What is Shiba Inu coin?
Today we will talk about the promising SHIB coin and why it is really a serious project, not just another meme-currency. What is Shiba Inu coin?
A brief history of creation
Shiba Inu (SHIB) is a token on the Ethereum blockchain that has grown in popularity this year largely due to its unique ecosystem and canine theme, as well as speculation on its price by retail investors and active participation of the coin’s community. The digital asset was inspired by the Japanese dog breed of the same name, which sparked a viral meme trend in 2013 and subsequently led to the creation of another well-known cryptocurrency, Dogecoin (DOGE). Shiba Inu, as well as Dogecoin and hundreds of other crypto-assets that are based on memes or inspired by pets, such as Baby Doge Coin and Dogelon Mars Coin, have become known as meme coins.
What’s interesting about SHIB
Typically, meme coins offer owners little or no value compared to more established cryptocurrencies (like Bitcoin and Ethereum). In the case of Shiba Inu, it looks like the development team is attempting to provide more value to SHIB owners. Thus, in July 2021, the developers launched a decentralized exchange.
Due to the desire to provide users with more utility, the self-proclaimed “DOGE Killer” has become the second most popular meme coin on the market. And although Dogecoin’s market capitalization is three times that of Shiba Inu as of the end of October 2021, the “project-outsider” has managed to create and develop a large community in less than two years since its creation. During its official launch in August 2020, a total of a quadrillion SHIB tokens were minted. Just so you understand: a quadrillion is a number followed by 15 zeros.
Who Created the SHIB Coin
Shiba Inu was launched in August 2020 as a direct competitor to Dogecoin. The official creator of the coin is an anonymous person who signed RYOSHI. However, the anonymous creation of Shiba Inu was handled by another person whom RYOSHI called his “unknown friend”. And later he mentioned him as “a very influential person in the crypto industry” whom he met at the Ethereum DevCon Conference, Japan, 2019.
Three rules when creating SHIB
In August 2020, RYOSHI wrote an article on his website RYOSHI RESEARCH where he called the coin a great experiment to create a decentralized currency. He described three rules for creating Shiba Inu that already make it a unique coin:
- Spend $0 on the project;
- Since the creator spends $0 on the project, he acquires his first SHIB coins by himself, along with everyone else, after the official launch on the market;
- Invest zero Shiba Inu into promotion.
An enigmatic personality
The same “very influential person” provided RYOSHI with ten ETH to provide liquidity for the ETH-SHIB trading pair on the decentralized Uniswap exchange. As RYOSHI wrote in his blog, 10 ETH is nothing to this “mysterious stranger” because he is a very successful businessman. Thus, he is the one who made it possible to trade another “dog coin” on Ethereum through the Uniswap exchange.