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What is Shiba Inu and Why Has it Exploded

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What is Shiba Inu and Why Has It Exploded

SUMMARY KEYWORDS

token, crypto, shiba, shiva, shiba inu, coin, decentralized exchange, episode, project, ship, leash, roshi, launch, increased, create, artists, supply, dog, dao, ethereum

 

00:00

Welcome to the New To Crypto Podcast designed to guide you through the crypto landscape with pinpoint accuracy created for the new and intermediate crypto investor. Join your host Crypto Travels Michael as he takes you through the different facets of getting started and succeeding in your crypto journey. New To Crypto Podcast brings you new episodes daily Monday through Friday with surprise bonus episodes sometimes on the weekend. Let me ask you, Are you new to crypto don’t know where to start? Are you more experienced but have questions? Then you’re in the right place. This podcast is designed for you coming at you from the training center in the lifestyle design studio. Here’s your host Crypto Travels Michael.

 

00:51

Welcome to today’s episode today is all about the Shiba meme coin project. The creators of shiba inu saw the huge potential of the limitation that Dogecoin had when they launched the new Dark Theme meme coin in August of 2020. Shiba runs on the Ethereum blockchain. Some of the benefits are since Shiba Inu was built within the Ethereum blockchain. It’s compatible with the vast majority of the Aetherium ecosystem. And this gives the token several advantages including compatibility with Ethereum wallets like coin base wallet or meta mask availability on decentralized exchanges, or Dexes. The potential for the token to be incorporated into ETH based DeFi applications like lending and savings products and NFT market places is possible. The fact that Shiba runs on the Ethereum blockchain has allowed the team to create crypto apps like Shiva swap, a decentralized exchange that allows users to trade and stake tokens without an intermediary in the near future. The Shiba team plans to build several projects including the release of an NFT platform that aims to invite the best artists who are all part of the Shiba community into the project. 

 

02:09

So they have invited artists who will be the leaders of the art movement within shiba inu and will also help research how to launch the project into the NFT marketplace. At the moment, there are more than 75 Interested artists already working on the presentation of the final portfolio and the development of the first official Shiba a new NFT in addition to this, different speakers from various fields and platforms will be invited to create community with the artists, build trust and establish solid relationships. Although Shiba intends to launch a Dao based governance system for the Shiba ecosystem called doggy Dao, the creator and shiba inu, the creator of Shiba remains anonymous and similar to Bitcoin, 

 

02:57

The developer used the alias Ryoshi at the moment of launching the token in August of 2020. As part of the Shiba project the team has a solidarity movement focused on the rescue of Shiba dogs. The breed of dog that represents the Shiba cryptocurrency needs great care and because of this, many owners end up abandoning their dogs. Due to this problem with the breed Shiba recommends Amazon users to make their purchases through the Amazon smile program. 

 

03:30

And when a user makes a purchase through this program, they are not subject to any added cost. However, by doing this, it will enable Shiba as NGO to receive funds to carry out the work around the world. Within Shiba, you can find several tokens that have been developed for the functioning of the ecosystem like sheep or shiba SHIB, they also have leash and bone like Doge the sheep are SHIB token is intentionally abundant and it had an initial circulating supply of one quadrillion coins leash. 

 

04:07

The second token after ship is characterized by its scarcity just over 107,000 leashes will be released to the market and these tokens will be given out a special rewards leash is the second token incentivized on Shiba swap and will offer lucrative rewards for the holders providing its liquidity bone the third token has its main goal to take the decentralized finance system to the next level bone has 250 million tokens and is designed to fit perfectly between the previous two tokens in regards to the circulation supply. Moreover, the token is a governance token which will allow the ship holders to vote on upcoming proposals on doggy down the ship token ShiB is the first of the three tokens released and has experienced a huge rise in its price since it was launched just over a year ago. There are several reasons as to why this token has increased in value in such a short amount of time. As part of the distribution plan, Roshi, the founder sent 50% of the token supply to a well known Ethereum co creator known as Vitalik Buterin to his wallet and use the other 50% of the supply to create liquidity on uniswap ‘s decentralized exchange. 

 

05:29

From there, the tokens began to make their way into a much wider circulation. So the big question is, is why did Ryo she send 50% of the Shiba tokens to Vitalik. The answer to this is that right Oh, she thought that having an important holder with great credibility in the crypto community would be very beneficial for the project and also that a possible support from Vitalik could help the project rise in popularity. As Roshi said at the time, there is no greatness without a vulnerable point. And as long as Vitalik doesn’t do a rug pool, then Shiba will grow and survive as the Shiva tokens started to rise in price. This meme coin became super popular in the summer of 2020 and vitalic, in fact, did liquidate a portion of his gifted coins by donating a billion dollars worth of CIB to the Indian COVID Crypto relief fund. 

 

06:25

This donation became widespread news around the world increasing Chivas profile after the donation Vitalik burned another 410 trillion ship tokens which is 40% of the total supply and what it means by burning is they’re permanently removed from circulation in May 10 2021. Shiva was added to by Nance and enabled for trading within their platform. Currently, the price of Shiva token is getting closer to the historical all time high. Tesla and SpaceX founder Elon Musk also has taken in an extra liking to the Shiva in new puppy in in his Twitter feeds and Twitter posts. He it seems that he has a new puppy which is a Shiba Inu and I believe he has nicknamed or called that dog Floki or fluckey. And so this has created even more of a buzz for the ship token and increasing the rallying in the price and has basically increased popularity. Just to give you an idea of what the increase in popularity has done is to ship tokens have increased 2,200% growth since its birth since its release about 14 months ago. And currently the ship token sits as one of the largest crypto currencies in the world by market value so far in October, it has grown 315%. So I hope today’s episode has given you an overview as to what Shiva is and why it’s exploded with very popular people taking interest in the project. If you like today’s episode, definitely like and subscribe to the podcast. If you want to reach out to me directly, you can email me at show at new to crypto.io. You can also head over to our site and access resources from episodes and the site is new to crypto.io. So I’ll catch you here tomorrow. And until then make it a great day.

 

08:16

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By: cryptotravelsmichael
0

Table of Contents

If you’ve been in the crypto game for a bit, chances are you’ve definitely heard of Shiba Inu, maybe you even have some coins. But what is this meme coin and why has it completely exploded? In this episode I’m going to break down exactly what Shiba Inu is and why it’s getting the attention it has been so you can have all the information you need. 

Welcome back to a new podcast. Has the world of crypto been taken over by meme coins that have somehow garnered success? You’ll find the answer to this question in today’s episode. 

Today’s discussion revolves around the Shiba Inu coin – the ‘vibrant ecosystem’ that evolved from a decentralized meme token.

Jump in and let’s learn!

What Is Shiba? 

Shiba Inu coin, a take on the more mainstream meme coin ‘Dogecoin,’ was launched in August 2020 by a mysterious and elusive founder identified as Ryoshi, who is thought to be residing in China.

Shiba Inu coin was listed on Coinbase for the very first time in mid-September, and its price increased by over 30% after it was placed on the massive crypto exchange on September 16th.

Since its inception, the coin has traded at low and unpredictable values. Still, it has fast grown in popularity as a potential substitute to big coins such as Bitcoin and Ethereum, as well as a complete new follow-up to Dogecoin, during 2020 and into 2021.

Shiba Inu coin adopted the name ‘Dogecoin killer’ for its capacity to eclipse Dogecoin, which was launched in 2013 as a humorous take on the prominence of Bitcoin and immortalized the Shiba Inu ‘doge’ joke in digital form.

Lesser altcoins are significantly more prone to rapid, substantial price movements than Bitcoin. The world’s most successful and prominent cryptocurrency is less easily influenced by trivial news events and market changes due to its increased negligibility in value.

Just to give you an idea of what the increase in popularity has done: The SHIB tokens have increased 2,200% since its release about 14 months ago… One of the largest crypto currencies in the world by market value so far in October

- Crypto Travels Michael

Here's What We Discussed in Detail in This Interview

[00:01 – 01:56] Opening Segment

  • A look at the story behind Shiba Inu
    • Inspired by Doge coin 
    • Runs on the Ethereum blockchain
  • Advantages of the coin 
    • Compatibility with Ethereum wallets
    • Available on DEXs
    • The creation of Shiba Swap

 

[01:57 – 05:11] What is Shiba Inu

  • The future plans for Shiba
    • The release of an NFT platform 
    • The best artists from the Shiba community 
    • Launching of the DAO based governance system
  • Shiba’s solidarity movement 
    • Mission to rescue abandoned Shiba dogs
    • Smile Program 
  • Coins within Shiba’s ecosystem 
    • SHIB – based on abundance 
    • Leash – based on scarcity 
    • Bone – focus on DeFi

 

[05:12 – 08:56] Why Has it Exploded

  • Rise to popularity 
    • Credibility and popularity through Vitalik 
    • How Vitalik used the coins to support a relief fund
    • Burning 40% of the total supply 
  • Getting noticed around the world
    • Gaining interest from Elon Musk
  • Effects of the growing popularity
    • Increase of 2,200% 
    • One of the largest Cryptocurrencies as of October 2021

Killer Resources

HOW TO REACH OUT TO CRYPTO TRAVELS MICHAEL

Final Thoughts

Where Does Elon Musk Come Into This? 

Like all great things in life – it all started with a relatively innocent tweet. A tweet that, in the grand scheme of things, probably had nothing to do with this crypto coin. 

But as with most things, especially on the internet, one thing leads to another (or better yet – one meme leads to another), and suddenly the Shiba Inu coin has gained massive popularity and has dramatically risen in value. 

Shiba Inu coin, baby doge, and Dogecoin have all been influenced by Elon Musk’s comments due to their low prices, making them more prone to face harsher highs and lows than major cryptocurrencies, like Bitcoin – which has also consequently been influenced. 

The Tesla and SpaceX founder tweeted a picture of his adorable Shiba Inu doggo with nothing more than the comment “Floki Frunkpuppy” in the morning hours of October 4th, which was enough to start a Twitter frenzy talking up the coin with #SHIB and campaigning to enhance its worth.

The Shiba Inu coin has come a long way – from the humble beginnings of being the meme of another meme token to gaining further attention because of yet another meme – and this is just how fascinating the internet is these days. Did Elon Musk know that simply posting the picture of his new puppy would end up affecting the cryptocurrency world so much? Probably – the man is quite the Meme Lord, himself. Regardless of this, it seems that the Shiba Inu coin is here to stay. Whether it started as the joke of a joke or not, they have built up the means to support their ecosystem, and some people can see the potential benefits of investing in this crypto coin.

The New to Crypto Podcast is designed to guide you through the crypto landscape with pinpoint accuracy. New episodes are added daily. Be sure to subscribe to the podcast and listen to all of the episodes to help you in your cryptocurrency journey.

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