Following the introduction of Bitcoin, a slew of other cryptocurrencies emerged, each with its own set of uses. Ethereum, for example, introduced new real-world operations and services. Dogecoin is another option. Dogecoin is a decentralized cryptocurrency that has a sizable user base. The term “Doge” is derived from online memes, a cryptocurrency motivated by the creation of internet memes. As the “funny” approach continues, a Dogecoin-inspired cryptocurrency, Shiba Inu (SHIB) coin, has emerged.
The SHIB coin is a meme-based cryptocurrency whose logo is based on the Japanese Shiba Inu dog breed. SHIB began to gather traction during the optimistic market of spring 2021, but it really took off following Elon Musk’s performance on Saturday Night Live.
Let’s take a closer look at some of the elements, including the coin’s history, ambitions, and functionality, to see whether SHIB is a suitable investment for you.
What is SHIBA INU Coin?
SHIBA INU Coin is often described as a joke-inspired cryptocurrency that aspires to outperform and surpass Dogecoin. SHIB is the name of the Shiba Inu blockchain’s coin, which is an ERC-20 token.
How Does Shiba Inu Coin Work?
Shiba Inu is a new initiative on the Ethereum blockchain. This is why Shiba Inu’s consensus process is the same as Ethereum’s: Proof-of-Work (PoW), followed by Proof-of-Stake (PoS).
The mining payouts are depending on the processing capability of the nodes in the PoW algorithm. Mining payouts are determined by the quantity of coins you stake in the network using the PoS algorithm.
SHIB tokens are Ethereum ERC-20 tokens, as previously stated. These tokens are fungible, which means they can be duplicated since they all have the same value.
Supply in total
Shiba Inu has a total supply of one quadrillion SHIB. This is a massive amount of stock. As a result, despite the fact that SHIB’s supply is restricted, it is substantial enough to have inflationary tendencies. The circulating supply of Shiba Inu is roughly 394.8 trillion SHIB, which is the quantity of cryptocurrencies or tokens that are available publicly and circulating in the crypto market.
Uniswap has 50 percent of the whole supply of SHIB locked up. The remaining 50% was delivered to Vitalik Buterin, an Ethereum co-founder, through a crypto address. Even if the coins given to Buterin have been “burned,” they are still accessible if Buterin chooses to use them.
Visions of the Shiba Inu Coin
Shiba Inu is currently developing its own decentralized exchange (DEX Decentralised Exchange (DEX) is a cryptocurrency exchanges platform based on blockchain technology that eliminates the need for centralized exchanges). The ShibaSwap DEX, would allow users to trade multiple cryptocurrencies for SHIB tokens. ShibaSwap promises to be one of the most secure and decentralized exchanges available.
Users can earn interest by depositing tokens in ShibaSwap’s SHIB pool, similar to other liquidity pools. DIG, BURY, FETCH, TREAT, and BONEFOLIO are some of the words ShibaSwap will employ. You earn BONE tokens and give liquidity to the SHIB pool by “digging” SHIB tokens.
SHIB tokens can be staked on the Shiba Inu blockchain and rewarded with more SHIB tokens by “burying” them. “Fetching” lets you exchange SHIB tokens for other tokens directly. Another token likely to be released shortly is “Treat.” Finally, “Bonefolio” is the portfolio through which you can access your hoard.
The BONE token, which is set to be issued shortly, has a total supply of 250 million tokens in terms of tokenomics. The BONE tokens can be traded as well as used for voting. Shiba Inu intends to use the tokens for decentralized finance (DeFi).
(Note: Decentralized Finance (DeFi) brings the blockchain’s decentralized notion to the world of finance.)
The Shiba Inu blockchain also has the Doge Killer (LEASH) token, which is an ERC-20 token. With just 107,647 LEASH, this token has far less supply than SHIB and BONE. Because of the limited quantity, LEASH is substantially more expensive, with the all-time high reaching close to $8,900 on May 11th, 2021. LEASH is available for purchase on Uniswap.
The Shiba Inu Coin’s History
Let’s start with the name Shiba Inu’s genesis. Shiba Inu is a Japanese breed dog. In the twenty-first century, this breed generated online memes with the moniker “Doge.” The joke got so popular that it prompted several computer programmers to create Dogecoin, a cryptocurrency based on it. Dogecoin did not have much of a following at first. Dogecoin began to become a serious investment as the years passed and its community grew.
Other individuals were inspired to create their own cryptocurrency based on memes or Dogecoin itself as a result of this. Shiba Inu was born as a result of this process. Shiba Inu’s originator is unknown and goes under the moniker Ryoshi. Shiba Inu, unlike other Dogecoin-inspired currencies, has a clear aim in mind: to surpass Dogecoin.
Shiba Inu intends to do this by offering more and better public services than Dogecoin currently does. ShibaSwap may be planning to introduce such services in the near future. The project did not have an initial coin offering (ICO) or any other kind of development financing. This could be one of the explanations why some of its functionalities, such as ShibaSwap, would be introduced over time rather than being featured in the project’s first launch.
The tokens that went to Vitalik Buterin for 50% of the entire supply were first deemed burnt. That wasn’t the situation when Vitalik Buterin spent 50 trillion of the 500 trillion to assist a Polygon charity fighting COVID-19 in India.
Buterin’s gift was estimated to be worth $1 billion in tokens. While this may have had a little negative influence on the price of SHIB, it did serve to further extend the Shiba Inu community.
History of Shiba Inu Coin Values
In August of 2020, SHIB began its pricing adventure with a price of less than $0.00000001. This very low pricing was maintained throughout 2020 and into the first quarter of 2021. As the price began to rise, it followed the market’s positive trend, hitting $0.000003 in April of this year. After a two-week slump, the price eventually started its largest gain of all time on May 7, when the price was about $0.000001. The price has risen to $0.00003 by May 11th. Within a week, the price had risen by 3,300 percent. Since then, the price has gradually decreased.
The price of SHIB is currently around $0.000007 as of May 29th of this year. The market capitalization is about 394.8 trillion dollars, with a supply of roughly 394.8 trillion dollars.
A cryptocurrency’s market capitalization (or market cap) is a measurement of its market worth. In other words, the market capitalization of SHIB is around $2.9 billion, whereas the fully diluted market value is approximately $7.5 billion. SHIB is now ranked number 33 in the cryptocurrency market cap rankings.
Current Shiba Inu Coin Projects
Shiba Inu is now working on the finalization of ShibaSwap. Together with ShibaSwap, Shiba Inu is also working on other tokens for the Shiba Inu blockchain, like the BONE and TREAT tokens, which are slated to debut soon. As the area of DeFi pursues use, the introduction of the ShibaSwap DEX, as well as the aforementioned tokens, is likely to make Shiba Inu appear like a lot more serious enterprise.
Shiba Inu Rescue is a new initiative created by Shiba Inu. This endeavor entails rescuing genuine Shiba Inu pups who have been abandoned or are in need of assistance. People may donate to this initiative by using AmazonSmile as a platform. The project’s finest feature is that it does not need any direct funding. You can put Shiba Inu Rescue together with the organization name whenever you use AmazonSmile to purchase a product, and a portion of the money you spend on the goods will go to Shiba Inu Rescue.
Within the Shiba Inu community, such an initiative creates a good and trustworthy atmosphere. Projects like these are one of the reasons why so many people no longer see Shiba Inu as a joke cryptocurrency, but rather as a long-term investment.
Is SHIB INU a DOGE killer?
SHIB got its name from its resemblance to Dogecoin, as previously stated. It is not, however, like any other doge-based cryptocurrency. SHIB is one of the first cryptocurrency that aim to dethrone Dogecoin. As a result, Shiba Inu is often referred to as a Dogecoin Killer.
When comparing what SHIB and Dogecoin deliver to the crypto industry, the former may have the advantage since it provides more services to its customers. Because Dogecoin has the backing of whale investors like Elon Musk and is more widely used than SHIB, it’s tough to say if it will ever overtake Dogecoin. Only time will tell in the end.
Shiba Inu Coin’s Long-Term Prospects
Shiba Inu has stated that the network would be upgraded and new services will be added. One of these characteristics can be a foray into the NFT sector. Users will be able to purchase and sell non-fungible tokens if this occurs. Shiba Inu has also formed the Shiba Artist Incubator, through which 10 artists will be recruited to produce works that will eventually be minted as official Shiba NFTs.
Experts anticipate that the price of Shiba Inu will continue to rise at a consistent pace in the long run. Keep in mind that while Shiba Inu is developed on the Ethereum network, it is significantly impacted by Ethereum. Changes in Shiba Inu are likely as Ethereum prepares to upgrade to Ethereum 2.0. One major change might be the network’s security, since the network is expected to go from PoW to PoS.
Final Thoughts
To summarize, SHIB has gradually evolved from a “joke” coin to a legitimate cryptocurrency. With ShibaSwap’s intentions for upgrades and NFTs, the network is expected to be added to many investors’ watchlists. It has a long way to go before it can be considered a genuine contender to Dogecoin, but it is on the right route.
