Introduction
In the ever-evolving world of cryptocurrencies, meme coins have gained significant popularity due to their strong community backing and viral nature. One such meme coin that has been making waves is Shiba Inu crypto, in fact.
In this article, I will dive into the purpose, ecosystem, but not only. Then, I will switch to history of SHIB cryptocurrency, and explore its unique position in the market.
I am excited, but let’s get job done!
The Emergence of Shiba Inu
At first, Shiba Inu crypto is an Ethereum-based altcoin that features the Shiba Inu hunting dog as its mascot.
Created in August 2020 by an anonymous individual or group known as Ryoshi, in fact. Similar history like in case of Bitcoin! Shiba Inu quickly gained traction as an alternative to Dogecoin, so it earning the moniker “the Dogecoin killer.”
Like Dogecoin, Shiba Inu is a meme coin that thrives on its association with a popular internet meme, in this case, the Shiba Inu dog breed.
Indeed, Shiba Inu was created as a memecoin that would crush Dogecoin, other memecoin.
As the results will later show, the situation may really change soon.
But everything is in the hands of the ShibaInu community, it seems to say.
The Shiba Inu Ecosystem
The Shiba Inu ecosystem revolves around three main tokens: Shiba Inu (SHIB), Leash (LEASH), and Bone (BONE). Each token serves a specific purpose within the ecosystem and contributes to the overall functionality of Shiba Inu.
Shiba Inu (SHIB)
This is the foundational currency of the project, with a total supply of 1 quadrillion tokens. Half of the supply was locked in the decentralized exchange Uniswap for liquidity, while the other half was sent to Ethereum co-founder Vitalik Buterin for safekeeping.
Notably, Buterin donated a significant portion of his SHIB holdings to a COVID-19 relief fund in India. SHIB can be exchanged with other ERC-20 tokens within the Ethereum ecosystem.
Leash (LEASH)
With a total supply of only 107,646 tokens, Leash is a rebase token initially tied to the price of Dogecoin.
However, the rebase function was later switched off, and the token returned to its ERC-20 design. LEASH is used to reward ecosystem supporters with perks.
Bone (BONE)
Positioned between SHIB and LEASH in terms of circulation supply, Bone has a total supply of 250,000,000 tokens.
Originally designed as a governance token, Bone is set to be utilized in Shibarium, a layer two blockchain designed to run on top of Ethereum, to reward validators and delegators.
In fact, the Shiba Inu ecosystem is constantly growing.
The token itself benefits from the development of the Ethereum blockchain on which it was built.
But let me return to the ecosystem itself. In terms of the ecosystem, it seems quite obvious that Shiba Inu has already overtaken Dogecoin.
By the way, this ecosystem has its own NFT exchange, but more about ShibaSwap in a moment.
The History of Shiba Inu
The origins of Shiba Inu can be traced back to an experiment in decentralized spontaneous community building.
The project aimed to explore what would happen if a cryptocurrency project was entirely run by its community. The guiding principles of Shiba Inu emphasize the power of collective decentralization and the ability to create something stronger than a centralized team ever could.
The SHIBArmy, a community of nearly 500,000 Reddit members, embraces these founding principles.
The project started from scratch, with zero existing community or preassembled team, and is driven by a professed love for Shiba Inu dogs.
ShibaSwap and the Shiba Inu Incubator
As part of its ecosystem, Shiba Inu introduced ShibaSwap, a decentralized exchange (DEX) that aims to provide a safe and decentralized platform for trading cryptocurrencies.
ShibaSwap uses automated market maker (AMM) protocols, similar to popular platforms like Uniswap and SushiSwap, to enable users to trade SHIB, LEASH, and BONE tokens.
Additionally, Shiba Inu Incubator, formerly known as the Artist Incubator. It serves as a platform to honor creativity and ingenuity beyond traditional art forms. The incubator aims to foster innovative ideas and projects within the Shiba Inu community.
At this point, it is worth stopping for a moment and taking a look at what possibilities ShibaSwap offers.
And there are many of them…
First, there is the ability to exchange and sell NFTs for artists. As previously written, but… this is only the beginning of what the Shiba Inu exchange offers.
Secondly, it is a platform where you can earn money through Staking. I have already written about Staking itself earlier. Why not make money HODLing a Shiba Inu? Exactly.
Thirdly, there is the possibility of farming. I will only add that this is something that the creators of ShibaSwap are working on. While writing the article, I specifically looked at the stock exchange to check how Farming works. Well, unfortunately I was disappointed, but I assumed that work on this function was ongoing.
Anyway, I’m mentioning it, and farming will start working soon.
Ultimately, I will write about Doggy DAO, i.e. voting for cryptocurrency pairs.
Shiba Inu vs. Dogecoin
Shiba Inu has often been compared to Dogecoin, as both coins share a meme coin status and a connection to the Shiba Inu dog breed.
However, there are notable differences between the two. While Dogecoin was launched in 2013, Shiba Inu emerged in 2020, positioning itself as a potential rival to Dogecoin’s popularity.
The success of Shiba Inu can be attributed to its strong community support and the adoption of Ethereum as its blockchain platform.
Unlike Dogecoin, which operates on its own blockchain, Shiba Inu leverages the security and decentralization of the Ethereum network.
In fact, the battle between the two memcoins is fierce. Dogecoin’s market capitalization is much smaller, but…
Dogecoin has been on the market since 2013, so it was practically one of the first meme cryptocurrencies. Well, I guess there’s no doubt about it.
Meanwhile, Shiba Inu has only been on the cryptocurrency market for 3 years.
Not much as you can see.
If we compare the ecosystem, public support and the number of website visits, the fight is quite even. With a slight advantage of Dogecoin, but for how long?
Investing Considerations for Shiba Inu
Investing in Shiba Inu, like any cryptocurrency, comes with risks and considerations.
While the low per-token price of SHIB may be enticing, it is important to recognize the potential for volatility and the lack of a compelling use case beyond trading and non-fungible tokens (NFTs).
Additionally, the significant burn of SHIB tokens, including those held by Vitalik Buterin, raises questions about the true decentralization of the coin.
It is crucial to carefully evaluate your investing goals, risk tolerance, and strategy before considering investing in Shiba Inu or any other cryptocurrency. Conduct thorough research, seek professional advice if needed, and only invest what you can afford to lose.
Shiba Inu Price in Depth
First of all, let me say that 3 years on the market and huge profits!
But I would not like to miss the whole essence of this price analysis. Well, let’s get to work!
1st Bull Market
First of all, the Shiba Inu was listed on the stock exchanges with a price that is even difficult to determine.
Because she was so short. This is probably why the term memecoin or shitcoin was coined. Okay, what was the price? $0.000000000056!!
Haha, I was laughing so hard. Okay, but how did the price change during the bull market?
And here the laughter and giggles disappear. All thanks to the generated profit of 150,000 times within 8 months.
So what do you say now, reader? I won’t even say what the price was at the peak.
Okay, I’ll do it soon. $0.00008616. Grain by grain and you’ll get a scoop.
1st Bear Market
After this price increase, the bear market has come.
Here, the price peak of memecoin coincides with the peak of the king, i.e. Bitcoin!
The price dropped dynamically until mid-June 2022, and then began to stabilize.
Needless to say, the loss from the peak was about 99%!!
An extreme experience that even the most experienced investor cannot survive. Well, unless he doesn’t look at this investment at all.
2nd Bull Market
The second bull market can be defined from the moment when the price hits bottom.
I’m already looking at the chart and I see that this moment occurred several months ago.
Namely, in mid-June 2023! The weak bull market in cryptocurrency prices continues.
The Future of Shiba Inu
As the cryptocurrency market continues to evolve, the future of Shiba Inu remains uncertain.
The success of Shiba Inu is closely tied to its community support and the development of its ecosystem. It will be interesting to see how ShibaSwap and Shibarium, along with other planned projects, will shape the future of the Shiba Inu ecosystem.
Ultimately, the longevity and success of Shiba Inu will depend on its ability to deliver on its promises, establish utility beyond trading and NFTs, and navigate the ever-changing landscape of the cryptocurrency market.
Conclusion
Shiba Inu has made a significant impact in the world of cryptocurrency, positioning itself as a meme coin with a strong community following. Its purpose as an experiment in decentralized spontaneous community building has attracted attention, indeed. Then, sparked debates about the true nature of decentralization.
While investing in Shiba Inu carries risks and considerations, the unique features of its ecosystem, including ShibaSwap and the Shiba Inu Incubator, provide avenues for growth and development.
Finally, the future of Shiba Inu will depend on its ability to navigate challenges, establish utility, and maintain community support.
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