Shiba Inu

While Bitcoin has certainly achieved great things, a centralized society still determines how we conduct much of our daily lives. Launched in August 2020 by an anonymous individual named Ryoshi, Shiba Inucoin is the first coin to be 100% run by its community and aims to create a decentralized standard.

The Shiba Inu community, known as the Shib Army, is experimenting with whether decentralization can truly work without a centralized team, no funding, and no direct leadership. Shiba Inu Coin is a token of Shiba Inu. After its launch, Ryoshi supplied 50% of the tokens to Vitalik Buterin, the founder of Ethereum and a Russian-Canadian programmer. The remaining half is locked on the decentralized finance platform Uniswap for liquidity.

History of Shiba Inu

Shiba Inucoin was created in August 2020 with an initial total supply of 1 quadrillion tokens. The first major moment in Shiba Inucoin’s history came in May 2021, when its founder sent half of the supply to Ethereum co-founder Vitalik Buterin. This was widely viewed as a publicity stunt to ride on the success of more popular cryptocurrencies. Buterin ultimately donated 10% of the tokens and burned (destroyed) the other 90%. Therefore, the current circulating supply of Shiba Inu is approximately 549 trillion tokens.

Shiba Inu Coin launched its own decentralized exchange, ShibaSwap, in July 2021. In November, it partnered with David Folk to develop a cryptocurrency gaming project. In terms of value, the Shiba Inu price at the beginning of 2021 was $0.000000000119. It peaked at $0.00008845 that year. Comparing such small numbers is tricky, but its price increased by more than 74,000,000% in October 2021. Then it suffered a massive decline, losing more than 75% in value.

How Does Shiba Inu Coin Work?

Shiba Inu Coin is an ERC-20 token powered by Ethereum. Since it runs on the Ethereum network, Shiba Inu can leverage smart contracts to create decentralized financial products. Dogecoin Killer plans to enter the DeFi space through its decentralized exchange and artist incubator, which is gaining momentum after seeing protocol prices rise and adoption rates increase. The incubator will enable artists to use the Ethereum network to auction non-fungible tokens through smart contracts, creating an NFT marketplace that does not require third parties.

Once Shiba Inu Coin launches its decentralized exchange ShibaSwap, users will be able to stake their tokens for BONE. According to Shiba Inu’s website, BONE is touted as another Dogecoin killer and their next asset that will take the power of DeFi to even higher levels. Once available, the only way to mine BONES will be to stake SHIB on the ShibaSwap platform. Those who hold SHIB will earn interest. The third flagship asset on ShibaSwap is LEASH, which has a total supply of just 100,000 coins. This is available on Uniswap. Shiba Inu also plans to launch an NFT project, release ShibaSwag and enable real-world applications beyond the digital realm.

Uses of Shiba Inu

Many view Shiba Inucoin as an investment vehicle, an asset that can be purchased and held, as the coin is designed to be able to outpace Dogecoin in terms of growth without even reaching $0.01. The launch of the ShibaSwap exchange will bring wider utility to Shiba Inu Coin as it will enable holders to stake and mine their coins. The Shiba project as a whole also serves other functions, such as bringing the artistic Shiba movement into the NFT market through an artist incubator.

Is Shiba Inu Coin Worth Investing?

Shiba Inu Coin is a high-risk investment that has most likely peaked. Early buyers may have made a lot of money, but that success was based largely on hype rather than any technical merit. Investors are better off choosing cryptocurrencies that are more useful or have more long-term value.

For everything the Shiba Inu does, there is a competitor that does it better. Shiba Inu Coin can be used as currency, but since it is built on Ethereum, processing times are often slow and fees are high. Other cryptocurrencies, like Solana, offer faster and cheaper transactions.

ShibaSwap is another use case for Shiba Inu Coin, but it’s in a crowded market. There are already quite a few market leaders, including Uniswap and PancakeSwap, which are much larger than ShibaSwap.

Meme coins and meme stocks sometimes take off, but their success rarely lasts long. The most likely scenario is Shiba Inu Coin but the best time to invest has passed.