Shiba Inu Price (SHIB)

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About Shiba Inu (SHIB)

Shiba Inu is currently trading at 0.00000839. Its 24-hour trading volume is $151,291,379 and has plunged -0.98% in the previous 24 hours. Shiba Inu’s live market cap is $4,946,055,630. The coin ranks #17 on the Coingape Crypto Price Page. It has a circulating supply of 589,384,328,243,061 and a maximum supply of 1,000,000,000,000,000.

What is Shiba Inu (SHIB)?

Shiba Inu (SHIB) is an Ethereum -based meme coin that features the Shiba Inu—a Japanese dog—as its mascot. Initially started as a fun currency Shiba Inu has now transformed into a decentralized ecosystem.

Dubbed “the Dogecoin killer” by its proponents, Shiba Inu is considered to be an alternative to Dogecoin. While Dogecoin was founded in December 2013, Shiba Inu was created in August 2020 by an anonymous individual (s) called Ryoshi.

Ryoshi chose to build the Shiba Inu ecosystem on Ethereum because it was already secure and well-established, and it allowed the project to stay decentralized.

The initial total supply of SHIB was one quadrillion or 1,000,000,000,000,000 tokens. However, In May 2021, the pseudonymous creator (S) of SHIB, known as “Ryoshi,” sent 50% of the total supply to Vitalik Buterin. Vitalik Buterin is one of the co-founders of the Ethereum blockchain who burned almost 90% of his tokens immediately, suggesting he permanently removed them from circulation. Buterin donated the remaining 10 percent to charity.

There is no burning or halving method to lessen the supply of SHIB further. Meanwhile, there have been instances when Shib’s price reached record-high levels.

This price rise was mainly due to Tesla CEO Elon Musk’s social media post, which showed that the billionaire got a Shiba Inu puppy named Floki Inu.

How does Shiba Inu Coin work?

The majority of the meme currencies present no utility whatsoever. Shiba Inu, however, has a community-driven rescue crusade for Shiba Inu dogs and an ecosystem of products and services, including a decentralized exchange named ShibaSwap. The peer-to-peer (P2P) trading platform allows users to trade SHIB to and from other cryptocurrencies. Users can also offer liquidity and stake the ecosystem’s three tokens to earn interest.

The BONE token is a governance token having a total supply of 250 million. BONE holders can suggest and vote on changes to the Shiba protocol via the Doggy DAO. Besides, BONE is used to reward liquidity providers on the platform of ShibaSwap.

LEASH, or “Doge Killer,” was originally a rebase token pegged to dogecoin, where the protocol automatically accommodated its supply to keep its price aligned with doge at a ratio of 1:1000.

However, things have changed recently since the rebasing algorithm was removed. LEASH now serves as a store of value coins in the Shiba ecosystem with a fixed supply of just 107,647 coins.

Why was SHIBA INU Built?

The SHIBA INU Woof Paper describes three main reasons why they created SHIB:

1. “We started from zero, with zero.”
2. “The radiant minds behind Shib had never teamed before.”
3. “We love Shiba Inu Dogs.”

The anonymous person (s) who built the Shiba Inu coin is known as “Ryoshi.” However, very little is learned of the mystery founder of the altcoin, same as the founder of Bitcoin, Satoshi Nakamoto.

What makes SHIBA INU different?

The website of SHIBA INU requests dog-inspired artists globally to promote the ‘artistic Shiba movement’ as they carry their SHIB community into the growing NFT market. SHIBA INU has also created a campaign to collect donations to save actual, live Shiba Inu dogs with the Shiba Inu Rescue Association.

Shiba Inu’s popularity skyrocketed after Vitalik Buterin famously decided to burn his share of the SHIB supply. Ryoshi had given Buterin 50% of the SHIB supply, declaring that “as long as Vitalik doesn’t rug pull us,” Shiba Inu would grow and survive.

However, Buterin decided to burn 90% of his share, which subsequently would have been worth billions due to the high value of SHIB. The remaining 10% was sent to a charity.

Ryoshi’s purpose for Shiba Inu has been to observe if a perpetual decentralized organization could work sans central leadership. In a blog post, Royshi noted that the split that resulted from Buterin’s token donation made the community more powerful and would allow it to disseminate further and decentralize the campaign. His idea for the core ecosystem is to achieve its utility while the Shiba Inu-own stablecoin evolves as the globalized value exchange.

In October 2021, SHIB surged after there was news of a possible Robinhood listing and, for a short period, overturned Dogecoin to become the most-valued meme token by market capitalization. However, Robinhood listed SHIB on its platform in April this year.

A significant reason for the surging price of SHIB was a sustained effort by the SHIB community to create a utility for the Shiba Inu token and the emergence of an entire Shiba Inu ecosystem subsequently.

ShibaSwap is the Shiba Inu’s designates DEX that began as a Sushiswap fork that has, in the words of Ryoshi, its “own little twists and elements.” Likewise, Shiba Inu plans to develop SHI, the to be “global exchange of value for plebs.” Its launch is designed after the Shiba layer-two solution called Shibarium, and Ryoshi foresees SHI to work similarly to DAI.

According to Ryoshi, the ultimate goal is that SHI becomes a global stable currency “that plebs across all countries can use as both a store of value and method of payment.”

“For the sake of inclusiveness for global plebs,” Shiba would also begin hosting localized meetups and a once-a-year ShibaCon convention hosted at an effortlessly accessible location in a country sans oppressive visa restrictions.

One quick change Shiba Inu has performed is increasing token burns, which have sparked renewed interest in the token at the start of 2022.

Several other tokens are described on the SHIBA INU website — LEASH and BONE. The WoofPaper noted that you would use SHIB to DIG for BONES, ShibaSwap, or even BURY your tokens. Shiba Inu’s price hit an all-time high (ATH) of $0.00008616 on October 28, 2021, before going on a downtrend since. Despite rumors alleging the opposite, Twitter chief Elon Musk does not own any SHIB. He confirmed this in a tweet, which resulted in a temporary price drop.