Is Shiba Inu A Shitcoin? – All You Need to Know

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Is Shiba Inu A Shitcoin? – All You Need to Know

Intro to Shiba Inu (SHIB)

Several tokens have established themselves in today’s crypto market in unexpected ways. This is attributed to recent developments in tokens running on the Ethereum-based blockchain framework.

Transaction speed and scalability have become other considerable factors behind the explosive growth of altcoins like Shiba.

Could Shiba Inu be considered a Shitcoin?

Firstly, a shitcoin is a cryptocurrency with little or no value to it and as such considered worthless and with no tangible investment value.

Is Shiba Inu a Shitcoin?

The straight answer to this question is No! Shiba Inu has been even more resilient than some SHIB haters would like to admit as Coindesk stated in one of its articles.

Asides from the purchase of millions of dollars worth of Shiba Inu, analysts believe that there could be a breakout in the price of SHIB  in the coming weeks.

We could say that recent happenings with Shiba Inu speak well of the token, especially with a market cap of over $8.5 B and asset liquidity of over $14 B. This shows a lot of investor sentiment on Shina Inu, trading below one Cent.

Is Shiba Inu A Shitcoin? – All You Need to Know

Can we then affirm that Shiba Inu has added value of some sort to the blockchain community?

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We will examine these additions in detail to know if we would ignore them and relegate Shiba Inu to the Shitcoin dungeon or reckon with it for the value it is adding to the crypto space.

Key Takeaways

 📌 Shiba Inu coin was created in August 2020 by some anonymous persons known as the Ryoshi. Shiba Inu exhibited the same debut as Dogecoin.

 📌 Shiba Inu’s forthcoming token, BONE, will be rewarded to liquidity providers and stakeholders on the ShibaSwap DEX in the near future while also granting investors in the ecosystem governance rights where 1 BONE may equal 1 vote.

 📌 LEASH is no longer a rebase token and has hit its maximum supply of a little over 107,000, all of which are presently in circulation. Though it has no specific application, it may be used to stake BONE.

 📌 It will be fascinating to watch where Shiba Inu goes in the future. With a community-driven value at the center of its ecosystem, Shiba Inu might reach the moon and become a dominating force in the future.

So, what’s going on behind the scenes, and is there something valuable in this coin?

SeeIs Shiba Inu A Shitcoin? – All You Need to Know the source image

SEE ALSO: 6 Best Digital Wallets For Shiba Inu for Safe Keeping

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What is Shiba Inu?

Shiba Inu was created in August 2020 by pseudonymous developers or a group of persons known as Ryoshi,  they have become renowned as the “Dogecoin killer.”

It is worth noting that Ryoshi’s objective was to study and experiment with community governance and decentralization rather than immediately compete with other altcoins.

This concept struck Ryoshi and an unnamed buddy during the 2019 DevCon V conference in Japan. This unknown buddy (whom some believe is Vitalik Buterin) developed the Shiba token smart contract on Ethereum while simultaneously supplying up to 10 ETH as liquidity for the ETH-SHIB trading pair on Uniswap.

Shiba Inu was considered to be extinct after the initial plan faded out until it resurfaced in a big way early this year.

SEE ALSO: What is Shiba Inu SHIB Backed By?

SEE ALSO: Is Dogecoin a Shitcoin? – All You Need to Know

The Reintroduction of $SHIB

Ryoshi stated in a Medium post that “with the return of DOGE, SHIB has caught fire and is threatening to flip over the whole market.” while also encouraging investors to use Uniswap and DEX.

Shiba Inu had its first media mention in mid-March which led to about a 300% price increase as a result of Elon Musk’s tweets about obtaining a Shiba Inu dog, and about a month later, the Shiba Inu community released the first version of their white paper, fittingly called The Woof Paper.

In May, SHIB, DOGE, and other dog-themed tokens began to dominate headlines, particularly around the time Vitalik Buterin revealed his large SHIB burn and numerous contributions totaling almost $7 billion.

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What is ShibaSwap?

Because the Shiba Inu community is focused on creating a complete ecosystem, SHIB is no longer a meme token. This ecosystem (particularly, the ShibaSwap exchange) revolves mostly around DeFi and is now being code audited by Certik.

ShibaSwap’s debut will begin with a 14-day Liquidity event that will allow liquidity providers to transfer their fungible Liquidity Provider tokens from other platforms such as SushiSwap and UniSwap to ShibaSwap.

By encouraging this, a notion known as a “Vampire Attack” was made feasible; this effectively implies that the majority of the crypto trading pair value may be moved between multiple DEXs.

The Shiba Inu community is presently attempting to entice new LPs to ShibaSwap by utilizing tokens known as BONEs, which are also a part of their vast ecosystem.

BONE and LEASH Tokens

These two coins are ERC 20 tokens on Ethereum and are part of the Shiba Inu ecosystem. While BONE is yet to be released, LEASH has been in use for a few months and was meant to tame DOGE by rebasing to 1000x the value of DOGE every day.

The goal of LEASH is to actually tame DOGE as direct competition and eventually kill it.

LEASH, on the other hand, is no longer a rebase token and has hit its maximum supply of a little over 107,000, all of which are presently in circulation. Though it has no specific application, it may be used to stake BONE.

Shiba Inu’s forthcoming token, BONE, will be rewarded to liquidity providers and stakeholders on the ShibaSwap DEX in the near future while also granting investors in the ecosystem governance rights where 1 BONE may equal 1 vote.

BONE will have a maximum supply of 250 million, with a set quantity of BONE created in each Ethereum block until it reaches its limit in a few years.

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It is also worth mentioning that, as stated in the white papers, centralized exchanges cannot receive any BONE as ShibaSwap incentives.

This takes us to the well-known token, SHIB.

SHIB Tokens

SHIB, like BONE and LEASH, is an ETH ERC 20 token. This is also the Shiba Inu ecosystem’s most popular and flagship (or flag-shit, rather) token.

With an absurd initial supply of one quadrillion, around half of it went to Uniswap’s ETH-SHIB pool, while the remainder was delivered by Ryoshi to Vitalik’s cold wallet account.

This prompted Vitalik to burn almost 80% of it to help investors by reducing the total supply. The remainder was given to India’s Covid relief fund, as well as other philanthropic and scientific organizations.

SHIB, like LEASH, has no defined function or goal but maybe staked to earn a lot of BONE and 0.1 percent of all ETH swap fees on ShibaSwap after its introduction. This may be highly profitable for future investors and LPs.

The value of SHIB is incredibly low, and hitting $1 would imply a market cap higher than ETH, but it is worth noting that its current market cap is just over $3 billion as of September 2021, which is amazing, to say the least.

Shiba Inu’s Future

Ryoshi’s long-term plan was revealed, and it includes some extremely ambitious ambitions, some of which are worth checking out.

The article concludes with the development of ShibaCon, an annual conference for Shiba fans, which is perhaps the most fascinating thing stated.

Given that the Shiba Inu was developed as a joke, it would be irrational to look at it in the same light now. Shiba Inu appears to be here to stay and may surprise many in the long term.

It will be fascinating to watch where Shiba Inu goes in the near future. With a community-driven value at the center of its ecosystem, Shiba Inu might reach the moon and become a dominating force in the future.

What is the Price of Shiba Inu?

Shiba Inu is trading at its normal range today and could surge or decline depending on market pressures.

shiba-inu
shiba-inu

SHIBA INU (SHIB)

Price
$ 0.000035

Buy or Exchange Shiba Inu on Changelly

Historial Chart Movement of Shiba Inu

Shiba Inu coin could be analyzed on a daily, weekly chart and over its lifetime.

Frequently Asked Questions (FAQ)

Is Shiba Inu a Pump and Dump?

Shiba Inu is not a pump and dump. SHIB may be used by investors to receive incentives for providing trading liquidity, purchase and sell non-fungible tokens, stake them, and earn interest for verifying transactions, among other things.

Will Shiba Continue to Rise?

It is quite possible as it has lately increased in value by around 45% and continues to rise. Once again, Elon Musk is being blamed for the price increase.

 According to Coinbase, the currency is still worth far less than a cent.

In which wallet can I store my Shiba Inu?

Shiba Inu is an Ethereum ERC-20 token, and as such, it can be stored on any Ethereum-compatible hardware wallet. MyEtherWallet is an excellent choice for storing any Ether token.

Final Thoughts

The Shiba Inu recently showed potential that it should be taken more seriously, and with its recent listing on Coinbase, it is only a matter of time before it fully establishes itself as one of the best cryptocurrencies out there to invest in.

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