SHIB

geeky.news

What is SHIB?

SHIB is a cryptocurrency made on the Ethereum blockchain.

Who created it?

An anonymous entity called “Ryoshi.”

When was it released?

August 2020.

How many SHIB coins are there?

As of 10/31/2021, there were 400 trillion SHIB tokens in circulation, with a max supply of one quadrillion. In comparison, Bitcoin has a cap of 21 million.

What does SHIB mean?

SHIB stems from the Japanese word “Shiba,” the dog breed mascot of Dogecoin.

What is Dogecoin?

Dogecoin is a cryptocurrency that was released as a joke to ride the 2017 ICO (initial coin offering) market bubble. The name was inspired by the popular “doge” meme (see below). The spoof turned serious when in 2021, an online community including Elon Musk and Mark Cuban helped Dogecoin become a household name and gain a market cap of $85 billion.

Why did Ryoshi create SHIB?

Dogecoin began as a game, but rose 5,000% in 2021. Ryoshi hoped to launch another coin that will yield similar results.

How much is a SHIB worth?

As of 10/31/2021, one SHIB is worth about $0.00006.

Where can I buy SHIB coin?

On cryptocurrency exchanges including Binance, Huobi, OKEx, and Uniswap.

Why is SHIB called the “Dogecoin Killer?”

Dogecoin runs on its own blockchain which restricts its ability to interact with other crypto apps. Ryoshi saw opportunity in this obstruction and launched a new dog-themed coin that specifically runs on the Ethereum blockchain to benefit from the available products.

Original Doge Meme

Advantages of SHIB being an Ethereum token?

  1. Compatible with the Ethereum ecosystem including Ethereum wallets like Coinbase Wallet and Metamask.
  2. Available to liquidate on decentralized currency exchanges (or DEXs) like UniSwap.
  3. Potential to be accepted in transactions on NFT marketplaces.

How did SHIB coins enter market circulation?

Ryoshi sent 50% of the SHIB supply to the wallet of Ethereum co-creator, Vitalik Buterin and converted the other 50% into cash via Uniswap’s DEX.

On May 13, 2020, Buterin donated 50 trillion SHIB (worth over $1 billion at the time) to the India COVID-Crypto Relief Fund. Buterin “burned” another 410 trillion SHIB tokens — permanently removing them from existence. Buterin plans to donate the remaining 10% to another charity and asks that anyone releasing new coins to not gift them to him without his consent. “For anyone making coins in the future, PLEASE DO NOT GIVE ME COINS OR POWER IN YOUR PROJECT WITHOUT MY CONSENT! I don’t want to be a locus of power of that kind. Better to just print the coins into the hands of a worthy charity directly (though do talk to them first).”

Why did Ryoshi give half of SHIB to Buterin?

As an Ethereum co-creator, Buterin has significant credibility in the crypto community and Ryoshi hoped that the token would benefit through the association, “There is no greatness without a vulnerable point and as long as VB [Vitalik Buterin] doesn’t rug us [or dump his supply, tanking values], then SHIBA will grow and survive.”

How did Buterin’s response affect the value of SHIB?

The price tanked as the community realized that Buterin did not intentionally invest in SHIB, nor was initially involved in its development. SHIB has lost nearly 82% of its value since Buterin’s donations and burnings.

SHIB red flags?

  1. An audit of ShibaSwap (a DEX created by Ryoshi) showed that a developer has the ability and permission to “withdraw all the ERC20 [SHIB] tokens” and deposit them “to any arbitrary address.”
  2. SHIB whitepaper calls Buterin a “friend of SHIB” without Buterin’s consent. And Ryoshi sending the coins to Buterin appears to be a marketing move.

Additional SHIB products created by Ryoshi?

  1. DEX ShibaSwap — allows users to trade tokens without an intermediary.
  2. An NFT platform for the SHIB community (currently in development).
  3. Two more tokens with varying supplies:
  • LEASH, ~100k tokens.
  • BONE, 250m tokens.

What did we learn?

SHIB has gone viral thanks to meme culture, but it is hard to attribute any intrinsic value from an investment point of view.

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