Even though Shiba wasn’t even mentioned on the show, investors catapulted Shiba to its all-time high of $0.0000388 over the next 2 days, another 100% move. Its price exploded 260% from about $0.000005246 to $0.00001883 before the show even started, likely in anticipation of a Doge shout-out. Since its launch, Shiba’s price stayed mostly flat until Dogecoin’s biggest fan and advocate Elon Musk made an appearance hosting Saturday Night Live (SNL) on May 8. The charity launched by Polygon cofounder Sandeep Nailwal said that they plan on donating 100% of its cryptocurrency holdings, although it will be difficult to sell its 50 trillion Shiba without making the coin valueless in the process. Instead of selling his tokens, Buterin decided to send 50.693 trillion Shiba (then worth more than $1 billion) and 500 Ethereum (worth $1.4 million at the time) on May 12 to the India COVID-Crypto Relief Fund when India was experiencing a harrowing COVID-19 outbreak with a shortage of medical supplies. Ryoshi sent half the supply to Buterin to burn the tokens, hoping he wouldn’t sell his enormous position, which would certainly tank its price. Half of the total supply of Shiba was locked into Uniswap to award liquidity providers in Shiba pools on the DEX and the remainder was sent to Ethereum founder and community leader Vitalik Buterin. The document outlines the project’s goal of building a “decentralized spontaneous community,” details of the upcoming ShibaSwap DEX and the initial tokenomics of the ecosystem. In late April, the Shiba Inu team released its play on a whitepaper, calling it their woofpaper. Shiba was first listed on exchanges, including Uniswap and OKEx, selling for basically nothing. Shiba Inu was founded in August 2020 by an anonymous person who goes by Ryoshi. The last of the 3 tokens will be Bone, which also will act as a governance token for the ecosystem allowing holders to vote on proposals to make changes to the platform and add new staking pools. They have already released 2 of the 3 tokens they are building ShibaSwap staking pools for: Shiba Inu and Leash. Shiba developers plan on releasing their own DEX called ShibaSwap as a foundation for their ecosystem. Dogecoin could be left in Shiba’s shadow because it runs on its own network based on the Bitcoin blockchain that isn’t compatible with smart contracts. They can accomplish this because Shiba was built on the Ethereum blockchain. However, the developers of Shiba plan to build an entire ecosystem around the token. Shiba shares a Shiba Inu mascot with Dogecoin, and both currently have little functionality beyond making payments.
Shiba is a meme coin which is a cryptocurrency asset that is popularized and spread as a joke, theoretically increasing its fundamental value by expanding adoption of users and developers. Is Shiba Inu a Good Investment in 2021?.Is Shiba Inu the Dogecoin killer? Keep reading to learn more about Shiba Inu and how it came to be. The Shiba team also has more options in terms of functionality than Doge because it can take advantage of Ethereum smart contracts, allowing it to provide much more nuanced and useful financial services while remaining decentralized. Shiba has already proved more useful to the world than Doge because 10% of its max supply was donated to a COVID-19 relief charity, and Doge hasn’t done much other than exist as an internet currency and meme. However, the developers of Shiba don’t want to follow Doge forever and instead aspire to be the “Doge Killer.” Its main goal is to build a completely decentralized ecosystem based around the Shiba Inu token and a decentralized exchange ( DEX) that it says will launch soon. In the age of doggy-themed meme coins beating out innovative cryptocurrencies vital to the ecosystem with ludicrous gains, Shiba leads the charge behind only its inspiration, Dogecoin (DOGE).
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