Shiba Inu is an altcoin of Dogecoin, while Dogecoin itself is an altcoin of Bitcoin. Shiba is a competitor for Dogecoin. If you were participating in the market in 2020, you have heard about this cryptocurrency.
Although its price is below one cent, this token garnered much attention. It seems that the meme coin is one of their 10 top cryptocurrencies by market value today. Most investors know this coin as the Dogecoin killer.
Since Shiba Inu is one of the market’s cheapest cryptocurrencies, you might be tempted to jump in and song Shiba Inu. We will talk about everything you need to know about this cryptocurrency.
What Is Shiba Inu?
Ryoshi, an anonymous developer from India, created Shiba Inu in 2020. Shiba Inu is an Ethereum-based token. It means it doesn’t have a unique blockchain, and it uses the Ethereum blockchain’s infrastructure.
According to the Shiba Inu white paper, or as the community calls it, “woof paper,” Ryoshi launched Shiba Inu on Ethereum because it’s already secure and well established.
The total supply of Shiba is one quadrillion. Ryoshi locked 50% of the total supply to Uniswap, a Defi protocol for swapping tokens on the Ethereum blockchain. Ryoshi sent the rest of the coins to Vitalik Buterin, the co-founder of Ethereum. Vitalik burned most of them and donated the rest to different charities. Meanwhile, it seems the top wallets hold up to 60 percent of the total supply.
Why Has Shiba Inu Been So Popular?
The official website claims that Ryoshi created Shiba Inu as an “experiment in Decentralized, Spontaneous Community Building.” Ryoshi means fisherman in Japanese. We don’t know whether Ryoshi is an individual or a group of people. They claimed to be nobody and replaceable. They argue that they made it very clear that no one is in charge from the beginning.
If you’re wondering what make these cryptocurrencies so popular, we should mention the Tweet of Elon Musk. He tweeted his interest in owning a Shiba puppy, which excited the market and let a 300% rise in the Shiba Inu price.
What Are The Risks?
The most important thing to consider is that altcoins like Shiba Inu, which is better to call Meme coins, are primarily community-based. It means that the community must grow for the coin to be successful.
When it comes to investing in cryptocurrency, any investment can result in the loss of your entire investment. So it’s always better to invest what you can afford to lose, no matter what type of cryptocurrency you choose.
The Shiba Inu Ecosystem
Shiba Inu (SHIB) ecosystem consists of different tokens. Shiba Inu is the primary currency of the project. Leash (LEASH) is another project token with a total supply of only 107646 tokens. Bone (BONE) is the third token of the ecosystem, with a limited supply of 25000000 tokens.
The project includes ShibaSwap, Shiba Inu Incubator, and Shiboshis.
ShibaSwap is a Defi project, aims to provide a decentralized and safe place to trade cryptocurrencies. Shiba Inu Incubator aims to appreciate creativity and ingenuity. Shiboshis are 10000 Shiba Inu non-fungible tokens on the Ethereum blockchain.
The Future of Shiba Inu Coin
The increasing popularity of Shiba Inu led this coin towards a dazzling future. Suppose this cryptocurrency can rise again. It is said that Shiba Inu has the potential to grow to $0.00001040 in an active buyer’s market. It might not be a significant rise, but it can hugely influence big investors in the cryptocurrency market.