What Is Shiba Inu?
The Shiba Inu dog breed has become a real trend maker in the field of cryptocurrencies. It all started with Dogecoin, launched in 2013 and inspired by the dog meme. In 2020, Shiba Inu was found on the wave of hype. It is worth noting that Shiba Inu is perhaps the most scandalous coin in the crypto market. It was launched by an anonymous developer Ryoshi; it seems to be in tune with another anonymous Satoshi. Initially, the goal of Shiba Inu was to become a replacement for Dogecoin, but today Shiba Inu has become a worthwhile and exciting project.
Shiba Inu Project
Shiba Inu is a cryptocurrency that rests on the Ethereum blockchain. That is, SHIB is an ERC-20 token. Initially, the maximum supply of SHIB was one quadrillion tokens, so you understand this is 1, followed by 15 zeros. But the coin quickly got rid of half of the total amount. Ryoshi locked 50% of SHIB on the Uniswap decentralized exchange in order to ensure liquidity. The remaining 50% were sent to Vitalik Buterin, one of the most prominent personalities in the crypto industry. Buterin himself, as it turned out, was not particularly happy about SHIB raining down on him and decided to burn 90% of the tokens. Buterin kindly donated another 10% to the Indian aid fund to fight Covid-19.
Why Is Shiba Inu Popular?
Like DOGE, SHIB gained popularity immediately after launch, but the price remained at the same level for about eight months. The coin failed to gain momentum in value at the very beginning but began to catch up in the spring of 2021. Several events became the catalyst for this:
- As already mentioned, Vitalik Buterin burned almost half of the total supply of the SHIB tokens, which caused a huge resonance in the crypto community. All the famous publications trumpeted to the whole world his act, thereby attracting more and more interest in Shiba Inu. Ryoshi also said this step “ensured our long-term success and stability”. On the official page of Shiba Inu, you can even see the details of these significant transactions.
- The second significant event is associated with Tesla CEO Elon Musk. In fact, Musk is known as one of the most ardent Dogecoin supporters, but he made a significant contribution to the popularization of the Shiba Inu cryptocurrency. In May, he posted on Twitter about his intention to buy Shiba Inu. Traders decided that he was talking about a new Shiba Inu token, which caused massive purchases of this asset. Although the misunderstanding was resolved, there was no stopping the growth. The developers successfully took advantage of this misunderstanding. On May 9, they proudly added a post that more than 50,000 users became SHIB holders in just one day, and the cryptocurrency rapidly broke into the top 30 by market capitalization.
ShibaSwap distinguishes the Shiba Inu cryptocurrency from hundreds of other meme tokens. ShibaSwap is a multifunctional decentralized exchange that is in the top 50 according to CoinMarketCap. The launch of ShibaSwap took place in June 2021 and represents a whole set of tools: AMM trading, liquidity pools, NFT trading, farming, and staking.
In this path, it is crucial to mention the other two tokens of the ecosystem:
- LEASH. It was initially created as a rebase token, but the developers decided to “unleash” its full potential. So the rebasing function was disabled, and the LEASH became an ERC-20 token. The maximum supply is only 107,647 tokens. The LEASH can be used to earn passive income on staking and to provide liquidity. In addition, like SHIB, LEASH can be freely purchased on both decentralized and centralized exchanges.
- BONE. It is a governance token that allows holders to vote for propositions and list token pairs on ShibaSwap. It is noteworthy that the more BONES the holder has, the more weighty his voice is. Unlike the other two tokens, BONE can be purchased only on ShibaSwap or received as a reward.
As mentioned earlier, on ShibaSwap, users will also be able to buy, sell, and trade NFTs. However, not by any means, but by specially developed Shiboshis NFTs. Shiboshis is an NFT collection consisting of 10,000 unique pixel Shiba Inu. To date, you can buy your Shiboshi on OpenSea, where the floor price is 0.74 ETH. What does the acquisition of Shiboshi give the user? Firstly, Shiboshi is a kind of ticket to a private club, access to which opens up various benefits for members. In addition, Shiboshis owners will be able to use their NFTs in the Shiboshis game. Naturally, each of the NFTs is unique and has different traits. It is these traits that play a crucial role in the game. All these traits are divided into five categories that will endow Shiboshis with one of the attributes: Life Force, Evasion, Attack, Skill, or Luck. It is not yet known which of the traits belongs to which category.
In addition, it should also be noted that you can give a nickname to your Shiboshi, but for this, you will need to pay a commission of $100 in SHIB. In this case, the commission will be burned.
The developers of Shiba Inu called their metaverse a kind of culmination of their story, which will allow the community to interact on a new level. The Shib Metaverse will consist of 100,595 plots of land. It will be possible to buy your land plot for Ethereum. You will also need to fulfill a condition, namely, lock LEASH or Shiboshis tokens. At the initial stage, it is planned to sell 36,431 plots of land from various districts: Growth, Confrontation, Technology, and Currencies. By the way, depending on the location, land plots are divided into four tiers: Silver Fur (tier 4), Gold Tail (tier 3), Platinum Paw (tier 2), and Diamond Teeth (tier 1). The price of the plot depends on its category, so the minimum fixed price for each tier is as follows:
- 0.2 ETH for tier 4
- 0.3 ETH for tier 3
- 0.5 ETH for tier 2
- 1 ETH for tier 1
It should be noted that not all plots will be available for sale, as some of them represent key public grounds, such as boulevards, avenues, and others.
Within the framework of the Shib Metaverse, participants can not only interact with each other, communicate, and travel but also use passive income tools, collect in-game resources and generate rewards, and much more. The development team noted that the entire Shiba Inu ecosystem would be involved as the project unfolds.
As you have already understood, the land purchase will be made using ETH. This step was taken to eliminate the risk of a drop in the price of Shiba’s own tokens.
Shiba Inu and Great Things
Speaking about the Shiba Inu ecosystem, it is crucial to note its charitable activity. Yes, the guys don’t just use the dog theme to attract kind-hearted users with cute images but contribute to rescuing these dogs. We can say that they pay a percentage for using the “copyright” of Shiba Inu dogs. So with the help of the Amazon Smile service, caring users can donate a percentage of their purchases to the Shiba Inu Rescue Association.
The year 2021 turned out to be significant for the Shiba Inu cryptocurrency. The price of the coin snowballed due to the launch of Shiboshis NFTs and the game of the same name. Today, Shiba Inu can no longer be called another useless meme-coin. Developers are expanding the ecosystem, offering more useful and exciting tools for users. With the launch of the Shib Metaverse, it is quite possible that Shiba Inu will still be able to overtake its rival.