Shiba Inu (SHIB)

What is Shiba Inu?

Shiba Inu (SHIB) is an Ethereum-based altcoin that features the Shiba Inu—a Japanese breed of hunting dog which was created in August 2020 by an anonymous person or group known as "Ryoshi". Shiba Inu is widely considered to be an alternative to Dogecoin in Ethereum blockchain.

Shiba Inu (SHIB) is one of the growing coins in the cryptocurrency market, which has seen a significant price increase. Shiba Inu has been characterized as a "meme coin" and It is widely considered to be an alternative to Dogecoin and is touted as "the Dogecoin killer" by its supporters.

In late 2021, Shiba Inu released a collection of non-fungible tokens (NFTs) written on the Ethereum blockchain called «shiboshis». Since Shiba Inu is an ERC-20 token, it may have more advanced capabilities for smart contracts. One example is Shibaswap, a platform launched in July that aims to provide a tool for the staking and monetization process.

What is the maximum supply of Shiba Inu?

There is essentially an unlimited supply: one quadrillion Shiba Inu coins. Ryoshi locked 50% in Uniswap (for liquidity purposes) and then sent the other 50% to Ethereum co-founder Vitalik Buterin for safekeeping. According to the coin’s white paper, it is dubbed a "woof paper'', Buterin sold some of the tokens in his possession and donated the money to a Covid-19 relief fund in India. Buterin burned 40% of SHIB’s total supply, reducing the possible amount available to users or permanently removed from circulation.

Why is the Shiba Inu so popular?

Some attribute SHIB's popularity to the influence of social media, especially Tesla CEO, Elon Musk. After making a public joke about Dogecoin on television in May 2021, Shiba and other meme coins took advantage of the asset's growing popularity.

One of the reasons SHIB stands out from other dog coins inspired by Dodge is NFTs and its Shiboshi game. Due to the hustle and bustle of the market, 10,000 non-fungible tokens were sold in less than 35 minutes.

As Shiba Inu was listed in reputable exchanges such as Binance and CoinBase and simultaneously becoming a payment method in various businesses, Shiba Inu was able to quickly establish its position in the cryptocurrency market.