In January 2021, a Reddit group named SatoshiStreetBets considered DOGE the crypto equivalent of GME and joked about pumping its price up. Meme coins have been taking back seats to the larger market capitalization cryptocurrencies, but they started to rise following the “meme stock” trend of GameStop (GME) and AMC Entertainment (AMC) in 2021. Even the popular ones like SHIB and DOGE only cost a fraction of a cent. Also, the price of meme coins is generally low due to their huge supply. Therefore, a large number of meme coins cannot be traded on major trading platforms. Most meme coins are created with limited utility or use cases and are more short-lived than the mainstream cryptocurrencies like bitcoin (BTC) and ether (ETH). For example, Dogecoin and Shiba Inu were inspired by memes of an adorable Shiba Inu dog, while PepeCoin (MEME) was inspired by Pepe the Frog, a popular anthropomorphic frog meme. The fees will be burned (i.e., sent to the SHIB burn wallet).ĭogecoin and Shiba Inu, along with hundreds of other meme cryptocurrencies, are known as meme coins or meme tokens. Whenever the Shiboshi holders want to change the name of their NFTs, they need to pay a fee of USD 100 in SHIB. The announcement included a new token-burning mechanism as well. In October 2021, the SHIB team launched 10,000 “Shiboshi” NFTs on the Ethereum blockchain and announced an upcoming NFT game called Shiboshi Game. It invites fellow dog-inspired artists around the world to bring their Shiba Inus into the NFT market, featuring artworks like painting, photography, and digital rendering. Shiba Inu is also proposing a non-fungible token (NFT) art incubator called Shiba Artist Incubator. In the future, it will allow the ShibArmy (a nickname for its community) to vote on upcoming proposals on Doggy DAO. LEASH holders can stake their tokens in the liquidity pool and earn xLEASH as rewards.īONE is a governance token.
However, SHIB developers decided to change LEASH to an ERC-20 token. With a circulating supply of 107,646 tokens, LEASH was initially used as a rebase token to track Dogecoin’s price. LEASH is the second token created by Shiba Inu and it’s also on ShibaSwap. You can trade SHIB and other cryptocurrencies on ShibaSwap, “dig” into the Puppy Pools to provide liquidity, or “bury” your tokens into smart contracts to earn interest with SHIB and two other ERC-20 tokens, Doge Killer (LEASH) and Bone ShibaSwap (BONE). The SHIB ecosystem consists of a decentralized exchange called ShibaSwap. According to the “WoofPaper” (whitepaper), Shiba Inu is a community-driven project focused on creating a decentralized cryptocurrency. To keep up with the dog theme, Shiba Inu uses canine terms in its ecosystem. The other 500 trillion SHIB were sent to Ethereum co-founder Vitalik Buterin, who decided to burn 90% and donate the remaining to the India COVID-19 relief fund. Uniswap is an automated market maker (AMM) protocol on the Ethereum blockchain and is one of the most successful projects in the decentralized finance (DeFi) space. When it was first launched, Ryoshi locked 50% of the total supply in Uniswap to provide liquidity. SHIB had a total supply of 1 quadrillion. As the name suggests, SHIB was inspired by the Japanese dog breed Shiba Inu. It was created in August 2020 by an anonymous developer named Ryoshi, whose identity is as mysterious as Bitcoin’s creator Satoshi Nakamoto. Shiba Inu (SHIB) is a meme cryptocurrency running on the Ethereum blockchain. It’s ranked #11 on CoinMarketCap, which puts it close to its competitor, DOGE.
As of November 2021, SHIB is amongst the top cryptocurrencies by market cap. Dubbed as “Dogecoin killer”, the SHIB coin has become a social media hit. Shiba Inu (SHIB) was one of the rising coins in the market that saw a significant price increase. You can buy and sell SHIB on crypto exchanges like Binance with different trading pairs, such as SHIB/USDT and SHIB/DOGE.įor pet-loving crypto traders, 2021 has been particularly exciting with the boom of dog-themed cryptocurrencies. However, Vitalik decided to burn 90% of the coins and donate the remaining 10% to charity. Ryoshi locked 50% of the token in Uniswap to create liquidity, and sent the other 50% to Ethereum co-founder Vitalik Buterin’s wallet. Shiba Inu had an initial circulating supply of 1 quadrillion tokens. The SHIB roadmap and ecosystem also features an NFT art incubator called Shiba Artist Incubator, 10,000 “Shiboshi” NFTs, and an NFT game Shiboshi Game. SHIB is an ERC-20 token with a decentralized exchange called ShibaSwap. It was created in 2020 by an anonymous developer named Ryoshi, who designed SHIB to be an alternative to Dogecoin (DOGE) on the Ethereum blockchain. Shiba Inu (SHIB) is a dog-themed meme cryptocurrency named after a Japanese dog breed.
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