Shiba Inu Coin: A Meme Coin with Potential
Shiba Inu Coin, or SHIB, is a cryptocurrency that was inspired by Dogecoin, the popular meme coin. SHIB aims to be an Ethereum-based alternative to Dogecoin, with a larger supply and a more decentralized community. In this article, we will explore what Shiba Inu Token is, how it works, its history, where to buy it, its future prospects, and its pros and cons.
What is Shiba Inu Coin?
SHIB is the main token of the Shiba Inu ecosystem, which supports projects such as an NFT art incubator and a decentralized exchange called ShibaSwap. SHIB was created in August 2020 by an anonymous developer named Ryoshi, who wanted to create a community-driven cryptocurrency that could rival Dogecoin.
Unlike Bitcoin, which has a limited supply of 21 million coins, SHIB has a total supply of one quadrillion coins, making it intentionally abundant and accessible. SHIB is also compatible with the Ethereum network, which means it can benefit from the vast Ethereum ecosystem of wallets, apps, and smart contracts2.
What is the trading volume of Shiba Inu Coin?
According to CoinMarketCap, the current price of SHIB as of October 19, 2023 is $0.00000690 USD, with a market cap of $4.1 billion USD and a rank of #19 among all cryptocurrencies. The 24-hour trading volume of SHIB is $87.3 million USD, which indicates a moderate level of liquidity and activity. The circulating supply of SHIB is 589.3 trillion coins, which is about 59% of the total supply. The remaining 41% of the total supply was either burned or locked in various ways.
How does Shiba Inu Coin work?
SHIB works as an ERC-20 token on the Ethereum blockchain, which means it follows a standard protocol for creating and transferring tokens on the Ethereum network. SHIB can be used as a medium of exchange, a store of value, or a unit of account within the Shiba Inu ecosystem or outside of it.
SHIB can also be used to participate in the governance of the Shiba Inu ecosystem, by voting on proposals or staking tokens to earn rewards. One of the main features of the Shiba Inu ecosystem is ShibaSwap, a decentralized exchange that allows users to swap tokens, provide liquidity, and earn rewards in SHIB and other tokens.
What is the history of Shiba Inu Coin?
SHIB was launched in August 2020 by Ryoshi, who claimed to be a fan of Dogecoin and wanted to create a similar but better cryptocurrency. Ryoshi initially sent 50% of the total supply of SHIB to Vitalik Buterin, the co-founder of Ethereum, as a gesture of trust and generosity. The other 50% was added to Uniswap, a decentralized exchange, as liquidity for trading SHIB. Ryoshi also created a WoofPaper, or a whitepaper, that outlined the vision and roadmap of the Shiba Inu project.
In May 2021, SHIB gained significant attention and popularity after Elon Musk tweeted about his Shiba Inu dog and Vitalik Buterin donated about $1 billion worth of SHIB to a COVID-19 relief fund in India. However, this also caused some volatility and controversy in the SHIB market, as some investors feared that Buterin could dump his remaining SHIB holdings and crash the price.
In July 2021, ShibaSwap was launched as the first major product of the Shiba Inu ecosystem, attracting over $1 billion worth of liquidity in its first day.
In September 2021, Coinbase, the largest U.S.-based crypto exchange, listed SHIB on its platform, boosting its exposure and adoption.
Where to buy Shiba Inu Coin?
SHIB can be bought on various platforms that support ERC-20 tokens. Some of the most popular ones are:
- Coinbase: A U.S.-based crypto exchange that allows users to buy and sell SHIB with fiat currency or other cryptocurrencies.
- Binance: A global crypto exchange that offers trading pairs for SHIB with various fiat currencies and cryptocurrencies.
- Uniswap: A decentralized exchange that allows users to swap SHIB with other ERC-20 tokens without intermediaries.
- ShibaSwap: A decentralized exchange that is dedicated to the Shiba Inu ecosystem and offers various features and rewards for SHIB holders.
What is the future for Shiba Inu Coin?
The future of SHIB depends largely on the development and innovation of the Shiba Inu ecosystem, as well as the demand and adoption of SHIB as a cryptocurrency. Some of the potential factors that could influence the future of SHIB are:
- The launch of new products and features within the Shiba Inu ecosystem, such as Shibarium, a layer-2 blockchain solution, ShibaNet, a decentralized e-commerce platform, and Shiboshi, a collection of 10,000 NFTs.
- The integration of SHIB with other platforms and applications that support Ethereum tokens, such as lending and savings products, NFT marketplaces, and gaming platforms.
- The growth and engagement of the Shiba Inu community, which is one of the largest and most active in the crypto space, with over 1 million followers on Twitter and over 600,000 holders of SHIB.
- The market sentiment and trends of the crypto industry, especially the meme coin sector, which is influenced by various factors such as social media, celebrity endorsements, regulations, and innovations.
What is the all-time high and all-time low for Shiba Inu Coin?
According to CoinMarketCap, the all-time high for SHIB was $0.000032 USD on May 10, 2021, which was a result of a massive surge in demand and hype after Elon Musk’s tweet and Vitalik Buterin’s donation. The all-time low for SHIB was $0.000000001 USD on November 28, 2020, which was shortly after its launch and before it gained much attention or adoption.
What is the fully diluted valuation of Shiba Inu Coin?
The fully diluted valuation (FDV) of a cryptocurrency is the theoretical market cap that it would have if all of its tokens were in circulation. For SHIB, the FDV can be calculated by multiplying its current price by its total supply. As of October 19, 2023, the FDV of SHIB is:
FDV = Price × TotalSupply
FDV = 0.00000690 × 1,000,000,000,000,000
Advantages and Disadvantages of SHIB
Here are some of the pros and cons of buying Shiba Inu Coin (SHIB):
Pros
- Valuable meme crypto brand: SHIB has followed Dogecoin’s winning meme-friendly branding recipe. Shiba Inu has been trending on social media, and its brand has been spreading like wildfire.
- Shibaswap: Shibaswap is a decentralized exchange that allows users to swap tokens, provide liquidity, and earn rewards in SHIB and other tokens. Shibaswap users can also stake their crypto to generate yield, similar to interest paid on a savings account.
- Potential Robinhood trading: Robinhood is a popular trading app that currently only supports seven cryptocurrencies, including Dogecoin. There is speculation that Robinhood may soon list SHIB on its platform, which could boost its exposure and adoption.
Cons
- Extreme volatility: SHIB is highly volatile and risky as it is influenced by various factors such as market sentiment, social media hype, celebrity endorsements, regulations, and innovations. SHIB can experience huge price swings in both directions in a short period of time.
- Lack of real-world utility: SHIB mainly serves as a speculative asset or a medium of exchange within its own ecosystem. SHIB has a limited use case and utility outside of its network.
- Musk doesn’t own it: Elon Musk, the CEO of Tesla and SpaceX, is a well-known supporter of Dogecoin. He often tweets about Dogecoin and influences its price movement. However, Musk has said that he does not own any SHIB tokens. This means that SHIB may not benefit from Musk’s endorsement or influence.
Conclusion
Shiba Inu Coin is a cryptocurrency that was inspired by Dogecoin and aims to be an Ethereum-based alternative to it. SHIB has a large supply and a low price per coin that make it abundant and accessible. SHIB is also part of a diverse ecosystem that supports various projects and initiatives related to art, finance, gaming, and social impact.
However, SHIB also has its challenges and drawbacks, such as high volatility, strong competition, limited utility, and high environmental impact. Therefore, investors and users of SHIB should be aware of the risks and opportunities involved in this meme coin and do their own research before making any decisions. SHIB may be a joke, but it is also a serious contender in the crypto space.