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What is SHIBA INU (SHIB)?
Shiba Inu (SHIB), currency is an Ethereum-based ERC-20 token that has gained considerable attention this year, owing to its dog-themed ecosystem, retail investor conjecture on its price, and active community. Shib’s official Twitter account, for instance, has garnered more followers (1.2 million) than many other popular crypto companies like Cardano, Kraken, and Solana.
While Bitcoin has accomplished tremendous things, the majority of our daily lives are still governed by a centralised system.
Shiba Inu is the first token run entirely by its community, and it was launched in August 2020 by an anonymous person known only as Ryoshi. Its goal is to create a decentralised standard for cryptocurrencies.
As per Token’s Woofpaper, cryptocurrencies that do not retain their independence confront a precarious existence. The Shiba Inu community, often known as the Shib Army, is aiming to determine whether decentralisation can genuinely operate whenever a coin has no centralised team, no funding, and no direct leadership.
SHIB is the Shiba Inu coin or native currency, and after its inception, Ryoshi handed half of the token’s supply to Vitalik Buterin, a Russian-Canadian programmer who founded Ethereum. The remaining half is held in Uniswap, a decentralised finance platform, for liquidity.
Buterin evidently burned 90% of his SHIB tokens in May, valued at $6.7 billion at the time, with the remaining 10% going to a COVID-19 relief fund created up by Sandeep Nailwal, a Polygon founder.
Buterin’s tokens were not intended to be burned or donated, according to Shiba Inu’s developers. As a result, the relief fund must figure out how to handle the contributions without causing too much disruption to the Shiba Inu pricing.
The famed dogecoin cryptocurrency was prompted by the Japanese breed of dog that goes by the same name, which ignited a viral meme trend in 2013 and marked the beginning of the digital asset. Shiba Inu, like dogecoin and the hundreds of many other pet-inspired crypto assets, have been known as “meme coins” in the industry.
Who are the founders of SHIBA INU (SHIB) ?
Shiba Inu was created by someone who goes with the pseudonym Ryoshi created Shiba Inu in August of 2020. Except for his Twitter and Medium profiles, little is known about the person operating Shiba Inu.
“I am nothing,” Ryoshi writes in a Medium post dated May 2021. I am insignificant. I’m just some
insignificant man pounding away at a keyboard, and I’m easily replaceable. “My name is Ryoshi.”
Shiba Inu has gained a lot of popularity in its brief existence. According to its website, it boasts a thriving group of over 480,000 people, with over 70,000 Twitter followers and over 3,000 Medium followers.
What makes SHIBA INU (SHIB) unique?
The Dogecoin Killer is unique in that it is controlled by the Shiba Inu community, which support a decentralised system that frees centralised authority from control. This is supported by the company’s Woofpaper, which claims that “collective decentralisation” allows them to develop something far greater than a centralised staff could.
Shiba Inu began as an experiment in decentralised community formation, starting from the ground up. Shiba is seeking to see if decentralisation can work when it is entirely community-driven, with no money, no centralised team, and no direct leadership.
Shiba Inu has initiated a community initiative to collect and send a percentage of Amazon sales to the Shiba Inu Rescue Association as contributions, using the Amazon Smile feature.
The community may help identify ways to support these puppies by funding the Shiba Inu Rescue Association, which can be daunting for new owners who find the dogs brave, smart, and obstinate.
Shiba Inu is also looking for artists who are motivated by dogs from all around the world to join its artist incubator. It is intended that by doing so, artists will assist drive Shiba Inu into the NFT market by promoting the creative Shiba trend.
How Many SHIBA INU (SHIB) Coins?
According to Shiba Inu’s website, the entire supply of SHIB is one quadrillion. Half of this amount is locked up on Uniswap, a decentralised finance network, while the other half was given to Vitalik Buterin at the start.
The circulating supply of SHIB is approximately 549,152,122,212,178 with a market cap of 21,523,173,005 € according to data.
How does SHIBA INU (SHIB) Work?
The SHIB currency is an Ethereum-based ERC-20 token. Shiba Inu could use smart contracts to construct decentralised finance products because it operates on the Ethereum network.
Through its decentralised exchange and artist incubator, The Dogecoin Killer intends to join the DeFi industry, which has gained attention as protocols’ prices and acceptance have risen.
Artists will be able to utilise Ethereum’s network to auction out non-fungible tokens utilizing smart contracts, resulting in a non-fungible token market that eliminates the necessity of third parties.
Users will be able to bet their coins for BONES upon the launch of ShibaSwap, Shiba Inu’s DEX. According to Shiba Inu’s website, BONE, dubbed as another Dogecoin Killer will be their next asset, bringing DeFi’s power to new heights. Information about how to obtain BONE will be released at a later date.
Staking SHIB on the ShibaSwap platform will be the sole option to extract BONES whenever it becomes accessible. All those who invest in SHIB will be rewarded with interest. LEASH, ShibaSwap’s third flagship asset, will have a total availability of only 100,000 coins. This can be found on Uniswap.
Shiba Inu also wants to start an NFT project, which will include the release of ShibaSwag and the implementation of real-world applications outside of the digital realm.
How to use Shiba Inu (SHIB) ?
Many people view SHIB as an investment instrument, an asset to purchase and own because the token is aimed at increasing faster than Dogecoin without ever reaching $0.01. SHIB will gain more usability with the opening of the ShibaSwap exchange, which will allow holders to stake (bury) and farm (dig) their tokens.
The Shiba project as a whole also serves other purposes, such as saving genuine Shiba Inus through Amazon Smile and introducing the artistic Shiba revolution to the NFT market via the artist incubator.
Conclusion
Shiba Inu is among the most recent DOGE-inspired currencies to hit the market, and it has yet to achieve any notable milestones. Regardless, it is striving to make history by guaranteeing that decentralisation becomes the norm in our everyday lives.
Shiba Inu is a community-run project that is proving how effective a project can be without a centralised crew at its core — and this is just the beginning. Shiba Inu additionally plans to use its artist incubator to grow the non-fungible token market, while showcasing the advantages of decentralised impromptu community formation through its three flagship assets: SHIB, LEASH, and BONE.
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