Looking to trade Shiba Inu but don't know where to start? Heard of it and want to find out more? In the world of crypto, it can be a minefield of technical jargon, with confusing abbreviations being given to the various digital currencies out there.
In this article, we will take an in-depth look at the cryptocurrency, including all the key things to know about the token, which takes its name from a Japanese breed of dog originating in the Chūbu region.
The History of Shiba Inu
Shiba Inu (SHIB) coins were first introduced to the world in August 2020 by an anonymous founder or group, operating under the name of Ryoshi, who is believed to originate from China.
It is in fact a spin-off from Dogecoin (DOGE), which was created as a form of satirical joke in relation to Bitcoin. At first, it began trading low but has gone on to gain traction remarkably quickly.
On the official website of the Shiba Inu, the coin itself is described as being “a decentralized meme token that evolved into a vibrant ecosystem” and its symbol depicts the aforementioned dog breed that is also synonymous with DOGE.
It started with a supply of one quadrillion, with Ryoshi 50% of that volume in Uniswap, before “burning” the other half to Ethereum co-founder Vitalik Buterin for safekeeping, who received the amount during the initial coin offering.
After the token rose to 150 times its initial value in just eight months, Buterin chose to donate 10% of his holdings to charity, before burning the remaining 40%. At that period in time, Vitalik’s donation amounted to $1 billion and was one of the most expensive donations in world history.
He later went one further, donating more than 50 trillion SHIB - then worth over $1 billion - to a special Covid-Crypto Relief Fund, which was set up during the second wave of the global coronavirus (Covid-19) pandemic in India.
Shiba Inu - Key Things to Know
SHIB Coins
The decentralised Shiba Inu ecosystem features three tokens: Shiba Inu (SHIB), Leash (LEASH), and Bone (BONE), with each one forming a part of the cryptocurrency’s spectrum of tokens.
SHIB - Represents the predominant currency of the entire project, which had a total supply of one thousand trillion tokens upon launch. SHIB can be exchanged with any of the blockchain-based assets of the Ethereum ecosystem, known as ERC20 tokens.
LEASH - The second largest token in the Shiba Inu ecosystem in terms of volume, it has a total supply of just 107,646 tokens. LEASH was initially a rebase token tied to the price of Dogecoin, before this function was switched off for good, meaning it went back to its ERC20 token design.
BONE - This coin can only be found on ShibaSwap, and has a total supply of 250,000,000 tokens. BONE is designed to sit between the other two tokens, with regards to total circulation supply. Principally, it acts as a governance token, which allows the so-called “ShibArmy” to vote on proposals in 2022, i.e. the more BONE a user has, the more of a say they can have in terms of voting on future projects.
SHIB Ecosystem
The SHIB ecosystem is also made up of three key tools: ShibaSwap, Shiba Inu Incubator, and Shiboshis.
ShibaSwap - The main aim of native ShibaSwap exchange is to provide a safe place to trade cryptocurrencies, while at the same time maintaining its decentralised structure. SwibaSwap is the go-to destination for investors who are looking to buy and sell SHIB and LEASH.
Shiba Inu Artist Incubator - This is the proposed NFT project of the ecosystem, with a primary aim of shifting the focus beyond popular art forms such as painting and photography, by giving support to the NFT creators, enabling the works to be bought and sold on ShibaSwap.
Shiboshis - These are a collection of 10,000 Shiba Inu-generated non-fungible tokens (NFTs) written on the Ethereum blockchain, each with their own individual traits that make every single Shiboshi both unique and collectible.
What will SHIB be Worth in 2022?
There are many cryptocurrency experts that have offered their opinions on the price direction of Shiba Inu in 2022. In terms of the value of SHIB, the rate really can vary depending on the source used, when answering the question: will Shiba reach $1?
For example, well-known crypto website Digital Coin Price posted that they expect the value of Shiba Inu to rise to $0.0000120844 for 2022, while Crypto Predictions state that the price has the potential to skyrocket to more than $0.0001 over the coming 12 months.
With regards to potential future growth, the prospects for the digital currency appear promising, as it is one of the world’s fastest-growing crypto assets, while also being one of the tokens that uses the Ethereum network.
Moreover, the Coin Price Forecast Center stated that they expect the coin to end the year at the slightly higher level of $0.00002888, but as with any forecast, it is yet to be seen as to whether any future price direction will hit such a marker.
When looking at a broad range of expert predictions, it can be generally concluded that the price of SHIB is not currently expected to exceed its current all-time high at any point before 2028, at the very earliest.
