What is a Shiba Inu (SHIB)?
Shiba Inu is an altcoin based on Ethereum (a cryptocurrency other than Bitcoin) whose mascot is the Shiba Inu, a Japanese breed of hunting dog. The Shiba Inu is widely considered an alternative to Dogecoin; in fact, Shiba Inu supporters tout it as the “Dogecoin killer.”
Shiba Inu and Dogecoin are meme coins that are cryptocurrencies associated with a theme (such as Shiba Inu in the case of Shiba Inu and Dogecoin), but they are often released as a parody or joke rather than a digital product that is actually useful. Dogecoin was launched in December 2013, and Shiba Inu was created in August 2020 by an anonymous person or group named Ryoshi.
How does a Shiba Inu work?
SHIB coin is an ERC-20 token running on Ethereum. Running on the Ethereum network, Shiba Inu can use smart contracts to create decentralized financial products. Dogecoin Killer plans to enter the DeFi space, which has gained momentum following rising prices and protocol proliferation, through its decentralized exchange and artist incubator. The incubator will allow artists to use the Ethereum network to sell non-fungible tokens with smart contracts, creating an NFT market that eliminates the need for third parties.
Once Shiba Inu launches its DEX, ShibaSwap, users will be able to stake their coins on BONES. According to Shiba Inu’s website, BONE, touted as another Dogecoin killer, will be its next asset that will take the power of DeFi to a higher level. Details on how to purchase BONE will be announced at a later date.
Once they become available, the only way to mine BONES will be to list SHIB on the ShibaSwap platform. Those who bet on SHIB will receive interest. ShibaSwap’s third flagship asset is LEASH, which will have a total supply of only 100,000 coins. It is available on Uniswap.
Shiba Inu also plans to launch an NFT project, launch ShibaSwag, and update real-world applications outside of the digital landscape.
Who are the founders of the Shiba Inu?
Shiba Inu was created in August 2020 under the alias Ryoshi. Few details are known about the man behind Shiba Inu, other than his Twitter and Medium accounts. I’m not important. Attempts to expose my “personality,” even if successful, will lead to disappointment. I’m just a minor guy playing keyboards and I can be replaced. “I am Ryoshi.”
This, however, did not stop people from speculating about Ryoshi’s true identity. For example, on Reddit, user No_Mulberry4575 noted that Ryoshi posted a photo of Buterin hanging out in Japan with Karl Floersch, who specializes in developing blockchain systems, with a particular focus on Ethereum. If this is true, and given that Buterin received 50% of the supply of SHIB, then the Reddit community believes that the Ethereum team is related to the Shiba Inu.
During their relatively short existence, Shiba Inus have gained a strong following. Its website states that it has a growing community that currently numbers over 480,000 people; He has over 70,000 followers on Twitter and over 3,000 on Medium.
What makes the Shiba Inu unique?
This is supported by their Woofpaper, which states that through “collective decentralization” they can create something much better than what a centralized team could create.
Shiba Inus began life as an experiment in creating decentralized communities and started from scratch. With no funding, no centralized team, and no direct leadership, Shiba is trying to see if decentralization could work if it was instead entirely community driven.
Shiba Inu has launched a community initiative that uses Amazon’s Smile feature to collect and distribute a percentage of Amazon purchases to the Shiba Inu Rescue Association as donations. By donating to the Shiba Inu Rescue Association, the community can help find ways to help these dogs, which can be overwhelming for new owners who think the dogs are brave, smart and stubborn.
In this way, artists are expected to promote the Shiba art movement, helping to push the Shiba Inu into the NFT market.
KEY TAKEAWAYS
Shiba Inu is an Ethereum-based altcoin whose mascot is the Shiba Inu hunting dog.
It is widely considered an alternative to Dogecoin, and its followers, a community calling themselves SHIBArmy, tout it as the “Dogecoin killer.”
The Shiba Inu was created in August 2020 by a person or group named Ryoshi.
On October 29, 2021, the Shiba Inu’s price increased more than tenfold, giving it a market capitalization of $41 billion at the time. Even with a sharp drop in market capitalization to $5.97 billion (as of December 8, 2023), the Shiba Inu is still one of the top 10 cryptocurrencies among memes for this indicator, second only to Dogecoin.
History of the Shiba Inu (SHIB)
The guiding principles of the Shiba Inu ecosystem are detailed in a “document” (presumably a play on the term “white paper”) available on the ShibaToken.com website.
According to the article, the Shiba Inu was designed to answer a simple question: “What would happen if a cryptocurrency project was 100% community-driven?” Its founder, Ryoshi, explains its origins as “an experiment in spontaneous, decentralized community building.” According to Ryoshi, the power of collective decentralization can create something stronger than a centralized team could ever create.
The project started from scratch, from scratch, with the spirit of creating something from nothing.
It was not based on an existing community or pre-assembled team.
Declared love for Shiba Inu dogs6
Since Shiba Inu is an Ethereum-based ERC-20 token, it was created and hosted on the Ethereum blockchain rather than on its own blockchain. In the document, Ryoshi states that it decided to build the Shiba Inu ecosystem on Ethereum because it was already secure and well-established, and also allowed the project to remain decentralized.
Bottom line
The Shiba Inu is a cryptocurrency that had no use or value at the time of its creation in 2021. By the end of 2023, it was traded in large volumes to take advantage of microscopic price movements and was used as a payment method. The dedicated community is constantly developing and improving the Shiba Inu in terms of utility and use cases, so there is a clear possibility that it will remain one of the most popular cryptocurrencies on the market.
How much is Shiba coin worth?
As of December 8, 2023, one SHIB was worth about $0.000010017. As of this date, the currency has never reached a value above $0.00008845.
Is a Shiba Inu a good investment?
Whether SHIB is a good investment depends on your investment goals, risk tolerance, strategy, personal preferences and perspective.
Which cryptocurrency will grow in 2024?
It’s hard to say which cryptocurrency, if any, will boom. The space is constantly undergoing changes and reacts to news almost explosively.