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- 1 Shiba Inu was created in August 2020 under the pseudonym Ryoshi.
- 2 This meme coin based on Ethereum gained popularity after the tweets from the famous personalities like Elon Musk and Vitalik Buterin.
Shiba Inu website declares SHIB as a Dogecoin Killer. It was long believed it was created by Vitalik Buterin but he denied the rumors on June 5, 2021, on the Lex Fridman Podcast.
SHIBA is an ERC20 token based on Ethereum which is a Proof-of-Work blockchain, currently changing into Proof-Of-Stake. As per the announcement made through a blog post, Shiba Inu would develop its own layer 2 solution known as “Shibarium”.
This Ethereum based token was soon accompanied by many copycats like BitShiba, SpookyShiba, King Shiba etc. It came into the spotlight when it was introduced at the Coinbase platform, and it showed a sudden rise in the price by 40%.
Ryoshi, is a mystery founder of Shiba Inu who doesn’t want the limelight and wants to stay unnamed. He is clear no one person is responsible for SHIB as many others like CEO, tech guy, roadmap etc are needed to look for in any project. Thus, he seems to be unbiased and getting satisfaction from Shiba in some other ways.
Ryoshi stated Shiba was an experiment in the decentralized community. It holds its uniqueness due to its dog inspired artists creation in its community. Shiba Inu has started a campaign to save the real Shiba Inu dogs using Amazon Smile. It collects donations to save the dogs with the Shiba Inu Rescue Association.
Current Stats of Shiba Inu
Currently, it has a market cap of $5B, which is down by 2.30% in one day. It is ranked as per market cap at #18. In 24 hours, its volume is $105M and is ranked #40 on its basis. It has a circulating supply of 589,348,253,698,826.1 SHIB. It has a total supply of 589,590,206,619,579.6 SHIB.
The lowest price performance in 24 hours is $0.000007744 and highest at $0.000008016. It reached an all time high of $0.000008845 on Oct 28, 2021, whereas it reached an all time low of $.0.000008165 on Sept 01, 2020.
Shiba Inu Analytics reveals in July 2022, the number of wallet addresses holding more than $100k are 1.2M, addresses holding between $1K-$100K are 0, and addresses holding between $0-$1K are also 0. While in June 2023, the addresses holding $0-$1K are 1M, addresses holding between $1K-$100K are 137.4K, and addresses above $100K are 2.5K.
Shiba Inu Burn Rate Sparks Positive Market Behavior
The increase in price has led to an increased adoption across the token holders. It is due to the continuous effort by the SHIB community. The major change Shiba Inu has adopted is increasing the token burn rate which ignites the interest in the token at the beginning of 2022.
The higher burn rate has a positive impact on token’s price by reducing the supply and creating the sense of scarcity. If the demand increases, it is sure the price of SHIB will also increase.
Shibarium will make Shiba Inu into a complete ecosystem. The date of launch is not disclosed. It was originally planned for February 2023 but was delayed. The cited reason is launching an error-free version after thorough testing through various phases.
To expand the utility of SHIB, metaverse is introduced, powered by NFTs. The aim is to develop a fun, alluring, and collectible environment. Using ETH users can mint the digital lands or equal amount of SHIB tokens. This enhances the expansion of the token.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
