Shiba Inu (SHIB) is an Ethereum-based cryptocurrency that has been named after the famous Japanese dog breed ‘The Shiba Inu’. Since Dogecoin took off in 2021, many people were looking for the next and new so called ‘Meme coin’. In most cases, Meme coins are heavily associated with a specific theme. In this case that would be the dog. Shiba Inu has been dubbed as ‘The Dogecoin Killer’ in 2021, and has quickly risen to the top in terms of market cap in 2021.
The token has been founded with the idea of creating something out of nothing. From zero to hero is what they wanted to achieve. Currently the fanbase has millions of fans around the world and has become one of the biggest projects around.
Because Shiba Inu is an Ethereum based token, this means it has been created on the Ethereum Blockchain. Shiba Inu does not have its own blockchain at this moment in time. The founders have stated that they have chosen for the Ethereum ecosystem because of its stability and already established community. It also allowed the project to stay decentralized.
When the project started, 50% of the supply was sent to Vitalik Buterin’s wallet (the founder of Ethereum). The team stated that as long as Vitalik wouldn’t rug the project, SHIBA would grow and survive. These aspects have made it a perfect place to build decentralized applications.
Shiba Inu was founded by a mysterious person or group called: Ryoshi. Until today, nobody has even found out who the founder of Shiba Inu is. Ryoshi has stated that he was not particularly known before founding Shiba Inu. The creator even stated that he has 0 SHIB in his wallet, and that he is not rich at all.
After the quick rise of Shiba Inu, the project and the market started to fall into a downward spiral. Since the beginning of the bear market, Shiba Inu has been struggling (like many other coins). Ryoshi couldn’t take it. In 2022, Ryoshi decided enough is enough, and quickly deleted all of his Tweets after announcing his departure from the project. As of now, the project lead developer is called Shytoshi Kusama. Shytoshi has been the projects lead developer for a couple of years now. According to Ryoshi and many other credible sources the future of Shiba Inu wasn’t impacted by the leaving of Ryoshi.
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Shiba Inu started out as a joke or meme, but after heavy support from the fans the team behind it decided to create multiple use-cases for the token.
Shiba Inu has tried to do what Bitcoin did. Becoming a digital currency used by many businesses. At the start of 2022 over 600 businesses accepted Shiba Inu as a form of payment.
Shiba Inu has created its own decentralized exchange called ShibaSwap. ShibaSwap has multiple purposes that we will explain below. The token has gained many use cases since the launch in 2020. Of course, every function will be Dog themed.
Digging is a way for users to deposit crypto assets in pairs to liquidity pools. As a reward for this you will be rewarded with tokens that can be sold again.
Woofing is a function that is used for redeeming BONE rewards on the ShibaSwap platform.
Burying is what most people would call ‘Staking’. Burying means users can stake their SHIB, LEASH or even BONE in order to generate high-interest yielding rewards.
Of course, the exchange allows users to swap coins peer-to-peer.
The Bonefolio allows users to track and trace multiple interest rates and see what is the most profitable for them.
Of course, the ecosystem wouldn’t be complete without NFT’s. Shibaswap allows users to buy, sell and trade 10.000+ unique NFT’s on their platform.
As Shiba Inu became one of the largest blockchain projects on the Ethereum network, that meant the project had to start looking at ways to become less dependent on the parent network Ethereum. In response, Shibarium was devised. Shibarium is a layer 2 blockchain protocol that is being developed moments.
Shibarium is the ambitious project that could revolutionise Shiba Inu transactions. It is a blockchain layer built on top of Ethereum, leveraging its security but eliminating some of ETH's key obstacles: scalability and high gas fees. In practice, this means fewer delays in using SHIB tokens and lower transaction fees, making it easier than ever to get involved in the growing community around Shibarium. However, Shibarium is not its own blockchain, but you can think of it as a blockchain running on the Ethereum network.
What benefits does Shibarium promise?
Here are some key benefits of implementing the Shibarium Layer 2 solution.
One of Shibarium's main objectives is to increase speed for ecosystem users. As such, these are currently one of the biggest value propositions of most Layer 2 solutions currently on the market.
Shibarium is expected to make gas fees negligible, perhaps even abolish them. More specifically, smaller transaction fees will be charged, the proceeds of which will be used to burn SHIB.
Another critical role of Shibarium is that this Layer 2 solution will provide a combustion mechanism for SHIB. The huge supply of Shiba tokens is a major obstacle to its transformation into a utility token. Since the coin's launch, more than 40 per cent of the total supply has been burnt, but there are still too many SHIB tokens in circulation. Burning tokens results in a smaller circulation of coins, and thus often to a higher scarcity. This in turn results in a higher price.
One of the many anticipated advantages of Shibarium is its eventual role in the development of DApps. Decentralised applications are currently the hottest topic in the blockchain space, and Shiba Inu aims to become a go-to solution in this area.
Proponents of the Metaverse see it as the future of the digital world and a new era in how we connect to the web. There are plans to develop the Shiba Inu in the Metaverse, and Shibarium will play a vital role in this.