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What Is SHIBA INU (SHIB)?
According to the Shiba Inu website, SHIB is the “DOGECOIN KILLER” and is listed on their own Shibaswap, a Decentralized Exchange. This meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin paired with headlines and tweets from personalities like Elon Musk and Vitalik Buterin. Vitalik Buterin was long believed to be the originator of Shiba Inu, but denied such rumors on the Lex Fridman podcast on June 5, 2021. The Shib token are part of a swarm of dog-themed cryptocurrencies, including Dogecoin. These lesser-valued tokens have attracted investors who missed the Dogecoin pump from 0.0002 to nearly 0.75 USD.
On Sept. 17, 2021,Coinbase,the largest U.S.-based crypto exchange, listed Shiba Inu on their platform. This news caused the coin’s price to rise by over 40% in the following two days, bringing the meme dog token into the spotlight again. Shiba Inu has since attracted more interest from other exchanges as well. Bitso, Mexico’s biggest cryptocurrency exchange, announced in September that SHIB would start trading on its exchange. Giottus, an Indian crypto exchange, announced the same. Bitstamp, the biggest crypto exchange in Europe, said that it would list Shiba Inu for trading at the beginning of 2022. Korbit, a South Korean exchange, became the country’s first exchange to list the SHIB token in 2021.
Who Are the Founders of SHIBA INU?
Shiba Inu coin was created anonymously in August 2020 under the pseudonym “Ryoshi.” yet another anonymous creator Ryoshi says about himself that he is a nobody and not important and that the efforts to unmask his identity, even if successful, would be underwhelming. However, very little is known of the mystery founder of the dog-themed cryptocurrency, much like the founder of Bitcoin, Satoshi Nakamoto.
In his blog RYOSHI RESEARCH, he characterizes himself as “just some guy of no consequence tapping at a keyboard.” Ryoshi said that usually in projects there are different roles like a CEO, a “tech guy,” and a roadmap, resulting in “someone plebs can bitch at.” He stresses that with Shiba, no one person is accountable or responsible and underlines that he owns 0 SHIB to this day. For this reason, Ryoshi can be “pure and unbiased.”
It has been speculated that Vitalik Buterin was behind the initial liquidity that helped set up Shiba Inu’s liquidity on Uniswap. According to Ryoshi, he had “a fren” he met at Devcon in Osaka that sent him 10 ETH to set up the liquidity pair on Uniswap. Ryoshi also stated that Shiba Inu was an experiment in decentralized community building, and he thus declined all the influencer requests and pitches from different exchanges he received. His “job” is to defend the brand and give suggestions, although he does so very sparingly, as his last blog entry dates back to May 2021.
What Makes SHIBA INU Unique?
After initially being only one meme coin of many, Shiba Inu skyrocketed to popularity after Vitalik Buterin famously burned his share of the SHIB supply. Ryoshi had given Buterin 50% of the SHIB supply, announcing that “as long as Vitalik doesn’t rug us,” Shiba Inu would be fine.
In October 2021, SHIB surged on the news of a possible Robinhood listing and briefly flipped Dogecoin to become the most-valued meme coin by market capitalization. Thus far, Robinhood has not listed SHIB, despite a petition with over 500,000 signatures calling for it. However, Robinhood would prioritize safety over the “short-term gain” of a new token listing and has left Shiba Inu fans waiting since.
The October 2021 price surge famously minted a billionaire, as one wallet was uncovered that had bought $8,000 worth of SHIB in summer 2020, which was worth over $5.7 billion at SHIB’s all-time high valuation. The wallet owner has not been determined, although the person appears to have sent parts of their fortune to other wallets several weeks after the price explosion. The price surge also led to increased adoption across token holders. WhaleStats compiled data of the largest ETH wallets and found that SHIB represents over 20% of the combined market shares of all ERC-20 tokens held by Ethereum whales.
Moreover, retailers increasingly started adopting SHIB as a means of payment following its popularity among small-time investors. American electronics retailer Newegg added SHIB at the start of December 2021, partnering with crypto payments platform BitPay to unlock payments in SHIB. This followed the adoption of SHIB by over 500 merchants, according to payments firm CoinGate, with even Samsung-backed digital wallet provider ZenGo adding SHIB to its options and a restaurant in Paris accepting it as a payment option. So far, at the moment of this article being released, at least 15 places are accepting $SHIB. Among those stores they sell fast food, liquor, hardware, electronics, office supplies, services and more.
Arguably the best-known merchant set to accept Shiba Inu coin is movie theater chain, AMC Entertainment. This places SHIB on track to be accepted online for gift cards, movie tickets, and concessions. A major reason for the surging price of SHIB was a continued effort by the SHIB community to build a utility for the Shiba Inu token and the subsequent emergence of an entire Shiba Inu ecosystem. ShibaSwap is the coin’s designated DEX that was later started.
One immediate change Shiba Inu has implemented is increasing token burns, which have sparked renewed interest in the token at the beginning of 2022. Bigger Entertainment, a crypto record label selling merch, NFTs and concert tickets, organized a SHIB burn party that burned over 239 million SHIB over Christmas. In total, the team has burned almost one billion SHIB since the end of October.
How Many SHIBA INU (SHIB) Coins Are There in Circulation?
The SHIBA INU website notes that they locked 50% of the total token supply on Uniswap, and “threw away the keys!” The remaining 50% was “burned to Vitalik Buterin.” In response to the “gift” from the Shiba Inu team, Vitalik Buterin sent 50 trillion SHIB tokens, worth $1 billion in Shiba Inu price at that time, to India’s Covid Crypto Relief Fund. Buterin then burned 40% of the total supply to a dead wallet.
At the beginning of May 2021, dog-themed meme tokens like Shiba Inu saw transaction volumes in the hundreds of millions of dollars. Shiba Inu price hit an ATH of 0.00008 on 27th October , 2021, before going on a downtrend since. Despite rumors alleging the contrary, Elon Musk does not own any SHIB. He confirmed as much in a tweet, which caused a temporary price drop.
How Is the SHIBA INU Network Secured?
According to the 22-page-long SHIB’s WoofPaper, SHIB is an ERC-20 token based on Ethereum, a proof-of-work blockchain currently transitioning to proof-of-stake. Ryoshi announced in his final blog post to date that Shiba Inu would develop its own layer-two solution that would be more decentralized than Polygon or BSC, both of which Ryoshi regards as not truly decentralized. The Shiba L2 would be called “Shibarium”.
According to Ryoshi, Shibarium would be built by a “very competent blockchain team” with experience building such solutions. Developer Eric M has announced in the Shiba Inu Discord server that Shibarium would launch “soon,” although he did not specify a date.
SHIB Price Live Data Today.
The live Shiba Inu price today is $0.000024 USD with a 24-hour trading volume of $700,759,733 USD. The current CoinMarketCap ranking is #15, with a live market cap of $13,362,657,063 USD and a circulating supply of 549,063,278,876,302 SHIB coins with the max. supply not being available.
Where Can You Buy SHIBA INU (SHIB)?
If you would like to know where to buy Shiba Inu, the top cryptocurrency exchanges for trading in Shiba Inu stock are currently Binance, Huobi, Coinbase, Hotcoin global,Uniswap, Cointiger and Bybit, among other exchanges.
If you were Bold enough to invest 100$ in shiba inu when it was created in August 2020. Your Position today would be a jaw-dropping $14 Million. This would firmly place you in the top 1% of the wealthiest American households. As the whole crypto market is down, invest in shiba as soon as possible and hold it. Just 1$ is enough. You know how much that is? You really wanna know? A dollar equals 41318 shiba. If shib reaches a dollar, that’ll be 41,318 dollars!!! So invest in Shiba before it becomes big plus you have nothing to loose. Just a dollar!