Shiba Inu Coin Review 2021: Next Dogecoin or a Scam? New CryptoCurrency Story Shib to the moon?

Given the recent sharp rise and the equally impressive crash a few days later, it is no wonder people might be curious about Shiba Inu coins. Of course it has a cute Japanese Shiba Inu breed, just like the more famous Dogecoin, but what are the similarities between the two?

To be honest, apart from the puppy mascot, the Shiba Inu token does have some things in common with Dogecoin. In fact, Shiba Inu claims to be a better version of Dogecoin and a "Dogecoin killer".

The interesting part is that Dogecoin was released in 2013, which is just a joke. This is a kind of memetic currency, and we all admit that it has no real world value and no real world utility. Dogecoin is nothing but a speculative tool.

Well, if Shiba Inu's goal is to improve Dogecoin, then I think it needs to be a better speculative coin. This has not yet been proven, but judging from the white paper (called "woofpaper" on the Shiba Inu website), this is the intention of the Shiba Inu founder.

Let's take a look at the Shiba Inu project and see what is behind the scenes. You can expect this review to be different from previous project reviews because the information released by the Shiba Inu team is different from what you might normally find in blockchain projects.

So, with this, here is all the information you need to know about Shiba Inu coins.

Why is the Internet obsessed with Shiba Inu?

Shiba Inu is a medium-sized dog bred in Japan as a hunting dog of small prey. This breed is considered "mental" by the Japanese, which may make it difficult for the dog to train.

Shiba Inu is also described as a stubborn dog, but others say that "free thinking" is the best way to describe this breed. Some people compare Shiba Inu to the "cat of the dog world", which is one of the reasons for their popularity on the Internet. The other is Shiba Inu's tendency to always look smiling.

The original Doge meme was created based on a photo of a Shiba Inu named Kabosu who lives in Japan. In the original photo, Kabosu is looking at the camera with his paws crossed, with some suspicion in his eyes. This photo quickly appeared in many emoticons, which contained the now-known truncated or corrupted English expression.

Like many memes, the original Governor meme took effect immediately and attracted the imagination of Internet users who spread it widely.

What is Shiba Inu coin?

The Shiba Inu coin was launched on August 1, 2020, when the price was less than $0.00000001. After minting 10 million tokens, it remained at this level for a period of time, but recently due to the growing interest in Dogecoin, Shiba Inu has also become active.

Shiba Inu’s Woofpaper was created by an anonymous developer named Ryoshi, who stated that the project started with a simple question:

"What happens if a cryptocurrency project is 100% operated by its community?"

It is said that the number of people in this community exceeds 300,000. Although it may not be completely spontaneous, it has caused quite a stir in the cryptocurrency community.

As of May 14, 2021, the SHIB token has risen by more than 1,200,000% even after falling about 50% of its all-time high. To be honest, I don't know of any other coin that has this kind of return in less than a year. But the real question is, what is the Shiba Inu project doing to get such a huge price increase?

Honestly speaking, very few. Although the founder of Shiba Inu calls it a potential "Dogecoin killer" because of its ability to exponentially surpass the "Dogecoin value without exceeding the value of $0.01", there is nothing that can give the coin value . This is very similar to the Dogecoin it hopes to surpass.

Although there are definitely supporters of the Shiba Inu coin, many people call this coin a joke. This may seem cruel or unfair, but as a direct competitor of Dogecoin, which is publicly called a joke by its creator, it is actually very accurate. However, even if it is a joke, it seems to have huge revenue potential, because people have invested a lot of money in the token, hoping that it can continue to develop on the basis of the more than 1 million% of the revenue that has been delivered.

The Shiba Inu coin uses the stock code SHIB, which is an ERC-20 token running on the Ethereum blockchain. Interestingly, the creator of the Shiba Inu coin sent half of the total coin supply to the founder of Ethereum, Vitalik Buterin, while the other half was locked on Uniswap and the key was thrown away. Or, Shiba Inu woofpaper claims.

What makes Shiba Inu unique?

The creator of Shiba Inu claims that it is an improved version of Dogecoin. Since the creation of Dogecoin is nothing more than a joke token, long-term improvements to the project will be very welcome. Since then, it was first used as a tip coin on the Internet forum Reddit, and later widely used by speculators in the cryptocurrency market.

It seems that Shiba Inu does retain the speculative aspect of Dogecoin, which may be the intention of the creator, because "Woofpaper" reads more like a marketing brochure than a technical document.

One of Shiba Inu's notable differences is the creator's decision to send half of the total supply to Ethereum founder Vitalik Buterin. Of course, this is no different from burning, because these coins are still in Vitalik's hands. Therefore, unlike traditional burning coins, these coins are still usable and, as we will see below, are still very useful.

Shiba Inu and Vitalik Buterin

The creator of Shiba Inu claims that by sending it to a wallet address controlled by Ethereum founder Vitalik Buterin, he has "burned" half of the total supply of SHIB. However, this is not burning in the traditional sense, because coins are still available. It is worth noting that the value of the SHIB tokens sent to Vitalik was as high as 15 billion US dollars at one time, which dwarfs the value of his 330,000 ETH tokens at the same time.

Followers of Shiba Inu knew exactly that this was not real coin burning on May 12, 2021, when Vitalik sent over $1 billion worth of SHIB to the Polygon operating fund to help fight COVID-19 in India Spread.

He also extracted 90% of SHIB liquidity from Uniswap. Buterin's actions caused the SHIB token to fall by 50% for several consecutive days, but it is worth noting that the token rose by 3,300% in the 7 days before the fall.

SHIB token price

We have already mentioned that SHIB has risen by more than 1.2 million% since its creation on August 1, 2021. There are 10 million tokens, half of which are sent to Ethereum creator Vitalik Buterin, and half of them are locked in Uniswap contracts. This is a lot of coins, no wonder the value of each Shiba Inu coin is so low.

As of May 14, 2021, the trading price of SHIB token was 0.00001997 US dollars, but just a few days ago, it also set a record high of 0.0000388 US dollars. The drop of about 50% in four days was mainly due to wider market adjustments that led to the entire market falling after news that Tesla would no longer accept Bitcoin payments.

Of course, before falling 50%, SHIB tokens rose by approximately 3,300% in a week.

It is not too difficult to get some SHIB tokens. It can be purchased using Uniswap, but you can also buy it on many other exchanges. Binance recently added the token, and other CEX and DEX are also eager to list the token due to its popularity. Although Coinbase stated that it will list Dogecoin in a few weeks, there is no indication that the exchange will include SHIB tokens.

What is ShibaSwap?

Considering the popularity of decentralized exchanges in the Uniswap model, the Shiba Inu project stated that it is developing its own DEX, which will be called ShibaSwap, which is not surprising. The launch date of the exchange has not been determined, but Shiba Inu supporters claim that it will be a safe, decentralized exchange.

ShibaSwap DEX is expected to revolve around the three tokens that the project is creating. Yes, I did say three. So, we are already discussing the SHIB token, but there is also a LEASH token, and there will be a BONE token.

In terms of token economics, LEAH tokens are the opposite of SHIB tokens. The total amount of LEASH created is 107,647 tokens. Initially it was a rebase token whose price was linked to Dogecoin, but this decision was changed and the rebase function was removed, making LEASH a regular ERC-20 token.

The low supply of LEASH is reflected in its price, which is $5,467.68 as of May 14, 2021. Please note that LEAH is also highly volatile, with the price range on May 14 ranging from US$3,404.83 to US$6,575.68. At the time of writing this review, LEAH is only available from Uniswap and 1inchexchange.

Finally, there is the BONE token that has not yet been released. It will reach the best position between the other two tokens, with a total supply of 250 million tokens. woofpaper claims that it can only be used on ShibaSwap, but I am not sure how they can prevent it from being traded on Uniswap if it is an ERC-20 token.

BONE also aims to be a governance token that allows community members to make proposals and vote on these proposals.

Shiba Inu Rescue

Shibas may be the cutest dog breed ever, but they are not the easiest breed to keep. This means that unexpectedly, there are many Shiba Inu all over the world that need to be rescued. For this reason, Shiba Inu Token launched a community campaign to use the built-in Amazon Smile feature to donate to this cause.

This free method allows any Shiba Inu member to place an order on Amazon and submit their preferred non-profit organization to the Shiba Inu Rescue Association a 501(c)3, just use smile.amazon.com to help rescue Shiba Inu. Part of your purchase will automatically receive support. No need for you to spend money! Therefore, as a community, the project aims to help Rescue Shibas.

It is difficult to ignore the huge gains experienced by SHIB tokens until you realize that they only appeared because of the similarity with Dogecoin, plus the special shilling from ShibaArmy. Shiba Inu tokens have no use cases and no technical support.

I did not see any mention of the development team. The founder of the token "Ryoshi" fully admitted in his initial post on Medium that this token was not even rolled by himself, but was created by a half-locked friend at Uniswap Supply in the contract, and then send the rest to Ryoshi's wallet.

Although there is a ShibaSwap exchange currently underway, given the recent popularity of DEX, it seems to be the second idea, or perhaps another way to profit from cryptocurrencies.

I think this is a serious coincidence. The white paper was not created when the token was released in August, but was released in late April 2021. Also consider that "Woofpaper" (white paper) is really more concerned about talking about ShibaSwap and then discussing anything related to the tokenism or utility of any other tokens launched by SHIB or Shiba Inu.

In short, if you want to simply speculate on the price of SHIB tokens, it is entirely up to you. Please note that the project has raised many red flags, from the anonymous nature of the creator, to the lack of any technical documentation, to almost everything in the project screaming shitcoin.