Shiba Inu coins are a popular choice, especially after the recent massive rise in value, followed by an equally impressive crash a few days later. It features the adorable Shiba Inu Japanese breed of dog, similar to the more popular Dogecoin. But is that all the similarities between the two?
Shiba Inu has some similarities with Dogecoin aside from its doggy mascot. Shiba Inu actually bills itself as being a better Dogecoin. “Dogecoin Killer”.
It’s interesting to note that Dogecoin, which was launched in 2013, was merely a joke. It is a meme coin that has no real world value and no real world utility. Dogecoin was little more that a speculation vehicle.
Shiba Inu is a speculative currency, so if it wants to improve on Dogecoin then it must be better. The whitepaper, which is called a “woofpaper” Shiba Inu’s founders have stated this on their website.
Take a look under the hood of the Shiba Inu Project. This review will be different from previous reviews simply because of the information released by the Shiba Inu project.
So, with that bit out of the way here's everything you need to know about Shiba Inu coin.
Why are Shiba Inus so popular on the Internet?
The Shiba Inu, a medium-sized dog originally bred for hunting small game in Japan. The breed has been described as “spirited” The Japanese breed is known for its stubbornness, which can make it difficult to train.
Shiba’s have been described as being stubborn, but some say they are not. “free-thinking” This breed is best described as a Shiba Inu. Shiba Inu is often compared to the “cats of the dog world”This is why Shibas are so popular online. Shibas have a tendency to always smile.
The original Doge was based on a photo taken of a Shiba Inu living in Japan named Kabosu. Kabosu, the Shiba Inu in the original photograph, was facing the camera with her paws cross and a suspicious look on her face. The image was used in many memes with the now-famous truncated and broken English expressions.
Doge’s original meme was an instant hit and quickly spread across the internet.
What is Shiba Inu Coin?
Shiba Inu was launched on August 1, 2021 and its price at launch was less than $0.00000001. Shiba Inu coin was created in 2020. Its price at launch was less than $0.00000001.
Woofpaper For Shiba Inu, created by Ryoshi an anonymous developer, was born from a simple question.
“What would happen is a cryptocurrency project was 100% run by its community?”
As founder Ryoshi writes in the Woofpaper, we don’t know yet the answer, but Shiba inu is an intriguing experiment.
“decentralized spontaneous community building (…)”
The community, which is believed to number more than 300.000, is not completely spontaneous but it has created quite a stir among the cryptocurrency community.
SHIB is now up over 1,200,000% as of May 14, 2021, even though it has dropped by about 50% from its peak. It’s hard to think of another coin with such a return in a little over a month. The real question is, what has Shiba Inu done to warrant such a huge increase in price?
It’s not much. The founders of Shiba Inu refer to it as a potential “Dogecoin Killer” Based on its capability to surpass “the value of Dogecoin, exponentially, without ever crossing the $0.01 value”There’s no value to the coin. This is similar to Dogecoin which it hopes to surpass.
Shiba Inu has its supporters, but there are also those who think it’s a joke. Although it may seem cruel or unfair, as a direct rival of Dogecoin which was called a prank by its creator, this is actually quite accurate. Even as a joke, it appears to have huge potential for gains. People have invested massive amounts of money into the token in hopes that it will continue to build on the gains of more than one million percent.
The Shiba Inu Coin uses the ticker SHIB. It is an ERC-20 Token that runs on Ethereum’s blockchain. It is interesting to note that the creators sent half of the total supply of Shiba Inu coins to Vitalik Buterin. However, the other half remained locked at Uniswap and the key was thrown away. According to the Shiba Inu’s woofpaper.
What makes Shiba Inu different?
Shiba Inu creators claim it’s an improved version Dogecoin. Improvements would be welcome for the long-term sustainability of the project. Dogecoin admitsly was created as a joke token. Since then, the coin has been extensively used by speculators in cryptocurrency markets.
Shiba has certainly maintained the speculative aspect of Dogecoin. It is likely that this was the intent of the creators. “Woofpaper” The document reads like a promotional pamphlet rather than a technical one.
Shiba Inu is a breed that was created by the Shiba Inu creators. “burn” You can send half of the total supply to Vitalik, founder of Ethereum. Vitalik still holds the coins so it’s not like they were burned. The coins that were traditionally burned are no longer available and, as you will see, still perfectly usable.
Shiba Inu & Vitalik Buterin
Shiba inu is a dog that was created by a man who claims to be its creator “burned” Half the total SHIB is available by sending them to Vitalik Buterin, founder of Ethereum. The coins are still in circulation, so this isn’t a burning in the conventional sense. The value of SHIB tokens sent by Vitalik reached $15 billion at some point. This dwarfed the value 330,000 ETH tokens he holds.
Shiba Inu fans learned that this was not a real coin burn when Vitalik sent 50 trillion SHIB, worth $1 billion, to a Polygon-run fund on May 12, 2021 to help fight the spread of COVID-19.
Uniswap also pulled 90 percent of SHIB liquid from Buterin. Buterin’s actions led to a multiday move which sent the SHIB Token 50% lower.
SHIB Token Price
SHIB has risen more than 1.2,000,000% since its creation on August 1, 2021. One quadrillion tokens were created, of which half was sent to Ethereum’s creator Vitalik Buterin and the other half is locked into a Uniswap agreement. Shiba Inu is a very small coin, but that’s not surprising.
SHIB is currently trading at $0.00001997. Just a few days before, it had reached a record high of $0.0000388. The fall of about 50% in just four days was due to the market correction, which saw the market crash after news broke that Tesla would not accept Bitcoin payments.
Before that 50% decline, the SHIB coin had risen roughly 3,300% over a period of one week.
It’s not difficult to get your hands on SHIB Tokens. It is available on Uniswap and dozens of other exchanges. Binance has added the token in the past few weeks, and many other CEXs and DEXs are also listing the token due to the immense popularity. While Coinbase said that it would list Dogecoin within a few days, there has been no indication as to whether the SHIB token will be included.
What is ShibaSwap?
Shiba Inu is developing its own decentralized exchange (DEX) called ShibaSwap. This comes as no surprise given the popularity and success of Uniswap. Shiba Inu has not set a date for the launch, but its proponents say it will be a decentralized, safe exchange.
ShibaSwap DEX should revolve around the tokens the project creates. It’s true, I said 3. We’ve already talked about the SHIB, but we also have a LEASH, and we will soon be getting a BONE.
Tokenomics-wise, the LEASH is the opposite of SHIB. LEASH had a total of 107,647 coins. The original intention was to have it be a Dogecoin rebase token, but this was changed to a regular ERC-20 token.
LEASH’s price was $5,467.68 on May 14, 2021, reflecting its low supply. LEASH’s price is quite volatile. On May 14, it ranged from $3,404.83 up to $6,575.68. As of writing this review, LEASH was only available through Uniswap or 1inchexchange.
The BONE token is the last one, and it hasn’t been released yet. With a supply of 250,000,000 tokens, it will sit in the middle between the other two. The woofpaper states that it will only be traded on ShibaSwap. But I am unsure of how they could prevent it from trading on Uniswap if the token is ERC-20.
BONE will also be used as a token for community governance, allowing members to submit proposals and vote.
The Woofpaper
ShibaSwap allows your Shibs to DIG for BONES or even BURRY their tokens. Trainers can teach their Shibas how to SWAP, which allows them to swap one token for another. Shibas generate tokens when they DIG, BURY or SWAP. “Returns” The #SHIBARMY team has BURIED or DIGGED for their tokens and are now distributing them to the Puppy Pools.
Maybe a visual can help you decode this:
Shiba Inus and NFTs
The project also wants to get into the NFT world and offer the opportunity to create, trade and sell NFTs via the ShibaSwap website. They’ve already started a search to find artists for their incubator.
The best Shiba Inu artists were invited to participate in a special project by our artist incubator. Over a period of a few months, we invite speakers to share their knowledge and experience with our Shiba Inu artists. We hope that this will foster camaraderie among the Shiba community and help them build lasting relationships. They will be the leaders of the Shiba artistic movement, as we explore ways to take our unique position in the NFT market. We received over 75 applications and are thrilled to share with the community our cohort, Portfolio Day and first official NFT ventures.
Shiba Inu Rescue
Shibas may be the cutest dog breed ever but they aren't the easiest dog breed to keep. Shibas need to rescued in many countries. Shiba Inu token has launched a fundraising campaign using Amazon Smile to raise money for this cause.
Shiba Inu Rescue Association, a 501 (c)3, is the preferred non-profit for Shiba Inu Rescue Association members. This method is completely free. Automatically, a percentage of all your purchases will be donated to the rescue. There is no cost to you. The project is a community effort to aid Rescue Shibas.
You can also read our conclusion.
The massive gains made by the SHIB token are hard to ignore, until you realise that they were only possible because the token is similar to Dogecoin and the ShibaArmy has been promoting it. ShibaInu token has no real use and no technical support.
I have not seen any mention of a token development team or the creator of the token. “Ryoshi” In his first Medium post, Ryoshi fully admits that the token was not even rolled by himself. Instead, it was created by a buddy who sent half of the supply to a Uniswap agreement and the remainder to Ryoshi’s wallet.
The ShibaSwap Exchange is currently in development, but it appears to be a last-minute idea, or another way of cashing in on cryptocurrency, given the recent popularity of the DEX.
I thought it was a coincidence that no white paper had been created in August, when the token launched. Instead it was released at the end of April 2021. Also, consider that the token was launched in August 2021. “Woofpaper” The whitepaper is more focused on ShibaSwap than it is about the tokenonics and utility of SHIB, or any other tokens launched by Shiba Inu.
You can speculate about the SHIB token’s price if you wish. You should be aware of the red flags that are raised by the project, including the anonymity and lack of technical documentation.
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