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Thursday, September 28, 2023

SHIBA INU coin:  Also known as “The Dogecoin Killer“

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What is Shiba Inu Coin?

The Shiba Token, or Shiba Inu, is a decentralized cryptocurrency that was created by an anonymous person known as Ryoshi in August 2020. This ERC-20 token is based on Dogecoin, and it advertises itself as the “Dogecoin killer” on the Ethereum blockchain. 

There have been two reasons why Shiba Inus have been in the news. Earlier in the month, Elon Musk tweeted he would like to own a Shiba puppy, which sparked a 300 percent increase in cryptocurrency prices.

When Vitalik Buterin, a 27-year-old Russian Canadian billionaire, donated 50 trillion Shiba Inu coins to Sandeep Nailwal’s India Covid Crypto Relief Fund, Shiba Inu coin prices fell by over 40 percent.

 Shiba Inu: who owns them?

Shiba Inu belongs to someone named Ryoshi, but no one knows the owner’s real name. In Japan, the Shiba Inu dog breed has been named after the meme coin. A rival to Dogecoin, Shiba Inu claims to be the ‘Dogecoin Killer’ and was launched in August 2020. Dogecoin’s logo is similar to Shiba Inu’s, as they are both based on Shiba pups. Platforms and models are also built around Dogecoin.

 Project Liquidity

A lot of major exchanges are accessible to Shiba Inu (SHIB) traders. A SHIB listing on each exchange has further boosted the price. Upon Binance listing SHIB, the token’s price doubled. It is still impressive that Binance’s CEO, Changpeng Zhao, tweeted that the exchange is running out of ETH deposits due to SHIB today. Zhao noted that this is the first time the exchange is running out of these addresses.

 In what ways can Shiba Inu (SHIB) assist you?

Shiba Inu provides users with greater earning potential. A major objective was to create an ERC-20 token and ecosystem that could be owned by anyone for a low price. Their tokens were intentionally launched at a price far below a penny. To achieve profitability, the platform needs to reach $0.01 just once. This is the extent of the developers’ success so far.

 Shib Ecosystem

Shiba Inu is a decentralized experiment in spontaneous community building. It allows its holders to hold trillions of tokens or even billions.  It has been nicknamed Dogecoin Killer because it can be as low as a penny and outpace Dogecoin within a short amount of time (comparatively speaking). Listed on and incentivized on ShibaSwap, our decentralized exchange, Shiba token ($Shib) is already popular worldwide, and already up thousands of percent.   

The 50 percent supply was locked up and the keys were thrown away! 

In addition, the remaining 50% was burned down to Vitalik Buterin, making us the first project following this path, so everyone owned tokens, making sure devs didn’t own tokens they could sell on the open market.

On the SHIBA INU website, there are several other tokens described. LEASH, which will not rebase, and BONE, the “Dogecoin Killer” (obtained in May 2021).

In the WoofPaper, it says that SHIB can either be used to BURY tokens, DIG for bones, or to trade tokens. Shibas that “Trainers” have taught to SWAP tokens also have “Returns” placed in the Poppy Pools, where the #SHIBARMY can choose to bury or dig for bones.

Hundred-million-dollar transaction volumes were recorded in the early months of May 2021 for dog-meme tokens such as Shiba Inu.

 A large portion of the token supply was given by Vitalik Buterin (who has received half of the token supply) to a fund that is helping India with COVID relief. Because SHIBA developers weren’t aware Buterin would sell his tokens, the relief fund (as of May 18) will have to figure out how to sell the tokens without causing market shock for the SHIB market. SHIB dropped 44% upon hearing of Buterin’s announcement.

 Why Shiba Inu Are  Different?

Dogecoin was acknowledged as nothing more than a joke token when it was implemented, so any improvement to Shiba Inu would be welcome. From that point on, it served initially as a tipping coin on Reddit, and later as a speculator’s tool on cryptocurrency exchanges.

The “Woofpaper” is intended to be a marketing document rather than a technical document, so it does seem Shiba Inu is keeping the speculation aspect of Dogecoin.

The creators of Shiba Inu took an important step in distinguishing the project by “burning” half their supply by sending it to Vitalik Buterin, the creator of Ethereum. Vitalik still has the coins in his possession, so this isn’t the same thing as burning them. These exist in contrast to traditionally burned coins, and you will learn below that they are still quite usable.

Final thoughts:

 SHIB tokens have experienced massive gains in recent years until you realize they were only possible thanks to their similarity to Dogecoin and their dedicated shilling from the ShibaArmy. Shiba Inu token has no use case, nor does it have any technical backing.

Ryoshi’s developer refuses to disclose a development team on Medium, saying the coin was developed by a friend who locked half the supply in a Uniswap contract and then sent the rest to Ryoshi’s wallet.

There will be a ShibaSwap exchange in the future, but given the popularity of the DEX lately, this appears to be a second thought or simply another way to make money with cryptocurrencies.

The token was launched in August 2021, but the white paper wasn’t released until the last week of April 2021, perhaps as a serious coincidence. Also, keep in mind that Shiba Inu’s “Woofpaper” (whitepaper) is concerned more with ShibaSwap than with SHIB or any other token being launched by the firm.

If you want to speculate on the price of the SHIB token, that’s entirely your choice. Several red flags indicate that this project is a shitcoin, ranging from the anonymity of the creator to the lack of technical documentation.

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