What is SHIB? 2021 Shiba Inu Review
SHIB is a cryptocurrency that was launched as an “experiment in spontaneous community building”, according to the founder of the community, Ryoshi. Now it has a total liquidity of $13.4 million, and naturally is continuing to grow.
What started out as a meme community, similar to that of Dogecoin, has become an active group of people playing a role in a whole new cryptocurrency, the SHIBA Token (SHIB), which was officially launched in August 2020.
#1: What is SHIB?
Similar to Dogecoin, this meme-based cryptocurrency uses the popular Japanese dog, Shiba Inu, as its mascot. Shiba Inu was launched as a concept and then project in 2020, with the aim of creating a radically decentralized community and cryptocurrency.
The Whitepaper (WOOF Paper) takes inspiration from the desire to embrace “collective decentralization”, a strong love for Shiba Inu’s, and “radical acceptance” of everyone in the Shiba community. When it started to be collectively formed in 2020, it was known as the Shiba Army, which was 120,000 strong.
An overview of the Shiba Inu community, ecosystem and current offerings, from the Shiba Token website.
The community currently embraces around 420,000 users (across Telegram, Twitter, Reddit, Discord, and other channels), according to the Shiba Token website. Everyone in the community and Shiba Inu Ecosystem plays an active role in the success of the cryptocurrency and proposed communal activities.
Projects within the ecosystem include LEASH, another decentralized coin; BONE (being launched soon); ShibaSwap (also being launched soon); an artist incubator; and Rescue, whereby community members can use Amazon Smile, supporting the Shiba Inu Rescue Association.
At the core of this community activity is the SHIBA Token (SHIB), making everything possible, based on the collective actions and support of those in the ecosystem.
#2: SHIB Team
Beyond mention of Ryoshi, the founder and original creator of this meme-based cryptocurrency, there are no other team members listed in the Whitepaper (WOOF Paper). No one on the team has worked together in the past. All of this has come about as a result of spontaneous community collaboration.
Those with more involvement (what you'd call a team within a more centralized organizational structure) – marketers, social media teams, developers, admins, and community managers, are currently working on a voluntary basis.
After the launch of ShibaSwap, 5% of every BONE (a new token being launched) per block is being placed in a multi-signature activated Dev wallet, which will then be used to fund the salaries of developers, marketers, and “OG” admins (those who've helped defend the community from scams and other issues) for years to come. This way, there will soon be a full-time team working in the Shiba Inu Ecosystem, supporting its long-term growth. In itself, this will give the whole ecosystem more stability and should benefit the value of the SHIBA, and other coins being launched, such as LEASH and BONE.
#3: SHIB Roadmap
The roadmap is being described as “top secret”, to give the community an advantage “in this highly competitive space.” One of the coin’s major competitors is Dogecoin, which is why SHIB has been described as a potential “Dogecoin killer.”
Although the team behind the project aren't giving away much, we can determine from the website and the Whitepaper that certain projects need to be completed to strengthen the whole ecosystem and allow for projected growth. Once these have been rolled out, other community-backed and agreed on projects need to be completed by 2022 and 2023.
Image from the Shiba Token website.
Roadmap activities include launching ShibaSwap, thereby giving the whole ecosystem and team driving the growth forward capital and long-term liquidity (“real budget”, as described in the Whitepaper). A two-week liquidity event is also planned as part of launching this new coin and generating funding for the ecosystem. During the launch of ShibaSwap, BONE will be mined at 10x the normal rate; although no date in the calendar has been fixed so far.
Once ShibaSwap has been launched, the roadmap and other activities can move forward with a budget and full-time team to drive everything forward, with the support of a community that continues to grow. Roadmap goals already outlined include the launch of BONE, which is integral to the Liquidity Event. Beyond that, there’s an Artist Incubator mentioned, an NFT project, ShibaSwag (merchandise and related products), and even an aspiration to create “real-world applications that move us beyond the digital landscape.”
#4: SHIB Network
The SHIBA network is based on ERC-20 tokens (so far SHIB and LEASH), with a thriving community of around 420,000 people around the world mining, buying, and swapping them. And that community is likely to grow exponentially with the launch of BONE, a governance token, following a liquidity event and the launch of ShibaSwap.
Image from the Shiba Token website.
#5: How to Mine SHIB?
Every coin/token within the SHIB ecosystem is a simple ERC-20 token. SHIB has been designed to have an enormous supply of 1 quadrillion tokens. Whereas LEASH has a limited target supply of no more than 107,647 minted tokens. Both are described as “just getting started”, which means there are many more to mine, and that’s before the launch of BONE, another ERC-20 token.
In the Whitepaper, there are more details about how to mine tokens, the sort of incentives and bonuses you can expect, the pools, and what users in the community can expect when BONE is launched. BONE is going to be the governance token, with an overall supply of 250,000,000.
#6: What is SHIB Worth
At present, SHIB has a total liquidity of $13.4 million, and is currently trading around $0.000009767. The community and team behind it are expecting it to “outpace the value of Dogecoin, exponentially, without ever crossing the $0.01 mark.” Hence the prediction that it could be a “Dogecoin killer.”
After the first 1 quadrillion tokens were mined, 50% of the overall supply was locked away, and split between two secure locations. Half put into a Uniswap wallet and the keys thrown away. The other half was deposited in Vitalik Buterin’s wallet.
#7: Price Predictions for SHIB in 2021
Price predictions following the launch of ShibaSwap and liquidity event, are positive, with upward movement expected. The original community and user-base is being incentivized with rewards, and many more are likely to get behind the hype, thereby increasing its value. Although it’s hard to say how much this will change the price and how many will buy into SHIB, LEASH, and BONE when ShibaSwap launches.
The community seems to be expecting movements similar to those of Dogecoin, with comparable upward potential.
#8: How Can I Buy and Trade SHIB?
Once you've bought SHIB or LEASH on Uniswap, Binance, or ChangeNOW, these tokens can be stored in any wallet(s) that accept coins based on ERC-20 tokens.
Where to Exchange SHIB
Right now, as the SHIBA website notes, “The only place to buy or sell SHIB or LEASH safely is on Uniswap.” Both links to buy SHIB and LEASH on the website go straight to Uniswap, which is a decentralized exchange (DEX).
SHIB: Key Takeaways
- SHIB started life as a meme-inspired online community, which became a cryptocurrency token, and is now an active and evolving ecosystem.
- SHIB has a liquidity of $13.4 million, and is currently trading around $0.000009767.
- The community and some analysts have described it as a potential “Dogecoin killer”, with enough potential to outpace and grow larger (market cap and value) than Dogecoin, the more widely known meme-inspired coin.
- With the launch of BONE — the governance token — and ShibaSwap, the community and value of the tokens (SHIB, LEASH, BONE) is expected to grow exponentially.
- Other interesting projects in the roadmap include an Artist Incubator, an NFT project, ShibaSwag (merchandise and products), and even plans for “real-world applications”, taking the community beyond the digital world and into the physical.
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