Shiba Inu Price SHIB

Shiba inu (SHIB) is generally perceived as an Ethereum-based memecoin similar to other dog-themed cryptocurrencies such as popular dogecoin (DOGE) and has a similarly viral following of more than 1.2 million people on Twitter.

Unlike Bitcoin, which is designed to be scarce, SHIB is intentionally abundant — with a total supply of one quadrillion. The Shiba Inu Token ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap.

SHIB’s price often makes news headlines, as it routinely notches tremendous gains and endures equally steep losses.

What Is Shiba Inu?

Even if Bitcoin has accomplished a lot, most of our daily activities are still dictated by a centralized society. The first token to be managed entirely by its community, Shiba Inu was launched in August 2020 by an unknown individual known as Ryoshi with the goal of creating a decentralized standard.

Cryptocurrencies that don’t stay autonomous are doomed to fail, says the token’s Woofpaper. The Shiba Inu community, often known as the Shib Army, is taking a bottom-up approach to test the viability of decentralization by creating a coin with no established leadership, funds, or centralized organization.

Ryoshi distributed half of the Shiba Inu token supply (SHIB) to Vitalik Buterin, a Russian-Canadian programmer and founder of Ethereum, after the token’s introduction. On the decentralized finance network Uniswap, the other half is reserved for liquidity. Be that as it may, in May, Buterin destroyed 90% of his SHIB tokens, which were valued about $6.7 billion at the time. Sandeep Nailwal, a Polygon founder, established a relief fund for COVID-19 in India with the remaining 10%. The developers of Shiba Inu were unaware that Buterin would donate or burn his tokens. As a result, the relief fund must figure out how to spend the money without negatively impacting the Shiba Inu pricing.

Shiba Inu History

As a prank, Shiba Inu was first introduced as Dogecoin’s direct rival. Dogecoin and Shiba Inu are both examples of meme coins. A 2013 meme showcasing the same-name Japanese breed of dog served as the inspiration for the meme coin. A crypto project worth billions of dollars grew out of a community-driven coin that represented a meme.

In 2020, a mysterious individual or organization going by the name of “Ryoshi” continued the trend of dog-themed cryptocurrency tokens by creating one named after the animal. Following its 2021 full-scale launch, it was officially named Dogecoin’s main competitor, alongside Floki Inu, Akita Inu, and Dogelon Mars.

The price of one SHIB coin increased by an astounding 150 million percent between its inception and October 2021, from a low of $0.000000000056 to a record high of $0.00008616.

Another pivotal occasion in the history of SHIB occurred when Vitalik Buterin, co-founder and main engineer of Ethereum, donated $1 billion worth of the cryptocurrency to aid in the fight against the catastrophic spread of COVID-19 in India. This was the highest gift ever made.

How Does Shiba Inu Work?

One Ethereum-based token that uses the SHIB protocol is the ERC-20 token. With its foundation in the Ethereum network, Shiba Inu opens the door to decentralized financial products built with smart contracts. With its decentralized exchange and artist incubator, the Dogecoin Killer intends to join the DeFi sphere, which has been gaining traction due to the rising price and usage of protocols. Through the incubator, creatives will have access to Ethereum’s network, which they may use to auction off smart contracts containing non-fungible tokens (NFTs), thus establishing a decentralized market for NFTs.

Staking coins for BONES will be possible once Shiba Inu’s DEX, ShibaSwap, debuts. The next asset that will elevate the power of DeFi is BONE, which is marketed as another Dogecoin Killer, according to Shiba Inu’s website. At a later time, we will release the details on how to buy BONE.

When BONES become accessible, staking SHIB on the ShibaSwap platform will be your sole option for mining them. Interest will be earned by those who stake SHIB. With a total quantity of just 100,000 coins, LEASH is the third flagship asset on ShibaSwap. You may find this on Uniswap.

In addition to launching an NFT project, Shiba Inu intends to release ShibaSwag and bring about practical uses for the cryptocurrency that go beyond the virtual world.

How Is SHIB Different from DOGE?

SHIB, unlike DOGE, is compatible with the Ethereum ecosystem — which has allowed the community to create crypto apps like ShibaSwap, a DEX that allows users to trade and stake tokens without an intermediary. In the future, the Shiba community plans to release an NFT platform and DAO-based governance system for the Shiba ecosystem (called “DoggyDAO”).