What is Shiba Inu (SHIB)?
Shiba Inu was one of the biggest memecoin sensations of 2021. Capitalizing on the hype behind Dogecoin, SHIB emerged during the summer of 2021. Although it was formally created in August 2020, it wasn’t until mid-2021, during the height of the memecoin craze that Shib saw its value peak and popularity increase. Named after the breed of dog that the doge meme belongs to, Shiba Inu aimed to set itself apart in the memecoin world by providing utility as well as branding. The biggest claim to fame for Shiba Inu was the meteoric rise and fall of Dogecoin, which led millions of people to search for the next big memecoin to offer giant returns.
What makes it unique?
Fixed supply of 1 quadrillion tokens, minted at launch;
Launched ShibaSwap in July 2021, a DEX platform providing liquidity pools, staking, token swapping, governance voting, and a future NFT marketplace;
During 2021 it experienced some break-neck appreciation with returns as high as 50,000,000%;
In what some have called “the greatest single trade of all time”, one anonymous trader purchased around $8,000 worth of SHIB in August 2020, 400 days later this investment was worth $5.7B.
Although the future of memecoins is highly speculative, Shiba Inu sets itself apart by providing functional aspects. ShibaSwap is a working DEX, with its own native tokens (BONE) and (LEASH) which allow users to unlock some interesting financial tools. Additionally, SHIB is an ERC-20 token, meaning it inherits Ethereum’s security. This is in stark contrast to Dogecoin which relies on its own development team to maintain security features. Shiba Inu set out with the goal of being 100% community-run. Because of this, the community around Shiba Inu is part of the reason people love it. It has amassed a large number of supporters that call themselves the “SHIB Army”. The love hasn’t stopped since the number of unique addresses holding SHIB has recently surpassed 1 million holders.