13 October 2021| ZebPay Trade-Desk
Shiba Inu has inspired millions of people around the globe to finance and fund a coin with a doggo’s picture on it. As per the Shiba Inu website, SHIB is said to be the “Dogecoin Killer” and is already listed on their own Decentralized Exchange (DEX) ShibaSwap along with two other tokens known as “BONE” and “LEASH”.
The creator of Shiba Inu is anonymous just like the creator of the first cryptocurrency Bitcoin (BTC), Satoshi Nakamoto. It was created in August 2020 under the pseudonym “Ryoshi”. The meme coin rose fastly to fame as the meme culture blasted all over the world inviting investors through its cute charm along with hot news and trending tweets from the likes of Elon Musk and Vitalik Buterin.
Shiba Inu Snapshot (at the time of writing):
|24 HR Volume||$4,472,810,309|
|All Time High/Low||$$0.0000388/$0.00000001|
|Script in Circulation||394,796 Billion SHIB|
|Total Supply||1 Quadrillion SHIB|
According to the website of Shiba Inu, 50% of the total token supply is locked on the DEX platform Uniswap and the keys to it are thrown away. The outstanding 50% was “burned to Vitalik Buterin” which basically means it was given away to him for burning. To retaliate for the “gift” from the Shiba Inu team, Buterin sent about 50 Trillion SHIB tokens which at that time valued around $1 Billion in Shiba Inu price to India’s Covid Crypto Relief Fund.
Vitalik Buterin then burned the rest 40% of the total supply to a dead wallet to establish stability and ensure the success of the coin. As mentioned above there are two other tokens explained on the Shiba Inu website – LEASH which is said to be “been unleashed and will not rebase” and BONE apparently the “Dogecoin Killer.” LEASH token has a fixed supply of just 107,646 tokens and provides attractive rewards to liquidity providers. On the other hand, BONE has 250 Million tokens and acts as a governance token which allows the holders of BONE to vote on the Shiba Inu’s Doggy decentralization autonomous organization.
The white paper of the Shiba Inu is called “WoofPaper ” and it states that the Shiba Inu token would be utilized to DIG for BONES or the ShibaSwap but also to BURYy the tokens. Apparently, the “Trainers” would be teaching their Shibas how to swap tokens too, all of these activities would be creating “RETURNS” that are accumulated into the Puppy Pools. The #SHIBARMY now has the option of BUYING OR DIGGING for BONES tokens in these pools.
Shibu Inu (SHIB) is a coin that aims to be an Ethereum based replacement to Dogecoin, the very popular memecoin. Bitcoin is designed to be scarce whereas SHIB is intentionally made in a way that is abundant in nature. The total circulating supply of it is 1 quadrillion. The Shiba Inu token system supports innovative and artistic projects like the NFT art incubator and the development of its own decentralized exchange called the ShibaSwap. Its competitor Dogecoin was launched officially on 6th December 2013, around 7 years back and within its first 30 days over a million people had visited the home page. The coin’s primary job was to act as a tipping system for Twitter and Reddit to reward and incentivize the creation and sharing of quality content. But it only rose to fame in 2020 due to the Tik Tok trend and support of famous people like Musk. The twin of Dogecoin is Dogelon which is said to be the first interplanetary currency. It is basically a fork of the Dogecoin and the native token of the Dogelon Mars which will help in bridging the first settlers from earth to Mars along with Musk. Another key goal of Dogelon is to make the victim of a crypto scam happy by sending over a token and ultimately a seat on a regular flight to mars.
|3 Month Return (%)||9%||284%||167%|
|Return from ICO (%)||40654%||1,817,902%||2281%|
|Market Capitalization (bn)||$29.97||$11.58||$0.083|
In the table given above, we can see a comparison between the top 3 dog-themed coins. Dogecoin which started as a meme coin now also ranks high among the dog theme coins owing to the rising popularity of the memes in the last few years. As the dogecoin rose to fame it created a market for dog-themed coins which were cute, charming, and fun, and Shiba Inu and Dogelon sprouted out as a result.
Even though Doge is the oldest and still ranks higher in terms of market capitalization Shib is making a place for itself currently ranking at 17 with $11.58 bn of market cap followed by Dogelon at 428th with $0.08 bn. The 3-month return is being led by SHIB with about 284% followed by 167% for Dogelon and Doge at 9%. The low return of doge can be due to the saturation of its popularity and other coins taking a piece of the vast audience. SHIB tokens have provided the highest return from ICO followed by Doge with 40654% and lastly by Dogelon with 2281%.
|SHIB||Jun 2021||Jul 2021||Aug 2021||Sep 2021||Oct 2021|
|Price (US $)||0.0000077||0.0000072||0.0000075||0.0000072||0.0000205|
|MoM ROI (%)||-31.49%||-6.69%||4.49%||-3.86%||184.53%|
Even though the coin was created and launched in 2020 the token started making an impact on the market in May when it saw transaction volume in the hundreds of million dollars. It then hit its then lifetime high of $0.00005 on May 10th, 2021 before starting on its downtrend. The price of the token has been volatile mostly due to the overall crypto market volatility this year.
The market crash in September had clearly affected the price as well as volume. As well on May 13th when Buterin who had been given half of the token supply announced that a large amount of it would be donated to India’s Covid crypto relief fund. Since this was not anticipated earlier, navigating through the token without shocking the market didn’t work out. And SHIB’sprice fell by 44%. With market instability and fundamentals affecting the volume and market capitalization has followed a similar path of price.
August bought some good news for the token due to the rally witnessed by the overall rally in the crypto market as well the listing US largest crypto exchange Coinbase. September saw a few more market corrections but advocacy of Musk pushed to dizzying heights to hold ranks among the top 20 cryptocurrencies.
The Shiba Inu even though created to make a profit from the love of a dog and meme-themed coin, soon gained quite a popularity and created a name for itself. Since SHIB is an ERC-20 token it is highly compatible with the humongous Ethereum universe. This gives SHIB the advantages like compatibility with Ethereum wallets like Metamask or Coinbase wallets. Another pro is the token is available in DEX platforms like UniSwap and of course, the future potential of SHIB to be incorporated into DeFi applications that are ETH-based such as lending and saving products and the NFT marketplace.
Again, unlike its counterpart DOGE, SHIB’s compatibility with Ethereum’s ecosystem has allowed the Shiba Inu community to create crypto space like ShibaSwap, its own DEX that offers users to trade and stake tokens without any mediatory exchange. It also has an NFT incubator that released its own NFT which was very creative and cute. Along with the creation of a DAO-based governance system infamously called the DoggyDAO. The price of the coin has grown by about 74% since last week. And the current price represents a new all-time high of $0.00002985. No doubt Musk’s love for his own Shina Inu puppy gave the token the amazing boost but it has made a niche place for itself and continues to grow to make the crypto ecosystem a more decentralized, fun, cute place.
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