As with Dogecoin, SHIB can fluctuate wildly after being mentioned by crypto influencers like Elon Musk. However, these SHIB investors are a strong and significant community that has achieved a lot in a short time. Movements have their own value, and this sense of community, itself, offers an investment thesis to many. jim beam district 2 whiskey 1990 tacoma bottle convention 999 silver coin rare However, investors enjoy seeing that they own huge numbers of a token, as opposed to Bitcoin, where owning even one whole coin is impossible for many. As an ERC-20 token on Ethereum, Shiba Inu doesn’t have its own blockchain and therefore doesn’t really have any notable energy consumption factor on its own.
The market momentum affecting shiba inu can mainly be attributed to Tesla CEO Elon Musk, who was also responsible for dogecoin’s massive price surge. Musk’s interest in dogecoin creates the market’s excitement for SHIB. Musk even got a Shiba Inu puppy, named Floki Frunkpuppy, triggering another market surge. WhaleStats compiled data of the largest ETH wallets and found that SHIB represents over 20% of the combined market shares of all ERC-20 tokens held by Ethereum whales.
- It has been speculated that Vitalik Buterin was behind the initial liquidity that helped set up Shiba Inu’s liquidity on Uniswap.
- Shiba Inu (SHIB) currently ranks 14 among all known cryptocurrency assets.
- Although SHIB doesn’t have any firm utility as yet, the adoption of it as a currency has been seen in some areas similar to DOGE.
- However, these SHIB investors are a strong and significant community that has achieved a lot in a short time.
Shiba Inu community
Specifically, SHIB tends to be stored in an Ethereum-based wallet, as it exists in the form of an ERC-20 token on Ethereum. However, the community’s burn rate has been accelerating, with close to 2.5 billion SHIB burned over one week in late May 2022, according to SHIB burning tracker Shibburn. One of the Shiba Inu community’s decisions has been to begin burning SHIB to achieve some level of scarcity.
A single day after its July 2021 launch, ShibaSwap saw $1 billion in liquidity, showing the level of investment of its community. Although SHIB doesn’t have any firm utility as yet, the adoption of it as a currency has been seen in some areas similar to DOGE. However, it positions itself as a “Dogecoin Killer”, adopting a term given to several third-generation cryptocurrencies as “Ethereum Killers”. Shiba inu is generally perceived as a meme currency similar to other dog-themed cryptocurrencies such as dogecoin and has a similarly viral following of more than 1.2 million people on Twitter. SHIB’s price often makes news headlines, as it routinely notches tremendous gains and endures equally steep losses. As a ‘meme’ token, SHIB is also often driven both up and down by hype and social media traction.
How Many SHIBA INU (SHIB) Coins Are There in Circulation?
Stating that he didn’t wish to be “a locus of power”, Buterin burned 90% of his SHIB and donated the rest to charity, including over 50 trillion SHIB to a COVID-19 relief fund. A measure of how much of a cryptocurrency was traded in the bitfinex lets merchants accept payments in crypto last 24 hours. While looking to expand the utility of SHIB, the development team introduced a metaverse — a virtual reality project powered by non-fungible tokens (NFTs). Here, users can mint parcels of digital lands using ETH or its equivalent amount in SHIB tokens.
Ryoshi’s intention for Shiba Inu has been to see if a perpetual decentralized organization could work with no central leadership. In mid-2021, Ryoshi kept to his promise and stepped away, leaving the token entirely in the community’s hands. This meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin paired with headlines and tweets from personalities like Elon Musk and Vitalik Buterin. Firstly, debriefing the progress and status of the mainnet implementation of the Ahmedabad hard fork. Secondly, a retrospective on the testnet phase of the Ahemdabad Hard Fork.
Shiba Inu Falls More Than 4% In 24 hours
His “job” is to defend the brand and give suggestions, although he does so very sparingly, as his last blog entry dates back to May 2021. Shiba Inu (SHIB) currently top 10 cryptocurrency news outlets that you should follow ranks 14 among all known cryptocurrency assets. Shiba Inu came to prominence when the founder of Ethereum and perhaps cryptocurrency’s most prominent figure, Vitalik Buterin, was given 50% of its supply—500 trillion SHIB—as a marketing stunt. Additionally, retailers increasingly started adopting SHIB as a means of payment following its popularity among small-time investors.
According to the payment firm Coingate, this led 500 merchants to adopt SHIB. SHIB has followed a similar path to the OG memecoin Dogecoin since the communities of both coins are hard at work to find a real use for their currencies. Notably, the Shiba Inu community has been developing its own Layer 2 solution called Shibarium, with speculation that it would use BONE as its gas token. However, Shiba Inu continued to reside in the public eye and its success saw plenty of stories being written. One wallet purchased $8,000 worth of SHIB shortly after launching, a hoard that would have been worth over $5.5 billion at SHIB’s all-time high. This ambitious goal has seen some fruition, with the Shiba Inu community hard at work fleshing out this ecosystem and trying to find some sort of utility for the SHIB token.
Shiba Inu markets
It can also be purchased on the ShibaSwap DEX and other decentralized exchanges on the Ethereum network. There were 1 quadrillion SHIB tokens in existence at launch, but 50% of that was sent to Vitalik Buterin, who burned most of it and donated the rest. Following the launch of the ShibaSwap decentralized exchange (DEX) in July 2021, holders could stake (or ‘bury’, according to them) SHIB to receive xSHIB. LEASH stakers receive xLEASH, and BONE stakers, quite naturally, receive tBONE tokens. In a blog entry, Ryoshi described themself as “just some guy of no consequence tapping at a keyboard.” Ryoshi also claims to own no SHIB tokens and that Shiba Inu is an experiment in decentralized community building.