If you are a crypto investor, chances are that you may have heard about Shiba Inu (SHIB). Before we talk about all that’s interesting about it, let’s get to know the Shiba Inu coin better. It is an ERC20 that was built on the Ethereum blockchain in August 2020.
Here are some special things to know about Shiba Inu:
Fact # 1: The Mascot
The SHIB is named after the Japanese dog breed Shiba Inu. The breed is native to the Chubu region of Central Japan. Interestingly, it is a take-off on the Dogecoin mascot.
Fact # 2: Launch
Did you know that SHIB was launched as a joke! And as a direct competition to Dogecoin under the category of meme coins and tokens. And not just Dogecoin, also Floki Inu, Dogelon Mars, Doge Dash and all the dog-themed branded crypto. The purpose of launching it was to allow a community to dabble in a fun cryptocurrency. What started as a joke has become a hot investment option. If you are planning to invest through an international platform, it’s always a good idea to first check USDT to INR rates at the time of investment.
Fact # 3: Unknown founder
Just like no one knows who is behind the world’s largest cryptocurrency Bitcoin except the popular pseudo Satoshi Nakamoto, Shiba Inu also has an anonymous founder. While the creator goes by the name Ryoshi, no one knows anything about this individual or group of people.
Fact # 4: The Ethereum burn
Here’s an interesting connection to know about. Post its launch, Ryoshi had sent almost 50% of all SHIB to Vitalik Buterin, the co-founder of Ethereum! While the purpose was never known, almost 50 trillion Shiba Inu tokens were donated for India’s COVID relief efforts by Buterin.
Fact # 5: It is not a coin
SHIB doesn’t have its blockchains like other popular tokens including USD Coin, Tether, and BAT. That’s because it is a token, and not a coin, built on the Ethereum blockchain. While coins have their blockchains, tokens are built on top of the existing blockchains.
Fact # 6: Multiple tokens
Shiba Inu has a decentralised currency exchange (DEX) known as ShibaSwap and has more than one token working within this ecosystem. One is the governance token Bone ShibaSwap (CRYPTO: BONE) and the other is Doge Killer (CRYPTO: LEASH), which is used as a store of value for the investors.
FACT # 7: Seventh-largest currency
Though it was launched as a joke, the exponential rate at which it has grown is no laughing matter! It appreciated almost 2,50,00,000% in the last year. As one of the most valued currencies in the world, it has ousted Dogecoin from its spot. Its current valuation of more than $ 41 billion makes its market cap larger than some of the top Fortune 500 companies.
FACT # 8: It remains volatile
Though Shiba Inu has made its investors rich, it is not free from the risk volatility that is an inherent part of investing in cryptocurrencies. It has also seen extreme price swings due to the ever-changing market conditions.
Fact # 9: Helps groom artists
Keeping in line with its vibrant ecosystem, it has an interesting feature known as NFT (non-fungible token). This feature supports, grooms, and promotes artists. It helps in selling, displaying, or auctioning the artworks on its decentralized exchange ShibaSwap.
Fact #10: Elon Musk backs it
With a proponent no other than Elon Musk, Shiba Inu continues to see explosive gains, as much as 300%. The token has always seen support from the famed entrepreneur through tweets giving it the much-needed support and trust factor.
Already a top cryptocurrency, Shiba Inu is poised to grow even more in its reach, acceptance, and community membership. However, the key is to deal safely while being mindful of the risks.