how did SHIB's journey from the beginning it was introduced to what it is now? Check out the following review of the history of the Shiba Inu token!
Sciencelovers - Shiba Inu (SHIB) is a decentralized cryptocurrency. This token was created in August 2020 by a persona who calls himself Ryoshi.
The name Shiba Inu itself is taken from the Shiba Inu dog which is a native Japanese breed, Chubu to be precise.
Its appearance will make you immediately remember another token, namely Dogecoin. Yes, basically the two tokens use the same type of dog as the main logo.
In the latest update, the Shiba Inu token is planned to have a metaverse with the name Shiberse.
However, how did SHIB's journey from the beginning it was introduced to what it is now? Check out the following review of the history of the Shiba Inu token!
The beginning of the appearance of the Shiba Inu (SHIB)
The Shiba Inu token was first introduced to the public in August 2020. The choice of a name and logo that uses the Shiba Inu dog breed is not an arbitrary decision.
Quite the contrary, the selection was based on the main goal of SHIB, namely to compete with Dogecoin. When launched, the SHIB token was even introduced as a “Dogecoin killer”.
This token implements a pump and dump scheme and is a community-based cryptocurrency project.
That means, the Shiba Inu community (better known as ShibArmy) is fully responsible for the development of the cryptocurrency.
Returning to the “Dogecoin killer”, SHIB uses the term because this currency is a form of criticism of the unusual skyrocketing popularity of Dogecoin.
SHIB raised concerns about the concentration of coins in a single “whale” wallet controlling billions of Dollars worth of tokens.
Moreover, according to the Bloomberg news portal, Dogecoin's popularity at that time was driven by the motivation of investors who were infected with FoMO (fear of missing out).
SHIB also includes meme coin
Just like Dogecoin, Shiba Inu is also a meme coin. What are meme coins? In simple terms, meme coin means a crypto coin created based on internet memes or other funny characters.
Generally, the purpose of coin memes is as a critique of the cryptocurrency market as a whole. Meme coin often compares the value and performance of a cryptocurrency with a major currency.
Even so, as reported by the Times of India, currently the meme coin has achieved a high market capitalization.
The initial spearhead of the meme coin was marked by the appearance of Dogecoin in 2013. Dogecoin was created as a joke on the Doge meme by software engineers.
Before long, its appearance was followed by other tokens. According to data from the Times of India, as of October 2021, there are at least 124 meme coins circulating in the crypto market, including Dogecoin and Shiba Inu.
Shiba Inu's Development
At launch, Shiba Inu came with an initial supply of 1 quadrillion tokens. SHIB gained momentum in May 2021, precisely after Ryoshi delivered half the token supply to Vitalik Buterin who is the co-founder of Ethereum. This move is considered a good publicity to increase the popularity of SHIB.
Buterin ultimately donated 50 trillion SHIB (then worth more than US$1 billion) to India's COVID-Crypto Relief Fund.
This amount is 10% of the total gift Ryoshi. The remaining 90% of tokens were then forfeited and caused the current supply of SHIB tokens to only be in the range of 549 trillion.
Shortly thereafter, in July 2021, SHIB also launched its own exchange method, namely ShibaSwap.
After that, SHIB continued to grow. In November of the same year, SHIB entered into a cooperative relationship with David Folk, former president of technology for Activision. The collaboration is intended to develop a cryptocurrency game project.
NFT Shiba Inu
ShibaSwap, SHIB's decentralized crypto exchange (DEX), is not only used as a place to exchange cryptocurrencies.
There, you can also trade NFT or non-fungible tokens. Yes, apart from being a DEX, ShibaSwap is also an NFT marketplace.
SHIB's NFT is called Shiboshis, a pixel cartoon Shiba Inu dog. In addition, SHIB is also developing a Shiboshi game that uses these characters.
Metaverse Shiba Inu (SHIB)
SHIB does not stop there. In January 2022, SHIB introduced a metaverse project through their official Twitter account. In the post, there is an animation of a Shiba Inu dog biting a hammer and in the forest.
Metaverse, which is named Shiberse, is planned to be launched this year. The SHIB developer said that Shiberse will later provide an exciting experience with the most advanced graphics. Let's wait!
Shiba Inu is a meme coin that is developing quite rapidly. In addition to providing crypto tokens, SHIB has also penetrated the NFT world and even now the metaverse.
In their roadmap publication, SHIB even has several other projects besides Shibverse in 2022!
Shiba Inu Crypto Facts
The fact of the Shiba Inu (SHIB) crypto seems still not very well known to investors, even though it has become one of the most popular cryptocurrencies in 2021.
Indeed, investors only know more that Shiba Inu is a major competitor to Dogecoin (DOGE), from the crypto side of dog-themed memes.
10 Facts about the Shiba Inu (SHIB)
The Shiba Inu has become a new billionaire printer with its price appreciation reaching millions of percent. It's crazy, this is what makes the Shiba Inu even more popular even though at the end of 2021, the price is correcting by more than 50 percent.
So, what are the facts about the Shiba Inu? Here are 10 facts, based on a report from IndiaTimes:
Speculative Assets
Present as a crypto meme, Shiba Inu is really moving on the basis of speculative views.
Even though the developer is currently making updates, such as going to present his own metaverse platform, this still doesn't seem to be able to reduce investors' view of it, as a speculative asset.
SHIB is a Token
Running on the Ethereum network is the main reason why SHIB is a token, not a coin.
Although later he will have his own layer-2 blockchain, but currently SHIB is still a token.
Most investors still think this is a coin, so their perspective will be quite different in analyzing the fundamental side.
"DOGE Killer"
Among the many dog-themed tokens, only the Shiba Inu has the title "DOGE Killer", aka DOGE (Dogecoin) killer.
Since the beginning of its existence, Shiba Inu has actually defeated Dogecoin.
Why? That's because Dogecoin is similar to Bitcoin, so DOGE is still limited in on-chain features like smart contracts.
Meanwhile, SHIB is an Ethereum-based token with smart contract capabilities, which makes it a major competitor to DOGE.
Anonymous Founder
Like Bitcoin, the founders of Shiba Inu also carry an anonymous identity under the pseudonym “Ryoshi.”
No one really knows whether this Ryoshi is an individual or a group, so the focus of investors is really only on the development of the project.
Multi-Token Ecosystem
The Shiba Inu ecosystem is also unique because it has three native tokens, namely SHIB, LEASH and BONE.
Although SHIB is the main one, the other two also have a big role to play, especially in its own decentralized exchange, ShibaSwap.
Supports Certain DeFi Products
Since Shiba Inu supports smart contracts, it allows users to lend and stake SHIB tokens for passive income.
Driven by Elon Musk
Not only Dogecoin, the CEO of Tesla also gave an indirect push for the Shiba Inu dog-themed token, which made the SHIB price rise strongly.
Although Musk himself says he only likes DOGE, some of his actions have actually raised interest and value in SHIB.
Utilities Driven Ecosystem
Even though it is called a token meme, in fact Shiba Inu is a fairly complete and mutually supportive ecosystem.
Apart from that, the ecosystem is also supported by its utilities, such as NFT as well as the DeFi platform on ShibaSwap. This is one of the main engines for SHIB to remain in the hearts of investors.
“Cheap” Crypto
In addition to having high price volatility, altcoins such as SHIB are also still not verified by regulations in various countries.
Despite its high market capitalization, SHIB is currently still seen as a cheap “cash” asset even though its fundamental prospects are better and attractive than some other “serious” projects.
There is a relationship with Vitalik Buterin
Still remember in memory, when Ryoshi gave 50 percent supply of SHIB to Vitalik Buterin for reasons that are not so clear.
Much speculation circulated, but in the end Vitalik instead donated most of the SHIB supplies to the Covid-19 relief center in India.
Of course, the selection of Vitalik as the recipient of the supply became the basis for the existence of a “relationship” between Ryoshi and Vitalik which SHIB investors are still trying to unravel.
