What is Shiba Inu Coin?
Shiba Inu Coin is a standout memecoin in the cryptocurrency space, launched in August 2020 on the Ethereum blockchain. Created by an anonymous developer known as Ryoshi, Shiba Inu features the Shiba Inu dog as its symbol, a charming and well-known breed from Japan.
Not only is Shiba Inu recognized as a competitor to Dogecoin, another memecoin also symbolized by the Shiba Inu dog, but it also aims to raise awareness and support for Shiba Inu dogs that are abandoned and in need of rescue worldwide.
To express love and protect these dogs, Ryoshi established a donation program through Amazon Smile. Although this program was permanently closed by Amazon in February 2023, the spirit of supporting and protecting Shiba Inu dogs continues to thrive within the community.
Key Products in the Shiba Inu Ecosystem
Shibarium
Shibarium is a robust Layer 2 blockchain platform within the Shiba Inu ecosystem, running on Ethereum. It offers significant benefits such as scalability, fast transactions, and low transaction fees.
Shiba Inu Metaverse
Shiba Inu Metaverse is a virtual world built on Ethereum, where users can explore, build, design, and connect with the Shiba Inu community. It provides an immersive space for users to interact and enjoy creative freedom.
ShibaSwap
exchange (DEX) on Ethereum, using SHIB as the primary token. ShibaSwap enables users to trade and provide liquidity for digital assets effortlessly.
Shiba Eternity
Shiba Eternity is a collectible card game themed around Shiba Inu, developed by Shiba Inu Games in collaboration with PlaySide Studios. Available on Android and iOS devices, the game offers a rich and entertaining experience for players.
Why Has Shiba Inu Coin Succeeded?
Shiba Inu emerged during the challenging times of the global pandemic when major assets like BTC and ETH were sought after as hedges against inflation. Leveraging the popularity of Dogecoin, Shiba Inu captured attention by featuring the adorable Shiba Inu dog as its mascot.
In May 2021, when Tesla CEO Elon Musk joked about Dogecoin on TV causing DOGE’s price to drop, SHIB quickly rose to prominence as the leading token in the memecoin trend. Between January and November 2021, SHIB’s price soared by over 60,000,000%, an astonishing figure.
Shiba Inu also stood out by developing Shiboshi NFTs and its own game, with 10,000 Shiboshis selling out in just 35 minutes after launch. The growth of ShibaSwap, the SHIB token burn mechanism, and a variety of products have helped Shiba Inu not only attract but also retain users and investors.
Advantages and Disadvantages of Shiba Inu Coin
Advantages
Strong Community: Shiba Inu’s success largely stems from its vibrant community support. With over 300,000 followers on X (formerly Twitter) and more than 70,000 members on Reddit, the project receives enthusiastic backing and positive feedback on all updates.
Transparent Supply: Since its launch, the information about SHIB’s supply and distribution has been transparent, fostering significant trust within the investor community.
Affordable Price: SHIB’s very low price allows many people to invest without needing substantial capital. The lowest price ever recorded for SHIB was 0.00000000008165 USD, creating opportunities for investors to own billions of SHIB with just a few hundred dollars, greatly stimulating investor interest.
Disadvantages
High Risk: Like many trend-driven projects, Shiba Inu carries the risk of collapse or fraud. SHIB’s price can experience significant fluctuations, rising sharply but also potentially plummeting at any time. Although SHIB itself is not a scam, it can be exploited by malicious actors.
What is SHIB Token?
SHIB is an ERC-20 token on the Ethereum platform, widely used within the Shiba Inu ecosystem and on ShibaSwap. Here are some key details:
Token Name: Shiba Inu
Ticker: SHIB
Blockchain: Ethereum
Token Standard: ERC-20
Contract:0x95ad61b0a150d79219dcf64e1e6cc01f0b64c4ce
Total Supply: 999,991,058,372,827 SHIB (according to Coingecko)
Circulating Supply: Updating
Upon launch, 50% of the SHIB supply was locked in Uniswap, while the other 50% was sent to Vitalik Buterin, the founder of Ethereum. Vitalik donated a significant portion of SHIB worth $1 billion to the India Covid Relief Fund and burned 40% of the total SHIB supply, contributing to the rise in SHIB’s value and reputation.
Shiba Inu also includes two other tokens within its ecosystem: LEASH and BONE. LEASH is a reward token on ShibaSwap, while BONE plays a governance role, allowing holders to participate in important decisions affecting the Shiba Inu ecosystem.