What Is SHIBA INU (SHIB)?
Shiba Inu Once upon a time, there was an extraordinary dog. That dog was a Shiba Inu, and this dog-inspired millions of people around the world to invest money into tokens with the dog’s image on them.
According to the SHIBA INU website, SHIB is the “DOGECOIN KILLER” listed on their own ShibaSwap, a DEX. Shiba Inu coin was created anonymously in August 2020 under the pseudonym “Ryoshi.” Ryoshi says that he is a nobody and not essential and that the efforts to unmask his identity, even if successful, would be underwhelming.
This meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the currency paired with headlines and tweets from personalities like Elon Musk and Vitalik Buterin. Vitalik Buterin was long believed to be the originator of Shiba Inu but denied such rumours on the Lex Fridman podcast on June 5, 2021.
On Sept. 17, 2021, Coinbase, the largest U.S.-based crypto exchange, listed Shiba Inu on its platform. This news caused Shiba Inu’s price to rise by over 40% in the following two days, bringing the meme dog token into the spotlight again.
Shiba Inu has since attracted more interest from other exchanges as well. Bitso, Mexico’s biggest cryptocurrency exchange, announced in September that SHIB would start trading on its business. Giottus, an Indian crypto exchange, told the same. Bitstamp, the biggest crypto exchange in Europe, said that it would list Shiba Inu for trading at the beginning of 2022. Korbit, a South Korean exchange, became the country’s first exchange to list the SHIB token in 2021.
Who Are the Founders of SHIBA INU?
The SHIBA INU WoofPaper has three reasons why their team created SHIB:
- “We started from zero, with zero.”
- “The brilliant minds behind Shib had never collaborated before.”
- “We love Shiba Inu Dogs.”
The anonymous creator of the Shiba Inu coin is known as “Ryoshi.” However, very little is known of the mystery founder of the dog-themed cryptocurrency, much like the founder of Bitcoin, Satoshi Nakamoto.
In his blog RYOSHI RESEARCH, he characterizes himself as “just some guy of no consequence tapping at a keyboard.” Ryoshi said that usually, in projects, there are different roles like a CEO, a “tech guy,” and a roadmap, resulting in “someone plebs can bitch at.” He stresses that with Shiba, no one person is accountable or responsible and underlines that he owns 0 SHIB to this day. For this reason, Ryoshi can be “pure and unbiased,” getting satisfaction from Shiba “in other ways.”
It has been speculated that Vitalik Buterin was behind the initial liquidity that helped set up Shiba Inu’s liquidity on Uniswap. Ryoshi had “a fren” he met at Devcon in Osaka that sent him 10 ETH to set up the liquidity pair on Uniswap. Ryoshi also stated that Shiba Inu was an experiment in decentralized community building, and he thus declined all the influencer requests and pitches from different exchanges he received. Instead, his “job” is to defend the brand and give suggestions, although he does so very sparingly, as his last blog entry dates back to May 2021.
What Makes SHIBA INU Unique?
The October 2021 price surge famously minted a billionaire, as one wallet was uncovered that had bought $8,000 worth of SHIB in summer 2020, which was worth over $5.7 billion at SHIB’s all-time high valuation. The wallet owner has not been determined, although the person appears to have sent parts of their fortune to other wallets several weeks after the price explosion.
Moreover, retailers started adopting SHIB as a means of payment, following its popularity among small-time investors. For example, American electronics retailer Newegg added SHIB at the start of December 2021, partnering with crypto payments platform BitPay to unlock prices in SHIB. This followed the adoption of SHIB by over 500 merchants, according to payments firm CoinGate, with even Samsung-
Shiba would also start hosting localized meetups and a once-a-year ShibaCon convention that would be hosted at an easily accessible location in a country without oppressive visa restrictions “for the sake of inclusiveness for global plebs.” One immediate change Shiba Inu has implemented is increasing token burns, which have sparked renewed interest in the token at the beginning of 2022. More extensive Entertainment, a crypto record label selling merch, NFTs and concert tickets, organized a SHIB burn party that burned over 239 million SHIB over Christmas. In total, the team has burned almost one billion SHIB since the end of October.
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