What is Shiba Inu? | How does Shiba Inu work? | Will Shiba Inu Coin Ever Die? | Price Changes in Shiba Inu (SHIB)

Shiba Inu Coin
What exactly is a Shiba Inu? What is the function of the Shiba Inu? Is Shiba Inu Coin Ever Going to Die? Shiba Inu Price Changes (SHIB)

Shiba Inu token (SHIB) is a decentralized cryptocurrency launched by an unknown individual or organization known only as “Ryoshi” in August 2020.

Code NameSHIB
StatusActive
White paperShibu Inu Ecosystem
Market capUS$12.5 billion
ExpansionOriginal author(s) “Ryoshi”
Release yearAugust 2020
Shiba Inu Coin Details

The origins of Shiba Inu cryptocurrency are as unique as its name suggests. Named after the adorable and loyal Japanese dog breed, this digital asset was created in August 2020 as a playful nod to the wildly popular Doge meme. However, while Shiba Inu’s emblem may be based on the Shiba Inu dog, the cryptocurrency itself has gained a reputation as a “meme coin” and a “pump and dump” scam.

Despite its light-hearted origins, Shiba Inu has not been without controversy. Concerns have been raised regarding the concentration of its coins, with a single “whale” wallet holding a staggering number of tokens worth billions of dollars. The frenzy of buying from regular investors, driven by a fear of missing out (FOMO), has also raised some eyebrows.

One notable moment in Shiba Inu’s short history occurred in May 2021 when Vitalik Buterin, the co-founder of Ethereum, donated over $1 billion worth of SHIB tokens to the India COVID-Crypto Relief Fund. This significant act of generosity was a major boost to the cryptocurrency’s credibility.

In October 2021, the cryptocurrency’s exchange price saw an unprecedented surge, rising by a staggering 240 percent in just one week. However, the upward trend was not to last, and the price began to drop at the start of November, ultimately losing around 55 percent of its value. Despite the ups and downs, the world is still watching to see what new tricks Shiba Inu has up its sleeve and whether it can continue to compete with its more established counterparts in the world of cryptocurrency.

What is Shiba Inu?

The Shiba Inu (SHIBUSD) is an Ethereum-based altcoin (a cryptocurrency other than Bitcoin) using the Shiba Inu as its mascot, a Japanese hunting dog breed.

Shiba Inu is commonly regarded as a Dogecoin alternative; in fact, its proponents refer to it as “the Dogecoin killer.”

Important notes

  1. The Shiba Inu hunting dog serves as the mascot for Shiba Inu, an Ethereum-based cryptocurrency.
  2. It is commonly regarded as a Dogecoin alternative, and its followers, known as the SHIBArmy, have dubbed it “the Dogecoin killer.”
  3. Ryoshi, a person or group, founded Shiba Inu in August 2020.
  4. Shiba Inu’s stock price soared more than tenfold on Oct. 29, 2021, valuing the company at $41 billion. Shiba Inu remains in the top ten of all meme cryptocurrencies by this criterion, despite a significant dip in market value to today’s $16 billion (as of Feb. 14, 2022).

Shiba Inu, a cryptocurrency featuring the popular Shiba Inu dog, has gained significant attention in the digital currency world. The currency was established anonymously in August 2020 by someone who goes by the alias “Ryoshi.” Starting with a supply of one quadrillion (1,000 trillion) coins, Ryoshi divided the supply in half, putting half of it in Uniswap for liquidity and the other half in the hands of Ethereum co-founder Vitalik Buterin for protection.

When the Delta variant of the coronavirus hit India in May 2021, Buterin donated more than 50 trillion Shiba Inu coins, valued at over $1 billion at the time, to a COVID-19 relief fund in India. He also “burned” 40% of Shiba Inu’s entire supply, meaning that those coins were permanently withdrawn from circulation and put in a so-called dead wallet.

Although Shiba Inu and Dogecoin are considered meme coins, they have drawn a community of investors who appreciate their unique themes. Shiba Inu wants to be Ethereum’s answer to Dogecoin’s Crypt mining method. The SHIB token is among a slew of dog-themed cryptocurrencies that include Baby Dogecoin (BabyDoge), Dogecoin (DOGE), JINDO INU (JIND), Alaska Inu (LAS), and Alaskan Malamute Token (LASM). Many investors who missed out on the Dogecoin price rise have turned to these lower-valued currencies instead.

Shiba Inu’s charm and the support from celebrities like Elon Musk and Vitalik Buterin have contributed to its swift rise in value. In fact, Buterin’s denial of being the creator of Shiba Inu on the Lex Fridman show on June 5, 2021, only added to the coin’s mystique.

On September 17, 2021, Shiba Inu was listed on Coinbase, the largest crypto exchange in the United States. As a result, its price increased by over 40% in the following two days, reigniting interest in the meme dog token. Other exchanges have followed suit, with Bitso, Mexico’s largest cryptocurrency exchange, and Giottus, an Indian crypto exchange, both announcing that they will begin trading SHIB. Europe’s largest crypto exchange, Bitstamp, has also announced that Shiba Inu will be listed for trade at the start of 2022. In 2021, Korbit, a South Korean exchange, became the first in the country to list the SHIB token.

How does Shiba Inu work?

The SHIB currency is an Ethereum-based ERC-20 token. Shiba Inu can use smart contracts to construct decentralized finance products since it operates on the Ethereum network.

Through its decentralized exchange and artist incubator, The Dogecoin Killer intends to join the Defi industry, which has gained traction as protocols’ prices and acceptance have risen.

Artists will be able to utilize Ethereum’s network to auction out non-fungible tokens via smart contracts, resulting in a non-fungible token market that eliminates the need for third parties.

Users will be able to bet their currencies for BONES once Shiba Inu’s DEX, ShibaSwap, debuts.

According to Shiba Inu’s website, BONE, dubbed “another Dogecoin Killer,” will be their next asset, bringing DeFi’s strength to new heights. Information about how to obtain BONE will be released at a later date.

Staking SHIB on the ShibaSwap platform will be the sole option to mine BONES whenever it becomes accessible.

Those that invest in SHIB will be rewarded with interest. LEASH, ShibaSwap’s third flagship asset, will have a total availability of only 100,000 coins. This may be found on Uniswap.

Shiba Inu also wants to start an NFT project, which will include the release of ShibaSwag and the implementation of real-world applications outside of the digital realm.

Will Shiba Inu Coin Ever Die?

There’s an old proverb that says ‘every dog has its day,’ but the Shiba Inu (SHIB), a dog-based meme token, has been having the time of its life for the previous 12 months.

Since its introduction to the crypto landscape, this penny coin named after a Japanese dog breed has developed at an incredible rate, attracting traders and admirers alike.

It even outperformed behemoths like Bitcoin and Ethereum in terms of returns.

Within the last 12 months, the meme currency has gained by 2,500,000%. During the time period, a Rs 1,000 investment in the token would have grown to Rs 25,00,00,000 in value.

However, it is important to keep in mind that cryptocurrencies, particularly meme currency, are high-risk investments.

The twelfth largest crypto asset has gained more than 15% in the last 24 hours and now has a market capitalization of a little around $19 billion.

According to data from Coinmarketcap, the traded amount of Shiba Inu has increased by over 105 percent.

Within the last 12 months, the meme currency has gained by 2,500,000%. During the time period, a Rs 1,000 investment in the token would have grown to Rs 25,00,00,000 in value.

However, it is important to keep in mind that cryptocurrencies, particularly meme currency, are a high-risk investment.

The twelfth largest crypto asset has gained more than 15% in the last 24 hours and now has a market capitalization of a little around $19 billion.

According to data from Coinmarketcap, the traded amount of Shiba Inu has increased by over 105 percent.

Price Changes in Shiba Inu (SHIB)

SHIB has increased by almost 50,000,000% in the last year. A $1,000 SHIB investment made a year ago is now worth more than $500,000,000. One of the most lucrative investments in history has been SHIB.

Large parabolic climbs, on the other hand, are usually unsustainable.

And we’ve seen this with Shiba Inu, which is presently trading at a fraction of its all-time high price.

Tracking how often a cryptocurrency is discussed on social media is one method to gauge its excitement. SHIB is still one of the most talked-about cryptocurrencies on Twitter Inc.

as of January 2022. (NYSE: TWTR). Shiba Inu is mentioned in about 20% of all cryptocurrency-related tweets.

SHIB presence on Twitter has been blamed for some of its pricing rises in the past. In this case, SHIB price is falling as its Twitter dominance remains, indicating that SHIB’s price is not only determined by its Twitter popularity.

Other factors, like its prospective listing on Robinhood and whale movements, might have a greater influence on the price.

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