The shiba inu coin, or SHIB, is an ERC-20 token that fuels the Shiba ecosystem. Comprising three separate tokens – SHIB, BONE and LEASH – that users can stake, swap or deposit into liquidity pools on the ShibaSwap decentralized exchange to earn interest and rewards.
Shiba Inu token was created in August 2020 by an anonymous person or group known as “Ryoshi”. It is named after the Shiba Inu , a Japanese breed of dog originating in the Chūbu region, the same breed that is depicted in Dogecoin’s symbol, itself originally a satirical cryptocurrency based on the Doge meme. Shiba Inu has been characterized as a “meme coin” and a pump and dump scheme. There have also been concerns about the concentration of the coin with a single “whale” wallet controlling billions of dollars’ worth of the token, and frenzied buying by retail investors motivated by fear of missing out (FOMO).
Shiba Inu was created in August 2020, dubbing itself the ‘Dogecoin killer’. On 13 May, Vitalik Buterin donated more than 50 trillion SHIB (worth over $1 billion at the time) to the India COVID-Crypto Relief Fund. The exchange price of the cryptocurrency notably surged in early October 2021. Its value increased 240% over the week. However, at the beginning of November the price dropped and continued to fall, ending the month having lost approximately 55% of its value.
Founder of Shiba Inu
The creator of Shiba Inu is Ryoshi, He sent 50% of Shiba Token to Ethereum co-founder Vitalik Buterin. We don’t know for sure whether it was sent for safekeeping or as a marketing vigil. Buterin donated the cumulative value of more than 50 trillion Shiba Inu coins to a COVID-19 relief fund in India.
Where did the Shiba Inu originate from?
Japan is an island country in East Asia. It is situated in the northwest Pacific Ocean, and is bordered on the west by the Sea of Japan, while extending from the Sea of Okhotsk in the north toward the East China Sea and Taiwan in the south. So as stated Shiba Inu was a hunting dog which hunts for birds e.t.c.
Popularity
Shiba Inu was the most popular crypto in 2021, with 43 million more views than Bitcoin. Over the last 12 months, Shiba Inu has received more than 188 million views. On the other hand, Bitcoin, the world’s most popular cryptocurrency, is in second position with 145 million views — about 43 million more than Shiba Inu — during the same period, according to CoinMarketCap, a cryptocurrency price tracking website. Shiba Inu is a spin-off of an existing meme coin — Dogecoin, which received its own share of fame during 2021. Interestingly, Dogecoin was ranked No. 3 in the list with 107 million views. They were followed by Cardano and Ethereum, at the fourth and fifth places, with 86 million views and 81 million views, respectively. Though Shiba Inu is just 15 months old, it is at present the 13th largest cryptocurrency in the world with a market cap of over $18 billion. In October, the cryptocurrency had surged over 133 percent within four days, reaching an all-time high of $0.000088. Another factor that may have made this digital asset popular could be the rumours circulating in the cryptocurrency world that Shiba Inu is likely to be listed on the popular stock trading app, Robinhood.
Where Do You Buy Shiba Inu Coins?
There are several crypto exchange platforms where you can buy Shiba Inu coins like Binance, Crypto.com, Atomic Wallet, and KuCoin. You can also buy Shiba Inu coins on Uniswap (via Trust Wallet), where you can exchange Ethereum for Shiba Coins.
The Future of Shiba Inu Coin
Though Shib coin or Shiba Inu coin is only known as a meme coin, its increasing popularity and people’s interest in participating in it is pointing towards a different but dazzling future.
According to InvestingCube.com, they predict the Shiba Inu coin will rise again. Although there isn’t much movement among this token and its value, active buyers could potentially help its value rise. The value could rise to $0.00001040 in a more active buyer’s market. Although it may not appear to currently have significant value, it can have a significant influence over large investors in the crypto market in the future, thanks to its popularity.
Note: Not a financial advice
