Shiba Inu (SHIB) gained popularity dramatically. Here’s the thing you need to learn about this before you choose to invest.
Perhaps it is safe to express that Dogecoin took center stage in the cryptocurrency markets since the beginning of 2021.
The coin that started as a laugh has increased so much that, for a short time, it turned the 4th greatest cryptocurrency by the market hat, carrying a market hat price of around $70 billion. Indeed, a costly joke.
This is made possible because of a flock of retail investors, a lot of Reddit groups, and, obviously, Elon Musk – certainly one of Dogecoin’s most serious commentators. However, what this did is push plenty of duplicate coins, most of which are greatly influenced by DOGE.
Shiba Inu (SHIB), despite their claims to be something different – is definitely an apparent example. Dogecoin provides the emblem of the Shiba Inu pet type, while SHIB employs it directly. With this at heart, we have made the decision to compile a comprehensive guide targeted at shedding some light on the cryptocurrency that needed the marketplace by way of a storm in just a few days.
Shiba Inu (SHIB)-Meet The Dogecoin Killer
As CryptoPotato described, SHIB quickly turned among the hottest cryptocurrencies. That turned likely subsequent Dogecoin (DOGE) found an astronomic increase and surpassed $0.7 in Might 2021.
Getting likely probably the most discussed and popular cryptocurrency, for the time being, Dogecoin inspired many to generate tokens bearing similar characteristics – the common trait they share is that they’re all named after your dog breed, most of which take after Shiba Inu.
With this particular said, one dev team went ahead and created a cryptocurrency that’s literally named Shiba Inu and uses the SHIB ticker.
Based on the official website and their Woofpaper, which will be Shiba Inu white paper’s edition, SHIB presents an “experiment in decentralized spontaneous community building.”
As well as that, the team is attempting to generate an ecosystem consisting of a couple of tokens, a decentralized exchange called ShibbaSwap, and a fully-fledged community. Although it needs to be mentioned that independent of the tokens and the growing community, that will be brought on by the growing cost and nothing more; there’s nothing. Otherwise, that’s currently complete, pleading the question if SHIB’s valuation is validated or not.
Whatever the case, SHIB is an Ethereum-based ERC20 token that’s also nicknamed the “dogecoin killer” within the project’s community.
The Unanticipated Major Holder of SHIB
SHIB features a complete small method of getting one quadrillion. 50% of it’s been closed as liquidity to Uniswap. Nevertheless, another half is where it gets interesting.
The class behind SHIB has sent 500 billion tokens to the co-founder of Ethereum, Vitalik Buterin. The transactions could be tracked here and here.
Commenting on the situation in the project’s whitepaper, the founder, who’s anonymous (unlike Dogecoin’s founders), said:
“We sent over 50% of the TOTAL supply to Vitalik. There is no greatness without a vulnerable point, and as long as VB (Vitalik Buterin) doesn’t rug us, then SHIBA will grow and survive.”
The funny thing is that following a meteoric escalation in SHIB, which will be up over 300,000% since February 2021 before time this guide is published, Buterin’s SHIB tokens are worth far more than his ETH.
During the time with this writing, Buterin’s ETH is worth around $1.4 billion, whereas the SHIB in his public account is worth around $15 billion.
Additionally, it is worth noting that, following in the footsteps of Shiba Inu, other clone tokens such as for instance Akita Inu and HUSKY have also sent part of the supply to Vitalik.
Whatever the case, the supply of the token remains seriously concentrated. Independent of the 50% held by Buterin, there are two other wallets that hold 10% of the supply collectively, presenting serious risks of massive price crashes, should they decide to market their coins to the market.