Is Dogecoin about to die? Or is it a meme? Shiba Inu Ecosystem🐶
In the previous year, dog coins such as Shiba, Akita, and Dogecoin all shook the crypto market. A meme coin, Shiba Inu also boasts a growing ecosystem that differs from Dogecoin.
I started thinking that there may be more to Shiba token than meets the eye when I heard that Coinbase will list it shortly. Moreover, Coinbase’s experts wouldn’t have allowed Shiba Inu to be listed even if Shiba was another shitcoin.
After doing research into this crypto, I fell down a rabbit hole that I did not expect, and it changed my views about it enough to be worthy of writing about it. I am going to spill the beans about Shiba Inus today and provide you with the best I learned about this canine.
Shiba Inu Coin
A pseudonymous developer known as Ryoshi developed Shiba Inu in August 2020.
Ryoshi explains in his first Medium post that Shiba Inu is primarily an experiment in community governance and decentralization, even though he has been dubbed as the Dogecoin killer.
Ryoshi met an anonymous friend in Japan at the Ethereum DevCon 2019 conference and decided to collaborate with him on Shiba Inu.
The ETH-SHIB pair of Uniswap was backed by a friend who set up the decentralized exchange with 10 ETH.
A very successful businessman is the anonymous friend, according to Ryoshi. Therefore, 10 ETH are not much for him.
In the depths of her heart, Shiba Inu sank into hibernation until Ryoshi appeared on Medium again in February.
According to him, Shiba Inu’s return is due to the resurgence of DOGE, which has caused SHIB to catch fire and threaten the entire market.
The quote, “I don’t like centralized exchanges” also stood out to me in the post. Such exchanges tend to suppress prices, destroying community projects. You should use Uniswap and DEX instead of any other.
In mid-March, Shiba Inu received its first mention. The tweet from Elon Musk saying he was getting a Shiba Inu caused a 300% increase in price.
After the release of The Woof Paper in February of this year, the Shiba Inu Community released its first version of its white paper.
Since SHIB and other tokens themed around dogs resembled DOGE, they dominated May’s headlines, especially after Vitalik’s huge campaign of burns and donations. I’ll discuss the SHIB tokenomics later.
My explanation of how the Shiba Inu Community project woof works is up to date since the Shiba Inu community just released its second version a week ago.
SHIB Cryptocurrency Tokenomics
The Shiba Inu ecosystem is built around Shiba tokens, a kind of ERC 20 token on Ethereum.
A quadrillion Shiba tokens were initially supplied. ETH-SHIB supply went to the Uniswap pool and the remainder of the supply went to Vitalik Buterin, Ethereum’s founder, via Shiba Inu.
This may have been a marketing move on Ryoshi’s part, but why he did it is not entirely clear. Other cryptocurrency projects have sent tokens to Vitalik’s wallet address without his knowledge, claiming Vitalik supports their project in the process.
The question of whether Vitalik knew about the particular transfer of tokens is one that I will investigate later. His cold wallet address contained billions of dollars in a token called SHIB, as noted by Vitalik earlier this year.
Considering Vitalik was already a billionaire just from his ETH holdings, he thought giving these tokens to the animals would make the most sense. The problem is, Vitalik is currently overseas in the wake of the pandemic. A portion of Vitalik’s cold wallet address is at his parent’s house in Canada.
In order to burn 80% of the SHIB token seed, Vitalik obtained the full seed phrase and accessed his cold wallet.
Later, the remaining 20% were donated to various organizations and causes, including an institute that specializes in longevity research and the India coal disaster relief fund.
Vitalik is also giving away SHIB tokens to organizations that have not announced their plans to do so. In my opinion, Vitalik made a grave error when he claimed that 90% of his SHIB was burned and everything else went to the India Covid Relief Fund.
Nevertheless, when the SHIB Vitalik burned, its total value exceeded six billion dollars. Considering the depth of the market, it is unlikely that this money would have been cashed out.
With SHIB the same as LEASH, the token has no specific use case, however, it can be staked to earn boatloads of Bone as well as 0.1% of all ETH swap transaction fees on Shiba swap, which will likely be profitable.
SHIBA Inu Coin Price Analysis
A dip in SHIB’s value at the end of February coincided with a spike in DOGE’s value.
Following its Binance listing announcement, Shib’s price continually climbed during March and April.
Combined with the general crypto market crash, sell pressure from SHIB donation recipients precipitated the massive crash seconds later.
It seems that, despite its recent fall from grace, SHIB somehow still has a market cap of over 3.3 billion dollars, which brings me to my next point.
Due to the widespread availability of SHIB, it will likely never surpass even a cent. A fact many crypto investors do not seem to comprehend. A dollar-level market cap for SHIB would put it within reach of Ethereum, whose market cap is around 400 billion dollars. It’s not going to happen and I’m sorry to burst your bubble.
Still, I believe SHIBA Inu Coin has plenty of potentials since it is just moments away from releasing a Shiba swap DEX that would drive demand independent of Dogecoin. You may think I’m nuts, but I think we If the rest of the market moves in the same direction as SHIB, then SHIB could test its previous all-time high.
In spite of the crypto-renaissance, retail investors will pile in upon learning that SHIB Coinbase listing will lead to lucrative gains, but once again, this will not be the outcome.
Considering the above, it might appear odd that SHIB isn’t already listed on Coinbase. Technical difficulties on Coinbase’s end seem to be responsible for this delay, along with a delay in listing SOL by over a month.
There’s something odd about SHIB, it does not have its own blockchain. The token runs on the ERC-20 protocol. ERC 20 tokens are relatively easy to list on exchanges, according to my understanding. Consequently, I am inclined to believe there are other reasons for the Shiba swap DEX listing delay on Coinbase, and one of these might be the delay in the SHIB Coinbase listing.
The Shiba swap DEX won’t be ready until Coinbase lists complete cryptocurrencies, which is why Shiba Inu Coin may not be listed on Coinbase until it is complete. By claiming technical problems, Coinbase might be buying time rather than backtracking on their announcement. This would be a wise precaution for future token listings.
Shiba Inu Coin Roadmap
Could you please let us know when the Shiba swap DEX will be released? DEX demos have already been released on YouTube by the Shiba Inu Community, so we know this isn’t an empty promise.
Uniswap V3 pushed the launch of Shiba swap back a year or two, but I suspect the launch was postponed after the release of Shiba swap.
Due to Uniswap V3’s nonfungibility, LP tokens are not fungible. Because they are effectively NFTs, most DEXs do not have the kind of power to pull off these types of attacks.
Upon Certik’s completion of its code audit, the Shiba swap should be released afterward. The latest BONE paper shows an emission schedule starting on July 1 of this year, even though there does not appear to be a set date. So, it may be live as soon as this post is published.
In addition to reiterating the fact that Shiba Inu’s roadmap will remain “top secret,” the second wolf paper also stresses this. In spite of the Shiba swap, it does offer some hints about what follows.
Upon entering into the exchange, we will see the fourth token, Treat, whose tokenomics have not yet been finalized. Currently, the token has not been dubbed and is yet to be created.
A decentralized autonomous organization will govern the Shiba Inu eco-system later this year. It will be called the “Doggy DAO”. At this time, no precise date has been set.
This post was written by Ryoshi at the end of May, and it was a blog post detailing Shiba Inu’s long-term roadmap.
Shibarium, which will have BONE as its native token, is a layer-2 blockchain for Ethereum, which was created last year.
Ryoshi noted that he approached a company to develop the blockchain for free, and from his description of Shibarium, I suspect it is Polygon.
The second goal is the creation of an SHI coin that will be pegged to $1. The primary aim is to create a stable coin that will be traded like Bitcoin.
Ryoshi hopes that via SHIB and Shibarium the Shiba Inu will finally be able to kill Dogecoin. Do I mention that DeFi and Shib will be included as well?
As for Ryoshi’s final goal, the conference is designed to bring together Shiba Inu enthusiasts on an annual basis. The first three ShibaCon conferences were planned with tentative dates and locations already known. This brings us to our final topic for today: Who is Ryoshi?
Ryoshi: Who is he?
It isn’t yet clear who Ryoshi is, to my understanding. We do know enough about him to say that everything about the Shiba Inu Saga is not an accident.
A rare photo of Vitalik Buterin in Japan, most likely taken at DevCon in 2019, finishes Ryoshi’s first article post. Ryoshi can be identified by his brown jacket.
Ryoshi believes Vitalik created the Shiba Inu smart contract and provided the initial ETH liquidity on Uniswap for SHIB (if that is true).
However, the incident does not pertain just to Vitalik. Also pictured with the group is Ethereum Foundation director Aya Miyaguchi, presumably carrying visuals of the same size.
In crypto, there’s no doubt that Ryoshi has close ties to several very prominent individuals. That means he isn’t some shady developer who just appeared out of nowhere.
The point I am making is that Ryoshi is far from being some sort of evil actor trying to get rich fast; rather the opposite is true.
Ryoshi purports to have no stake in SHIB and only invested a little in Uniswap at the start before selling it two weeks later.
The distribution of SHIBs on Etherscan verifies this easily; it is relatively equitably distributed for a meme token.
Ryoshi began this project, but he appears to play no significant role at all despite having set it into motion. In fact, most of Shiba Inu was made by its community, so much so that Shiba Inu’s social media accounts were hijacked multiple times by bad actors trying to undermine the project by spreading the word about Dogecoin sentiments.
Shiba Inu is interesting dog crypto, one that is unlike any other, and there is no doubt that it may well be the Dogecoin killer, despite the myriad questions surrounding it.
Make sure you do the proper research before investing in cryptocurrencies, and you should consult a crypto expert for advice. In the cryptocurrency market, everything can happen because of its volatile nature. It is all a prediction and assumption based on the fact that crypto markets transform over time.