Shiba Inu: a detailed review of the Shiba Inu cryptocurrency

Shiba Inu is one of the most popular cryptocurrencies for 2022 .
What caused such a stir around the coin and what the Shibu coin is - in our review on the website. I want to make this review as open as possible so that not a single question remains related to the Shiba Inu coin. Let's look at the history of creation, why the Shiba cryptocurrency was created, where you can buy it, and what prospects this coin has.

What is Shiba Inu (SHIB) cryptocurrency?
History of token creation
Why is the Shib coin so popular?
Technical side of the token
Prospects for SHIB (is it worth buying)
Where and how to buy Shiba inu cryptocurrency
Shiba Inu latest news

Before examining the Shiba Inu coin (SHIB) in detail, I want to clarify a very important point: Shiba is not a cryptocurrency in the usual sense, it is a token ! It’s just that everyone has long equated these two concepts and is looking for the Shiba Inu cryptocurrency in their search. What is the fundamental difference - cryptocurrency is obtained through mining, and tokens are issued by its creators (all at once or in parts). Therefore, in the article, I will use the concept of “crypto” for a coin. You can learn more about the difference between the two concepts from the reviews:

What is cryptocurrency in simple words
What is a token and how does it differ from crypto?

What is Shiba Inu (SHIB) cryptocurrency - a detailed overview

Shiba Inu is a token on the ethereum blockchain , or rather, it is a meme token of the erc-20 standard with its own decentralized ecosystem. The project community is perhaps the most important part of the popularity of the Shiba token. Its community is larger than most popular coins, and its official Twitter group has more than 2 million followers.

Don’t forget to subscribe to the NewCripto telegram channel and you will always be aware of the most important news and updates, and I also publish information about various airdrops there.

According to the rules that are set out in the whitepaper of this token, the community of followers has its own rules and one of the main ones is that the project must be created from scratch and remain decentralized. Also, each member of the community must find use for their talents and skills in order to promote Shiba Inu. You can view the white paper on github.com.

The inspiration for the creation of such a token was the Japanese Shiba Inu dog breed of the same name. The token is the same meme as many other cryptocurrencies, such as Doge, Baby dogecoin, Red Floki and so on. There are a huge number of them, but unlike their Shiba Inu counterparts, the development team creates certain values for the token.

Additionally, the community itself greatly helps promote this coin, for example, in July 21, the developers launched the decentralized exchange shibaswap.

So what is Shiba inu?

Shiba Inu is an Ethereum-based meme token, an alternative to the famous Dogecoin meme coin. Shiba inu is promoted and loved by famous personalities and billionaires such as Elon Musk and Mark Cuban. The meme token often calls itself the Dogecoin killer and, like Dogecoin, has a Shiba Inu dog as its mascot.

The token was founded in August 2022 by Ryoshi, whose goal was to move away from “rigid social structures and traditional thinking,” according to its 28-page white paper.

Instead, Shiba inu wanted to be an "experiment in decentralized spontaneous community building" and give power back to the "average man."

Shiba Inu history of token creation

The project started in August 2022 and 1 quadrillion SHIB tokens were minted. The shiba coin is also called the DOGE killer and according to its creator: “Shiba has the ability to outperform the value of dogecoin many times over without even breaking the $0.01 mark.”

The creator of the project is a person (or perhaps a group) of people under the pseudonym Ryoshi. The identity of the founder is still unknown and only his online activities exist. All we know is that he has an “influential friend in the cryptocurrency world” who provided Rayoshi with 10 ETH early on to provide liquidity for the ETH-SHIB trading pair on the Uniswap decentralized exchange.

The goal of the project was an experiment to create a spontaneous decentralized community and coin. As I already said, no one knows the creators of the Shiba Inu coin themselves, but since we are doing a detailed review, I will include all versions in the article.

There are a lot of guesses floating around the network about who this second person could be; many believe that it is Vitalik Buterin (creator of the Ethereum cryptocurrency). And here are a few coincidences in this regard:

Ryoshi says he met his “influential friend” at the 2019 DevCon V conference in Japan, which Buterin himself attended.
After creating the token, the founder transferred half of the total supply of tokens to Vitalik, 500 trillion SHIB (worth $1.2 billion at the time). The rest were sent to the Uniswap exchange to maintain liquidity.
WhitePaper states that the coins were burned (or planned to be burned) in this way.
Also after the translation, Shiba's whitepaper was updated to indicate that "the donations are favorable to the coin, and Vitalik Buterin is a friend of SHIB."

In general, whether to believe in these stories or not is up to everyone. In fact, who its creators are is not so important for the token, which took 12th place in CoinMarketCap.

Why is the shiba inu token so popular?

Immediately after the launch, Shiba Inu, although it became famous, its price did not change for about 8 months. The peak of popularity came when Blon Musk began to show interest in Dogecoin, and then in the Shiba Inu dog.

In March 2021, Elon Musk posted on Twitter about his intention to buy a Shiba Inu dog, which is also a symbol of dogecoin. Obviously, many decided that we were talking about the Shiba Inu token and in the future this caused high demand for the token. Although we later figured out what was going on, the process had already begun.

Immediately after the tweet was published on Elon’s official page, the Shiba Inu cryptocurrency grew by 68% in an hour and then in 5 days, its value exceeded more than 2000 percent. Later, with the market drawdown, the coin also lost, but recovered in early October 2022.

This may also be due to the fact that the same Elon Musk shared a photo and name of his new Shiba Inu puppy.

Overall, from January to October the price of SHIB increased by more than 27,000,000% !!! In fact, just one tweet from the famous billionaire Elon Musk (owner of Tesla, SpaceX and one of the founders of OpenAI). decided the fate of the Shiba Inu coin that is so popular today.

And another thing that could affect the value of the token, in May 2022, Buterin sent 50 trillion SHIB to charity. A little later, for security reasons, he burned 410 trillion SHIB, the value of which at that time was more than $6.5 billion. This reduced the total supply by more than 40% and had a positive effect on the price.

Why is the meme coin growing so fast?

The rapid growth of the meme coin has several reasons. Wednesday's rise in the price of Shiba Inu could be linked to an online petition on Change.org that has received more than 300,000 signatures calling on fintech service Robinhood to become the first traditional broker to list the Shiba Inu coin.

Recently, Shiba inu released a series of non-playable tokens called “shiboshi”, which are recorded on the Ethereum blockchain. Some of them feature a Shiba Inu wearing a party hat or laser eyes.

And in May, the meme coin made headlines when Ethereum co-founder Vitalik Buterin donated 50 trillion coins (worth about $1 billion at the time) to India's cryptocurrency pandemic relief fund.

Well, among other things, the growth of the coin is supported by a really large army of the Shiba crypto community, which has rallied around the meme coin.

“The cryptocurrency universe is full of coins that represent different use cases and themes,” commented John Wu, President of Ava Labs and leader of the team that created the Avalanche altcoin.

Meme tokens, he says, are “culture-driven and represent a hobby, gaming theme, or enthusiast movement, rather than specific technical use cases.”

Does this mean that the Shiba Inu has no real use case?

It's hard to say—at least not yet. John Woo said that the Shiba inu token “was not created for complex use cases such as borrowing, lending, trading or gaming,” but it is trying to be useful.

Since Shiba inu is written on the Ethereum blockchain, it could have more advanced smart contract capabilities, the expert said. One example is Shibaswap, a platform launched in July that aims to provide token utility in terms of staking and rewards.

It is worth noting that the Shiba Inu coin was not designed for limited supply and has 1 quadrillion coins.

Technical side of the Shiba Inu token and eco-system

We won’t dig too deep into how the Shiba token or the entire ecosystem works, but we’ll look at the main aspects. At the moment, the SHIB cryptocurrency ecosystem is its exchange (which includes several aspects), and the three coins SHIB, LEASH and BONE:

Shiba Inu is an ERC-20 token on the Ethereum blockchain . This means that it was created and hosted on the Ethereum blockchain and not on its own. The initial issue was 1 quadrillion coins (that's 15 zeros), but a significant part has already been burned. At the time of writing, less than 60% of the tokens are in circulation. The key element of the ecosystem is the SHIB token.
Bone ShibaSwap (BONE): its main task is to manage the platform (total supply of 250,000,000 coins). He will be used to vote on ShibArmy proposals in 2022. Any vote will be determined by the number of coins available. By the way, only a small part of BONE tokens are currently in circulation.
Doge Killer (LEASH): Initially launched as a rebasing token that has the features of an “elastic token” of 107,647 coins, all of which are in circulation.

What is the shibaswap platform itself and what functions does it have? The site has several directions and let's look at them.

Some operating principles are almost the same as in other decentralized exchanges (DEX), I have already written about one of them - the BiSwap exchange.

SWAP - allows you to exchange tokens exclusively on the Ethereum network. The greatest liquidity is concentrated in pairs with the project coin.
DIG - you can add tokens to liquidity pools. You add two selected coins, and LP tokens are provided in return. We track income in the WOOF tab. Liquidity participants receive rewards in ShibaSwap tokens (SSLP).
BURY - staking for SHIB, BONE and LEASH tokens. What is staking and how to make money from it, I wrote in this review.
WOOF - allows you to invest LP tokens. In this section you can also receive accumulated rewards. All payments are made in BONE tokens. Woofing - receiving bone rewards for cashing out SSLP tokens.
NFTS - stores SHIBOSHI NFT tokens. Here you can trade 10,000 unique “Shiboshis” tokens – pixelated cartoons of Shiba Inu dogs.
BONEFOLIO - analytics tab about platform performance. Liquidity volumes, current profitability and here you can track your profitability

Prospects

As with Dogecoin, skeptics say that large holders will sell their shares of Shiba, thereby sharply reducing the price of the asset. However, the possibilities for this are limited. For example, the second largest Shib holder had $176.5 million worth of tokens, but did not sell them. This probably happened because the liquidity available on the exchanges was only enough to receive about $4 million. For this reason, from May 3 to May 9, among the 50 largest Shib holders, only one sold tokens.

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Prospects for the Shiba Inu cryptocurrency

The most important question that interests many is whether it is worth investing in the Shiba Inu cryptocurrency today and whether it is a good investment. As you understand, any investment in cryptocurrency is associated with great risks. Since there is a lot of volatility in this segment and there are a lot of factors that influence the growth or fall of cryptocurrency.

There are a huge number of crypto analysts who speak both for and against it. I won't even give examples or link to them. In this article I want to express my personal opinion on how I see investing in the SHIB coin.

Important: This is not financial advice. You assume all risks associated with the purchase/sale.

Here are several aspects that speak in favor of the Shiba Inu token and its purchase:

2 million followers on Twitter (can greatly influence its growth)
A strong Community that promotes this coin and has pretty good cohesion
Colossal growth of the Shiba Inu token earlier. This suggests that there is interest and possible potential in it
Possible participation in this project by Vitalik Buterin, a person who really has weight in the world of cryptocurrencies (but this is not certain)
Its own decentralized exchange, which probably still has a lot of ideas and potential for growth
The token roadmap, which shows that work does not stop at this stage and there are still projects that will be implemented
The same Elon Musk, who shows interest in cryptocurrencies (he already mentioned dogecoin in his tweets) and this also led to an increase in the value of Shiba
And the last, probably one of the most important aspects is the low entry threshold. You can purchase for $50 and get 1,000,000 coins (this is as of November 2022). Not such a big risk, but the chances of X's are high.

Naturally, everyone makes their own decision. Personally, I am gradually, little by little, purchasing this coin, let's see what happens next.

Shiba inu cryptocurrency latest news

In this section I will try to post current news on the Shiba Inu (SHIB) project, which will be really important, for example, events that have already happened (will be added):

11/08/21 A large holder bought Shiba Inu tokens for $1.15 billion.
Over the past month, the number of holders of the “meme” cryptocurrency Shiba Inu increased by 31% (from 706.8 thousand to 926.6 thousand), according to Coinamarketcap. During this period, the altcoin price increased by 104%.
11/14/21 Johnny Liu, who heads KuCoin, the world's third-largest cryptocurrency exchange by trading volume, recently announced his intention to hold the Shiba Inu in his assets.
11/18/21 More than 500 stores can now accept SHIB as a payment method.
The partnership with Shopping .io means SHIB holders will be able to purchase products on the platform from e-commerce giants Amazon, eBay and Walmart.

I have already written about another top coin, which has also given good X’s recently - read the review of the TON project and its Toncoin coin. The review came out just before its takeoff and I think many managed to make good money on it.