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In May 2021, Vitalik Buterin, the co-founder of Ethereum, contributed 50 trillion Shiba Inu coins, or half of the total supply, to the India Crypto COVID-19 Relief Fund as part of a $1.2 billion donation to assist address the country's rising COVID-19 crisis. However, the relief fund shrunk under the shadow of the crypto crackdown as a result of China’s stringent anti-crypto policies.
Several events followed to make the coin more popular and acceptable among the crypto community. In fact, Tesla’s CEO Elon Musk has a big hand to play behind this. It is not unknown that he can turn the crypto market upside-down with just his one tweet. And that’s what happened again recently.
A rally for the Shiba Inu coin has been prompted by another Elon Musk tweet. Shiba Inu witnessed a 21% rally, just an hour after the tweet was sent into the Twitter crypto-verse.
Musk’s tweet has preceded a rise in Shiba Inu for the second time this month. Therefore, if you are looking for a potential token to invest in, then Shiba Inu is the right one for you at this moment. This Cryptoknowmics article will help you with everything that you need to know about the token before you invest in it.
What Is Shiba Inu?
Shiba Inu is an Ethereum ERC-20 token created by Ryoshi, an anonymous individual. According to the Shiba Inu website, the coin is a decentralized meme token that is evolving into a thriving ecosystem. According to the white paper, the goal is to create an ecosystem consisting of three tokens with diverse supplies. With a maximum quantity of one quadrillion, SHIB is the ecosystem's basic currency. The second token, LEASH, was established with a supply of 107,646 tokens, while the third token, BONE, had a supply of 250,000,000 tokens.
ShibaSwap, the decentralized exchange built by the tokens' creators, allows users to "dig" (offer liquidity), "bury" (stake money), "fetch" (retrieve tokens from Uniswap or SushiSwap), and swap currency. SushiSwap and Uniswap, two additional Ethereum-based exchanges, are similar to this one. The SHIB token is now trading at $0.00002816, with a global market cap of $11 billion.
Unlike DOGE, SHIB is compatible with the Ethereum environment, allowing developers to create crypto apps like ShibaSwap, a decentralized exchange that allows users to trade and stake tokens without the involvement of a third party.
Moreover, the Shiba community intends to deploy an NFT platform and DAO-based governance mechanism for the Shiba ecosystem in the future (dubbed "DoggyDAO"). If you'd want to see these and many other recommended suggestions, go see the project's "Woof Paper."
The growing popularity of Dogecoin has led Shiba Inu to receive global attention. Shiba Inu has holders that support and promote the token on social media platforms like Twitter, Reddit, etc. In India, investors can buy Shiba Inu coins on BuyUcoin, Sushiswap, and a few lesser-known crypto trading platforms.
The price of Shiba Inu has plunged significantly after the May 19 crypto collapse, pushing many people to wonder if the Shiba Inu coin is dead or has a future in the investment market. As a result of the weekend deposits, the Shiba Inu community has grown tremendously, and it is wished to grow much more.
How to Buy Shiboshi NFT?
Shiboshis could only be purchased on ShibaSwap, Shiba Inu's decentralized exchange (DEX). Users will have to buy Shiboshis with LEASH for the first 24 hours after they become live. Following that, ETH will be a feasible payment option. Of course, because the NFTs were sold out in just an hour, LEASH was the primary method of payment.
Shiboshi NFTs are priced according to their tier. The following are the prices (as of 09:15 BST on October 12 via CoinGecko):
- 3000: 0.1 ETH/0.1525 LEASH/$350
- 3001-8000: 0.2 ETH/0.3051 LEASH/$700
- 8001-10000: 0.3 ETH/0.4576 LEASH/$1050
Shiba Inu NFT Launch
Shiba Inu released its own set of NFT Collectibles, on October 14th, 2021, featuring 10,000 “lovable creatures” called Shiboshis. The NFTs were sold out in just over 35 minutes. Shiba Inu has a reputation for being unconventional. Founder Ryoshi, for example, agreed to invest 50% of the total supply of 1 quadrillion in Uniswap. The remaining half was then transferred to Vitalik Buterin, the co-founder of Ethereum. The project is performing a silent drop instead of hyping it up, thanks to the trendsetting method of doing things.
Will Dogecoin Follow Suit?
DOGE's developers projected that the coin would be a fun and lighthearted cryptocurrency that would appeal to a wider audience than Bitcoin's core audience, and it has since grown to become one of the most popular and highly appreciated cryptos in the world, thanks to its meme-inspired nature. DOGE has a dedicated development team that is constantly looking for new methods to improve the platform's capabilities. Despite being pressured by its following, several US-based businesses have accepted DOGE as a form of payment.
SHIB has also built a reputation for itself, driving millions of people to invest all around the world and, more recently, stealing the meme thunder from its contemporaries. The coin is making a gallant effort to make its mark in the ecosystem, with the SHIB website urging dog-inspired artists to support the "Artistic Shiba Movement" in the NFT market and its campaign to save genuine Shiba Inu dogs.
Note that after Dogecoin was listed on the Robinhood, it was a huge success. It released a report in July this year and it said in its IPO filing that the meme-inspired token (Dogecoin) accounted for 34% of its cryptocurrency transaction-based revenue in the first quarter. That’s up from 4% in the fourth quarter. And recently, SHIB cryptocurrency is apparently on its way to being listed on the Robinhood platform, according to news just breaking across the proverbial waves. This comes as a petition to put Shiba Inus on Robinhood has already received 265,152 signatures.
Therefore, Dogecoin might soon follow Shiba Inu in the bull run. SHIB may have notched the largest percentage gain, but DOGE remains the top dog of the pack with the furthest reach and a market cap of $32 billion. DOGE is ideal for those seeking a lower level of risk in the altcoin market while also lowering their expectations. Its enormous market cap and position make it an excellent choice for individuals seeking low risk and low reward.
Conclusion
In the previous eight months, Dogecoin's main opponent Shiba Inu has grown in popularity. While the retail enthusiasm is the main driver of SHIB's recent surge, institutional investors have begun to see Shiba Inus as a good portfolio diversifier. Large SHIB transactions have increased significantly during the recent price boom, indicating that Shiba Inu whales are aiming to hold the world's 19th largest cryptocurrency for the next few years. Moreover, after Dogecoin was launched, its price skyrocketed. It became so popular that it kept breaking its ATHs every other day. And Shiba Inu, a close competitor of Dogecoin, accepted the same token. Hence, this might be the right time to invest in the token.