SHIBA INU Dogecoin Killer? Meme or Something More?

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SHIBA INU was created in August 2020 by a pseudonymous developer named Ryoshi. The name SHIBA INU means Japanese Small Size Dog or Japanese Brushwood Dog, Although SIBA INU is branded as the QUOTE ‘Dogecoin Killer’, Ryoshi explained in his first Medium post that the project is essentially an experiment in community governance and decentralization. SHIBA INU token and it’s ecosystem build on Ethereum Blockchain.

Shibaswap Explained 

The SHIBA INU token is not just a currency like the Doge Coin. SHIBA has it’s own ecosystem. Shibaswap is the cornerstone protocol of SHIBA INU’s ecosystem. Like some other DEXes like Uniswap,Sushiswap, Shibaswap’s launch will begin with a two-week liquidity event which will incentivize liquidity providers to move their LP tokens from Uniswap and Sushiswap to Shibaswap.

Shiba Inu LEASH Cryptocurrency Tokenomics 

LEASH is an ERC-20 token on Ethereum Blockchain. It is part of Shiba Inu’s upcoming ecosystem. LEASH is the second token incentivized on ShibaSwap and will offer lucrative rewards for the holders providing its liquidity.

LEASH is in circulation as of now and it was initially designed to QUOTE ‘tame DOGE’ by rebasing to 1000x the price of DOGE at 6:30 UTC every day. LEASH is no longer a rebase token. It has a maximum supply of ~107k.

Also Read: Top 10 Free Crypto Research Sites & Tools

Shiba Inu BONE Cryptocurrency Tokenomics

BONE is an ERC-20 token on Ethereum Blockchain. It is also part of SHIBA INU’s upcoming ecosystem. BONE is not yet in circulation – the BONE you’ll find on CoinMarketCap and CoinGecko is related to a different dog project. It has a maximum supply of 250 million and is used for governance. It is earned by stakers and liquidity provider.

Shiba Inu SHIB Cryptocurrency Tokenomics

SHIB is an ERC-20 token on Ethereum Blockchain. It is the flagship token of the SHIBA INU ecosystem. SHIB had an initial supply of 1 quadrillion. 50% of this supply was sent to Ethereum founder Vitalik Buterin’s cold wallet address by Shiba Inu’s founder. He burned 80% of his holdings and donated the rest to India’s Covid-19 relief fund set by Polygon co-founder Sandeep. That’s mean 40% of SHIB’s total supply burnt forever.

Shiba Inu SHIB Cryptocurrency Price Analysis

During the previous meme coin bubble, there was a huge frenzy in the crypto community about Shiba coin. After the success of Doge coin, everyone started predicting the price of Shib coin to a dollar or at least a cent. But the reality is SHIB will never reach a cent, much less a dollar, and that’s because its supply is so massive. This is something that the average crypto investor doesn’t seem to understand.

Reaching a dollar would give SHIB a market cap of nearly 400 billion dollars, which would make it larger than Ethereum. I hate to burst your bubble, but that’s not going to happen anytime.

Read More: Proof of Work vs Proof of Stake (PoW Vs PoS)

Who Is Ryoshi?

Ryoshi’s first medium post finishes with a rare photo of Vitalik Buterin in Japan, presumably during Devcon in 2019. The man in the brown jacket is apparently Ryoshi himself

Regardless of who Ryoshi is, it’s clear that he has close connections to some very important people in crypto, and this means that he’s not just some anonymous developer who came out of nowhere. Not only that, but the possibility of his good relationship with ethereum founder Vitalik Buterin.

SHIBA INU Cryptocurrency community

Excitement towards Meme Coins, especially Shiba Inu Coin, is noticeable among newcomers of the crypto community. The world’s richest man Elon Musk, the founder of SpaceX talk about DOGE coin several time, It’s usually impact on its price action. After the unbelievable price action of dogecoin other Meme coins price also booming and Shiba Inu taking the lead. The founder of Shiba inu called SHIB as ”DOGE killer”. Shiba inu has over 700k+ Twitter followers and 200k telegram community member. Not just that its community growing very fast at the moment.

How to Buy SHIB Cryptocurrency?

You can buy/sale SHIB and LEASH from Uniswap as well as their own exchange Shibaswap. SHIB coin already listed on top cryptocurrency exchange like binance okEx and many others. Recently SHIB token listed on coinbase. BONE is not available yet, but will be available through ShibaSwap very soon.

Conclusion

SHIBA INU is not just a currency like Doge Coin. Although two coins have been extended around the meme, Yet SHIB coin continue to try to create an ecosystem. In the future, it will be clear how Shiba Inu left his mark in the crypto world. Investing in crypto is always risky So always study before investment in any coin or token.


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