Shib Coin is an ERC-20 token on the Ethereum blockchain, named after the Shiba Inu dogs. On the official website of the project, tokens are called “Meme Coins.” The project was launched in August 2020.
The founder of Shiba, who decided to hide behind the nickname Ryoshi, chose the Ethereum blockchain for a reason. Unlike most other networks, he believes that Ethereum is truly decentralized, secure, and has worked well. According to Shiba founder, it is Ethereum that allows the creation of free, decentralized communities.
Shiba Inu ideas
On the project’s website, the token is called “the Dogecoin killer,” and it is said that its main task is to surpass the total capitalization of Elon Musk’s favorite coin without crossing the price mark of $0,01. The Shib whitepaper, jokingly called “woofpaper,” says Shib is a kind of experiment in spontaneously building a decentralized community.
The creators of Shiba were inspired by the example of the WallStreetBets community that inflated the value of the shares of GameStop and several other companies. The creators of Shiba call their community “Shib Army.” According to their estimates, this “army” already includes more than 120 thousand people. Quite impressive, right?
Shiba’s primary goal is to create the best Decentralized Ecosystem on the planet. The first step is going to be the creation of the Shiba Swap decentralized exchange. On the exchange, it may be possible to mine liquidity using the Shib ecosystem coin. Also, as part of the development of the ecosystem, the Shib team plans to release their NFT tokens and a new Bone coin. There is already the second coin in the ecosystem — Leash.
Where does Vitalik Buterin come in?
The creators of Shib claim that they were the first to abandon the practice of owning tokens by the founders and developers of the project. 50% of the total supply of Shiba tokens was locked in Uniswap, and the remaining 50% was sent to Ethereum creator Vitalik Buterin. Ryoshi wrote in a “woofpaper” that “there is no greatness without vulnerability.”
The new meme token has gained great popularity, and its price has increased many times over. However, the hope for Vitalik Buterin let down the Shib creators at some point. Of the 505 trillion Shib tokens held in his wallet, Vitalik donated 50 trillion Shib to COVID-19 relief in India. As a result, the price of Shib fell by more than 50%.
As in the case of Dogecoin (DOGE), skeptics say large holders will sell their Shiba stakes and thus significantly reduce the price of the asset. However, the possibilities for this are pretty limited. For example, the second-largest holder of Shib had $176,5 million worth of tokens but didn’t sell them. In early May during the week, among the 50 largest holders of Shib, only one sold their tokens.
LATOKEN, an international cryptocurrency exchange and IEO platform with over 500 000 iOS and Android users, is one of the few exchanges to list Shib tokens.
LATOKEN, a leading crypto exchange, makes investing and payments easy and safe worldwide. LATOKEN brings trading and banking to blockchain technology to automate transaction processing and save billions of work hours per year. A single year after its initial launch, LATOKEN got over 500k downloads on Google Play and over 700k followers on socials. Entrepreneurs looking for funding can consider the LATOKEN IEO Launchpad. There are 240+ digital assets available for traders with the option to connect using RESTful or WebSocket APIs on the LATOKEN platform. In addition, LATOKEN is planning to launch its own NFT Marketplace.