Is Shiba Inu the memecoin that will finally dethrone DOGE ?!
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Shiba Inu (SHIB) was released in August 2020 by an anonymous creator with the pseudonym Ryoshi. It was designed as a spinoff to Dogecoin (DOGE) which was released as a meme back in 2013.

The main difference with DOGE is that SHIB runs on the Ethereum network as a smart contract and is thus an ERC20 token. Initially, SHIB was released with a total supply of 1 quadrillion coins. 50% of that was gifted to Vitalik Buterin, Ethereum's co-founder, as a token (no pun intended) of good faith. Buterin gifted part of his SHIB holdings to India's Covid Relief Fund and burnt the rest by sending it to a dead address, resulting in a burn of 40% of SHIB's total supply. Currently, the total supply is just short of 400 trillion tokens.

The fact that SHIB is smart-contract enabled gave birth to Shibswap, a platform where owners can Provide Liquidity (Dig), Buy and Sell NFTs, Stake Tokens (Burry), Swap Tokens, even Farm Tokens (depositing pairs of token sand then receiving part of transaction fees from decentralized exchanges).

As with any cryptocurrency, SHIB's price is highly volatile and extremely susceptible to tweets by our memelord, Elon Musk. Musk tweeted two pictures of his dog, Floki, causing the price of SHIB to surge shortly after. Another factor causing SHIB to skyrocket is whales buying large quantities of the coin. Finally, as with any altcoin, its price is affected by any movement in the price of bitcoin. Announcements by the SEC, the BoA and an upcoming Bitcoin ETF have all played a boosting role for SHIB's price.

As with other memecoins and memestocks, the price of SHIB is driven by momentum, fueled by a passionate community and whales willing to capitalize on that momentum. However, it remains a speculative asset, with no real world use case, as it doesn't solve any problem that Cardano, Ethereum or Solana don't and it is highly unlikely to replace Bitcoin as the main Store of Value cryptocurrency.

#doge #shib #crypto

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