What is Shiba Inu: how did the parody of the DOGE cryptocurrency meme appear, what is its philosophy and where can it be traded
At the end of May 2022, once again there was talk about the future of the Shiba Inu (SHIB) cryptocurrency due to the fact that all records of the anonymous founder of the Ryoshi Research coin were deleted from his Twitter page. At the same time, the page has not been updated for exactly a year, and the last tweet was made on May 29, 2021. In addition, all the author’s old publications were removed from the Medium journalism platform, and instead the inscription appeared on Ryoshi’s account: “One day I will leave without warning.” Many analysts have previously stated that Shiba Inu will depreciate over the next decade.
At the same time, in October 2021, the SHIB rate increased by 1000% per month, to $0.00008616. However, now, by August 2022, the rate has fallen by more than 70% compared to the record high, to $0.00001197.
What kind of coin is this, who is behind it and what is the forecast for the value of the Shiba Inu cryptocurrency — in our material.
What is Shiba Inu and who created it
The Shiba Inu (SHIB) cryptocurrency appeared in August 2020. It was created by an anonymous person under the pseudonym Ryosi (Ryoshi). The coin positions itself as a “Dogecoin killer”, and its logo is a Shiba Inu dog, which is exactly depicted on DOGE coins.
Even before Shiba Inu, Ryoshi described the three main rules for creating a cryptocurrency. Based on them, all this is a big experiment:
Do not spend a single dollar on creating a coin;
The creator of the project acquires coins together with the entire community;
Invest zero dollars in cryptocurrency promotion.
The company has a so-called woof paper — a parody of white paper, but with woof (“woof”). It talks about the “mission” of the cryptocurrency:
“We thought: what if the cryptocurrency project was 100% community driven? Our founder Ryoshi said that Shiba is a spontaneous experiment in the world of decentralized assets. Many of us then could not imagine that this concept would be the beginning of evolution…”
The community of this cryptocurrency calls itself the Shiba Inu army. It has more than 120 thousand people. The woof paper says that the project started from scratch, and the developers, designers, marketers and other team members had never worked together before. Naturally, the entire community of this coin loves Shiba Inu dogs.
Shiba Inu is an ERC-20 token that runs on the Ethereum blockchain because it has already “proven itself” and has helped many create successful crypto projects. “It allows us to be truly decentralized, unlike other ‘fancy’ coins,” the document says. The cryptocurrency is also waiting for ETH to scale, with ShibaSwap poised to become the “most popular” Ether-focused crypto exchange.
The history of the Shiba Inu cryptocurrency exchange rate
Back on May 7, 2021, the price of the Shiba Inu coin was minuscule — $0.000001478 per coin. And already on May 11, at the peak, it costs $0.00003641. This happened against the background of the fact that it was added to the OKX, Binance, FTX, Huobi exchanges. Then, in a week, the Shiba Inu cryptocurrency grew by 2260%.
The next (and so far maximum) price record occurred on October 27, 2021. The price reached $0.00008. The rapid growth was associated with rumors about a possible listing of the altcoin on the Robinhood exchange. In January 2022, Twitter again began to say that Shiba Inu will appear on the exchange in February, but this has not yet happened.
At the end of March, it became known that the number of Shiba Inu decreased by 60,000 or almost 5% in 10 days. At the same time, large investors continued to accumulate the “meme” token.
What is your price prediction for SHIB/USD?
Still, analysts agree that Shiba Inu is volatile, like other meme coins or stocks like DOGE or GameStop. “The hype around meme coins like SHIB is a social phenomenon, not a financial one,” says Ben Caselin, head of research and strategy at the AAX crypto exchange.
Vitalik Buterin and Shiba Inu
The developers of the coin sent 505 trillion coins to the creator of the ether, Vitalik Buterin. He donated more than 50 trillion (at that time it was more than $1.14 billion) to fight the coronavirus in India, and he burned 90% of the remaining coins. This is about $6.5 billion. Buterin also promised to donate the remaining Shiba Inu to charity.
At the same time, Ryoshi claims that he does not have the Shiba Inu cryptocurrency. Therefore, the transfer of so many coins into Buterin’s hands looked like the transfer of the fate of the currency from the founder to another person. After all, the value of SHIB could collapse if the founder of ETH decided to sell his assets.
According to experts, Ryoshi’s step was deliberate. “The Shiba Inu Coin army believes that any success is driven by some kind of vulnerability,” Xiao said.
Shiba Inu Price Prediction
On March 31, the Shiba Inu team revealed the details of launching their own metaverse. According to them, the territory will be divided into more than 100 thousand land plots, the price of which varies from 0.2 ETH to 1 ETH. SHIB Metaverse: The Metaverse will use all Shiba Inu ecosystem tokens including SHIB, LEASH and BONE.
On April 9, a project called Shibaswap 2.0 burned 1.4 billion SHIB worth $34,554 to increase deflationary supply.
Despite the current depreciation of the meme-token, the SHIB community hopes that its value will exceed $0.01. The tag “1 Cent Dream” has spread online. Community members say that the huge number of SHIBs in circulation — about 549 trillion. To reach the price of 1 cent, Shiba Inu needs more combustion, they believe. Thus, trillions of coins need to be destroyed every year in order to withdraw them from circulation, and when there is a shortage in the market, the price will go up.
To do this, upcoming developments such as Shibarium and ShibaSwap 2.0 should work in such a way that the small transaction fee charged to users is believed to be used to burn only members of the community.
In turn, financial experts are more skeptical.
“For Shiba Inu to reach the dollar, its market capitalization must be one quadrillion US dollars. For comparison: the entire US national debt is $23.3 trillion — and this amazing figure is only less than 3% of the required capitalization… Given this and current trends, the price of SHIB will remain its estimated value — less than a fraction of a cent “
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Disclaimer: The information provided in this article is solely the author’s opinion and not investment advice — it is provided for educational purposes only. By using this, you agree that the information does not constitute any investment or financial instructions. Do conduct your own research and reach out to financial advisors before making any investment decisions.
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