Meme coins, driven by community engagement and cultural narratives, have rapidly grown in the Web3 ecosystem, making it less intimidating and more fun. For savvy investors, this can provide the opening to capitalize on price volatility. Traders may engage in arbitrage opportunities, where they buy a meme coin at a lower price on one exchange and sell it at a higher price on another. Equally, they may tactically rebalance their portfolios to include a higher proportion of digital assets. No risk, no gain.
Shiba Inu (SHIB) has established itself as one of the most prominent meme coins. What started out as a playful joke evolved into a thriving ecosystem worth billions, which empowers a tight-knit community with utility-based tokens and decentralized finance products. Often compared to Dogecoin, SHIB solves issues like trust and decentralization. The Shiba Inu Coin competes with Dogecoin by creating solutions to its limitations, and whether it will ultimately “kill” Dogecoin remains to be seen. To stay updated on this competition, it’s recommended to follow daily crypto news.
Shiba Inu Earned The Nickname “Dogecoin Killer” For Good Reason
Shiba Inu was founded in August 2020 by an anonymous person or group of people using the pseudonym “Ryoshy.” A recent theory suggests that Ryoshi could be a combination of two individuals – Ryo Suzuki and Tsuyoshi Maruyama – both of whom have connections to B2C2, one of the largest liquidity providers in crypto assets. The SHIB project was launched as an experiment in decentralized community building and tokenomics, largely inspired by Dogecoin. The fanbase, referred to as the “ShibArmy,” has consistently grown.
Initially launched as an ERC-20 token on the Ethereum blockchain, the meme coin later transitioned to Shibarium, a Layer-2 solution that offers faster transaction speeds, lower fees, and increased utility. Leveraging a unique consensus algorithm, Proof of participation (PoP), the blockchain is very efficient. All nodes try to do their best work. They don’t need very powerful hardware to carry out their activity. Smart contracts allow SHIB to support decentralized applications (DApps) and additional features, like ShibSwap, a decentralized exchange (DEX).
Shiba Inu Coin was introduced as a rival to Dogecoin or “Doge-killer.” Even now, it’s viewed as a substitute for Dogecoin, and there are several reasons for this, such as:
- It processes transactions much faster: Block time affects the speed and efficiency of transactions, and block times aren’t the same for every cryptocurrency. Dogecoin has a block confirmation time of one minute, and it typically processes 33 transactions per second. Shiba Inu boasts a block time of just 21.55 seconds, and it can process up to 200 transactions per second.
- It has an enormous supply: The current circulating supply of Dogecoin is 148.11 billion. By contrast, Shiba Inu has a circulating supply of 589,253.82 billion. The higher the number, the better, as it influences value, stability, and even trust.
- It has a better chance of increasing in value: Market cap indicates growth potential and whether a meme coin is safe to buy compared to others. Dogecoin has a market cap of $37.60 billion, whereas Shiba Inu is valued at a market cap of $9.08 billion. Because of its size, investing in SHIB can lead to big profits. It’s a chance to multiply your investment by x100 (or more).
Provided its decentralized finance (DeFi) ecosystem takes off, Shiba Inu could outperform Dogecoin in the long run.
Everything You Need To Know About The Shiba Inu Ecosystem
The ever-evolving Shiba Inu ecosystem has drawn attention owing to its singular origins and rapid growth. Elon Musk has been positive about SHIB, though it’s not part of his investment portfolio. In March 2021, he wrote on his official X (formerly Twitter) profile that he is getting a Shiba Inu, which helped boost the price of the meme coin by 300%. Back on topic, the key components of the Shiba Inu ecosystem are:
The SHIB, BONE, And LEASH Tokens
Shibarium invites users to explore, build, and connect within the blockchain-driven digital space. SHIB is the native token of the Shiba Inu ecosystem, functioning as a store of value and medium of exchange. BONE is a governance token used to vote on proposals, make decisions, and influence the future of the project; the more BONES you have, the more weight your vote carries. And lastly, LEASH, initially designed to track Dogecoin prices, provides extra benefits, such as access to metaverse sales, NFT minting possibilities, and liquidity rewards.
The ShibaSwap Exchange
As the name clearly suggests, ShibaSwap facilitates the trading of SHIB, BONE, and LEASH tokens, and it has lots of features that come with very funny names. Dog Park, for instance, legitimizes third-party community products in the metaverse. The history of all your staking, trading, and ROI can be found here. ShibaSwap provides many of the same functions you would find on decentralized exchanges, with the addition of staking, governance, and a Shibosis NFT marketplace.
The Shiba Inu NFTs
The Shibosis is a collection of 10,000 NFTs launched by the project developers, written on the Ethereum blockchain. These NFTs have various characteristics that make them unique. For example, Laser Eyes is highly sought after by collectors and enthusiasts alike; the Shibosi possess enhanced vision (and other special powers) in the metaverse. You can purchase and hold Shiba Inu NFTs at ShibaSwap without fees. Shibosis can be named and renamed, and each name costs $100. Shibosis will soon become playable heroes in a blockchain game.
So, What’s Next For The Dogecoin Killer? Will Shiba Inu Have A Future?
The success of Shiba Inu has been remarkable. Unlike standard cryptocurrencies that aim for technological innovation, SHIB embraced an identity as a meme coin, and its community is the prime value driver. The Shib, an online newsletter, breaks down the top news and events in a clear, concise, and engaging manner. It’s an excellent way to stay plugged in. LEASH provides early access to upcoming projects like games. Shiba Inu’s ambitious roadmap may drive future engagement, so we have something to look forward to.
