Crypto Dive: Shiba Inu ($SHIB)
The Shiba Inu cryptocurrency was created by an anonymous individual or group using the pseudonym “Ryoshi.” Much like other cryptocurrencies, such as Bitcoin, the identity of the creator(s) of Shiba Inu remains undisclosed. This anonymous approach is common in the cryptocurrency world, and it’s often done for privacy reasons, security, or to allow the project to be truly decentralized, without a single identifiable figure behind it. As a result, the true identity of Ryoshi, the creator of Shiba Inu, remains unknown.
Please Do Your Own Research (DYOR) and make informed decisions when looking into any Cryptocurrency projects! We love you all!
What is it?
Shiba Inu (SHIB) is a cryptocurrency that gained popularity in the cryptocurrency space in 2021. It is an Ethereum-based token that operates on the Ethereum blockchain and is part of the broader category of meme cryptocurrencies. Shiba Inu gained attention due to its mascot, which is a Shiba Inu dog, similar to the “Doge” meme dog that represents Dogecoin.
One big peice of Shiba Inu history was when it first came out and they gave half of the supply to Vitalik during a spike outbreak of COVID in India. Vitalik ended up donating all of those funds ($6.7 Billion) to India to help with the fight against the virus.
What are they building?
Is Shiba Inu just another memecoin or could this project offer something special to the world of Blockchain and Crypto like none of the others? Let’s take a look a 3 main things this Blockchain has developed:
- Shibarium
- Shibaswap
- Deflationary Asset
Shibarium
With high Ethereum transaction fees becoming more and more of a problem, the development team with Shiba Inu developed an answer: Shibarium.
Shibarium is Shiba Inu’s Layer 2 that has the ability to offload a portion of computing power for transactions processing on the Ethereum blockchain. How does this happen? By utilizing one of Shiba Inu’s native currencies called $BONE. Validators will stake 10,000 $BONE and be able to participate as a Node. Shibarium will work with the Heimdall Validator and the Bor block producer nodes, making it quite similar to Polygon (MATIC).
Shibaswap
Every great blockchain needs a DEX so that those that help the network can exchange their rewards for other networks as well. This is not only a healthy thing for Shiba Inu, but also provides opportunity for other projects to gain capital and liquidity.
Along with the perks of being a DEX, Shibaswap gives Shiba Inu holders an opportunity to stake their $SHIB and earn $BONE, $LEASH, or more $SHIB.
Deflationary Asset
Now 1 Quadrillion is a very large number for a market supply of tokens, but the developers were planning on $SHIB being around for the long haul. SHIB is a deflationary token designed to be used as a medium of exchange and store of value. Every time a transaction occurs through Shibarium there is a token burn shrinking the total supply of tokens in the market. The team did state this does not guarantee the price will go up.
Conclusion
Shiba Inu went from being a memecoin to an actual ecosystem providing answers to problems in the Blockchain industry. From the development of Shibarium, to the opening of access to other Crypto Markets through a deflationary asset, Shiba Inu is still sexy. The community definitely has things to be excited about and hopefully the team continues with the momentum, LFG!!!
What are the stats?
- Total supply: The total supply of $SHIB, the native token of the Shiba Inu network, is currently around 589,589,040,239,380.
- Market capitalization: The current market capitalization of $SHIB, which is the total value of all $SHIB in circulation, is around $4,300,525,483.
- Block time: The block time for $SHIB is typically around 5 seconds.
- Some Node stats: 7 million RPC requests for the network in a single week. (Reported on 9/20/23: https://thecryptobasic.com/2023/09/20/shiba-inu-shibarium-rpc-node-sets-new-weekly-record-with-7m-requests-processed/)
It is important to note that these statistics can change over time and it is always recommended to check for the most recent data.
We hope you enjoyed the knowledge! Remember to keep on building and never stop learning. This space has tons to offer to the curious mind!
~ 2EZ
