Doggy cryptos were a popular joke in 2013. DOGE (dogecoin) pioneered them since Shiba Inu ‘doge’ meme and Bitcoin were popular then. Shibu Inu became the cute mascot of cryptocurrency memes. Astoundingly, Doge gained immense popularity after its pioneering act!
However, the popularity of the meme project waned thereafter. Elon Musk’s vociferous tweets regarding his love for cryptocurrencies, made people recall Shiba Inu. If you want to get more ideas about bitcoin investment you can visit https://bitiq.org/ for further information.
The return of Shiba Inu
The SHIB (Shiba Inu) meme coin came into being in August 2020. Its rivalry with the Doge meme coin prompted people to award it the label of Doge Killer. For some time, it looked as if Shiba Inu would win. However, Doge reclaimed its top spot soon enough.
To counteract this, the team came up with DEX. It refers to a decentralized crypto exchange. The exchange even had a name – ShibaSwap. Interested investors could store their Shiba Inu tokens there, and receive healthy interests in return.
This success has spurred the team to go in for greater innovations. One of them is to create the company’s own scalable network for moving into the layer-2 space. Layer-2 operates within a vast network, wherein it helps adjacent network nodes to exchange data. It can do the same for local area networks.
All about the Shiba Inu Token
An anonymous person, using the pseudonym, Ryoshi, founded Shiba Inu. It refers to an ERC-20 token. It operates on the Ethereum blockchain. Therefore, it proves useful for initiating smart contracts. In turn, this enables developers to come up with highly advanced Dapps. The applications include NFTs (non-fungible tokens) and DEXs.
An example of DEX is the ShibaSwap DEX. It has proved to be very popular amongst users. The company also came up with a unique set of 10,000 NFTs, called Shiboshis. Developers hope that such advancements will suffice to reduce Doge’s value. After all, Dogecoin has a code that is incompatible with smart contracts. Furthermore, it is founded on Bitcoin’s code. Therefore, Dogecoin is merely an Internet digital currency, with little in stored value.
When the company launched ShibaSwap, it offered some incentives to potential customers. They could purchase Shiba Inu tokens for supporting/staking liquidity pools. In turn, they could adopt DEX.
Shiba Inu’s rise to popularity
When the mining/minting of Shiba Inu began, the target was one quadrillion tokens. Most other digital currencies had never come this close. Therefore, the company could offer the token at a reduced price. Other digital assets possessing the same market capitalizations, could not compete.
Ryoshi set aside half of the quadrillion tokens in Uniswap. Stakeholders in DEX’s Shiba Inu pools, who could provide liquidity, received tokens as rewards.
Ryoshi then forwarded the remaining tokens to Ethereum’s founder, Vitalik Buterin. The former did not want the latter to sell the tokens, but instead, burn them. Selling them would render the tokens worthless.
Within no time, Buterin’s stock was worth billions of U.S. dollars. Hoping to create a good impression on the world, Buterin donated 20% of the total amount to two charities. One of the two receivers was India COVID-Crypto Relief Fund. The other remained unnamed. Regardless, the donations awarded Shiba Inu legitimacy and respect in the cryptocurrency arena. Today, it is available on multiple trading platforms across the globe.
Investing in Shiba Inu
Everyone knows that cryptocurrency marketplaces are extremely volatile in behavior. Therefore, it is not possible to predict how Shiba Inu will perform, either.
If ShibaSwap operates smoothly, it is completely possible that tremendous gains will follow. At the same time, ShibaSwap can offer nothing new to the Ethereum finance ecosystem. Ethereum is already a decentralized finance (DeFi) platform.
True, Shiba Inu has much more to offer than Dogecoin does, since it is on the Ethereum network. However, there is no guarantee of bettering its performance than before. This is specifically so, with the charities selling the Shiba Inu tokens at reduced prices. In turn, the pricing of the tokens that have not been donated will take a beating in the global marketplace.
Then again, Shiba Inu is a security risk. ShibaSwap is an anonymous project. Even the developers can engage in fraud, making legitimate investors lose large amounts of funds. Above all, ShibaSwap lacks the support of professional code auditors.
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