Meme coins have a fair share of the spotlight in the crypto industry. It all started from Dogecoin, the most famous meme coin based on the Japanese dog breed, Shiba Inu. Similar to regular cryptos, meme coins also have competition, and that is just the coin we are talking about, Shiba Inu.
Shiba Inu is a meme cryptocurrency that is also based on the Japanese dog breed, Shiba Inu, much like Dogecoin. Anonymous developers created it, and its community has named it “the Dogecoin killer.”
One thing that separates Shiba Inu from the crowd in cryptocurrencies is that it had the most significant initial supply minted. Its initial supply was one quadrillion tokens.
It also had one of the better price increases in 2021, where its price increased around 1600x from the price at the start of the year.
Like all meme coins, SHIB doesn’t have any real-world utility. It is drvien by community support and this concept is what mainly drive its development and its price.
At the time of writing (May 2022), Shiba Inu’s price is $0.000016. The current Market Cap ranking is #15, with a market cap of $9B.
Shiba Inu has had an initial supply of one quadrillion tokens. Yes, you read that right.
The initial token distribution went as follows:
Vitalik has burned 40% of his tokens, meaning that 40% of the token supply was as good as gone.
The current number of circulating tokens is 549,063,278,876,302.
SHIB has become a pretty popular coin because it is a joke and is being promoted on various subreddits and social media as the coin that will reach the moon. With an almost unlimited supply, it is available for purchase almost anywhere.
The primary way people buy their SHIB is through centralized exchanges because they offer the ability to purchase them with credit\debit cards, which most people prefer.
Although significantly more complicated, the second way is through decentralized exchanges such as Uniswap. Decentralized exchanges usually require users to already have some cryptocurrencies in their wallets to buy other cryptos.
Finally, it can be purchased easily through a broker app such as our Veli App, where you can get your hands on some SHIB in just a few taps on the screen.
The anonymous creator of the Shiba Inu coin is known as “Ryoshi.” However, very little is known of the mystery founder of the dog-themed cryptocurrency, much like the founder of Bitcoin, Satoshi Nakamoto.
Shiba Inu does not have an official roadmap, but here are some predictions on what is next for Shiba Inu based on community news.
Shiba Inu has amassed a fantastic community that has risen it to its fame and made it the 2nd most significant meme coin. They are present on all major social media channels, with Reddit having the most members at almost 500k.
SHIB was originally issued as an Erc-20 token on the Ethereum network and it is now also available on BNB and Solana.
Shiba Inu has not had any known legal issues.
Shiba Inu’s main competitors are Dogecoin and Dogelon Mars.
Dogecoin is the most popular meme coin based on the Japanese dog Shiba Inu. It is faster than Shiba Inu and more famous due to celebrities like Elon Musk promoting it through jokes on Twitter.
Dogelon Mars is also a meme coin created as a joke when Elon Musk announced that Dogecoin would be used as a legal currency on Mars. It has the same speed and fee as Shiba Inu because they are both hosted on the Ethereum blockchain.
Here are some additional numbers to illustrate this competition.
Dogecoin | Shiba Inu | Dogelon Mars | |
On what network is the coin hosted? | Dogechain | Ethereum (Erc-20) | Ethereum (Erc-20) |
Transactions per second | 33 | 15 | 15 |
Time needed to confirm a transaction | 13s | 6 min | 6 min |
Average transaction fee | 0.30$ | 15$ | 15.00$ |
Market cap | $17.33b | $11.29b | $499.37m |
Circulation supply | 100% | 99% | 55.00% |
Total number of wallet addresses created | 5m+ | 1.16m+ | 135.9k |
Total number of daily active users | 51.86k | 14.6k | 233 |
Launch date | 2013 | 2020 | 2021 |
Average growth rate | 256.00% | / | / |
There are obvious risks associated with investing in crypto, just as there are with any other asset class. Because there are so many distinct types of cryptocurrencies, risks may be categorized into two groups: general risks that apply to all cryptocurrencies and coin-specific risks.
We’ve put up a guide that covers general cryptocurrency investing risks and offers tips on how to mitigate them, while risks particular to individual coins are covered in coin guides such as this one.
Shiba Inu is the second most popular meme coin and, at the same time, the second most popular coin based on the Japanese dog breed, Shiba Inu. It has had an amazing last year, reaching its all-time high price and gaining around 1600x. Community news predicts some significant updates for the coin, hopefully giving it the utility it lacks. The future will tell if this coin will last or will get overtaken by some other trendy meme coin bound to be created.
