What is Shiba Inu (SHIB)? A Comprehensive Guide to Shiba Inu History and More
There are subcultures within the vast realm of cryptocurrency. When Bitcoin launched in 2009, no one could have predicted the number of alternative coins that would follow. Within that subculture of altcoins came memecoins, tokens developed to be light-hearted and not intended to hold substantial value over time.
Following in the wake of the most popular memecoin, Dogecoin, came the creation of Shiba Inu (SHIB). Meant to be a direct competitor of Dogecoin, this memecoin has since spawned important developments in the creation of decentralized exchanges and remains an important part of the Ethereum blockchain.
What is Shiba Inu (SHIB)?
Shiba Inu (SHIB) is known as a memecoin. This is a type of cryptocurrency that is generally associated with a theme but is typically launched as some kind of inside joke or parody rather than a viable digital currency with some kind of utility. Dogecoin is the pioneer of the memecoin market, with Shiba Inu becoming the most well-known alternative.
Shiba Inu is based entirely on the Ethereum blockchain, different from more traditional coins. The mascot is a breed of Japanese hunting dog known as the Shiba Inu. More specifically, it is meant to be an alternative to Dogecoin and has been called “the Dogecoin killer” in the past.
The community aspect of Shiba Inu is what has helped it remain so popular. It is a 100% community-driven token, developed and improved by members of the community. Security standards are high partially because of its place on the Ethereum blockchain, but also because the community works diligently to monitor and handle potential security threats.
Who are the Founders of Shiba Inu (SHIB)?
One of the most appealing factors of cryptocurrency is its anonymity. Consider that even 15 years after its launch, no one is 100% certain who created Bitcoin, the current giant of the market. The same can be said of Shiba Inu even five years after it was developed and launched in 2020.
The memecoin was initially created by a group or individual going by the name Ryoshi. Since then, it has had a shift in leadership with a person going by the name of Shytoshi Kusama becoming the de facto “leader.” Because the platform is entirely decentralized, there is no one person “in charge” of the platform, and community contributions are what drive forward current developments.
A History of Shiba Inu
Bitcoin laid the foundation and has spawned a litany of alternative coins (altcoins) as a response. In that time, we have seen coins entirely based on memes – called memecoins – become available for buying and trading on both centralized and decentralized exchanges.
Shiba Inu officially launched in August 2020. Like Bitcoin, the creator remains anonymous and is known as Ryoshi. It is the first token that is 100% run by its community with the aim of creating a truly decentralized standard. Through the development of ShibaSwap, users are able to trade the memecoin without having to go through intermediaries.
Shiba Inu price prediction is a tough thing to gauge because of its unserious history. Built as a direct competitor to Dogecoin, the original memecoin, Shiba Inu has since managed to provide legitimate value through the work of community members and its layer 2 protocol.
The entirety of Shiba Inu’s token base was released at launch. Initially, there were 1 quadtrillion tokens, half of which were given to the founder of Ethereum for allowing the memecoin to operate on top of the existing Ethereum blockchain.
What Makes Shiba Inu (SHIB) Unique?
There are several factors that make a cryptocurrency or piece of blockchain technology viable. Its uniqueness, its ability to do things that not many other platforms can do, drives support and financial value. These are the factors that make Shiba Inu more valuable and unique.
Community Involvement
The single most important aspect of Shiba Inu is its community. The project itself is largely driven by the community. There is a drive for decentralization and the collective decision-making ability provides a sense of involvement and impact for all members of the community.
Dogecoin Killer
Dogecoin predates Shiba Inu by roughly seven years. The introduction of SHIB was meant to be a direct alternative to Dogecoin, the most popular option within the memecoin realm. Shiba Inu works differently by focusing on community while offering a decentralized platform.
Built on Ethereum
Unlike other coins, which are utilities of their own blockchain, Shiba Enu isn’t its own entity. It is built on the Ethereum blockchain, providing stability and security that other coins do not. Because of that, decentralized apps can be created and there is a smooth integration with existing Ethereum-based projects.
NFTs
The market for NFTs has settled a bit since the early explosion of a few years ago. Shiba Inu has worked to develop its own popular NFTs since then. The implementation of NFTs has worked to improve the appeal of Shiba Inu and to expand the ecosystem at large.
ShibaSwap
Developed by the Shiba Inu community, ShibaSwap has become a decentralized exchange built on the Ethereum blockchain. ShibaSwap allows users to stake and trade SHIB tokens without having to utilize an intermediary like a centralized exchange.
What Has the Shiba Inu Community Worked On?
One of the most noteworthy aspects of Shiba Inu is the involvement of the community. The Shiba Inu community is one of the driving factors in the growth and development of the memecoin. These are the biggest contributions of the Shiba Inu community to date.
ShibaSwap
ShibaSwap is a decentralized exchange. Through this exchange, users are able to stake their own SHIB coins for BONE tokens, earn interest, and swap tokens. BONE is the governance token of ShibaSwap and provides users with the ability to access future NFTs, vote on proposals, and have say in the community, as a whole.
NFT Projects
As the demand for NFTs continues to grow, Shiba Inu has positioned itself as a place for the community to come together. The Shiba Inu community has created NFT initiatives like an art incubator, Shiboshi NFTs, and Shib: The Metaverse.
Shibarium
Perhaps the biggest development within the Shiba Inu community is the implementation of Shibarium. This is a layer-2 blockchain, initially launched in 2023, built right on top of the existing Ethereum blockchain. Shibarium was built to improve the efficiency and scalability of the greater Shiba Inu ecosystem through increased throughput and reduced transaction costs.
Tokenomics
Finally, the community has taken an active part in token burning. The goal is to reduce the overall supply of SHIB in circulation, which initially began at 1 quadrillion tokens. The goal is to increase the overall value of the remaining coins and provide a sense of increased scarcity.
How Many Shiba Inu (SHIB) Coins are There in Circulation?
When Shiba Inu (SHIB) initially launched, there were 1 quadrillion SHIB tokens entered into circulation. Understanding the limitations of such a large circulation quantity, SHIB has since implemented token burning into its platform. Since then, there has been a reduction in the total number of coins in circulation.
As of today, there are 589 trillion tokens currently in distribution. Shiba Inu is also different from most of the other cryptocurrencies in that it has been fully diluted from the start, rather than releasing a set amount and slowing having more created through the process of mining.
As Shiba Inu continues to battle the issue of supply and demand, it is anticipated that there will be even more tokens burned. Though it may not come down to the scarcity of other top cryptocurrencies, the reduction of available coins should help to stabilize and even grow demand.
How is the Shiba Inu Network Secured?
Unlike other major crypto tokens like Bitcoin, Ethereum, Litecoin, etc., Shiba Inu is not based on its own blockchain technology. Instead, it is secured through a reliance on the Ethereum blockchain. It also implements its own layer 2 solution known as Shibarium.
Ethereum uses a Proof of Stake (PoS) consensus mechanism. The scalability and security of the Ethereum blockchain is dependent on the staking requirements needed to become a validator. Shibarium has been implemented to improve transaction efficiency within the Shiba Inu ecosystem.
It is also important to remember that Shiba Inu isn’t similar to other coins in that it is an ERC-20 token. Shibarium is an important development for Shiba Inu in that it allows Shiba Inu to maintain its network integrity and validate transactions quickly and efficiently. More importantly, it maintains vital security features and a decentralized structure.
There is also something to be said about the community, as a whole. The Shiba Inu community is quite active and diligent about protecting the network. Users are constantly monitoring the network and responding to any potential security threats as they arise.
Shiba Inu FAQs
What is the daily trading volume of Shiba Inu (SHIB)?
Currently, the 24-hour trading volume of Shiba Inu (SHIB) is roughly $318.98 million USD. The trading volume is represented by the total dollar value of all SHIB transactions over that 24-hour period. There are various platforms that report these figures, so seeing consistency across those platforms is indicative of real volume.
What is the market cap of Shiba Inu (SHIB)?
The market cap of Shiba Inu (SHIB) is estimated to be about $7.04 billion USD. Market cap is determined by taking the current market value of the coin and multiplying it by the current circulating supply. Shiba Inu’s current market value is $0.000012 per token, but there are 589.25 trillion SHIB tokens currently in circulation.
What is the fully diluted valuation of Shiba Inu (SHIB)?
The fully diluted valuation of a coin is the total market value of all tokens possible in circulation. Given that all 589.25 trillion SHIB tokens are in distribution, its current fully diluted valuation is $7.04 billion USD. Shiba Inu is unique in the sense that it is one of the few tokens that has been fully diluted, seeing all tokens pass into circulation.
How does the price performance of Shiba Inu compare against its peers?
As a memecoin, Shiba Inbu has a unique spot in the cryptocurrency market. Other peers, most notably Dogecoin, started out as a joke but have since gained popularity, as well as legitimate value.
When comparing the two, Dogecoin substantially outperforms Shiba Inu. DOGE currently trades at about $0.158 per coin, worlds higher than the $0.000012 price that SHIB currently holds. As a result, the daily trading volume of DOGE is nearly nine times higher and its market cap is more than three times higher than that of SHIB.
How to add Shiba Inu (SHIB) to MetaMask?
Adding Shiba Inu to MetaMask is quick and easy. Start by opening MetaMask, either the web extension or app. If you don’t have an account already, create one and head over to the “assets” or “tokens” tab. Next, click “import tokens” or “add token” to start the import process. Select your custom token, and enter the SHIB contact address. Finalize the transaction by clicking “add custom token” to add it to your wallet.
How is SHIB different than DOGE?
There are a few key differences when comparing SHIB to DOGE. Let’s break down those key differences:
- Dogecoin utilizes a Proof of Work algorithm on the blockchain while Shiba Inu is minted as an ERC-20 token within the Ethereum blockchain; Shiba Inu also uses a Proof of Stake consensus protocol.
- DOGE doesn’t have its own governance token while SHIB has since introduced BONE, a governance token that gives users the ability to participate in decision-making and voting within the blockchain ecosystem.
- The tokenomics of DOGE focus mostly on meme culture and community engagement, while the tokenomics of SHIB are designed to incentivize token holders and also provide utility within the overall Shiba Inu ecosystem.
- While DOGE’s supply doesn’t have a defined maximum limit, SHIB was made using a deflationary mechanism that is limited to a total of 1 quadrillion tokens, many of which have since been distributed and burned.
- Shiba Inu is using its layer 2 blockchain to build a decentralized finance ecosystem, while Dogecoin is specifically a decentralized peer-to-peer currency that can be used as a payment method for users.
What is the all-time high of Shiba Inu?
Shiba Inu (SHIB) currently trades at about $0.000012 per token. On September 8, 2021, roughly a year after its launch, Shiba Inu achieved an all-time high price of $0.00009000. It has since been on a fairly steady downward trajectory but has stabilized in recent months and held at or near its current price.
What other assets are similar to Shiba Inu?
The most directly comparable asset is Dogecoin. Both were created as memecoins, which means that they weren’t created to have sustainable value. SHIB was specifically created to be an alternative to Dogecoin based entirely on the Ethereum blockchain. Other meme tokens, like Rexas Finance and Pepe Coin, are similar to Shiba Inu in nature, though neither has quite the reputation or appeal as Shiba Inu.
How do I manage Shiba Inu?
In order to effectively manage your Shiba Inu (SHIB) tokens, you need to make sure that you have a compatible wallet. So long as you have a wallet that supports Ethereum, you are good to go. Hardware wallets like Trezor or Ledger are also acceptable. Setting up the wallet allows you to interact with the Shiba Inu ecosystem, participating in the NFT marketplace, ShibaSwap, and the burning of SHIB tokens.
What is Shibarium?
Shibarium is the layer 2 blockchain solution that was designed to enhance the current Shiba Inu ecosystem. It is built on top of the existing Ethereum blockchain, enabling cheaper, more secure, and faster transactions. Think of it as an extension of the Ethereum ecosystem, providing an additional layer for off-chain transactions while still utilizing the security of the Ethereum blockchain.
Can I trade Shiba Inu at a lower price?
The current market price of SHIB fluctuates and sits at about $0.000012 per token. The cool thing is that you can trade Shiba Inu at a lower price through the utilization of custom orders on certain platforms. Market conditions, as well as the platform’s features, can influence whether you are able to find a lower price and complete that trade.
Is now a good time to buy Shiba Inu?
Like any other form of cryptocurrency, Shiba Inu is highly speculative. What’s important to remember is that this is a memecoin that was never designed to hold value. Its classification as a speculative asset means that it will rise and fall based on very subjective shifts. It has shown potential of late, so buying SHIB could be a good short-term play but doesn’t hold the long-term value that ETH, BIT, SOL, or other established tokens have.
What affects the Shiba Inu price?
There are a number of factors that can influence the price of Shiba Inu. Let’s do a quick breakdown of the most prominent factors currently impacting on the price of SHIB:
- Supply and demand. The massive initial supply of nearly 1 quadrillion tokens presents a challenge, but the team has since begun addressing it by instituting token burning. Burning tokens reduces the overall supply, potentially improving scarcity while pushing the price up if there is a consistent or growing demand.
- Community support. The community is the driving force behind the growth of Shiba Inu. The community is not only strong but unified, positively impacting the price of the token through development, promotion, and holding of the token.
- Trading volume and network activity. One of the most critical factors behind the price of any cryptocurrency is its trading volume and network activity. Major changes can drive the price up or down accordingly.
- Use cases. The more practical use cases there are for a token, the better the price tends to do. The more use cases, particularly through partnerships, listings, and real-world applications, could potentially improve demand and increase price of the token.
