Sending half the total supply of SHIB to Vitalik Buterin was not truly burning those tokens. Notably, the value of the SHIB tokens sent to Vitalik was as high as $15 billion at one point, completely dwarfing the value of the 330,000 ETH tokens he also holds. However this is not burning in the traditional sense as the coins are still available. The creator of Shiba Inu claims to have “burned” half the total supply of SHIB by sending it to a wallet address controlled by Ethereum founder Vitalik Buterin. So, unlike traditionally burnt coins, these are still available, and as we will see below still quite usable. Of course this is nothing like burning, because the coins still exist in the possession of Vitalik. One of the noted differences in Shiba Inu was the creators decision to “burn” half the total supply by sending it to Ethereum founder Vitalik Buterin.
It does look as if Shiba Inu has maintained the speculation aspect of Dogecoin, which was likely intended by the creators given that the “Woofpaper” reads more like a marketing pamphlet than a technical document. Since then it has been used first as a tipping coin on the internet forum Reddit, and later has been used extensively by speculators on cryptocurrency markets. The creators of Shiba Inu claim it is an improved version of Dogecoin, and improvement would be very welcome in the longevity of the project, given that Dogecoin was admittedly created as nothing more than a joke token. Interestingly, the creators of the Shiba Inu coin sent half the total coin supply to Ethereum’s founder Vitalik Buterin, while the other half was locked on Uniswap, with the key thrown away.
The Shiba Inu coin uses the ticker symbol SHIB and is an ERC-20 token that runs on the Ethereum blockchain. And yet even as a joke it seems to have massive potential for gains as people have poured massive amounts of capital into the token, hoping for it to continue building on the more than 1 million percent gains already delivered. Which might seem cruel or unjust, but as a direct competitor of Dogecoin, which was openly called a joke by its creator, it’s actually very accurate. While there are certainly proponents of the Shiba Inu coin, there are just as many who call the coin a joke. It hasn’t been yet, but can SHIB be the Dogecoin Killer? Image via Ryoshi Reserach blog. Which is very similar to the Dogecoin that it’s looking to surpass. While the founders of Shiba Inu call it a potential “Dogecoin Killer” based on its ability to surpass “the value of Dogecoin, exponentially, without ever crossing the $0.01 value”, there’s nothing under the hood to give the coin value. The real question though is what is the Shiba Inu project doing to deserve such a massive gain in price? I honestly don’t know of any other coin with that kind of return in under a year.
The community is said to be more than 300,000 strong and while it may not be completely spontaneous, it is creating quite a stir in the cryptocurrency community.Īs of and even after dropping by roughly 50% of its all-time high, the SHIB token is up more than 1,200,000%. “decentralized spontaneous community building (…)” We don’t yet know the answer to that question, but Shiba Inu is an interesting experiment in, as founder Ryoshi says in the Woofpaper: Who is the pseudonymous Ryoshi? Image via RyoshiResearch blog. The photo soon appeared in a number of memes, with the now well-known truncated or broken English expressions. In the original photo Kabosu was looking at the camera with paws crossed and some suspicion in her manner. The original Doge meme was created from a photo of a Shiba Inu called Kabosu who lives in Japan. Another is the tendency for the Shiba to look like it is always smiling.
Some have likened the Shiba Inu as the “cats of the dog world”, and this is one reason why they have become spectacularly popular on the internet. Shiba’s have also been characterized as stubborn dogs, but others say that “free-thinking” is the best way to characterize this breed. The breed is considered to be “spirited” by the Japanese, and this can make for a dog that is challenging to train. The Shiba Inu is a medium sized dog that was bred in Japan as a hunting dog for small game. Why is the Internet Obsessed with Shiba Inu?
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