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HomeCrypto GuideWhat is Shiba Inu (SHIB)? Here's the Summary

What is Shiba Inu (SHIB)? Here’s the Summary

Cryptocurrency has become a buzzword in recent years, with new digital currencies cropping up almost every day. Among these is Shiba Inu (SHIB), a cryptocurrency that made headlines in 2021 for its unprecedented price surge. Despite facing tough years, SHIB remains a popular cryptocurrency in the crypto market. But what exactly is Shiba Inu, and why has it captured the attention of investors and crypto enthusiasts worldwide?

In this article, we’ll dive into the world of Shiba Inu (SHIB), exploring its origin, features, and ecosystem.

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What is Shiba Inu?

Shiba Inu is an altcoin that is created on and hosted by the Ethereum blockchain, rather than its blockchain. It also features the Shiba Inu hunting dog as its mascot.

Created by an anonymous person under the group called Ryoshi, Shiba Inu is a meme coin that was created as a direct rival of Dogecoin and hence it’s tagged “Dogecoin-Killer.

Though Shiba Inu was first known as an alternative to Dogecoin, it has a key difference. Shiba Inu is built on the Ethereum (ETH) blockchain, so it can run smart contracts. The protocol can also work with decentralized applications, through smart contracts. Dogecoin doesn’t have this ability, making it limited in terms of what it can do.

The Shiba Inu ecosystem is an open-source ecosystem of decentralized applications (DApps), protocols, and platforms that facilitate the creation of smart contracts and decentralized applications (DApp) on the Ethereum blockchain. Shiba Inu ecosystem has multiple tokens including SHIB, LEASH, and BONE

The whitepaper by the Shiba Inu team describes the token as a community-based cryptocurrency project. This means that the decentralized Shiba Inu community, known as the “ShibArmy,” is in control of the cryptocurrency and its development. The success and popularity of Shiba Inu are dependent on the large cryptocurrency community of SHIB supporters (ShibArmy) and the online influencers that help pump the price.

Read Also: Shiba Inu (SHIB) Developers Change Shibarium Testnet Chain ID: Details

History of Shiba Inu (SHIB)

The name of the coin was inspired by the Japanese dog breed Shiba Inu, a breed of hunting dog. Shiba Inu is the smallest of the six original and distinct breeds of dogs native to Japan. Its name translates to “brushwood dog”, as it is used to flush game.

Shiba Inu (SHIB) was launched in 2020, with an initial total supply of 1 quadrillion tokens. However, half of the supply was sent to Ethereum co-founder Vitalik Buterin in May 2021. Buterin only donated 10% of the tokens and burned the other 90%. Because of that, Shiba Inu currently has a circulating supply of about 549 trillion tokens.

In July 2021, Shiba Inu launched its decentralized exchange, Shibaswap. And it also partnered with David Folk in November 2021, to develop a cryptocurrency gaming project.

One of the most remarkable moments in the history of Shiba Inu was its donation of $1 billion SHIB by Ethereum co-founder, Vitalik Buterin to help fight the spread of COVID-19 in India, making it the largest donation ever given at once in history.

Is Shiba Inu Really the Dogecoin Killer?

Dogecoin, the meme cryptocurrency that started as a joke, has gained massive popularity in the crypto community. The reason for dogecoin’s popularity is basically that it is much cheaper than other cryptocurrencies, making it easily accessible to a broader range of people. The price of dogecoin has skyrocketed, and it has been listed among the first 10 cryptocurrencies by market capitalization.

Shiba Inu was created and tagged the Dogecoin Killer as a way of saying that it was going to displace the prime meme coin and take the center stage. However, Dogecoin (DOGE) and Shiba Inu coin (SHIB) have things in common and are both classified as meme coins. They are the most popular and common meme coins today. Shiba Inu coin has appeared whenever Dogecoin appears and this is proof that they are both siblings in the crypto family.

When it comes to memecoins, Dogecoin remains the clear victor in terms of recognition. Although SHIB briefly surpassed DOGE in the crypto rankings, the original memecoin quickly regained its place.

DOGE is ranked 6 spots above SHIB as of April 2023 (ranked 8th and 14th by CoinMarketCap). DOGE has a market capitalization of $22.91 billion, whilst SHIB has a market capitalization of $18.67 billion.

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Shiba Inu (SHIB) Tokenomics 

Shiba Inu has a maximum limit of 589,735,030,408,323 SHIB that can ever be mined. As of mid-2022, more than 549,000,000,000,000 had been mined. And currently, there is less than 7% of SHIB left to be mined.

Shiba Inu’s price is $0.00001110 at the time of writing, with a trading volume of $283,361,661 in the previous 24 hours, a decline of -8.3%. It, on the other hand, has a circulating supply of 500 Trillion SHIB coins, a market cap of $6.5B, and a total supply of 1 Quadrillion.

Conclusion

Shiba Inu is one of the most recent cryptocurrencies to emerge, riding a wave of interest in digital assets. If you want to trade cryptocurrencies — or any digital money — it’s critical that you understand what you’re getting into and what the dangers are. Because cryptocurrency is volatile and not often backed by any assets, you should avoid gambling money that you cannot afford to lose.


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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
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