It’s hard to engage in the crypto sphere without hearing a single word about the Shiba Inu coin. Memecoins, as they are called in public, have gained a lot of popularity, but nobody had been taking them seriously before the Dogecoin phenomenon. Another memecoin, Shiba Inu, has become one of the hottest topics in 2021 after the significant price increase. We will definitely dig into the story of the success of Shiba Inu, its key features, the importance of burning these coins, and why it has become so important for #SHIBArmy and the crypto community on the whole.
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Hot Dog: What’s SHIB All About?
Are you still wondering what the hype is about? We got you, just follow our lead.
Shiba Inu coin is an Ethereum-based altcoin (this is the definition for all the crypto coins other than Bitcoin) that was created in August 2020 by an anonymous individual or group called “Ryoshi ”. Due to the fact that Ryoshi’s plan was to keep the coin decentralized, make it secure, and ensure that all operations are made correctly and reliably, Ethereum was chosen as a base for Shiba Inu, so it doesn’t have its own blockchain.
It’s a very community-driven coin (we checked ourselves!), actually, it’s even stated in the “woof paper” (“white paper” for all other crypto coins) that Shiba Inu was developed to answer a simple question: “What would happen if a cryptocurrency project was 100% run by its community?”. Without any exaggeration, we can state that the project has had a huge success, people love SHIB, and so do we! Amazing community, very supportive and active, is what this is all about: connecting people from all over the globe to share their experiences with each other.
Interesting fact: Shiba Inu coin is often called “the Dogecoin killer”. Why so? Both coins are dog-themed and the inspiration for their creators was the Shiba breed. SHIB was inspired by Dogecoin, however, last year events have shown that the student has outgrown the teacher. In October 2021 Shiba Inu coin reached its All-Time High of $0.00008845, only after a year and a month since its creation. This price growth was really tremendous! It doesn’t have any number for the maximum supply, and the number of coins in circulation has reached 549 trillion at the moment of writing this article.
Shiba Inu Is Not Just a Memecoin
The Shiba Inu ecosystem consists of three tokens: Shiba Inu (SHIB), Leash (LEASH), and Bone (BONE). The most popular is obviously the first one, however, two others deserve recognition:
- Leash (LEASH) – this one is a token and, unlike SHIB, has a maximum supply of 107 646 tokens. This token is said to offer lucrative rewards for the holders providing its liquidity.
- Bone (BONE) – this token was created with a max supply of 250 billion tokens and its purpose is to allow SHIBArmy to vote on proposals on Doggy DAO (a project dedicated to deciding which new pairs will appear on ShibaSwap next).
- Shiba Inu (SHIB) – the most recognizable coin, it all started with a 1 quadrillion supply (which equals 1 000 trillion coins). Ryoshi’s plan was to lock 50% of the supply in Uniswap for liquidity purposes, and the rest 50% was sent to Vitalik Buterin (Ethereum blockchain creator) for keeping them safe. However, in May 2021 Mr. Buterin sent around 50 trillion SHIB (~$1 billion) as a donation to Indian people suffering from the COVID-19 Delta strain. Besides, the founder of Ethereum also “burned” 40% of SHIB’s total supply to a “dead” wallet.
The Shiba Inu ecosystem is simple, yet it never stops upgrading. Right now there are 3 more components in the system, namely:
- Shiba Inu Incubator – to support their amazing community and their talents, the Incubator was created for all users to discover Shiba Inu coins in different art forms, such as paintings, photography, digital art, street art, and many others.
- ShibaSwap – a specially created exchange for SHIB, LEASH, and BONE tokens. It is also a great way to make a passive income on these tokens since ShibaSwap allows to DIG (the same for providing liquidity), BURY (a synonym for staking), and SWAP tokens in order to gain WOOF Returns, which is by the fact your passive income.
- Shiboshis – since NFTs are a very hot topic right now in the crypto sphere, Shiba Inu team has generated 10 000 non-fungible tokens, each with its own specialties and perks to make them unique.
On January 25, 2022 it was published in the official Shiba Inu coin Twitter account that later this year Shiberse is going to be created, which will be another component of the SHIB ecosystem and another fascinating experience with the Metaverse trend. Shiberse is said to unite tokens, games, ShibaSwap and all the rest under one roof. WOOF! We’re very excited to see this awesome project already in operation!
If you read carefully, you would have noticed that strange “burn” fact about Shiba Inu coin. Maybe you heard it before, but never really understood what it means? Don’t worry, we got you covered. Let’s go on to this exciting topic.
Shiba Inu Is On Fire!
What is burning coins in the simplest words?
Crypto coin burning involves sending the stated amount of cryptocurrency to an address that is not owned by anyone, a “dead” one. This means that these coins will never be accessed ever again, therefore the value of the rest of the coins increases.
Shiba Inu burn procedures became quite an event after Vitalik Buterin’s SHIB burn in May 2021. Due to the unlimited supply, burns for Shiba Inu are a way of getting rid of extra coins and, as stated above, making the price go up.
It’s not obligatory to burn SHIB for everyone, but these events help this wonderful coin to fight inflation and initiate price growth. You may not want to burn your Shiba Inu coins, which is totally understandable. One of the solutions might be participating in play-to-earn NFT games (such as Bricks Buster mobile game for iOS and Android), which use the profit from the ad display to burn SHIB by sending them to the dead wallet. So far around 360 million SHIB tokens have been burned.
However, if you really want to contribute to the development of your favorite coin, you are not alone. CoinRabbit is happy to have such a partner and we try to support our friend SHIB all the way and see it go to the moon. WOOF! Not to boast about it, but we’re proud to be the first-ever platform to implement Shiba Inu crypto-backed loans.
At the moment of writing this article (Jan 25, 2022), the altcoin market is suffering from a decent drawdown, therefore the prices for SHIB are way lower than they were before. That is the perfect time to take a lot of profit without selling your assets. Just imagine: your Shiba Inu coins are safe from the price dump and you buy even more SHIB. The market finishes its correction and goes up and you make a lot more money than you could have, plus keeping your Shiba Inu coins in full. Sounds impossible? More like a dream come true here at CoinRabbit.
Anyway, Shiba Inu has shown its potential for growth earlier when it hit ATH and we really believe in this altcoin and love it for its outstanding community! Happy to be your friends and show others that memecoins are not just for fun. Maybe CoinRabbit should participate in Shib burning, too? Would you like this idea? Contact us and share your thoughts on that!
Today we got some insights into the Shiba Inu coin universe and its burning mechanism. CoinRabbit aims at crypto adoption, and this is the main reason why we are ready to go with the Shiba Inu community all the way to the moon. Diamond hands forever! Let’s prove all the non-believers wrong about the potential of memecoins! Visit the Shiba Inu website or take a look at our Shiba Inu loan page.
Not financial advice. Do your own research and take everything moderately.
Crypto-backed loans have their own risks that should be taken respectively.