#SHIB #shibainu #shibainucoin
If you’ve been paying attention to the crypto market, chances are you’ll have heard of Dogecoin, the internet currency which has gone from being a joke to a force to be reckoned with. After the meme coins’ recent success, many people are looking at similar cryptocurrencies that might follow in Doge’s footsteps.
One of the more popular is Shiba Inu. But what’s going on with this coin, and more importantly, why should you own at least 10 million Shiba Inu tokens. These questions will be answered today. So stick around for that, because today’s video will be fire.
Shiba Inu Next Up?
Shiba Inu was set up in 2020 by a mysterious founder, known only as Ryoshi. At first glance, you might see a cryptocurrency with a Shiba Inu dog as its mascot and think it’s a rip-off of Doge, but it is worth looking at. The idea behind Shib was to create a cryptocurrency that was, in theory, 100% decentralized and run by its community. It’s based on Ethereum, unlike Doge, which is based on Bitcoin.
As of 27 June 2021, there were 394,796 billion Shib in circulation. Remarkably, there are one quadrillion, a million billion, Shiba Inu coins. This means that, for the time being at least, the price of a Shiba Inu coin is going to remain relatively low.
That isn’t to say that it won’t go up at some point, but the sheer size of the potential supply does depress the price somewhat. Certainly, it won’t reach the hallowed $1 mark without causing some serious financial disruption. But the coin’s low price also means there’s potential for growth so long as people remember to stay reasonable.
As Ryoshi wrote in the Shib white paper “We have the ability to outpace the value of Dogecoin, exponentially, without ever crossing the $0.01 mark.”
The other thing to note about the number of Shiba Inu coins is that half the total supply was given to Ethereum founder Vitalik Buterin, who in May 2021 burnt 90% of them, the equivalent of 410 trillion tokens, worth approximately $6.7 billion. Speaking at the time, he said: “I don’t want to be a locus of power of that kind.”
Also in May, Buterin donated 50 trillion coins, worth around $1.2bn, to the India Crypto Relief Fund. The billionaire said it was an “opportunity to turn the meme bubble into something that could actually do good for people”.
ShibaSwap: great expectations?
Shib’s next step appears to be setting up its own exchange, ShibaSwap. This will allow people to exchange their Shib for other cryptocurrencies in a decentralized exchange. Users can also get hold of Shiba’s other crypto, LEASH, and the soon-to-be-launched BONE. No date has been given for the launch of ShibaSwap yet, although the company says “ShibaSwap is undergoing security tests, audits, and final updates to prepare for a safe launch”. If it does happen, this could have an impact on the Shiba Inu coin price. Another thing to note about the Shiba Inu coin is that it has a devoted online fanbase. Considering the very low Shiba Inu coin price and its incredibly limited utility, having around 30 Facebook groups dedicated to it and a subReddit with 172,000 members is pretty good going. Although it’s safe to say that these sites are not exactly the place to go for reasoned discussions about cryptocurrency utility and trends, you do have to give them credit for being positive, upbeat, enthusiastic, and welcoming places for people who are interested in Shib. There are certainly a fair number of Shiba Inu coin evangelists online, so it seems reasonable to think that this meme coin isn’t going away just yet.
Bitcoin’s increasing influence on meme coin community?
El Salvador accepting Bitcoin as legal tender was crucial to the cryptocurrency ecosystem, and Bitcoin price reacted accordingly. Interestingly, this news led Shiba Inu’s price to form a bottom due to the announcement and also rallied 22% as a result.
Soon thereafter, Coinbase announced that it would list Shiba Inu, which pushed the market value of the dog-themed crypto by a whopping 50% in less than 16 hours.
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