SHIB was created in August 2020, at the same time that Dogecoin was starting to emerge from a relatively stable price point of $0.002 to trend upwards. While looking to expand the utility of SHIB, the development team introduced a metaverse — a virtual reality project powered by non-fungible tokens (NFTs). Here, users can mint parcels of digital lands using ETH or its equivalent amount in SHIB tokens. In addition to SHI, a financial ecosystem is planned, and SHI would be added as a weighted pool pair on Curve. In that case, Ryoshi expects forks of the major DeFi protocols to appear in the Shiba Inu ecosystem, which would require an immutable bridge to function. To begin buying and trading SHIB tokens, simply purchase them on Coinbase or add them from an external wallet to your Coinbase account.
- We should point out that meme coins are even riskier than regular coins.
- These are based on speculation currencies with no particular function that investors purchase for fun.
- The likes of Baby Dogecoin, JINDO INU, Alaska Inu, and Alaskan Malamute Token, in particular, share certain similarities with SHIB.
- Before trading, please take into consideration your level of experience, investment objectives, and seek independent financial advice if necessary.
- SHIB does not have its own blockchain and therefore relies on Ethereum for its security since it is an ERC-20 token.
DeFi Wallet. Your Keys, Your Crypto
Uniquely, one-third of the staked amount can be claimed at the time of reward distribution (once a week) while the rest will be vested for six months. A major reason for the surging price of SHIB was a continued effort by the SHIB community to build a utility for the Shiba Inu token and the subsequent emergence of an entire Shiba Inu ecosystem. Whether you’re a steadfast believer in memecoins like Doge and Shiba, or if you think they’re destined to end miserably, you can’t deny that Shiba’s had a hell of a run. A complete overview of Shiba Inu (SHIB) price history and meme-filled timeline, from Elon Musk tweeting about the memecoin to the Dogecoin “flippening” — where SHIB briefly overtook the OG. One of the Shiba Inu community’s decisions has been to begin burning SHIB to achieve some level of scarcity.
Shiba Inu currency can be purchased and sold on Coinbase, a reputable exchange. Your SHIB never leaves your account; you only receive rewards while Coinbase keeps your cryptocurrency safe. As more holders buy and sell products with SHIB, the demand for it, and therefore its price, are likely to increase. The paper details how the Shiba ecosystem could grow, why Ryoshi chose to rely on Ethereum rather than other blockchain networks and explains SHIB’s tokenomics. From this point on until eight months later in March 2021, very little happens in the Shiba ecosystem.
Community
Specifically, SHIB tends to be stored in an Ethereum-based wallet, as it exists in the form of an ERC-20 token on Ethereum. There has been a lot of speculation around SHIB being listed on popular neo-brokers. In October 2021, this led to Shiba Inu’s ‘market capitalization’ overtaking that of Dogecoin. There were 1 quadrillion SHIB tokens in existence at launch, but 50% of that was sent to Vitalik Buterin, who burned most of it and donated the rest. These BONE tokens are both generated by and used in DeFi on the ShibaSwap DEX.
With a focus on delivering insightful commentary and analysis, Prasanna serves as a writer software engineer vs software developer differences and analyst at CryptoTicker, assisting readers in navigating the complexities of the cryptocurrency market. By mid-year, the bear market was in full swing, and the coins had lost between 75 and 95 percent of their value. Meme coins such as Dogecoin and Shiba Inu Coin have lost more than 90% of their value since their all-time highs. Shiba Inu coin experienced one of the most powerful rallies among top cryptocurrencies, with a 40% increase.
Plenty have been on board with this, and crypto record label, Bigger Entertainment, organized a SHIB burning party over Christmas 2021 that burned 239 million SHIB. SHIB has followed a similar path to the OG memecoin Dogecoin since the communities of both coins are hard at work to find a real use for their currencies. SHIB wasn’t created to solve any particular real-world problem, like Bitcoin, Litecoin, Ethereum, XRP, or indeed most of the top blockchain projects at least claim to do. Ryoshi’s stunt of sending half of SHIB’s total supply to Buterin, however, had at least some of the desired effect and put Shiba Inu in the spotlight. In the same blog, Ryoshi said that their goal for Shiba Inu is 12 best bitcoin wallets in the uk 2021 to see if a perpetual decentralized organization could work with no central leadership. Furthermore, Ryoshi wrote that the ecosystem would develop further to include an algorithmic stablecoin to serve as a global exchange of value.
A Brief Price History and Timeline of Shiba Inu
Throughout this timeline, we show how much this hypothetical $100 investment would have been worth in USD at different points in time. There are hundreds of tokens available, including MATIC, ETH, AAVE and LINK. Since the woofpaper’s release, the Shiba Inu ecosystem has rapidly expanded to include how to buy telcoin two other tokens — the LEASH token and the BONE token. If you’re up to scratch on the “doge killer” meme token and you’re looking for the history of Shiba Inu, it’s further down.
What is the Shiba Inu Coin?
Choose from 21+ cryptocurrencies including Bitcoin and stablecoins. As a ‘meme’ token, SHIB is also often driven both up and down by hype and social media traction. As with Dogecoin, SHIB can fluctuate wildly after being mentioned by crypto influencers like Elon Musk. However, these SHIB investors are a strong and significant community that has achieved a lot in a short time. Movements have their own value, and this sense of community, itself, offers an investment thesis to many. These long strings of numbers, both in terms of tokens owned and the price per token, make calculation difficult.
It can also be purchased on the ShibaSwap DEX and other decentralized exchanges on the Ethereum network. Shiba inu is generally perceived as a meme currency similar to other dog-themed cryptocurrencies such as dogecoin and has a similarly viral following of more than 1.2 million people on Twitter. SHIB’s price often makes news headlines, as it routinely notches tremendous gains and endures equally steep losses. The price surge also led to increased adoption across token holders. WhaleStats compiled data of the largest ETH wallets and found that SHIB represents over 20% of the combined market shares of all ERC-20 tokens held by Ethereum whales.