Dogecoin 2022: What Is Shiba Inu (SHIB)? Dogecoin’s Meme Coin Rival Explained

Dogecoin 2022: What Is Shiba Inu (SHIB)? Dogecoin’s Meme Coin Rival Explained

Dogecoin 2022: What Is Shiba Inu (SHIB)? Dogecoin’s Meme Coin Rival Explained

Dogecoin (DOGE) was the original meme coin, but since its dominance, it has emerged as a challenger to the crown of several rival dog-themed cryptocurrencies, including Doge Cash, Akita Inu, and Dogelon Mars.

The pack is being led by Shiba Inu (SHIB), who exploded in the scene in 2021, jockeying for position as the top dog with Dogecoin.

Since its inception in August 2020, the SHIB has risen through the rankings, rising more than 150 million percent from its lowest নভেম্বর 0.000000000056 in November 2020 to its all-time high of $ 0.00008616 in October 2021. It’s a wild journey for a coin that apparently came from nowhere.

What is SHIB?

At its most basic level, SHIB is an Ethereum-based replica of Dogecoin. Unlike Dogecoin, it is a token — a cryptocurrency that runs on top of other blockchain infrastructure পরিবর্ত instead of a currency that exists in its own blockchain. So, where the dogecoin is forked from Luckycoin, which itself is forked from Bitcoin-SpinOff Lightcoin, the SHIB is an ERC-20 token running in the Ethereum blockchain.

What are Meme Coins and Tokens?

Influencers have always been prominent in the cryptocurrency culture, but not more so in recent times. That's when Elon Musk dropped his weight behind the original meme cryptocurrency, Dogecoin.

Like Dogecoin, SHIB is a meme resource: a cryptocurrency inspired by Internet memes, which builds a community of enthusiasts around.

The price movement of meme coins is often associated with breaking news and the feeling of influential activity on social media. Shiva Inu himself is named after the dog breed that became the face of the "Doze" meme that inspired the creation of Dogecoin.

What’s the story behind SHIB?

According to its official website, the SHIB was created by pseudonymous developer Ryoshi (meaning "fisherman" in Japanese) as an "experiment in decentralized spontaneous community building".

Ryoshi maintains that they are "none" and "replaceable". They argue: "With Shiva, we have made it clear from the beginning that no one is in charge. No one can be held accountable, no one is responsible and no entity has the key to the kingdom." Ryoshi claimed until May 2021 that "to this day I own 0 SHIB."

Accordingly, Shiva Inu raised the "UffPaper" question, "What if a cryptocurrency project is 100% managed by its community?"

In addition to SHIB, Ryoshi has created the "Dogecoin Killer" token LEASH despite its limited availability, while BONE has launched ShivSwap with Decentralized Exchange (DEX).

A total of 1 quadrillion SHIBs have been created, and the anonymous developers behind Shiva Inu have shipped about half of the total supply, only 505 trillion SHIBs, to Ethereum co-founder Vitalik Buterin. The argument, Ryoshi explained, is that "there is no greatness without a weak point, and as long as [Butarin] does not blanket us, SHIBA will grow and survive."

Buterin later burned 410.24 trillion SHIBs - 90% of his holdings - and donated the rest to charities, arguing that if he had anything to do with the tokens he donated, it could lead to unnecessary speculation.

Remember All That SHIB Vitalik Buterin Burned? It’s Now Worth $32.5 Billion:

Remember in early May when Ethereum co-founder Vitalik Buterin burned HI 6.7 billion worth of SHIB tokens? Well, they're no longer worth 6.7 billion. At today's prices - whatever.

If you find this ridiculous lot, you are probably not alone. But Dogecoin was considered a "joke" cryptocurrency before it was discussed by fans like 2021 Breakout Coin and Mark Cuban and Elon Musk. Shiva Inu is already on the same path. Sometimes cryptocurrencies enter the top 10 coins in terms of market cap and even surpass dogecoin in ranking-driven rankings on major crypto exchanges such as Binance and Coinbase.

Where can you buy SHIB?

SHIBs can be purchased through exchanges such as Coinbase, Binance, Huobi Global, and OKEx. It is also traded on decentralized exchanges (DEXs) such as Uniswap, 1inch, and 0x. At Coinbase, you can buy SHIBs directly using USD; Other exchanges offer trading pairs with Teether (USDT), Binance USD (BUSD), or Wrapped Ethereum (ETH).

The price of SHIB jumped in May 2021, shortly after it was listed by Binance, apparently following the huge demand of the users. At the time, Binance CEO Changpeng "CZ" Zhao tweeted that the exchange had "run out of ETH deposit address due to SHIB today" and that it had "never happened before for another ERC20 currency." However, he warned that he was "not supporting it" and that he considered it a "very high risk".

The future of SHIB:

The meteor rise of SHIB has actually made some people much richer; A wallet increased its holdings from about $ 8,000 to $ 5 billion in 400 days. But for all this, it remains a "joke token" driven by the passion of retail investors. This is similar to the WallStreetBets movement that saw Reddit merchants "app in" to stocks like Gamestop and AMC because it made them happy, or took stock of crypto Twitter tungsten cubes.

Institutional investors, meanwhile, want nothing to do with meme coins and tokens; An executive working at the institutional crypto custody told Decrypt that "zero" clients wanted to allocate a portion of their portfolio to SHIB.

But if this new wave of meme-drive retail investment turns out to be the future of money, and not as a precaution-an animal-powered bubble could turn out to be like the 1600's Tulip Mania. "If people care enough about a joke," the executive points out, "it becomes real."