Shiba Inu (SHIB) is a meme cryptocurrency that is based on the Ethereum blockchain. It was founded in August 2020 by Ryoshi, an anonymous developer whose identity is as enigmatic as that of Bitcoin’s founder Satoshi Nakamoto. SHIB was inspired by the Japanese dog breed Shiba Inu, as the name suggests.
SHIB is an ERC-20 cryptocurrency that is traded on ShibaSwap, a decentralized exchange. An NFT art incubator called Shiba Artist Incubator, 10,000 Shiboshi NFTs, and an NFT game called Shiboshi Game are all part of the SHIB plan and ecosystem.
The entire supply of SHIB was one quadrillion. To provide liquidity, Ryoshi locked 50 percent of the total supply in Uniswap when it first started. One of the most successful projects in the decentralized finance (DeFi) sector is Uniswap, which is an automated market maker (AMM) protocol on the Ethereum blockchain. The remaining 500 trillion SHIB were sent to Vitalik Buterin, the co-founder of Ethereum, who decided to burn 90% of them and send the rest to the India COVID-19 relief fund.
With the rise of dog-themed cryptocurrencies, 2021 has been an especially exciting year for pet-loving crypto traders. Shiba Inu (SHIB) is one of the market’s fastest rising coins.
The SHIB coin, dubbed the Dogecoin killer, has become a social media sensation. SHIB is one of the leading cryptocurrencies by market cap as of November 2021. On CoinMarketCap, it is ranked #11, making it a close competitor to DOGE.
The cryptocurrency market plummeted and then surged during the global pandemic in 2020, as regular investors flocked to digital assets like bitcoin (BTC) and Ether (ETH) to hedge against inflation. As previously said, the stock market saga has fueled the popularity of meme currencies. SHIB’s success has been attributed to social media influence, particularly from Tesla CEO Elon Musk. SHIB and other meme currencies took advantage of the increased popularity of meme tokens after he publicly joked about Dogecoin on TV in May 2021, causing it to plummet in price. Since January, the price of SHIB has climbed by more than 60,000,000%, as of November 2021
One of the things that sets SHIB apart from other puppy coins is its Shiboshi NFTs and game. The 10,000 Shiboshis sold out in about 35 minutes, capitalizing on the excitement surrounding the NFT marketplaces. Shiba Inu used the ShibaSwap platform to launch its own NFTs. The popularity of Shiba Inu may continue to grow when owners name their Shiboshis and trigger the SHIB token burn, as well as the development of the Shiboshi NFT game.
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