- 1 Shiba Inu is one of the leading meme coins that have achieved many feats.
- 2 Investors can invest in it more confidently when they know everything about it.
Bygone is the time when they labeled meme coins as a fad. Today, they have become a dominant niche in the crypto industry. Moreover, they are growing at an exponential rate overwhelming all its critics. Among so many meme coins, some get the credit for making this crypto ilk so popular.
Shiba Inu is one huge name for every meme coin enthusiast and investor. In such a short span, this token has gained massive popularity and value. Even if doesn’t have any real-life utility, it’s backed by a thriving community. On top of that, it has gotten praise from celebs like Elon Musk. So, let’s figure out what makes this token so remarkable.
A Brief Explainer of Shiba Inu
To begin with, it has been named after a Japanese dog breed and its white paper is called “woof paper”. The way the token embraced the theme was a major reason behind its initial success. The document thoroughly explains all the plans and outlines of the projects.
By design, it has been created on the Ethereum ERC-20 token standard. The developers opted for Ethereum because of its robust yet scalable structure. The SHIB coin quickly earned a huge following of people who call themselves the ShibArmy. Besides a dedicated community, the token has the support of so many other crypto enthusiasts.
Officially, Shiba Inu has 2.2 million followers on X (formerly Twitter). The count of its followers is more than that of other cryptocurrencies. One of SHIB’s remarkable feats is that its price gained 27,000,000% in 10 months. However, many considered the SHIB token a pump-and-dump cryptocurrency initially.
That’s because there wasn’t real-life usage of the token. It was just riding on the popularity underpinned by the community. Still, its website said that the token aims to establish a vibrant decentralized ecosystem.
Facts Known About Shiba Inu’s Creation
An anonymous group called Ryoshi created Shiba Inu in 2020. It was the second coin that depicted a dog image after the original meme coin Dogecoin. Thus, Shiba Inu emerged as the first rival of DOGE.
Within a year of its creation, SHIB’s value reached from $0.000000000056 to $0.00008616. It recorded an impressive surge of 150 million percent. Another milestone moment for the platform was its contribution of $1 billion SHIB to Covid-affected people in India. Ethereum co-founder Vitalik Buterin made this largest-ever donation in history.
Shiba Inu’s Circulation & Notable Events
Shiba Inu’s enormous token supply is indeed its strongest suit. It has a total supply of one quadrillion coins (1+15 zeros), which were minted right at the beginning of the project. It is the largest number of tokens ever created in the crypto industry.
Right after the launch, 50% of Shiba Inu’s supply was locked away in Uniswap. From this DEX, users could execute automated transactions on the Ethereum network. They could earn and swap tokens using smart contracts on this blockchain.
It deploys an Automated Market Maker (AMM) protocol to incentivize users who bring liquidity. The users also get free tokens and a share of the transaction fee. The Ryoshi group transferred the other half of SHIB to Vitalik Buterin. They hoped that Buterin would lock the assets for good.
The decision drew sharp criticism from many crypto circles. The critics argued that the tokens will make an already-wealthy individual wealthier. Buterin contributed to the Covid Relief Fund to silence the critics using this share. However, it should be noted that the ETH co-founder is still holding 45% of the tokens he received.
Also, Ethereum took another step that received some objections from the crypto community. Notably, Buterin finished a token burn of a whopping 410.24 trillion SHIB (approx. $6.6 billion). It was equal to 40% of the total token supply which was eliminated from circulation.
So far, the platform has burnt 41% of its total supply including the sum sent to Buterin. Along with Dogecoin and Shiba Inu, other dog-themed meme tokens are Akita, Floki, and Dogelon Mars. The creators of other coins also sent them to Buterin to gain popularity.
The decision to send Buterin 50% coins was also criticized because it flouted decentralization standards. Nonetheless, the creators defended their decision by saying that they were generous to Vitalik.
Meme coins are known to have no clear purpose. While Shib is no exception, its creators beg to differ. According to them, this token represents the ideal decentralization ecosystem. It adapts the core concept of blockchain and establishes an environment with no centralized control. Furthermore, many crypto users resonate with this notion and believe that Shiba Inu makes a big difference.
However, only time will tell if it does blaze a trail in the crypto industry going forward.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.