What is Shiba Inu? Everything You Need to Know About SHIB

While looking to expand the utility of SHIB, the development team introduced a metaverse — a virtual reality project powered by non-fungible tokens (NFTs). Here, users can mint parcels of digital lands https://cryptominer.services/how-to-buy-cryptocurrency-with-credit-card-can-you/ using ETH or its equivalent amount in SHIB tokens. Interestingly, other Shiba Inu-related tokens – BONE and LEASH – will also play various roles as different phases of the metaverse come to life.

• Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens.
• The plan is to have a layer 2 ecosystem built on top of Ethereum’s layer 1 network to meet the computational and memory demands for running the fast-expanding Shiba ecosystem.
• The October 2021 price surge famously minted a billionaire, as one wallet was uncovered that had bought $8,000 worth of SHIB in summer 2020, which was worth over $5.7 billion at SHIB’s all-time high valuation.
• In another major transfer event, around 500 billion SHIB tokens valued at $5.02 million were moved from Binance to the exchange OKX.
• Its launch is planned after the Shiba layer-two solution called Shibarium, and Ryoshi envisions SHI to work in a similar way to DAI.
• So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.

Apart from the 50% held by Buterin, there are two other wallets that hold 10% of the supply collectively, presenting serious risks of massive price crashes, should they decide to sell their coins into the market. The coin that started as a joke has increased so much that, for a brief time, it became the 4th largest cryptocurrency by market cap, carrying a market cap value of over $70 billion. According to CoinMarketCap, the shiba inu coin has been one of the best-performing cryptocurrencies, with a return on investment (ROI) of 622,255.89%. Whale dumps occur near the end of meme cycles as retail investors FOMO into tokens and send the prices higher.

Apart from hosting the SHIB metaverse on Shibarium, the team is also looking to deploy a stablecoin, called SHI, on the layer 2 solution. WhaleStats compiled data of the largest ETH wallets and found that SHIB represents over 20% of the combined market shares of all ERC-20 tokens held by Ethereum whales. SHIB also surpassed the one-million holder mark following its all-time high. After initially being only one meme coin of many, Shiba Inu skyrocketed to popularity after Vitalik Buterin famously burned his share of the SHIB supply. Ryoshi had given Buterin 50% of the SHIB supply, announcing that “as long as Vitalik doesn’t rug us,” Shiba Inu would be fine.

Once their decentralized exchange, Shiba Swap, is ready (which is currently supposedly ongoing security tests and audits), users will be able to stake their tokens and earn rewards. For staking SHIB, users receive xSHIB, for staking LEASH – xLEASH, https://crypto-trading.info/how-can-you-really-earn-buy-and-spend-bitcoins-and-2/ and for BONE – tBone. In any case, SHIB is an Ethereum-based ERC20 token that is also nicknamed the “dogecoin killer” within the project’s community. Shiba Inu (SHIB), despite its claims of being something different – is an obvious example.

The History of Shiba Inu (SHIB)

Dogecoin carries the logo of the Shiba Inu dog breed, while SHIB uses it directly. With this in mind, we’ve decided to compile a comprehensive guide aimed at shedding some light on the cryptocurrency that took the market by a storm in just a few days. Total holders is a huge metric for determining future cryptocurrencies price because more holders mean investors are buying up tokens and storing them in their Ethereum wallet.

• In that case, Ryoshi expects forks of the major DeFi protocols to appear in the Shiba Inu ecosystem, which would require an immutable bridge to function.
• SHIB operates as a decentralised cryptocurrency, leveraging the power and security of the Ethereum network.
• However, many have lost substantial sums of money investing in the crypto because of the market’s high volatility.
• Since release SHIB now trades on the ecosystem’s proprietary DEX, ShibaSwap.

We do not include the universe of companies or financial offers that may be available to you. According to Ryoshi, Shibarium would be built by a “very competent blockchain team” with experience building such solutions. Developer Eric M has announced in the Shiba Inu Discord server that Shibarium would launch “soon,” although he did not specify a date.

Shiba Inu price SHIB

Meme coins can be super volatile, so you should always DYOR and never invest what you cannot afford to lose. Ryoshi locked 50% of the token in Uniswap to create liquidity, and sent the other 50% to Ethereum co-founder Vitalik Buterin’s wallet. However, Vitalik decided to burn 90% of the coins and donate the remaining 10% to charity. Shiba Inu (SHIB) is a dog-themed meme cryptocurrency named after a Japanese dog breed. It was created in 2020 by an anonymous developer named Ryoshi, who designed SHIB to be an alternative to Dogecoin (DOGE) on the Ethereum blockchain. For cryptocurrency enthusiasts, part of the allure of meme coins is that they reject conventional protocols, and this unconventional approach may extend to the use of canine terms to describe return strategies.

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Investing in the altcoin/meme coin space presents an additional challenge because of a lack of differentiation and the fact that most of their value is based on trading by their followers. Here are some investing considerations for a potential investor in Shiba Inu. In addition to the domain name initiative, D3 plans to introduce ‘name tokens’ for SHIB users. These tokens https://cryptonews.wiki/bitcoin-marks-a-significant-step-forward-in-trust/ will simplify sending digital assets across various blockchains, eliminating the need for lengthy, complex wallet addresses. This feature aims to enhance user experience and accessibility within the SHIB ecosystem. The dog-themed memecoin Shiba Inu (SHIB), known for its vibrant community and innovative projects, is now stepping into the domain name system (DNS).

What will shiba be worth in 5 years?

The SHIB roadmap and ecosystem also features an NFT art incubator called Shiba Artist Incubator, 10,000 “Shiboshi” NFTs, and an NFT game Shiboshi Game. Some traders see it as a type of crypto lottery ticket because they can afford, for example, 1 million of these coins (at a cost of $12). Like with penny stocks, they think that if the coin just went up to one cent, they’d make a lot of money. Or even if Shiba Inu went to where Dogecoin was trading, they’d cash in their chips. Shiba Inu has risen substantially during its brief existence, before plunging almost as fast.

In a blog post, Royshi noted that the rift caused by Buterin’s token donation made the community stronger and would enable it to distribute further and decentralize the movement. His vision for the core ecosystem is to perform its utility while the Shiba Inu-own stablecoin becomes the globalized exchange of value. However, Buterin decided to burn 90% of his share, which later would have been worth billions thanks to the soaring value of SHIB. The remaining 10% were sent to a charity, as were about 50 trillion SHIB more that Vitalik had donated to a COVID-19 relief fund. He stated that he did not want “to be a locus of power” and thus gave the tokens away.

I recommend reading the Shiba Inu whitepaper for a more in-depth analysis and how and why the founders brought SHIB token into existence. The idea behind Shiba Inu was to create a fair and honest cryptocurrency that allows everyone to use SHIB as a reliable currency for transactions and value distribution. Burned means these tokens are still present on the blockchain but they are locked away and will never enter circulation. During the ICO, there were 1 quadrillion tokens issued with 500 trillion tokens allocated to Ethereum founder Vitalik Buterin. Please note that the availability of the products and services on the Crypto.com App is subject to jurisdictional limitations.

Either way, these large transactions highlight that there is still significant interest in trading and speculating on SHIB’s price movements. The Shiba Inu cryptocurrency team has recently announced a groundbreaking initiative in the digital domain space. They are set to introduce the ‘.shib’ domain, specifically designed for SHIB coin holders. This move marks a significant leap in bridging the gap between traditional internet systems (Web2) and the emerging Web3 technology. How you invest is a personal decision depending on your risk tolerance and investing strategy.

Crypto payments provider NowPayments added the ability to accept SHIB as payments on popular e-commerce store platforms such as Shopify, WooCommerce, Magento, and Opencart. Once you have some SSLP tokens, you need to starting WOOFing to get your BONE. Now that I’ve covered important background information on Shiba Inu, I want to discuss several bullish catalysts that could send SHIB token much higher in the future. The remaining 500 trillion tokens were locked in Uniswap and the creators threw away the private keys.