000001 in August of 2020. Through the end of 2020 and the beginning of 2021, these incredibly cheap prices remained in effect.
As it began to rise, the price followed the market’s bullish trend and eventually reached $0.000003 in April of this year. On May 7, when the price was about $0.000001, the price finally started its biggest gain ever after declining for around two weeks.
On May 11, the cost had gotten to $0.00003. Within a week, the price increased by 3,300%. Since then, the price has been gradually declining.
Price history for Shiba Inus (SHIB). CoinMarketCap as the source
As of May 29 of this year, SHIB costs approximately $0.000007. SHIB’s market capitalization is close to $2.9 billion with a supply of about 394.8 trillion, while its fully diluted market capitalization is close to $7.5 billion. SHIB is ranked 33 in the cryptocurrency market cap rankings thanks to this market cap.
Shiba Inu Coin Current Projects
Shiba Inu is now putting the finishing touches on ShibaSwap. Along with ShibaSwap, Shiba Inu is also developing other tokens like the BONE and TREAT tokens that are anticipated to go live soon on the Shiba Inu blockchain.
Shiba Inu will likely appear to be a much more serious endeavour when the field of DeFi seeks utilisation with the introduction of the ShibaSwap DEX and the aforementioned tokens.
Shiba Inu has created a different endeavour called Shiba Inu Rescue. Actual Shiba Inu pups that are missing or in need of rescue are what this endeavour involves. People can contribute to this initiative by using the AmazonSmile platform to do so.
The project’s best feature is that it doesn’t need any donations in the form of cash at all. Shiba Inu Rescue can be entered alongside the company name whenever you use AmazonSmile to make a purchase, and a portion of the money you spend on the item will be donated to the Shiba Inu Rescue.
A project like this creates a wholesome and reliable environment for the Shiba Inu community. One of the reasons why some people no longer view Shiba Inu as a lighthearted cryptocurrency but rather as something far more serious in the long run is because of projects like these.
Is SHIB a DOGE Killer?
As was already mentioned, SHIB’s resemblance to Dogecoin is how it got its moniker. It is different from other doge-based cryptocurrencies, though. One of the first cryptocurrencies aiming to “destroy” Dogecoin is SHIB. Shiba Inu is sometimes referred to as a Dogecoin Killer as a result.
When comparing SHIB and Dogecoin’s contributions to the cryptocurrency market, the former may hold an advantage because it provides more services to its customers. Since Dogecoin is more well-known than SHIB and has the backing of whale investors like Elon Musk, it is difficult to predict whether it will ever surpass Dogecoin in market cap. Only time will ultimately tell.
The Future of Shiba Inu Coin
Shiba Inu has pledged to expand the network’s improvements and introduce new services. An entry into the NFT market could be one of these features. Users will be able to buy and trade non-fungible tokens if it occurs. Shiba Inu has also started the Shiba Artist Incubator, through which they hope to find ten artists who will produce pieces that will eventually be issued as legitimate Shiba NFTs.
Shiba Inu prices are expected to rise over time at a consistent rate, according to experts.
Remember that Shiba Inu was created within the Ethereum network, which has a significant influence on it. Shiba changes as Ethereum prepares to launch Ethereum 2.0
The Bottom Line
Finally, SHIB has begun to gradually transform from a “joke” coin to a serious cryptocurrency. ShibaSwap is likely to be added to many investors’ watchlists thanks to its plans for updates and NFTs. Although it still has a long way to go before challenging Dogecoin seriously, it is undoubtedly headed in the right direction.
So, why not sign up for Bybit with your newly acquired knowledge of crypto?