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| pic credit: goodreturns |
We've all heard about Doge Coin, the King of the meme currencies, and in today's post, I'll discuss about its main rival that is Shiba Inu Coin.
Origin of Shiba Inu Coin
Shiba Inu was launched in August 2020 by an anonymous developer or a person known only as Ryoshi, a synonym for Satoshi Nakamoto, the founder of Bitcoin. Two unknown individuals, Ryoshi and Satoshi, are the creators of digital currency.
So the original purpose of Shiba Inu's creation was to mock Doge Coin or to debut as a Doge Coin killer. Well, until you can read its most recent WOOF paper or white paper, that's not much of a use case.
So, in early 2021, Shiba Inu released a WOOF paper describing the role that the coin will play in the future, which is related to ShibaSwap. Creating a decentralised ecosystem based on community. Shiba coin is built on this foundation.
What is Shiba Inu Coin (SHIB)?
Shiba coin is an ERC20 token, meaning it was built on the Ethereum blockchain. The SHIB token was created for no reason at all. It's merely a joke about Dogecoin. When it was began in August 2020, that was its main aim, but it has since expanded, as I will show in ShibaSwap. We're discussing the coin. SHIB token has a total supply of 1 quadrillion, which is a lot of zeros.
The first half of the total supply was sent to Vitalik Buterin, the Ethereum blockchain's founder, while the rest was initially locked in the Uniswap Exchange, which is also a decentralised exchange for exchanging cryptocurrencies of all ERC20-based tokens.
It's also important to note that there are 400 trillion SHIB tokens out there. Now that we've covered what Shiba Inu currency is and how it came to be, it's time to talk about where this project is going, which is why I'll walk you through ShibaSwap.
What is ShibaSwap?
According to the second Whitepaper, the Shiba Inu Woof Paper. ShibaSwap, Shiba's own swap or decentralised exchange, is going to start. It is governed by the community and will function similarly to the Uniswap Exchange. This has now become a popular topic in the Shiba community.
Shiba's founder had only one goal in mind when he created ShibaSwap: he wanted to bring the DECO, or decentralised ecosystem, to ShibaSwap. He wanted to make a secure trading platform for users and community members that was also entirely decentralized.
Two new tokens have emerged from the ShibaSwap ecosystem. I'll speak about them briefly. The first token is LEASH, while the second is BONE. Now, as stated in the whitepaper. LEASH is a completely incentivized token, which means it will reward users that stake or trade on ShibaSwap's platform. Apart from that, LEASH isn't used anymore. The LEASH token's attractiveness is that there are only 100K of them. LEASH will only ever make a bit more than 100K tokens.
The second token I'll talk about is the BONE token. BONE is an ERC20 token that has yet to be listed on any exchange. It's a governance token, comparable to the UNI token from Uniswap. So these are the two tokens that are now in use, and the quantity of BONE is capped at 250,000,000 tokens. You can now DIG and BURY in the ShibaSwap. BURY means to stake your tokens and DIG means to give liquidity.
Vitalik Buterin Shiba Inu Coin burn
Ryoshi delivered a total of 50% of supply to Vitalik's cold wallet without his knowledge or approval at first. If you believe Vitalik is behind the coin's marketing, you may not be entirely correct. As part of the Indian COVID relief fund, Vitalik has contributed a total of 1 billion SHIB tokens. That fund is now handled by Wazirx WRX Coin's founder.
After donating the coin, he has burned a total of about 410,000,000,000,000 SHIB tokens, with his current holdings worth only 10% of their original value. That's all there is to the coin burn. After that, I'll discuss Shiba Inu mining.
Shiba Inu Coin Mining
Is it possible to mine SHIB tokens? The answer is definitely no. And why is this the case? Shiba Inu is based on the Ethereum network because it is an ERC20 token. It lacks a blockchain of its own. As a result, it can't be mined.
Until Ryoshi provides a specific approach to earn additional SHIB tokens by participating in ShibaSwap. You won't be able to mine SHIB tokens till then.
DogeCoin Vs Shiba Inu Coin
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| pic credit: katochtubes.com(KT) |
So, for better understanding, let me show you a table that compares both of these coins side by side. You can see the Dogecoin vs. Shiba Inu coin comparison. I'll start with a blockchain comparison. As a result, Dogecoin has its own network and blockchain, whereas Shiba Inu is built on the Ethereum blockchain.
Second, Doge coin debuted as a digital currency, which is still its major use case, but Shiba Inu coin is focused on decentralised exchange, which is ShibaSwap. The third factor is overall supply. Shiba Inu has a supply cap of roughly 1 quadrillion, whereas Dogecoin has an unlimited supply.
After that, there are future initiatives to consider. Dogecoin has none, which means it has no upcoming projects, whereas Shiba Inu coin has a project called ShibaSwap, which I described earlier in this post. The next comparison is mining; mining in Doge currency is possible since it is built on the PoW protocol, which is proof of work, whereas mining in Shiba Inu is not possible, as I previously stated.
Project tokens are the final comparison. On this network, Doge coin has no additional tokens, however Shiba Inu has two new ERC20 tokens, LEASH and BONE. This is the main distinction between Doge and Shiba Inu coins. Now leave a comment below and tell me which use case is more compelling. Is it a Shiba Inu coin or a Doge coin?
Also Read: You can become wealthy by simply holding 1 million Shiba Inu tokens
Shiba Inu coin rate depends Factor and Price Prediction
Shiba Inu was clearly launched as a Meme token with no use case. It's just a fun token to trade that gained a lot of popularity thanks to early investors who helped build a strong Shiba Inu community and pushed the price up.
However, Ryoshi, the originator of Shiba Inu, has a serious plan in the works. He intends to create a ShibaSwap that allows users and community members to make secure trades utilising the platform's own decentralised exchange.
The SHIB token will be the first coin to list on ShibaSwap, followed by the other coins, which I believe will largely be ERC20 tokens because it is built on the Ethereum blockchain.
As a result, the use case for Shiba Inu tokens has grown. Clearly, the Shiba Inu has a good probability of increasing in value. If ShibaSwap succeeds in gaining traction in the adoption race. If it receives even half of the traffic that the Uniswap market does, the price of Shiba coins might skyrocket. You'll have to wait and follow the price of SHIB tokens till then.
Now the main question that all of you may have and that is whether or not SHIB will touch $1 mark, the milestone. The clear answer is, I don't think so. Why? Because of the supply.
The total supply of SHIB token is 1 quadrillion with a lot of zero and virtually if it hits one dollar, it will be challenging the market cap of Ethereum and Bitcoin and if it reached the value in two digits it can cross the total market cap of Bitcoin. So that is certainly not possible at this moment. But who knows, this is crypto industry and anything can happen any time.
Is Shiba Inu (SHIB) a good investment?
It all depends on how you look at the SHIB token. Feel free to invest in this coin if you appreciate following the growth of the SHIB token and being a part of the SHIB community.
Personally, I'm neutral and somewhat positive also on SHIB tokens since, in comparison to Shiba Inu, there are many other coins that are accessible to investment and have a lot of potential with a very solid use case.
But, as I already stated, it all relies on your personal interests. If you truly believe in the coin, the price action, and the SHIB token community, you are free to park your funds where you see fit.