The live price of Shiba Inu today is $0.0000 USD. Shiba Inu is up 1.82% in the last 24 hours compared to $USD. Shiba Inu has a live market cap of $6,916,697,454.73 USD, and a circulating supply of 589,658,777,044,748 SHIB.
What Is SHIBA INU (SHIB)?
There was a very special dog that inspired people from all around the world to invest in tokens that had the dog’s image on it. This dog was a Shiba Inu, and people believed in this dog so much that they invested millions of dollars into these tokens.
Under the pseudonym “Ryoshi”, a programmer anonymously launched Shiba Inu Coin in August 2020. Ryoshi claims to be a nobody and irrelevant, adding that even if he is unmasked, it would be unimportant.
This meme coin became popular quickly because many people became interested in it. People like Elon Musk and Vitalik Buterin tweeted about it. Buterin denied that he created the coin on the Lex Fridman podcast on June 5, 2021.
Shiba Inu is a cryptocurrency that is based on Ethereum. It is similar to Dogecoin, but it uses a different mining algorithm. There are many other cryptocurrencies that are based on dogs, including Baby Dogecoin, Dogecoin, JINDO INU, Alaska Inu, and Alaskan Malamute Token. These currencies are not as valuable as Dogecoin, but they have still attracted investors.
The Shiba Inu’s popularity caused a slew of imitators, such as BitShiba, Shibalana, King Shibai, SHIBAVAX, Captain Shibarrow, SHIBA2K22 and SpookyShiba. There may be at least 100 Shiba Inu copies in total now, with the number continuing to grow.
On Sept. 17, 2021, Coinbase, the biggest crypto exchange in the United States, added Shiba Inu to their market. Shiba Inu’s price nearly doubled in two days as a result of this news, reintroducing the meme dog token into public attention.
SHIB has drawn a lot of attention from other exchanges since then. In September, Bitso, Mexico’s biggest cryptocurrency exchange, revealed that SHIB would debut on its platform. Giottus, an Indian crypto exchange, made the same announcement. At the start of 2022, Bitstamp, Europe’s largest cryptocurrency exchange, committed to introducing Shiba Inu for trade. The SHIB token debuted on Korbit in 2021 as South Korea’s first exchange to list it.
Who Are the Founders of SHIBA INU?
The SHIBA INU WoofPaper listed three reasons why they created SHIB.
- “We started from zero, with zero.”
- “The brilliant minds behind Shib had never collaborated before.”
- “We love Shiba Inu Dogs.”
The creator of the Shiba Inu coin, who uses the pseudonym “Ryoshi“, is a mystery. Like Satoshi Nakamoto, the founder of Bitcoin, very little is known about this dog-themed cryptocurrency’s creator.
In his blog, Ryoshi Research, he says that he is just some guy who keyboards. He also says that usually in projects there are different roles like a CEO, a “tech guy,” and a roadmap. This results in someone people can whine to. Ryoshi stresses that with Shiba, no one person is accountable or responsible.
Some people think that Vitalik Buterin was behind the initial liquidity that helped set up Shiba Inu’s liquidity on Uniswap. According to Ryoshi, he had a friend who 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?
The SHIBA INU website invites artists who love dogs to share their artwork with the community. They’re also working to help rescue Shiba Inu dogs. To do this, they’re using Amazon Smile to collect donations.
Shiba Inu went from being one meme coin among many to becoming one of the most well-known cryptocurrencies in a matter of weeks, thanks in large part to Vitalik Buterin’s famous burning of his share of the SHIB supply. Ryoshi had given Vitalik 50% of the SHIB supply, claiming that “as long as Vitalik doesn’t rug us,” Shiba Inu would be OK.
However, Vitalik decided to destroy 90% of his share, which would have been worth billions thanks to the skyrocketing price of SHIB. Around 50 trillion SHIB more that Vitalik had contributed to a COVID-19 relief fund were also given away, according on his statement. He said he didn’t want “to be a focal point of influence,” so he gave the coins away. As a result, SHIB’s value fell for a brief period before the community reached an agreement with the charity in question and subsequently recovered its value.
Shiba Inu’s objective is to examine whether a decentralized organization with no central leadership may function. Royshi wrote in a blog post that the division caused by Buterin’s token gift made the community stronger and would allow it to disseminate further and decentralize the movement. His long-term vision for the core ecosystem is for it to offer utility while the Shiba Inu-owned stablecoin serves as a global currency exchange of value.
SHIB leaped in late October 2021 when news of a possible Robinhood listing hit the wires, temporarily flipping Dogecoin to become the most-valued meme coin by market capitalization. Despite a petition with over 500,000 signatures calling for it, Robinhood has so far declined to list SHIB. Brown praised Shiba Inu community members’ efforts, remarking that one of her favorite things was seeing it interact with the community and express its desires. However, since Robinhood would prioritize safety above “short-term gain” of a new token offering, Shiba Inu fans have been waiting.
In the summer of 2020, one wallet was discovered that had purchased $8,000 worth of SHIB in October 2021, which was worth over $5.7 billion at the all-time high valuation. The wallet owner has not been identified, although it appears that someone transferred portions of their wealth to other wallets several weeks after the price surge.
The price increase also caused more people to adopt it. WhaleStats conducted a survey of the biggest ETH wallets and discovered that SHIB holds over 20% of all Ethereum whales’ market shares, making it the most widely held ERC-20 token. CRO was in second place, with just 5%. Following its historical high, SHIB has surpassed the one-million holder mark as well.
Following its popularity among small investors, SHIB began to be used by businesses as a payment method. Following the success of traders in using it as a medium of exchange, several organizations have begun utilizing it as a payment method. For example, American online shop Newegg integrated SHIB at the beginning of December 2021, partnering with Bitcoin payments platform BitPay to allow for payments in SHIB.
SHIB has now become more widespread, with over 500 merchants adopting it since its debut, according to payments firm CoinGate. ZenGo, a Samsung-backed digital wallet provider, added SHIB to its options, and a Paris restaurant accepted Shiba Inu as a payment option. McDonald’s was urged to accept Shiba Inu by the Shiba Inu community; however, the social media effort eventually failed.
The growing value of the SHIB token was aided by a continuing effort by the Shiba Inu community to create a utility for the Shiba Inu token and the subsequent development of an entire Shiba Inu ecosystem.
ShibaSwap is the coin’s designated cryptocurrency that began as a fork of Sushiswap, with Ryoshi describing it as having “its own little twists and characteristics.” Shiba Inu also plans to develop SHI, which will be the “worldwide exchange of value for plebs,” an algorithmic stablecoin based on one cent instead of one dollar as most other stablecoins. Its launch is expected after Shibarium, the Shiba layer-two solution called Shibarium, and Ryoshi foresees SHI functioning similarly to DAI in order to protect against a peg loss by providing collateral.
Ryoshi says that the goal for SHI is to become a global stable currency that people in all countries can use as a store of value and payment method.
Ryoshi plans to add SHI as a weighted pool pair to Curve. In this case, SHIB would be used to support different DeFi protocols. Ryoshi expects that there will be forks of these major DeFi protocols in the SHI ecosystem. These forks would require an immutable bridge in order to function properly.
Shiba would also begin hosting regional meetups and a once-a-year ShibaCon gathering in a country without onerous visa restrictions. This is being done “for the sake of global plebs’ inclusion.”
Shiba Inu has also increased token burns in recent months, which has reignited interest in the cryptocurrency at the start of 2022. A SHIB burn party was held by Big Entertainment, a blockchain music label that sells merchandise, NFTs, and concert tickets. Since the conclusion of October, the team has burned almost 9 billion SHIB.
How Many SHIBA INU (SHIB) Coins Are There in Circulation?
The SHIBA INU team locked 50% of the total token supply on Uniswap. “Throwing away the keys” means they can’t use it anymore. The remaining 50% was burned, or destroyed. In response to this “gift,” Vitalik Buterin sent 50 trillion SHIB tokens, worth $1 billion at that time, to India’s Covid Crypto Relief Fund. Buterin then burned 40% of the total supply.
On the Shiba Inu website, there are several other tokens that you can learn about. LEASH is one of those tokens. It was “unleashed” and will not rebase. BONE is another token. It has a fixed supply of 250,000,000 tokens and it is a governance token that allows holders to vote on the Shiba Inu’s Doggy decentralized autonomous organization (DAO).
The WoofPaper says that you can use SHIB to DIG for BONES or ShibaSwap, or even BURY your tokens. “Trainers” can teach their Shibas to SWAP tokens as well. These actions create “Returns” that are put into the Puppy Pools, where the #SHIBARMY has the option of BURYING or DIGGING for BONES.
In early May 2021, dog-themed meme tokens like Shiba Inu saw a lot of money being traded. The price of Shiba Inu reached an all-time high on May 10 before going down since then.
On May 13th, Vitalik Buterin (who was given half of the token supply by the developers) announced that he was donating a large quantity of these coins to a relief fund for India. The SHIBA developers had not expected Buterin to sell his tokens, but they eventually reached an agreement with him. Later, after realizing that it had sold its coins too early, the charity stated that it would have received well over $1 billion for its portion.
Elon Musk tweeted that he doesn’t own any SHIB. This caused the price of SHIB to drop temporarily.
How Is the SHIBA INU Network Secured?
SHIB is a type of Ethereum-based token that is used to make payments. Ethereum is a blockchain technology that is transitioning from proof-of-work to proof-of-stake.
Ryoshi says that Shiba Inu is going to create its own layer-two solution. This will be more decentralized than Polygon or BSC. He says that Shibarium will use BONE as its primary pair token.
Eric M, a developer, has said that Shibarium will be launched soon. He did not give a specific date. However, he mentioned that the team building Shibarium is very competent and has experience with blockchains.
Where Can You Buy SHIBA INU (SHIB)?
You can buy Shiba Inu on a variety of exchanges, including Binance, Huobi, Coinbase, Gate.io, Uniswap (V2), and OKEx.