Shiba Inu is a meme token that has been gaining popularity since early 2021. The token was created as a meme and an experiment. But in the past year its popularity has soared. And now has a huge community that has invested in it. So we will examine and explain the origin of Shiba Inu, how it got so popular and a comparison with Dogecoin.
Also read | Solana Explained: How It Works, Features, Comparison to EthereumShiba Inu. to explain
Shiba Inu is an Ethereum-based token. It is not a coin but a token on the Ethereum blockchain. It is named after a Japanese breed of dog called Shiba Inu. It was created in August 2020 by an anonymous person named Ryoshi who was of Indian descent. Another anonymous investor donated 10 Ethereum to jump-start the project. It was created as an Ethereum-based alternative to Dogecoin, which is already an alternative to Bitcoin.
It has seen its value steadily increase. Many popular crypto exchanges such as Coinbase, Binance and Coin DCX have also started it due to the high demand from the community. It currently has a market cap of over $16 billion and a supply of 1 quadrillion tokens.
Shiba Inu uses Ethereums smart contracts to create its ecosystem. They have launched their crypto exchange called ShibaSwap. And there are other growing projects like more tokens along with Leash and Bone and NFT projects based on Shiba Inu.
Related Article: Ethereum Blockchain Explained: How It Works, Its Features, Uses & MoreHow did it gain popularity?
In March 2021, Tesla and Space X founder Elon Musk tweeted that he wanted to adopt a Shiba Inu dog. This was taken as a hint that he might be interested in Shiba Inu. That tweet led to a 300% increase in the value of the token. This made headlines around the world.
The founders of Shiba Inu have also transferred half of all tokens to Ethereum founder Vitalik Buterin’s crypto wallet. This may have been done to show that he is also invested in the token. Vitalik has donated 50 trillion Shiba tokens to the India Covid Crypto Relief Fund. This helped to get a lot of attention for Shiba Inu. Vitalik later burned the rest of his tokens in a wallet that no one has access to.Will Shiba Inu reach a dollar?
As discussed earlier, Shiba has a huge supply of 1 quadrillion tokens. This makes it difficult for Shiba Inu to ever reach a dollar. Currently, the cost of one token is less than a fraction of 1 rupee or a cent.
It is hard for the price to reach 1 rupee. Because, if the price reaches 1 rupee, the total market cap of Shiba Inu will be more than all the money in each cryptocurrency. If it reaches one dollar, its market cap would be 400 trillion dollars. This is why it is very unlikely to reach a dollar.What is digging and burial?
Digging is the reward you earn when you provide various tokens to the ShibaSwap exchange platform. This is done so that there is always liquidity or people can trade and exchange their coins in ShibaSwap. As proof and reward that you have provided your tokens in the liquidity pool, you will be rewarded with ShibaSwap Liquidity Protocol (SSLP) tokens.
Buried is the reward you earn for wagering the SSLP tokens awarded to you. If you stake or lock your tokens for a while, you will be rewarded with the Bone token. Bone is a token of the Shiba ecosystem that allows you to vote on the following features to be added to Shiba Inu.
Also read | 3 Best Ways To Make Passive Income With CryptocurrencyDogecoin vs Shiba Inu
Shiba Inu is often expressed by the Shiba Inu community as the Dogecoin alternative and Dogecoin killer. although both Doge and Shiba have a cute dog as their symbol, they are very different from each other. Let’s see what the difference is.Coin vs Token
Dogecoin was created to make fun of Bitcoin and that anyone can create a coin by making changes to its code. It was an alternative to Bitcoin. Therefore Doge is a coin. Doge has a blockchain network like Bitcoin and it is the currency of his blockchain.
On the other hand, Shiba Inu is a token. It is built on the Ethereium blockchain. So it is not a coin but a token in the Ethereium network. It cannot be used as currency in Ethereum. This is the main difference between a coin and a token.Smart contracts
Shiba Inu can use some features of Ethereum such as smart contracts. They can be used to create DeFi exchanges, it can be bartered, lend to a liquidity pool or used for staking. Dogecoin is missing out on smart contracts. This is why it has created their exchange called ShibaSwap and multiple tokens like Leash and Bone with more on the way.Real value
Shiba Inu is still trying to grow and create its ecosystem. It is still in its infancy and there is currently no adoption of it. Its value is less than a fraction of a rupee and it will take some time to get close to the fame and value of Dogecoin.
Dogecoin is now accepted as a real payment method in certain places. On December 15, 2021, Elon Musk announced that Dogecoin will be accepted as a payment method in the Tesla merchandise store. It’s also easier to mine dogecoin and process the transaction, so it’s likely we’ll see more outlets start accepting Dogecoin.To block
Shiba Inu has come quite far from the start. In a very short time it has made a name for itself and the community behind it is growing. It may seem unlikely that it will ever reach a dollar, but it still has a lot of potential and could grow into something bigger. We hope we were able to help you explain everything about Shiba Inu and answer some important questions.
You can also follow us for instant tech news on Google News or for tips and tricks, smartphone and gadget reviews, join GadgetsToUse Telegram Group, or subscribe to the latest review videos on the GadgetsToUse Youtube channel.
Stay tuned for more such real estate news and updates at zavalinka.in