Since its launch in August 2020, Shiba Inu (SHIB), a memetic mainstream cryptocurrency, has been in the limelight from both crypto enthusiasts and critics. Shiba Inu (SHIB) has already introduced the cryptocurrency to a new generation of retail investors.
Image of Shiba Token
Shiba Inu (SHIB) combines its patented semi-ironic meme coin ethos with an aggressive marketing strategy and infrastructure expansion. It allowed SHIB to be the only dog coin among the top 15 cryptos by market cap, alongside Dogecoin (DOGE), a veteran meme coin and pioneer of the concept.
What is Shiba Inu (SHIB): From Overhyped Joke to Web3 Ecosystem
Shiba Inu (SHIB) is an ERC-20 token; its smart contract is based on the Ethereum (ETH) blockchain. SHIB is a memetic token that underpins a large and vibrant ecosystem of Web3 enthusiasts.
What makes SHIB special and outstanding in the field of meme coins?
To sue
- Shiba Inu (SHIB) is a core native asset of a multi-product ecosystem offering ShibaSwap DeFi, LEASH and BONE reward tokens and an arts incubator;
- Shiba Inu (SHIB) is an Ethereum-based token: it is available on most Ethereum DEXes and leading CEXs, including Binance (BNB) and Coinbase;
- Shiba Inu (SHIB) supply cannot be increased; Thanks to built-in burning mechanisms, SHIB coins are regularly sent to the “destructive” address;
- Shiba Inu (SHIB) is involved in numerous charitable and community initiatives; a large part of its supply was transferred to Ethereum inventor Vitalik Buterin;
- The Shiba Inu (SHIB) cryptocurrency is mined by the Shib Army, one of the largest and most aggressive decentralized communities in the crypto space.
This is how, in less than two years, Shiba Inu (SHIB) managed to amass a market cap of $7.4 billion, held by nearly 600,000 supporters.
What are meme coins?
Meme coins (also memetic coins) are a class of cryptocurrency tokens. Memetic coins are largely issued on the Ethereum (ETH) blockchain. Typically, meme coins are not based on technical innovations; Fun and entertainment fuels meme coin progress.
Ever since the launch of Dogecoin (DOGE) – a groundbreaking meme coin and Litecoin (LTC) fork in 2013 – meme coins have been popular for their “just-for-fun” attitude, trolling, and semi-ironic marketing campaigns.
Ideologically, such cryptocurrencies belong to the implementation of “Internet memes”, i.e. jokes, behavior patterns and content elements that have gone viral on the Internet. Memes are an integral part of the internet culture of the 2020s.
Why are meme coins popular?
Aside from their light-hearted narratives and “memetic” ethos, such coins are growing in popularity due to their super-high volatility — even by the standards of the turbulent crypto segment. For example, Dogecoin (DOGE) is up 10x overnight during the first phase of the meme coin mania in the first quarter of 2021.
In early May 2021, the Shiba Inu Coin (SHIB) surged 300x in less than 10 days before losing over 80% of its value in a week. For this reason, meme tokens represent a kind of “slot machine” for the majority of crypto owners that can create “life-changing money” even for low-cap traders.
What is Dogecoin (DOGE)?
Dogecoin (DOGE) is the first-ever meme cryptocurrency. It was introduced in Q4 2013 by veteran software developers Billy “Shibetoshi Nakamoto” Markus and Jackson Palmer. Its main figureheads launched Dogecoin (DOGE) as a hoax to mock the first cycle of cryptocurrency euphoria. Its logo featured the face of Doge, a memetic Shiba Inu and a popular internet image.
A Litecoin (LTC) fork, Dogecoin (DOGE) uses the same Scrypt algorithm; it can also be mined on Litecoin-specific devices.
Tesla’s techno king Elon Musk was the one who breathed new life into Dogecoin (DOGE) in 2021.
The most entertaining outcome is the most likely
— Elon Musk (@elonmusk) February 4, 2021
He mentioned DOGE on his Twitter account and its price surged to an all-time high of over $0.50. Also, DOGE is among the favorite coins of amateur investors from Reddit and TikTok.
Dogecoin (DOGE) fans also include legendary investor Mark Cuban, hip-hop icon Snoop Dogg and Kiss’ Gene Simmons.
Introducing Shiba Inu (SHIB), the second largest meme cryptocurrency
Shiba Inu (SHIB) is a meme coin (also “dog coin” or dog coin) named after the Shiba Inu breed of Japanese dog. It is the most successful attempt to launch a “dogecoin killer” to date.
Shiba Inu (SHIB): Basics
Shiba Inu (SHIB) was created by an anonymous developer (or group of developers) going by the nickname Ryoshi. SHIB was first unveiled in August 2020 amid the meme coin craze. The Shiba Inu team made headlines by sending SHIB to Ethereum (ETH) founder Vitalik Buterin.
According to the project’s “woof paper” (as opposed to “white paper”), the Shiba Inu team is focused on building a truly decentralized, community-driven cryptocurrency initiative without VC funding, private sales, and so on:
We started from scratch, from scratch. It is the spirit of our project to create something from nothing.
Originally, Shiba Inu (SHIB) started with no product other than the SHIB token itself; Prior to the release of SHIB, its figureheads had never worked together. The team’s creators remain unknown, while said to be “developers, designers, presenters, marketers, and shillers.”
Shiba Inu (SHIB): Coin
The Shiba Inu Coin (SHIB) is an ERC-20 token; As such, it runs on Ethereum (ETH), the largest hosting platform for smart contracts. A total of 1 quadrillion SHIB were minted. Due to the massive token burn program, there are currently only 550 trillion SHIB tokens in circulation.
For the first time, SHIB trading volume and capitalization started skyrocketing in the first quarter of 2021, hand in hand with SHIB listing on major exchanges. Its first local peak coincided with the cryptocurrency euphoria of May 2021: SHIB price surged above $0.0000353. In the third quarter of 2021, it fell to $0.00000606.
On October 28, 2021, SHIB price hit an all-time high above $0.0008616; The capitalization of the project was about $37 billion.
Image by CertiK
Crypto winter 2022 pushed the price of SHIB down below $0.00000773 erasing over 90% of its maximum value. Currently, this CetriK verified coin is owned by nearly 600,000 supporters of the Shiba Inu (SHIB) movement.
Shiba Inu (SHIB): ecosystem
Although the Shiba Inu (SHIB) project initially started with no technical tools around the token, it now has a suite of DeFi and NFT tools.
The first is ShibaSwap, a native decentralized finance (DeFi) ecosystem for SHIB holders. Just like other major DeFis, ShibaSwap has a yield farming module, crypto exchange and liquidity pools. On ShibaSwap, crypto owners can instantly swap Ethereum (ETH) for Shiba Inu (SHIB) and its associated coins BONE and LEASH.
SHIB, BONE and LEASH can either be pooled (for xSHIB, xBONE and xLEASH returns) or injected into liquidity pools for periodic rewards in LP tokens.
In addition to the DeFi machine, the Shiba Inu (SHIB) community has its own platform for digital artists and their NFTs, the Shiba Inu Incubator.
Shiba Inu (SHIB): Metaverse, NFTs and DAOs
In 2022, the Shiba Inu (SHIB) ecosystem will scale to strengthen its presence in all segments of the Web3 revolution. In Q4 2022, the company plans to launch Shibarium, a Layer 2 solution designed to make SHIB operations faster and more resource efficient.
Also, the Shiba Inu (SHIB) ecosystem will release its native stablecoin, SHI, and thematic Metaverse projects in late Q4 2022. Also, the DoggyDAO native governance protocol toolkit will continue to evolve in Q4 2022.
In 2023, SHIB Metaverse will introduce new NFT projects.
Final Thoughts
The Shiba Inu (SHIB) memetic cryptocurrency was launched as a hoax and grew to become the #2 11-digit capitalization dog coin, backed by one of the largest communities on Web3. As of Q3 2022, its ecosystem will have a native DeFi protocol, governance system, NFTs, and so on.
In Q4, 2022-Q1, 2023, Shiba Inu (SHIB) Coin will expand its presence in the L2 sphere and issue native USD-pegged stablecoin SHI.
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