Do you think Shiba Inu Coin SHIB is just a substitute for dogs, another meme coin? Shiba Inu Coin SHIB is expected to launch the Layer 2 expansion plan built on the Ethereum blockchain: Shibarium in August this year (2023). It is currently on the test network, and there is even Shib Inu Coin Metaverse Shib - The Metaverse.
How did SHIB come about?
The full name of SHIB coin is Shiba Inu. It is called Shiba Inu coin in the Chinese world. The token LOGO is a Shiba Inu. It is known as the Dogecoin killer. It was born in August 2020, and then increased by up to 600,000 times in 2021, making it an instant success. Red has become one of the most well-known meme coins in the cryptocurrency community. What is the concept of a 600,000-fold increase? If you buy a SHIB worth 100 US dollars at the beginning, it will be worth 60 million US dollars at its peak, once again staged a wave of wealth-making myths in the currency circle.
SHIB issuance and total supply
SHIB is an ERC-20 token issued on the Ethereum blockchain, with a total supply of 1,000 trillion. When issued, half of it was directly issued to the liquidity pool of the decentralized exchange Uniswap. The founder immediately threw away the private key and threw it away. The private key means giving up the management rights of Shiba Inu Coin and taking a completely decentralized route. The other half is sent to the founder of Ethereum, V God, but V God later directly destroyed most of it (410 trillion). Shiba Inu coins later added a destruction mechanism to encourage users to destroy the Shiba Inu coins in their hands and exchange them for another Ryoshis Vision (RYOSHI) coin as a reward.
The current official description of Ryoshis Vision (RYOSHI) is still relatively conceptual, saying that Ryoshis Vision (RYOSHI) will focus on daily application entertainment in the future, launching NFT artworks, corresponding to different music and GameFi platforms, etc. The current actual circulation of Shiba Inu Coin is about 589 trillion, which is still very high. Therefore, the price of Shiba Inu Coin has many zeros. The current price of one SHIB is about $0.000008.
Although the price seems very low, due to the large issuance volume, the market value is not low. It is currently among the top twenty cryptocurrencies.
Although the concept of Shiba Inu Coin seems to be heavily based on Dogecoin, both use the name and image of dogs to issue coins. Some people call it the second Dogecoin, and some people call it the Dogecoin killer. They are all meme coins. The route was indeed regarded as just another meme coin at the beginning, but in fact the intention of Shiba Inu coin is far more than that, it wants to do more.
What are the uses of Shiba Inu coins?
Shiba Inu Coin does not just want to be a meme coin. It develops many things at the same time and is simply divided into four parts:
Decentralized exchange ShibaSwap. It is a decentralized exchange in the form of Swap, which can be used for exchange, liquidity mining, etc.
Shib Inu Metaverse Shib - The Metaverse. You can purchase land in the metaverse and develop more uses for tokens and NFTs in the metaverse.
Ethereum Layer 2 - Shibarium. The Layer 2 solution using the DPOS consensus mechanism is aimed at web 3.0/metaverse/gamefi and other fields, and is expected to bring more projects to the Shiba Inu Coin ecosystem.
Decentralized Autonomous Organization Doggy DAO. Shiba Inu Coin’s decentralized autonomous organization, the community affects and determines the future development of Shiba Inu Coin ecology through decentralized governance. The Shiba Inu Coin ecology is not limited to Shiba Inu Coin. In addition to the Ryoshis Vision (RYOSHI) mentioned above, there are three types of coins in the original design:
SHIB, the main token of the Shiba Inu ecosystem, can be traded and added liquidity in ShibaSwap.
LEASH is mainly used as a reward token to reward those who provide liquidity in ShibaSwap. The total circulation is fixed at 107,646, and holders enjoy partial priority in the metaverse.
BONE, with a total circulation of 250 million, is the governance token of Doggy DAO. It can be used to vote for proposals and affect the future development of the Shiba Inu currency ecosystem. For example, you can vote for new listed currencies in ShibaSwap, liquidity reward adjustments, etc. . Compared with other cryptocurrencies, the characteristic of Shiba Inu Coin SHIB is that it is both memetic and ambitious. It maintains the characteristics of memes, has memes, a high degree of community autonomy, and at the same time has a huge ecological plan. The progress and development can indeed be seen step by step. The author believes that it is like a wolf in dog's clothing, wearing meme coins. The outer skin is developing a huge ecology.
Why does Shiba Inu coin SHIB rise?
The most critical reason for the rise in cryptocurrency prices is supply and demand. If the buying power is stronger than the selling power, the price will rise. The rise is the result of buying and selling power, and there may not necessarily be any reason behind it. The reason behind the myth that Shiba Inu Coin SHIB has increased hundreds of thousands of times and made people rich is not out of its essence as a meme coin. It caught up with the craze of Dogecoin, the ancestor of meme coins. It was newer and lower in price, and in line with the overall trend, at that time In the upward trend of Bitcoin after the third halving, and fueled by the online community, similar patterns can be observed in many meme coins, replicating the same wealth-making model again and again.
But this is the past tense after all. Shiba Inu Coin is now one of the top twenty cryptocurrencies by market value. The current market value is about more than 4 billion US dollars. It is impossible to increase by hundreds of thousands of times again. The past is no longer possible to repeat. What about the future? Woolen cloth?
Does Shiba Inu Coin have a future? Outlook and next steps
With the first wave of popularity due to memes, if you want to continue to grow and develop, you still have to rely on ecology! Only with relevant ecological development can there be enough application scenarios, and coins will have uses. Coins supported by practical uses can survive regardless of whether they are bullish or bearish.
Coins that have no practical use may still have a chance to skyrocket, but it may just be a fireworks display.
If you want to know whether Shiba Inu Coin has a future, you need to look at its ecological development. There are three key points for Shiba Inu Coin ecological observation: decentralized exchanges, metaverse, and Layer 2.
ShibaSwap is currently the decentralized exchange (DEX) ranking 43rd in lock-up volume TVL. TVL is more than 20-100 times behind the previous class, and there is still a lot of room for growth.
Shib Inu Coin Metaverse Shib - The Metaverse is currently under planning. According to the official announcement, it is expected to be opened at the end of this year (2023). It will first be open to people holding LEASH tokens to purchase land in the Metaverse. Those who own the land can get in-game some passive income
The recent highlight is the Layer 2 Shibarium of Shiba Inu Coin SHIB, which is expected to be launched in August this year (2023). According to the current data, using Shibarium requires paying BONE coins as Gas fees, and each transaction will destroy a little SHIB. In other words, if Shibarium can successfully become a well-functioning Layer 2, it can bring additional application scenarios to the current Shiba Inu ecological currency, increase practical uses, and also have the opportunity to increase the TVL of ShibaSwap.
As for whether Shibarium will succeed? Currently in operation is the testnet. After the testnet was launched on 2023/03/11, it had more than 17 million wallet addresses and processed more than 25 million transactions by the end of June. The operation of the testnet seems to be smooth and successful. As for what will happen after the actual mainnet is launched? Let us wait and see.
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