Cutie Japanese Dog Coin- Shiba Inu(SHIB)
SHIB is a cryptocurrency created as a joke. The founders Ryosh tried to make fun of the crazy speculation in Dogecoin.
First at all, When we talk about SHIB, you should know the “Dogecoin”
Shiba Inu’s definition
Shiba Inu, known as SHIB. It is the foundational currency in “The Shiba Inu Ecosystem ''. SHIB is a decentralized cryptocurrency that was created in August 2020 by 'Ryoshi'. The meme coin movement rejects formalities and protocol, it was created to make fun of Dogecoin.It is named by a Japanese breed of dog originating in the Chūbu region, which is called the Shiba Inu, the same dog that is shown in Dogecoin's symbol. The creator of SHIB calls it “Dogecoin killer”.
The Base of SHIB (Woofpaper)
It was created to poke fun at Dogecoin, so the SHIB white paper is called the “Woofpaper”. According to the Woofpaper paper, SHIB was developed as the answer to a simple question: "What would happen if a cryptocurrency project was 100% run by its community?"Ryoshi attributes its origins to an "experiment in decentralized spontaneous community building." According to Ryoshi, the power of collective decentralization can build something stronger than a centralized team could ever create.
The SHIB Army's base of over half million members embrace its founding principles, which are:
1:The project started from zero, with zero, in the spirit of creating something out of nothing;
2:It was not founded from an existing community or pre assembled team
3:A professed love of Shiba Inu dogs.
SHIB is an Ethereum-based ERC-20 token, instead of its own blockchain ,it is created on and hosted by the Ethereum blockchain. Since it was already secure and well-established, and it allowed the project to stay decentralised, Ryoshi states in the paper that he chose to build the Shiba Inu ecosystem on Ethereum.
Vitalik Buterin and SHIB
Ryoshi claims to not hold any coins, and 50% supply of SHIB was allocated to Vitalik Buterin's Ethereum wallet.Vitalik Buterin is the founder of Ethereum. He donated 10% of SHIB to COVID-19 pandemic which was worth about $1 billion, and destroyed the rest 40%.
The Price of SHIB
A single SHIB coin was nearly worthless. SHIB’s meteoric rise can be traced, in part, to fallout from the GameStop saga in March 2021, as individual retail traders who fueled GameStop’s rise turned to joke cryptocurrencies. The speculative traders helped propel SHIB’s price rise,when a surge in interest for Dogecoin drove speculative traders to find the next big thing. At the same time, Huobi, Binance,OKX, Coinbase, Korbit and Bitso listed SHIB one after another . What’s more, on 7 of may 2021 Elon Musk post “I’m looking for a shiba pup”. The price of SHIB surged from a low of $0.000000000056 to an all-time high of $0.000087, which is a 150,000-fold increase in 8 months. After that, the price of SHIB kept decreasing. Now SHIB is a top 15 cryptocurrency which is listed on major exchange platforms.
Hope you have a nice trading day!