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A brief introduction to Shiba Token

and some Shibspo to follow for your daily dose of cute dogs

Despite the bigger sell-off in the cryptocurrency markets, many tokens are still trading at a higher price point than last year this time. While technically this can’t be said for the Shiba Token, as it was just launched in August 2020, the token marketing itself as the Dogecoin killer is still trading way above its initial launch price of less than $0.00000001.

But what exactly is the Shiba token (token ticker: SHIB)?

Thanks to the love affair Elon Musk seems to be having with Dogecoin, the first Meme coin has reached never-before-seen interest and was subject to speculation driving up its price. Maybe as a direct result, the number of dog-themed tokens being created on BSC and Ethereum has exploded and seemingly no day is passing without a new Corgi, Akita or shepherd coin.

While Dogecoin was created as a joke in just 2 hours, as developers have admitted, it still served to raise money for Olympic athletes and charity.

The dog that inspired the Meme is the Shiba Inu breed, a Japanese dog breed known to be a bit stubborn. Therefore, some dog lovers refer to them as the “cats of the dog world”. Another feature that could explain their popularity is that they seem to be smiling most of the time.

The original Doge meme is a Shiba called Kabosu, living in Japan and now 15 years old. The photo soon started circulating the internet and is now a part of internet meme culture.

The anonymous founder, Ryoshi, of Shiba Token, is also a fan of the Shiba Inu breed and started the Shiba token as an experiment in “decentralized spontaneous community building.”

While building the community might not have been as spontaneous, it’s now more than 300,000 members strong and continues growing. Despite experiencing price declines similarly to the rest of the market, SHIB was up more than 2 million %, making some of its holders billionaires.

Unlike Dogecoin, the Shiba token is an ERC-20 token. The initial supply of SHIB was one quadrillion tokens, of which nearly half were given to the founder of Ethereum, Vitalik Buterin. While this marketing stunt was called “burning” by the Shiba token creators, giving tokens to another prominent person is different from destroying the tokens.

This is a fact, SHIB holders got to learn the hard way when, one day, Vitalik decided to pull all liquidity from the SHIB liquidity pool that he had and cashed out some of his SHIB holdings. While many called him a villain initially, when he used that money to donate 1 billion to the Indian Covid-relief funds, the narrative changed. The leftover SHIB he held, he decided to burn 90% off and donate the rest.

I’ve decided to burn 90% of the remaining shiba tokens in my wallet. The remaining 10% will be sent to a (not yet decided) charity with similar values to cryptorelief (preventing large-scale loss of life) but with a more long-term orientation. Covid is a big problem now, but it’s important to think about the longer term future too!” (Buterin)

While the Shiba token still serves mainly speculatory purposes, the team is now building a decentralized exchange currently undergoing security audits. They are also planning to get involved in the growing NFT market.

As Shiba Inus can be a difficult to train breed, many Shibas end up needing rescue. To address this challenge their idol breed is facing, Shiba token is dedicated to donating some of the proceeds through the amazon smile platform to a Shiba Inu Rescue organization.

Despite being stubborn, they’re still a very adorable breed to enjoy pictures of, so here come some of our favourite Shiba Inu accounts for your daily dose of kawaii.

TofuPupper

This adorable Shiba loves cheese and bread. He even has a lofi chill-hop playlist on Spotify and even an account on Rarible where he sells NFTs. And needless to say, he’s a very good boi. Find him on Instagram. Tofu also has a website where you can give him pats. If that’s not the best relief for market volatility induced stress..

ShibaInu.co

If the above image doesn’t convince you yet to follow… I can’t see how it doesn't. ShibaInu.Co will bring you a curation of the cutest, funniest and clumsiest Shiba Inu moments to brighten up your feed. Find them here.

Yokokikuchi_ks

This yoga instructor is a mum of 4 Shiba dogs, who are all very adorable. One of them, you’ll know which one (Hina) made some of her images go viral. They also often go meet other dogs, so you’ll get to enjoy some pawsome moments when following here. Here is her Instagram account.

SHIB is now trading with BTC and USDT pairs on Bitcoin.com Exchange.

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Naomi Oba

Naomi Oba

520 Followers

Writer in Crypto — passionate about financial education, blockchain, books, and food.