Dogecoin is the biggest meme coin right now, but Shiba Inu (SHIB) is getting closer and closer. Learn more about this emerging Ethereum-based token in this article.
Dogecoin (DOGE) was the original meme coin, but since its emergence, a number of rival tokens have emerged. Many of these meme tokens are based on dogs, including Doge Cash, Akita Inu, and Dogelon Mars. By far the largest of these emerging coins is Shiba Inu (SHIB), which started to soar in 2021 and became more and more famous. At the moment, it is Dogecoin’s biggest rival.
Since its inception in August 2020, the SHIB price has risen sharply. It started at a price of $0.00000000056, in November 2020, but the price then rose to an all-time high of $0.00008616 in October 2021. This is an increase of more than 150 million percent.
What is SHIB?
SHIB is an Ethereum-based counterpart to the Dogecoin. Unlike DOGE, it is a token that runs on the infrastructure of another blockchain, rather than a coin that exists on its own blockchain. SHIB is an ERC-20 token that runs on the Ethereum blockchain.
Like Dogecoin, SHIB is a meme coin. That is a cryptocurrency inspired by internet memes. This may explain why it has become so popular. Shiba Inu itself is named after the dog breed of the same name. The price movements of meme coins are often linked to sentiment around the latest news and social media activity. Therefore, high volatility is often a key feature of these memecoins.
What is the story behind Shiba Inu?
According to the official website, SHIB was created as an experiment in decentralized spontaneous community building by the developer named ‘Ryoshi’ (which means “fisherman” in Japanese). Ryoshi tells:
“With Shiba, we made it very clear from the start that no one is in charge. No man is responsible and no entity holds the keys to the kingdom.”
The white paper of the token also states: “What would happen if a cryptocurrency project were 100% run by its community?”
In total, 1 quadrillion SHIB tokens have now been released. The anonymous developers behind Shiba Inu sent about half of the total supply to Ethereum co-founder Vitalik Buterin without his asking.
Buterin then destroyed 410.24 trillion SHIB, 90% of his assets. He donated the remaining SHIB to charities, arguing that doing anything with the tokens he was given could lead to unnecessary speculation.
Dogecoin was long considered a “joke” cryptocurrency before it became the breakout coin of 2021 and the talk of fans like Mark Cuban and Elon Musk. Shiba Inu is on a similar trajectory. It has entered the top 10 coins and even passed Dogecoin in the rankings. This surge was driven by listings on major crypto exchanges such as Binance and Coinbase.
Where can you buy SHIB tokens?
SHIB can be purchased through exchanges such as Coinbase, Bitvavo, Binance, Huobi, and more. It is also traded on decentralized exchanges such as Uniswap, 1inch and 0x.
SHIB’s price rose in May 2021, shortly after it was added by crypto exchange Binance. The demand from users was huge. At the time, Binance CEO Changpeng Zhao tweeted that it was an unprecedented success. He did, however, immediately let you know that buying a meme coin is a big risk.
Does Shiba Inu have a future?
The meteoric rise of SHIB has made some people very, very wealthy. But despite that, it remains a token made for fun. The price is related to the sentiment on social media and SHIB tokens now represent little value. Institutional investors therefore want nothing to do with meme coins.
However, the statement that comes up more and more when people talk about Shiba Inu is:
“If people believe enough in a joke, it becomes real.”