Anyone who has never heard of the Shiba Inu crypto and its supply of 1 quadrillion tokens should raise their hand. Whether we like or not this Ethereum-based ERC-20 token, the true heir of Dogecoin, it is clear that it has been able to grow since its creation. Today, for this first edition of Coinstory, Coinpri looks back at its history and its future.
The genesis of the Shiba Inu project
The story of the Shiba Inu crypto begins in 2020, when Ryoshi decides to create a new memecoins to exterminate the most famous of all: Dogecoin. The adventure then begins with the Woof Paper, the White Paper that will state the first 3 commandments of the future Shib Army :
- The project starts from scratch, we have to build it together
- When you join the Shib Army, you join a place where your talents can be put to the best use. Be prepared to work.
- We love Shiba Inu dogs.
The ambitions were stated: to succeed at all costs, from the bottom to the top, taking advantage of everyone’s skills, all in an atmosphere of animal advocacy.
A record burn of $7.3 billion that changes the history of the Shiba Inu
If it all started with a desire to become the new trendy cryptocurrency of the Ethereum blockchain and eventually dethrone Dogecoin from its role as the boss of memecoins, the story of Shiba Inu has taken a big turn thanks to Vitalik Buterin, the founder of the Ethereum blockchain.
Ryoshi like many developers launching projects on the Ethereum blockchain admires the creator of it. In May 2021, he decides to send almost 50% of the total supply of Shiba Inu on a wallet belonging to Vitalik.
In a twist of fate, Vitalik refuses the gift and decides to donate 10% of the amount sent to a fund headed by Sandeep Nailwal, the co-founder of the blockchain Polygon to help India, which is then suffering from numerous civilian casualties due to Covid-19. As if that wasn’t enough, Vitalik decided to destroy the remaining 90% of the Shiba Inu he had received by sending them to an address for which he does not have the private key.
This destruction (burn) today estimated at more than 25 billion $ represented then already 7,3 billion $! As one can imagine, if such an initiative had the effect of reducing the supply, it was not very well received by the community of the crypto Shiba.
Shiba Inu, from community to real army
The birth of the Shib Army
Following Vitalik‘s nose dive and the mockery of the cryptosphere, the most fanatical members of the community launch the Shib Army. The objective, to raise the price of the token and show everyone that the Shiba Inu is a serious project.
To achieve their goal, the members of the community launched a record 300,000 signatures petition on the Robinhood platform and were accepted as a method of payment by AMC, one of the biggest movie chains in the USA! The hype continues and the first results are visible on the price of the crypto!
Proud of the result, the Shib Army is now preparing to attack Elon Musk the Dogefather.
The Dogefather has spoken!
When the CEO of Tesla (ed. note: and Twitter now) tweets, the cryptosphere shakes and it is not the Bitcoin and Dogecoin prices that will say otherwise. So it was only natural for the Shib Army to set aside the ultimate representative of the most famous dog on the internets. One question remains, does Elon Musk own Shiba Inu?
The doubt is created when he makes the following tweet:
The answer seems clear, but it is worth making sure. So on October 24, 2021, the Shib Army asked Elon directly. And then…
Despite the efforts of the community, Dogecoin still remains the leader in memecoins, but that’s not going to stop the Shib Army for all that!
The beginning of the end?
Following this setback, the Shiba Inu crypto will continue its rise for a few days and will achieve its All Time High (ATH) on October 28, 2021. Since then the crypto currency has been falling steadily.
With a performance of 2,50,00,000%, you would have only needed to invest $100 to become a multimillionaire. Let’s quote the case of a portfolio of $8000 in August 2021, having turned into almost $5 billion! A success story that attracts new investors every day, dreaming of going to the moon, thus explaining its omnipresence on Twitter and its community larger than blockchains like Polkadot or Solana.
Currently 15th in the Coinmarketcap ranking, the fall of the token does not seem to have demotivated its supporters. If Shiba Inu was originally just another ERC-20 token on the Ethereum blockchain, it is now a real ecosystem that should eventually have its own blockchain. An ecosystem where Shiberse, the official metaverse of the project, ShibaSwap, its decentralized exchange (DEX), the tokens LEASH and BONE, the Doggy DAO, the Layer-2 Shibarium and the NFT Shiboshi and their Shiboshi Game are grafted. So many terms that we will have the opportunity to explore in detail on Coinpri.
The war between Doge and Shiba continues, it remains to be seen who will be able to attract investors in the competitive and ever-changing cryptocurrency market.
Co-founder of Coinpri, Expert in blockchain and NFT, I vulgarize the new web3 and blockchain paradigm here.
