Lately, I’ve been hearing about this Shiba Inu coin and even saw someone wearing a shirt with the coin and I wanted to know if it’s Legit. Is this Shiba Inu coin a pump and dump scam, is it really a serious project, what the heck does it do?
Shiba Inu is a legit project that offers a decentralized exchange and plans for the future, but has some concerns!
Keep reading and I’ll share exactly how the Shiba Inu ecosystem works, 3 things I don’t like about the project, how it relates to a crazy town, the chance of a coin reaching 1 cent, and its plans for its future.
What is Shiba Inu?
Shiba Inu is an ERC-20 token and it runs on the Ethereum blockchain. ERC-20 stands for “Ethereum Request for Comment and 20 is a random number.
ERC-20 tokens mean it’s easier for exchanges and wallets to accept the token. You could think of it like WordPress for a website, it just makes things easier.
It’s also a meme coin and that means it’s based on an image.
The coin was created in August 2020 by an unknown person called Ryoshi. (Sounds similar to Satoshi right?)
Ryoshi (an unknown person) used (another unknown person) to make buying Shiba Inu on Uniswap possible. 50% of the supply was sent to an exchange, so other people could purchase the token.
The other 50% was sent to Vatalik Buterin (the creator of Ethereum). There is a conspiracy that Vatalik Buterin was the second unknown person that helped launch the coin, but nothing is proven.
You’re probably wondering why 50% of Shiba was sent to Vitalik right? What some projects will do is secretly send him their coins and that way they can say that he supports the project. (shady right?)
Vitalik Buterin was sent 6.7 billion dollars in Shib tokens and guess what he did? He destroyed 90% of the tokens and the remaining he gave to charity.
Can you imagine destroying 6 billion dollars?
Shiba Inu is MORE than just a joke coin.
They actually built a decentralized exchange called a Shiba Swap. Hey, at least it’s not a name that makes me hungry like Sushi Swap or Pancake Swap.
Here is when Shiba Inu goes to a crazy town.
In this WHOLE Shiba Inu community, there is something called a Bone token. You can take your Shiba Inu and stake the coin.
If you’re unsure what the hell staking is you can check out this post HERE I made on the difference between proof of stake and proof of work.
When you stake your Shiba coins you actually get something called a Bone token. You can use the Bone token to vote on shit. I bone equals 1 vote, if you want to be the biggest dog in the community you need more bones to make your bark heard.
Oh, and you can stake the Bone token to earn more Bones. The maximum supply of Bone tokens is 250 million.
If that isn’t confusing enough there is another token in the Shiba Inu community called the Leash token. The Leash token has a VERY low supply of 107,000 coins and this low supply keeps the price high. At the time of this blog post, it’s $1,715 U.S. dollars for 1 Leash token.
The community wants this token to KILL the Dogecoin or I should say put a “leash” on the Dogecoin. I guess there isn’t much of a chance for the Shib token or Bone token to overtake Doge because there is too much in circulation.
The Leash token also will provide the owner with early access to NFT projects around this project.
Apart from staking you can also do something known as yield farming or liquidity mining with these tokens on the decentralized exchange (DEX) to earn rewards.
If you’re not sure what the hell yield farming is you can check out this post HERE I made on how it works.
The Future of Shiba Inu
Yes, Shiba Inu isn’t just a joke meme, but there are some plans for the future of this project. One plan is it wants its OWN blockchain called “Shibarium.”
They should call the blockchain “Dog Town” or “Dog House” why “Shibarium?”
They are also working on a payment platform called “ShibaNet” where businesses would accept the coins of this project as payment for coffee or burgers.
Will Shiba Inu coin ever reach 1 cent?
It’s “close to impossible” for the Shiba Inu coin to ever reach 1 cent because there were 1 quadrillion tokens created.
Still, many of these tokens were destroyed by Vitalik Buterin. Some people feel there are around 395 Trillion tokens in circulation.
At the time of this blog post, the cost of a Shiba Inu coin is $0.00003857 to 1 U.S. dollar. For the Shiba Inu token to reach 1 penny it would need to reach 3.9 trillion dollar market cap and right now it’s around 15 billion in market cap. (It has a LONG way to go).
The market cap of Bitcoin is 2.4 trillion dollars right now. The market cap just means “all the money that is in a project.”
It’s close to impossible that the Shiba token will reach 1 cent, but sure it’s possible!
The Shiba Inu project has some interesting ideas, and I like the dog-themed names. Yet there is “a lot” of competition in crypto. There is still a lot I don’t like about this project and one is it’s built on Ethereum.
Ethereum with “high gas prices” and it’s Turing complete. Turing complete means it can do “everything” and more things can go wrong.
Plus, Ethereum is going through some “major” changes. You can learn about these “major” changes from this blog post HERE.
If Shiba was started on its own blockchain then I think it would be better. Also, maybe I’m wrong but didn’t Dogecoin beat Shiba to the dog meme? Dogecoin was first and being first does mean something.
Picture another token trying to beat Bitcoin with its branding? It’s just very hard to do because Bitcoin was there first right?
The third thing I don’t like is the project giving Vitalik Buterin “half” of its total supply of tokens. To me, this is a message that the project needs the approval of Vitalik to succeed.
Half of the “total” supply given to someone who is the youngest billionaire in crypto just seems like the wrong message.
What about the “little” person struggling to pay their bills right? Does that person get any tokens?
When it comes to DEFI everything is built on Ethereum except 1 project that looks interesting and you can click on the link HERE to check it out.
I hope this blog post on is Shiba Inu coin is legit was helpful to you. Bye for now.