Meme coins cannot halt the expansion and advancement within the cryptocurrency realm. Various factors drive this phenomenon, but the critical element contributing to their triumph is the support of a robust community rather than practical applications in the real world. An example is Elon Musk, who endorsed Dogecoin, a cryptocurrency centered around dogs, through his frequent tweets about dogs and cryptocurrencies.
This article aims to investigate whether the SHIB coin serves a specific purpose, delve into the details regarding the total supply of Shiba Inu, and compare Shiba Inu with Dogecoin.
Understanding SHIB Coin: An Introduction To SHIB Cryptocurrency
The Shiba Inu, an original Japanese dog breed, holds the iconic status of being the symbol for Dogecoin. The “woof paper” outlines the guiding principles we have built the ecosystem. The “woof paper” is the canine version of a white paper detailing the project’s roadmap and objectives.
Shiba Inu Ecosystem & Token:
The Shiba Inu ecosystem revolves around SHIB, an Ethereum-based ERC-20 token. The team chose Ethereum as the platform for SHIB due to its robustness, security, and well-established nature. This choice enables genuine decentralization.
SHIB’s Popularity & Community:
The ShibArmy, known for its extensive community of supporters, primarily attributes the extraordinary popularity and success of SHIB. The great popularity and success of SHIB can be principally attributed to its vast community of supporters known as the ShibArmy.
Furthermore, significant personalities on the internet contribute to price increases, thus fuelling its development and awareness. Notably, SHIB has 2.2 million followers on Twitter, exceeding Solana (1 million followers), Cardano (1.1 million followers), and even Ethereum (1.9 million followers). Over January and October 2021, the price of SHIB grew by more than 27,000,000%.
Perceptions & Utility:
Based on the SHIB token’s perceived lack of real-world utility, many people regard it as a pump-and-dump cryptocurrency. According to its website, the Shiba currency is “A Decentralized Meme Token that Evolved into a Vibrant Ecosystem.” The Shiba Inu dog breed’s popularity contributes to the token’s attraction among the cryptocurrency community.
Who created The Shiba Inu Coin?
I was following the trend of dog-themed meme coins, an individual or organization known as Ryoshi produced a token named after a specific animal in 2020. This cryptocurrency emerged as a direct competitor to Dogecoin after seeing a massive increase in value during 2021, outperforming related tokens such as Floki Inu, Akita Inu, and Dogelon Mars.
Within a year, the SHIB coin’s value skyrocketed from a low of $0.000000000056 to an all-time high of $0.00008616, marking a 150 million percent increase.
Additionally, Vitalik Buterin, the chief engineer and co-founder of Ethereum, made a hugely generous $1 billion SHIB gift. The donor gave this enormous gift to help combat the expansion of COVID-19 in India, setting a new record for the most significant donation ever made in history.
How many Shiba Inu coins Are There In circulation?
The Shiba Inu environment stands out for its distinct characteristics, beginning with its massive total supply. The system generated an astounding one quadrillion (1+15 zeros) SHIB tokens when released in August 2020. This was the most coin ever created in cryptocurrency history.
Abundant Token Supply:
- Shiba Inu ecosystem launched a total quantity of one quadrillion SHIB tokens, breaking the crypto industry record.
- The vast number of coins minted at inception in August 2020 distinguishes Shiba Inu from other cryptocurrencies.
Locking Supply In Uniswap:
- The decentralized exchange Uniswap locked 50% of Shiba Inu’s supply following the launch.
- Users engage in automated transactions and earn and swap cryptocurrencies through smart contracts on the Ethereum blockchain.
Automated Market Maker Protocol (AMM):
- Shiba Inu’s system is an automated market maker protocol, incentivizing users to become liquidity providers.
- Liquidity providers receive a portion of transaction fees and free tokens as incentives for their participation.
Buterin’s Involvement & Token Burning:
- Shiba Inu’s Ryoshi transferred the remaining token supply to Vitalik Buterin, raising concerns about decentralization.
- Buterin responded to the community’s worries by giving part of his possessions to the India Covid Relief Fund.
- To further address doubts and increase decentralization, Buterin conducted a record-breaking burn of 410.24 trillion SHIB, removing 40% of the total supply from circulation.
Burning & Decentralization:
- Approximately 41% of SHIB coins, including those sent to Buterin, were burned, significantly reducing the number of coins in circulation.
- The burning process aimed to enhance decentralization and lessen the potential for future volatility.
Buterin’s Involvement with Canine Cryptocurrencies:
- Vitalik Buterin’s crypto address received canine cryptocurrencies like Dogecoin (ELON), Akita Inu (AKITA), and SHIB.
- This move aimed to gain publicity by associating with a prominent figure in the crypto community.
Decentralization Concerns & Developers’ Perspective:
- The decision to send 50% of the circulating coins to Buterin raised questions about compliance with decentralization standards.
- However, the developers believed that vulnerability is necessary for greatness as long as Buterin does not exploit the situation (“rug us”), ensuring Shiba’s growth and survival.
What is The purpose Of The Shiba coin?
Meme coins gain their fame primarily through the support of their community, which plays a significant role in their development and valuation. While some may not perceive much practicality in this approach, community members view it as the true essence of decentralization and a catalyst for the growth of cryptocurrencies.
The fundamental idea behind meme coins is the absence of a central authority dictating their fate. A notion that many find empowering drives their success, supported by a collective of supporters.
The official website of the Shiba token describes the project as an experiment in decentralized and spontaneous community building. It aims to empower ordinary individuals. His resonates with the surge in popularity of meme stocks at the beginning of 2021. GameStop Corp (GME) showcased to the world the potential of decentralization.
Exploring The Utility Of Shiba Coin: What Can It Be Used For?
Many tokens that help the cryptocurrency ecosystem run smoothly separate Shiba Inu.
Three tokens Form The basis Of The Shiba Inu tokenomics:
- Shiba Inu (SHIB): When it was created, a total quantity of 1 quadrillion tokens constituted the primary currency of the project. It can be exchanged for any ERC20 token in the Ethereum ecosystem.
- Leash (LEASH): LEASH, the Shiba Inu ecosystem’s second token, has a total quantity of just 107,646 tickets and was previously a rebase token related to the price of Dogecoin. The token price can be modified without impacting the value of anyone’s coin share by increasing or decreasing the quantity of a rebase token, thereby giving it a flexible monetary base. The rebase mechanism was later permanently disabled, and the coin reverted to its ERC20 form.
- Bone (BONE): BONE is only accessible on ShibaSwap and has a total of 250,000,000 tokens, putting it in the middle of the other two tokens in terms of circulating supply. It is a governance token that, in 2022, will allow the ShibArmy to vote on ideas. The more BONE users there are, the more weight their vote will have in future project decision-making.
The following Tools Are Also part Of The Shiba Inu Ecosystem:
- ShibaSwap: The decentralized exchange (DEX) for decentralized finance (DeFi) is where users should find a secure place to trade cryptocurrencies without the limits of a centralized platform. We’ll dig deeper into this concept below.
- Shiba Inu Incubator: Previously known as the Artist Incubator, this is where ShibArmy’s creative members may express their creativity and create their artwork.
- Shiboshis: Shiboshis are 10,000 non-fungible tokens (NFTs) generated on the Shiba Inu ecosystem and permanently recorded on the Ethereum blockchain, with different features that make each unique and collectible. They can be purchased and traded on the popular NFT platform OpenSea and ShibaSwap without fees.
Exploring ShibaSwap: An Introduction To ShibaSwap & Its Functionality
The Shiba experiment’s colossal success has driven its authors to create another project, a decentralized exchange similar to existing platforms such as UniSwap and SushiSwap.
Why choose To swap Over Trading? Understanding The Difference
The notion of token trading has evolved significantly over the years. In 2017, a realization emerged that traditional trading methods needed to be replaced with a more efficient approach. This resulted in “atomic swaps,” which allowed for direct swaps of digital assets between multiple blockchains without using middlemen. However, wrapped tokens have now supplanted atomic swaps as the core of decentralized finance (DeFi) systems such as ShibaSwap.
- The Shift from Atomic Swaps to Wrapped Tokens: a few years ago, traders on established exchanges utilized Bitcoin (BTC) or Ether (ETH) to buy or sell altcoins. Atomic swaps transformed the procedure by enabling direct swaps between multiple blockchains. This reduced the need for intermediaries and allowed for speedier transactions. On the other hand, Wrapped tokens have emerged as a new age in DeFi systems.
- The Rise of ShibaSwap and its Unique Features: ShibaSwap, which began on July 6, 2021, sparked great excitement among the ShibArmy. This exchange is an automated market maker (AMM) utilizing innovative contracts, allowing traders to swap assets effortlessly without ordering books or high trading costs. ShibaSwap, inspired by Uniswap, implemented a six-month lock rule for 67% of bitcoin investments, allowing investors to earn money by locking their assets.
- ShibaSwap’s Innovative Passive Income Reward System: ShibaSwap is the next generation in DeFi platforms, offering a novel way to exchange SHIB, LEASH, and BONE tokens. DIG (offer liquidity), BURY (stake), and SWAP any of the three Shiba Inu tokens are the three primary activities users may engage in. They can earn “WOOF” earnings through an innovative passive income incentive system by doing so. ShibaSwap’s novel methodology distinguishes it from typically centralized exchanges like Binance and Coinbase.
ShibaSwap has been at the vanguard of the innovation of token trading, from atomic swaps to wrapped tokens. ShibaSwap has piqued the interest of traders and investors by providing a decentralized and creative platform. Its distinct characteristics, such as the lock rule and passive income incentive scheme, contribute to its rising appeal within the cryptocurrency community.
Shiba Inu vs. Dogecoin
The team believes that the value of Shiba Inu will surpass that of Dogecoin, which is why it is known as the Dogecoin Killer. First and foremost, the Shiba Inu dog breed, from which they both descended, has become a popular meme. They both have a sizable fan base that supports and determines their success.
Influencers via prominent social media platforms like Twitter and Facebook heavily pay attention to cryptocurrencies, reporting their aims and advancements.
Here Are The Main Differences Between The Top Two Dog Meme cryptocurrencies
Dogecoin was the first meme coin to join the market and quickly developed a following. It appears that someone established Shiba Inu to mimic Dogecoin’s phenomenal success. These digital currencies all feature Japanese dogs as emblems, but they differ.
SHIB is an ERC-20 token on Ethereum, facilitating connections with DeFi projects through a shared blockchain. On the other hand, people still see DOGE as an excellent alternative payment mechanism for Bitcoin.
How To Purchase A Shiba Inu
ShibaSwap, Uniswap, and an increasing number of centralized exchanges (CEXs) facilitate the purchase and sale of SHIB and LEASH. Coinbase listed the SHIB token on September 16, 2021. It joined other major centralized platforms such as Binance, Huobi, and Kucoin in supporting the SHIB trade.
American financial services platform Robinhood has hesitated to include cryptocurrency because, in the words of its CEO, “SHIB is still not secure enough.” This decision has led to disappointment among SHIB enthusiasts. Public.com, a competitor to Robinhood in the United States, will issue the token in October 2021.
The Shiba Inu developing team is very secretive about the coin roadmap. Therefore, it isn’t easy to anticipate what’s in the cards for the cryptocurrency soon. The developers might decide to burn other coins to make SHIB more deflationary than it is now and help with a price appreciation. Shiba enters Metaverse, and plans to burn more SHIB tokens, reducing total supply and creating exciting user opportunities.