What is Shiba Inu and Why Has It Exploded
token, crypto, shiba, shiva, shiba inu, coin, decentralized exchange, episode, project, ship, leash, roshi, launch, increased, create, artists, supply, dog, dao, ethereum
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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.
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,
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.
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.
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.
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.
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.
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