Shiba Inu (SHIB) is one of the new coins that have taken the cryptocurrency market by storm. Its popularity exploded dramatically and its market cap increased at one point breaking into the top 20 biggest cryptos by market capitalization. Many now think that the coin will dethrone Dogecoin (DOGE) to become the biggest animal-related cryptos in the world.
Since the start of 2021, Dogecoin was seen to take center stage in the crypto markets after endorsement from high-ranking investors like Telsa CEO Elon Musk and Dallas Mavericks owner Mark Cuban.
The coin that launched as a joke has exploded so much that, for a short time, it ranked as the 4th biggest crypto by market cap, with a market cap value of more than $70 billion. Even the developers disowned it terming it as an expensive joke when its market cap reached $70 billion.
The ‘rise to glory’ came first after a flock of retail investors, from several Reddit groups, joined Elon Musk to push for its adoption. Musk is a vocal and avid Dogecoin commentator. This massive surge enjoyed by Dogecoin also propelled many other clone coins, and they are mostly inspired by DOGE.
Despite claiming to be something different, Shiba Inu (SHIB) is a good example of such clone coins. Dogecoin uses the logo of the Shiba Inu dog breed. On the other hand, Shiba Inu uses the breed directly. In that context, here is what to know about this coin that took the entire market by storm within a few days.
What Really Is Shiba Inu (SHIB)?
SHIB rapidly became one of the most popular cryptocurrencies. It became possible that DOGE experienced an astronomic increase and exceeded $0.7 in May 2021. In the process, it became the most popular and discussed crypto, for now, and it inspired many other developers to create tokens that bear similar characteristics.
The common trait that SHIB shares with Dogecoin is that they are all named after one dog breed, and they mostly take after Shiba Inu. With that in mind, one developer team went on to create a coin that is known as Shiba Inu using the SHIB ticker.
Based on the official site and their Woofpaper, the crypto’s whitepaper’s version, SHIB represents an “experiment in decentralized spontaneous community building.”
Besides that, the team is now trying to set up an ecosystem that comprises a few coins, a decentralized exchange (DEX) known as ShibbaSwap, and a vibrant community. Apart from the tokens and a growing community, which comes from the rising price only, there is nothing else that is complete today. Many commentators and analysts wonder whether SHID’s valuation is justified or not.
Interestingly, SHIB is an Ethereum-based ERC20 token that has got the nickname ‘dogecoin killer’ within the project’s community. This coin lived in obscurity from August 2020 until earlier this year, when a major interest for DOGE pushed the traders to find the next big thing. Analysts and commentators agree that Shiba Inu’s rise was a result of Dogecoin’s success.
The explosive growth in the Dogecoin market can partially be traced to fallout from the GameStop saga that happened in March. The traders who pushed for GameStop’s rise also turned to the meme cryptos. Several tweets in support of the Dogecoin by Elon Musk also helped the coin gain legitimacy.
The Unexpected Major SHIB Holder
Currently, SHIB has a cumulative supply of 1 quadrillion with 50% of these tokens locked as liquidity to Uniswap. But, the other half is what makes it interesting. The developers sent 500 trillion tokens to Vitalik Buterin, Ethereum co-founder and the transactions can be seen here and here.
While commenting on the matter in the project’s whitepaper, the founder, who chooses to remain anonymous, said:
“We sent over 50% of the TOTAL supply to Vitalik. There is no greatness without a vulnerable point and as long as VB (Vitalik Buterin) doesn’t rug us, then SHIBA will grow and survive.”
The interesting thing is that after the major surge in SHIB, which at some point gained more than 300,000% since February 2021, Vitalik Buterin’s SHIB tokens were worth much more than his ETH holdings.
At some point, Buterin’s Ether was about $1.4 billion, while the SHIB that was in his public account was worth about $15 billion. It is also worth mentioning that other clone tokens like HUSKY and Akita Inu have followed Shina Inu’s footsteps and sent some of their supply to Buterin.
Hence, the supply of the token is quite concentrated. Apart from the 50% that was held by Buterin before he ‘burned’ some of it, two other wallets hold 10% of the coin’s supply cumulatively, presenting major risks of huge price crashes, if they decide to offload their coins into the market.
What Is The SHIB Token Used For?
The whole Shiba Inu ecosystem comprises three tokens namely LEASH, SHIB, and BONE. After their decentralized exchange, Shiba Swap is up and running, which is now undergoing security audits and tests, users can stake their tokens and earn rewards. Users get xSHIB for staking SHIB, tBONE for staking BONE, and xLEASH for staking LEASH.
According to their white paper, the incentives look like the representation below. Notably, there are incentives for tBone and xLEASH too.
What To Know Before Buying SHIB
While the Shiba Inu cryptocurrency has one of the quickest-growing communities with thousands of people active in their different social media channels, there are a few things to remember when looking into the project.
The SHIB founder chose to remain anonymous and it is not yet clear how many developers are dedicated to this project. Moreover, there is no clear roadmap as to when the investors can expect official project updates and deliverables like the Shiba Swap exchange.
Then, their official Medium page has two posts only. In the first post, they announced the development of the project and the second publication was more of an update that came several months later and sadly did not give any significant updates.
Another thing to remember is that the total supply of Shiba Inu is 1 quadrillion tokens. 50% of these coins are presumably burned since the developers sent them to Vitalik Buterin. That is a speculation to discuss where Buterin will do anything with them.
However, bearing in mind his status in society, he will not do anything that will prove detrimental to the ecosystem. But, other token holders own a high percentage of the remaining 50% which experts say is a red flag.
The SHIB token has gained over 18,000% in the past several months which pushed it into the top 20 biggest cryptos with a market cap of $12 billion, according to CoinMarketCap. Is this coin overvalued?
How To Buy SHIB
With all these issues to put into consideration, it is important to note that a huge proportion of Shiba Inu’s massive price action is because of its addition to a majority of the centralized exchanges, including Binance, the biggest crypto exchange by volume.
It is now possible to trade SHIB on KuCoin, OKEx, and Huobi, but the easiest is to buy on Binance. While using the Binance spot exchange, users can participate in these SHIB markets:
Additionally, Binance Futures and FTX opened leveraged contracts, and now traders can use them. But, this strategy comes with a huge risk of capital loss.
Is Shiba Inu Overtaking Dogecoin?
Before the recent crypto market crash, SHIB coin was performing better than DOGE in the crypto sector. The new meme-based crypto seems to be ‘barking’ louder than Dogecoin although both are based on the Shiba Inu dog breed.
SHIB coin has been successful in the past few weeks with analysts saying that it was trading over 17% higher than expected. The coin, dubbed ‘Dogecoin killer’ has been surging faster than Ethereum, Bitcoin, and other cryptos in recent days as it became a major focus for the investors.
There have been several other cryptos booming recently related to dogs, including renDOGE (RENDOGE), UnderDog (DOG), and Kishu Inu (KISHU) all booming in recent weeks. Market analysts said:
“While meme coins are back in the green, investors would do well to exercise caution — especially while exposing themselves to coins with high circulating supply and low market capitalization.”
On May 19, 2021, Shiba Inu plunged alongside other cryptos including Dogecoin, Bitcoin, and Ethereum. These huge losses in value happened sometime after a Chinese financial regulator insisted that institutions must be compelled to stop offering services that are related to cryptos, as explained by Reuters. After that statement, Chinese investors dipped out.
Why Did SHIB Coin Explode?
The price of Shiba Inu plunged after Buterin announced that he had decided to burn his SHIB coins since he never wanted to have such extensive control over the crypto markets.
By description, burning coins is the act of sending a token to an account that is unusable and then removing it from circulation. This strategy reduces supply and increases the coin’s scarcity which many believe increases the coin’s value.
It means that the SHIB coins may gain value since there are fewer of them making every Shiba Inu coin rare and unique. The Price of SHIB coins has been fluctuating massively in recent weeks rising from a low of $0.00000809 to a high of $0.00001198. Analysts and commentators say that they expect the price to go down further.
Eventually, SHIB needs to be considered like thousands of other joke coins that have come up in recent months as traders shift their attention toward cryptos based on memes instead of the coins that work with superior technology that comes with many underlying use cases like Ethereum. Analysts concluded:
“The hype around meme coins such as Shiba…is not a financial, but a social phenomenon.”
Ethereum Wallet Transfers $215 Million Worth of ETH
ETH Whale moved 71,191 coins to an unknown wallet on 22 September.
The network activity of Ethereum has jumped substantially since the start of this week amid the price volatility of ETH. Whale Alert, a prominent blockchain tracking and crypto analytics platform, recently highlighted a transaction worth $215 million involving the transfer of 71,191 Ethereum from an unknown wallet.
The mentioned transfer was executed on 22 September at 16:06 UTC. In a separate transaction, a crypto whale account moved 21,587 Ethereum from digital exchange Binance to an unknown wallet. Since the London Hard Fork, Ethereum’s overall whale activity has increased sharply.
The exchange supply ratio of Ethereum saw a jump in the last few days but the overall trend remained negative. The latest data from Santiment shows that some ETH holders dumped the world’s second-largest digital currency during this week’s market volatility.
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“During the recent dip, there was an influx of ETH to exchanges, likely indicating that some people have sold off during this dip. Overall, ETH supply on exchanges remains on a downtrend which is a good thing as it alleviates sell pressure. ETH’s Daily Active Addresses remains rather active over the past 6 months, indicating the health of the network is still strong,” Santiment highlighted.
Ethereum 2.0 and ETH Whales
Ethereum’s network upgrade is probably the most important development for the world’s second most valuable digital asset. Since the launch of Beacon Chain in December 2020, the ETH network saw a jump in large transactions. Ethereum whale accounts accelerated the movement and accumulation of ETH since the London Hard Fork in August 2021. On 21 September, a leading ETH whale account moved 75,730 coins to an unknown wallet.
After a sharp decline of approximately 20% in the last seven days, Ethereum is now back above the price level of $3,100. The cryptocurrency gained nearly 8% in the last 24 hours. The overall market cap of ETH touched $370 billion today. The cryptocurrency now accounts for 18.5% of the overall crypto market cap.
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Xfinite Announced its Collaboration with Algorand Foundation
[PRESS RELEASE – BVI, September 22, 2021]
Blockchain platform Xfinite has announced its collaboration with Algorand Foundation, to build trust with public and permissionless infrastructure for a borderless economy. Xfinite and Algorand Foundation both have the mission of building an inclusive ecosystem, improving the way people interact with blockchain solutions.
Algorand Foundation aims to enhance blockchain development by leveraging its protocol and open-source software to reduce the barriers to blockchain adoption. Algorand’s technology gives everyone the opportunity to benefit from a scalable, fast, and trustworthy ecosystem combining a strong collaborative community with technology companies, developers, and users of the platform. Its consensus mechanism is pure proof-of-stake (PPOS), bringing even more security, speed, and sustainability to online transactions. Algorand is a world leader in carbon-negative technology. It also allows users to make payments at lower fees in a fraction of time.
It comes along with Xfinite’s vision to encourage blockchain mass adoption and revolutionize digital media, through innovation using customer experience, data-driven engagement, and ecosystem economics to support community growth. With this major partnership, Xfinite is developing modern and unique use cases running on blockchain technology. Using the technology behind Algorand, Xfinite can support brands and creators, offering a new way to interact with their consumers, whilst the audience is rewarded for consuming high-quality content. The Xfinite Entertainment Token, XET, is designed to reward Xfinite’s users and creators through tokenizing engagement and creating a circular economy. XET has been listed on MEXC on 15th, September 2021.
Algorand offers features such as Algorand Standard Assets (ASA), a standardized Layer-1 mechanism to represent any kind of asset on Algorand’s blockchain. That means fast, secure, and low-cost operations like never seen before, once they are built directly into Algorand’s Layer-1. Through this robust blockchain, Xfinite reduces common challenges in the market like bad processes, intermediaries, fees, and delays, creating an incredibly efficient platform for users and organizations.
Xfinite is a blockchain-based platform designed to re-establish trust between consumers, content creators, and publishers. The Xfinite ecosystem helps the media and entertainment industry combat advertising fraud by increasing transparency and creating a new habit of engagement. Xfinite has established various partnerships with global corporations in order to drive innovation and create new use cases for blockchain technology. Recent partnerships include Dailyhunt, SpiceJet, and Eros Now.
About Algorand Foundation
The Algorand Foundation is dedicated to fulfilling the global promise of blockchain technology by leveraging the Algorand protocol and open-source software, which was initially designed by Silvio Micali and a team of leading scientists. With core beliefs in the establishment of an open, public, and permissionless blockchain, the Algorand Foundation has a vision for an inclusive ecosystem that provides an opportunity for everyone to harness the potential of an equitable and truly borderless economy.
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NFTs are Helping to Save the Environment
In the last decade, there has been a growing awareness of the importance of sustainability, both locally and globally. The current growth in technology has made it possible to do more with less, which has led to the rapid expansion of the global population while at the same time causing unprecedented destruction of our natural resources.
We also have an unprecedented understanding of climate change and its effects on our world. As a result, many people are seeking ways to live more sustainably, both personally and professionally.
Protecting the Rainforest
The Amazon Rainforest is in trouble. In fact, it’s in very big trouble.
In the last few decades, nearly a fifth of the Amazon has been deforested and converted to agricultural land for purposes like soybean farming and cattle ranching. Deforestation is the leading cause of Brazil’s greenhouse gas emissions. Globally, tropical deforestation causes around 20% of annual greenhouse gas emissions.
The rainforest covers 5.5 million square kilometers (2.1 million square miles), or 40% of South America’s area. It stores an estimated 120 billion metric tons of carbon — equivalent to 10 times the carbon humans release into the atmosphere each year. Yet, humanity is still actively destroying one of the keys to life.
Amazon Watch is a leading environmental organization fighting the degradation of the Amazon. This is one of the initiatives supported by Next Earth, the project selling NFT tiles from a digital replica of Earth. With each NFT purchase, 10% is allocated to environmental organizations like Amazon Watch.
Cleaning the Oceans
Our oceans are in crisis. The rapid degradation of the environment is putting marine life in danger, and many experts believe that we may be reaching a point of no return.
As the world’s population grows ever larger and more industrialized, it has put an increasing strain on our natural resources. With over three-quarters of fish stocks fully exploited or over-exploited, and it’s expected that by 2050 there with more plastic than fish in the oceans by weight, there are serious concerns about what this means for the future of our ecosystem.
The solution to this problem is not as simple as banning plastics – although that would certainly help – it will take a major overhaul of how we live our lives to change consumer behavior. But perhaps technology can play a part too?
The Ocean Cleanup is one initiative aiming to remove plastic waste from our oceans. As with Amazon Watch, an allocation of NFT purchases on Next Earth are donated to this environmental group.
Innovative companies like Next Earth have come up with solutions that make us rethink how we consume digital content; from virtual real estate, and soon to land art, which can be bought and sold as NFTs.
These NFTs allow people to express themselves by owning unique assets, rather than just being “branded” users on social media platforms or having their data tracked online. This allows them greater control over how they present themselves online, which has obvious benefits for society beyond just looking cool: freedom from conformity improves mental health.
Ultimately, NFTs are powerful in many ways: As tools for creative self-expression, and also as ways to support your famous environmental initiatives, from cleaning up plastic in the oceans to saving our precious rainforests.
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