231
What is Shiba Inu? is it possible for you to earn a lot and is it also possible for Shiba Inu to be $ 1, is it supposed to be the Dogecoin killer? What does the Ethereum founder have to do with this meme coin? So read my article until the end to know them.
What is Shiba Inu?
Shiba Inu was created in August 2020 by an anonymous entity Ryoshi, it is also an ERC20 token, meaning it was made under Ethereum blockchain. The main goal of Shiba Inu is to be an experimental decentralized community token, meaning no one really owns it and the community has the power over how it will run, but like Dogecoin, Shiba Inu was also a meme coin at first so just for fun it really is, but since Dogecoin exploded and other meme coins like Shiba Inu the purpose of Shiba Inu has suddenly changed, it’s no longer just a meme coin.
What's in Shiba Inu?
1. Shiba Swap
Shiba Swap is a DEX or Decentralized Exchange where you can swap or exchange the cryptocurrencies you have for the coin you want. For example, you swap this SHIB Token to Ethereum, so even if you don't have a transacting person, it will automatically exchange once you click the swap, just like other popular DEX such as Uniswap, it is also possible for people to make money. which provides liquidity pairs in Shiba Swap.
2. SHIB Token
The SHIB Token is the main token in the Shiba Inu ecosystem, it has an initial supply of 1,000,000,000,000,000 tokens of which 50% is sent to the wallet of Ethereum founder Vitalik Buterin, but why? We'll come back to It later.
3. BONE Token
This is another token in the Shiba Inu ecosystem, the BONE Token will serve as the governance token, meaning that the more Bone Tokens you have, the heavier the power of your vote will be in the upcoming community plans in Shiba Inu. 1 BONE is equals to 1 vote, you can also stake the BONE Token to earn even more BONE Token.
4. LEASH Token
So there is a third token in the Shina Inu ecosystem, the purpose of this LEASH Token is initially to rebase the price of Dogecoin, but now it has been removed so you can just stake the LEASH token to earn more BONE Token but unlike the SHIB Token, the LEASH Token only has around 107,000+ supply, so it is limited.
So there will also be an NFT collection and marketplace at Shiba Inu, but for now it's just upcoming.
6. Shiba Inu Rescue Association
This is the organization that the Shiba Inu community also helps to rescue Shiba Inu by using Amazon Smile.
7. Payments
You can also use your Shiba Inu Tokens for payment on Amazon using shopping.io, and if you are a business, it is possible for you to accept Shiba Inu Tokens due to China's partnership with now payments.
8. Shibarium
Shiba Inu also plans to have its own blockchain instead of just running on the Ethereum blockchain, there are many more upcoming Shiba Inu such as burns or decreasing the supply of Shiba Inu Token, there will be more Shibanet and etc. but next time we will discuss it because there is still not much information about it.
But I said earlier that the founder of Ethereum may have something to do with Shiba Inu.
What has Vitalik Buterin got to do with Shiba Inu?
Based on Ryoshi's blog post on the medium, he said he had a friend he met in Japan during a DevCon or an Ethereum Conference. According to him, this person made the token contract of Shiba Inu and donated 10 ETH to have liquidity for SHIB to Uniswap, basically Ryoshi spent nothing on making Shiba Inu but 50% of Shiba Inu supply was locked in Uniswap then another 50% of the supply was sent by Ryoshi to Vitalik Buterin's wallet since Vitalik's wallet is public. So there are actually a lot of people or developers who send him random tokens or crypto. Many said that Ryoshi did it just to have hype or perhaps a marketing stunt to get Shiba Inu's attention. So basically he doesn't have even one Shiba Inu token unless he also buys it in the market, so when Vitalik Buterin found out that he has a huge amount of SHIB Token, he immediately donated it to charities, one of which is India. Covid-19 relief fund and the amount he donated during that time was around one billion dollars worth of SHIB Tokens then he burned the remaining SHIB Token, meaning it was lost in the circulating supply of Shiba Inu so the circulating supply has decreased Shiba Inu and the value of the burned Shiba Inu Token during that time was around 6.7 billion dollars.
We can also see in this picture that Vitalik Buterin is in Japan which could be the DevCon in Osaka and also holding shiba Inu, in this picture we can see the other people and one of them could be Ryoshi who also posted a similar photo in his post in the medium so if we go back to the history of Shiba Inu it is possible that Vitalik Buterin made the contract address of SHIB and donated 10 ETH as if nothing in him, since we know that Vitalik Buterin is the youngest crypto billionaire because he has large holdings of ETH, so it is also possible that Ryoshi is not just an ordinary person, it is possible that he has connections in the crypto world and he may also be a developer in some crypto projects.
Is it possible for a Shiba Inu to be $ 1?
The price of the SHIB Token as of now is too far from $ 1 and too far to be 1 cent because the supply of Shiba Inu is so large, right now it has a circulating supply of 394 trillion SHIB so that it is so big that it will be a bit difficult for Shiba Inu to be $ 1 or even at 1 cent. But I'm not saying that it's impossible for Shiba Inu to be $ 1 or 1 cent since they recently announced burning mechanisms for Shiba Inu, so the 394 trillion SHIB Tokens will be even smaller because the burning tokens will now disappear from circulation, so when that happens there is still the possibility that the price of Shiba Inu will go up not only will it be too fast to become 1 cent of Shiba Inu but it is possible that it will gradually go up as well over the years.
Is Shiba Inu a Dogecoin killer?
So based on what we found out, it seems that I can say that Shiba Inu is a more upgraded version of the Dogecoin meme coin, we see that there are more use cases or can be done in the Shiba Inu ecosystem than Dogecoin. Shiba Inu has Shiba Swap, various tokens and some other upcoming features but it seems natural since there is no development team in Dogecoin and they are just planning to have a team again with this meme coin.
Want to learn more about Cryptocurrency?
Follow me on Publish0x
The information above does not constitute investment advice, financial advice, trading advice, or any sort of advice. I'm not a financial advisor nor an expert in such, so make sure you always do your own research first before investing. Happy Trading, Earning, Playing and Learning everyone!
Thank you for reading!
