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About Shiba Inu
Key Points
- SHIB is a decentralized, community-led currency created in 2020.
- It has grown to become a worldwide phenomenon, accepted as a form of payment at hundreds of locations.
- The anonymous creator, Ryoshi, characterizes himself as “just some guy of no consequence tapping at a keyboard.”
- SHIB has no central leadership, and Ryoshi stepped away in mid-2021, leaving the token entirely in the community’s hands.
- SHIB briefly flipped Dogecoin to become the most-valued meme coin by market capitalization in October 2021.
- SHIB represents over 20% of the combined market shares of all
In the Realm of Shiba Inu
Introducing SHIBA INU (SHIB): The Meme Coin Sensation
SHIB is a decentralized, community-driven currency, widely held by millions globally. Since its inception in late 2020, the Ethereum-based SHIB token has evolved into a global phenomenon, gaining widespread acceptance as a form of payment at hundreds of locations, either directly or through third-party intermediaries.
Conceived in August 2020, the Shiba Inu coin was born from the creative genius of an anonymous mastermind, who opted to remain behind the enigmatic pseudonym “Ryoshi.” With humility, Ryoshi describes himself as an unassuming individual, devoid of significance, and suggests that any attempts to unmask his true identity would ultimately prove anticlimactic.
This meme coin rapidly gained momentum and value as a community of investors was captivated by the coin’s endearing charm, further fueled by endorsements from influential figures such as Elon Musk and Vitalik Buterin, whose headlines and tweets helped propel its popularity.
Following its release, SHIB has commenced trading on the ecosystem’s native decentralized exchange, ShibaSwap.
The Visionaries Behind SHIBA INU: Unveiling the Founders
The SHIBA INU WoofPaper elucidates three compelling reasons that drove the team to create SHIB:
- “From humble beginnings, we rose from nothing.”
- “The visionary minds behind Shib, strangers turned collaborators, united by a shared dream.”
- “Our hearts belong to the majestic Shiba Inu breed.”
The enigmatic creator of the Shiba Inu coin, known only by the pseudonym “Ryoshi,” remains shrouded in mystery, much like the elusive Satoshi Nakamoto, the founder of Bitcoin, whose true identity has long been the subject of speculation and intrigue.
In his blog, RYOSHI RESEARCH, he humbly describes himself as “just some guy of no consequence tapping away at a keyboard.” Ryoshi notes that typically, projects involve distinct roles, such as a CEO, a technical expert, and a roadmap, which often results in “someone for the masses to criticize.” He emphasizes that, in contrast, Shiba operates without a single accountable or responsible individual, and underscores that he himself has never owned any SHIB tokens to this day. This, he claims, allows him to remain “pure and unbiased,” deriving satisfaction from Shiba “in other ways.”
Speculation has swirled around Vitalik Buterin’s potential involvement in providing the initial liquidity that facilitated Shiba Inu’s listing on Uniswap. According to Ryoshi, he received 10 ETH from an acquaintance he met at Devcon in Osaka, which enabled him to establish the liquidity pair on Uniswap. Ryoshi has also characterized Shiba Inu as an experiment in decentralized community building, prompting him to decline numerous influencer requests and pitches from various exchanges. His role, as he sees it, is to safeguard the brand and offer occasional guidance, although his interventions have been sparse, with his last blog post dating back to May 2021.
Unveiling the Uniqueness of SHIBA INU
Ryoshi’s vision for Shiba Inu was to experiment with a decentralized entity that could thrive without a central authority. True to his word, in mid-2021, Ryoshi relinquished control, entrusting the token’s fate entirely to the community.
The experiment proved to be a resounding success, and in October 2021, SHIB briefly surpassed Dogecoin to become the most valuable meme coin by market capitalization. Robinhood executive Christine Brown has praised the efforts of the Shiba Inu community, citing that one of her favorite aspects was witnessing its engagement with the community to make its voice heard.
The recent price surge has also triggered a significant uptick in adoption among token holders. According to data compiled by WhaleStats, SHIB now accounts for over 20% of the combined market share of all ERC-20 tokens held by Ethereum whales, with CRO trailing behind at a mere 5%. Furthermore, SHIB has successfully breached the one-million holder milestone in the wake of its all-time high.
Furthermore, retailers have been increasingly embracing SHIB as a payment method, driven by its growing popularity among individual investors. Notably, American electronics retailer Newegg began accepting SHIB in early December 2021, partnering with crypto payments platform BitPay to facilitate transactions in SHIB. This development followed the adoption of SHIB by over 500 merchants, according to payments firm CoinGate, with prominent players such as Samsung-backed digital wallet provider ZenGo adding SHIB to its payment options, and a Parisian restaurant accepting it as a form of payment. Moreover, the Shiba Inu community launched a social media campaign urging McDonald’s to accept Shiba Inu, although the effort ultimately did not come to fruition.
A pivotal factor contributing to the remarkable surge in SHIB’s value was the concerted endeavour of the SHIB community to establish a tangible utility for the Shiba Inu token, which, in turn, gave rise to a comprehensive Shiba Inu ecosystem.
ShibaSwap, the coin’s bespoke decentralized exchange, emerged as a fork of Sushiswap, boasting, in Ryoshi’s words, “its own unique twists and elements.” Moreover, Shiba Inu envisions the development of SHI, an algorithmic stablecoin pegged to one cent, poised to become the “global exchange of value for plebs,” diverging from the conventional one-dollar peg of most other stablecoins.
According to Ryoshi, the ultimate objective is for SHI to evolve into a universally accepted stable currency, empowering individuals from all walks of life across the globe to utilize it as a reliable store of value and a convenient method of payment.
Beyond SHI, a comprehensive financial ecosystem is envisioned, wherein SHI will be integrated as a weighted pool pair on Curve. Consequently, Ryoshi anticipates the emergence of forks from prominent DeFi protocols within the Shiba Inu ecosystem, necessitating the deployment of an immutable bridge to facilitate seamless functionality.
What Is the Circulating Supply of SHIBA INU (SHIB) Coins?
The SHIBA INU website proudly declares that 50% of the total token supply was locked on Uniswap, with the keys deliberately discarded. The remaining 50% was symbolically “burned” as a gesture to Vitalik Buterin. In response to this unexpected “gift” from the Shiba Inu team, Vitalik Buterin generously donated 50 trillion SHIB tokens, valued at $1 billion at the time, to India’s Covid Crypto Relief Fund. Subsequently, Buterin proceeded to burn 40% of the total supply to a dead wallet, rendering them irretrievable.
The Security Architecture of the SHIBA INU Network: A Robust Framework
According to the comprehensive 22-page WoofPaper, SHIB is an ERC-20 token built upon Ethereum, a pioneering proof-of-work blockchain that is presently undergoing a significant transition to a proof-of-stake consensus mechanism.
Where to Acquire SHIBA INU (SHIB): A Comprehensive Guide
Shiba Inu can be purchased on prominent cryptocurrency exchanges, including Binance, Huobi, Coinbase, Gate.io, Uniswap (V2), and OKEx, as well as several other platforms.
To obtain the current Shiba Inu price in your preferred fiat currency, you can utilize CoinMarketCap’s converter tool, conveniently accessible on the Shiba Inu currency page. Alternatively, you can visit the dedicated exchange rate converter page. Notable Shiba Inu price pairs include: SHIB/USD, SHIB/GBP, SHIB/AUD, and SHIB/EUR.
For a comprehensive guide on purchasing cryptocurrencies with fiat currencies, please visit CoinMarketCap’s esteemed educational resource, Alexandria, for further information.
SHIB: Unlocking the Metaverse and Shibarium Ecosystem
As part of an effort to augment the utility of SHIB, the development team has unveiled a metaverse – a cutting-edge virtual reality project fueled by non-fungible tokens (NFTs). Within this immersive ecosystem, users are empowered to mint parcels of digital lands, leveraging either ETH or an equivalent amount in SHIB tokens.
According to the team, the overarching objective is to craft a captivating, immersive, and interactive environment where users can embark on thrilling explorations, generate passive income, and accumulate in-game resources. Notably, the metaverse will empower users to conceptualize and launch their own innovative projects. In total, the SHIB: The Metaverse boasts an expansive 100,595 plots of land. Of this total, 36,431 digital lands were unlocked on April 13, 2022, marking the launch date of the metaverse’s introductory phase.