Introduction
Shiba Inu (SHIBUSD) is an alternative cryptocurrency to Bitcoin that is built on Ethereum and has the Shiba Inu—a Japanese hunting dog breed—as its symbol. Shiba Inu is frequently mentioned as a Dogecoin substitute; its supporters even refer to it as “the Dogecoin killer.”
Shiba Inu and Dogecoin are examples of meme coins, which are digital currencies tied to a particular theme—in the case of Shiba Inu and Dogecoin, the Shiba Inu dog—but which are frequently introduced as inside jokes or parodies rather than as useful digital products. While Dogecoin was introduced in December 2013, Ryoshi, a pseudonymous person or organisation, introduced Shiba Inu in August 2020.
Shiba Inu Investing Considerations
Cryptocurrency investments are already quite dangerous due to their extreme volatility and lack of regulation. 18 Due to a lack of difference and the fact that the majority of the value of altcoins and meme coins is based on frantic trading by their fervent supporters, investing in this market poses an additional hurdle. Here are some factors to think about while investing in Shiba Inus.
Shiba Inu currently has very little utility and does not have a convincing use case, despite the fact that its supporters may point out that Shiba Inu-based NFTs are already accessible and that its Ethereum base may someday make smart-contracting capabilities possible.
Ecosystem
It consists of the following three tokens:
Bone (BONE): With a total quantity of 250,000,000 tokens, Bone’s circulation supply falls in the middle of the other two tokens. The SHIBArmy will be able to vote with it as a governance token on subsequent proposals.
Leash (LEASH): Leash, the second token in the Shiba Inu ecosystem, represents the other end of the ecosystem’s spectrum because it has a much smaller total supply than Shiba Inu, only having 107,646 tokens in total.
Shiba Inu (SHIB): This serves as the project’s primary unit of account. Starting with a supply of 1 quadrillion (1,000 trillion), Ryoshi locked 50% in Uniswap (for liquidity) and gave the remaining 50% to Vitalik Buterin, the co-founder of Ethereum, for safety. When India was suffering from the Delta version of the coronavirus in May 2021, Buterin gave a COVID-19 assistance fund there more than 50 trillion Shiba Inu coins, which were then worth more than $1 billion. Soon after, 40% of the total supply of Shiba Inu were transferred to a so-called “dead wallet,” or permanently removed from circulation.
Terminology
The aforementioned Shiba Inu woof paper, which continues the canine theme, uses dog-related expressions to explain how returns can be made from Shiba Inu tokens. These tokens can be used on ShibaSwap to “dig” (providing liquidity), “bury” (staking tokens), and even “fetch.” The woof paper states that the use of tokens in these strategies results in “Woof” returns in the form of Bone tokens that are distributed to token pools known as “Puppy Pools.”
Shiba Inus made headlines in October 2021 for what reasons?
During the month of October 2021, the price of SHIB increased more than threefold, placing it among the top 10 cryptocurrencies. Because of this, it attracted a lot of traders’ interest and received a lot of media coverage. Second, in the first week of October, Elon Musk, the creator of Tesla, posted a picture of his brand-new Shiba Inu puppy named Floki, which led to a huge increase in retail investment.
The Dogecoin Killer: Why Was the Shiba Inu Called That?
The founder of Shiba Inu, Ryoshi, claims that the reason SHIB is known as “the Dogecoin killer” is because its value is “primed and ready to surpass the value of Dogecoin.” Ryoshi continues by saying that even if SHIB never reaches $0.01, its popularity and usefulness will cause it to be proportionately more valuable than Dogecoin.
What Remains of the Shiba Inu Coin?
The maximum number of SHIB is 589,735,030,408,323. More than 549,000,000,000,000 have been mined as of mid-2022. That indicates that less than 7% of SHIB is still available for mining.
Key Points
- On October 29, 2021, Shiba Inu’s price increased by more than ten times, giving the company a $41 billion market value. Shiba Inu is right behind Dogecoin in the top 10 of all meme cryptocurrencies, despite a sharp decline in market worth to $6 billion as of May 31, 2022.
- August 2020 saw the creation of Shiba Inu by Ryoshi, an individual or collective.
- It is referred to as “the Dogecoin killer” by its fans, a group known as the SHIBArmy, and is commonly regarded as a Dogecoin alternative.
- The Shiba Inu hunting dog serves as the mascot for Shiba Inu, an alternative cryptocurrency based on Ethereum.