The Shiba Inu Coin: the most successful Dogecoin parody coin
This year was the year of the Doge meme: an image of a Shiba Inu surrounded by grammatically incorrect text in various colors. Dogecoin, a cryptocurrency, was created in late 2013 as a result of the meme’s popularity (DOGE).
Nobody could have predicted at the time that the crypto coin Dogecoin would become incredibly common and valuable. Dogecoin has also drawn the interest of multi-billionaire and Tesla owner Elon Musk since early 2021.
The popularity of Dogecoin drew the attention of other entrepreneurs. Shiba Inu, dubbed “DOGECOIN-KILLER” is one of these campaigns.
What exactly is a Shiba Inu?
Shiba Inu is a decentralized group development experiment. In the crypto universe of 2021, such a collaborative project idea is nothing new. SAFEMOON and other related coins created a lot of buzz not long ago.
According to Shiba’s whitepaper, this situation was inspiring, but due to corruption and a centralized culture, it did not last long. Meanwhile, Shiba Inu’s creators were hard at work on a “100 percent community-driven cryptocurrency experiment”
SHIB, LEASH, and BONE are the three crypto-coins that will make up the Shiba Inu ecosystem.
SHIB coin: The Shiba Inu project’s first token, which enables people to own billions or even trillions of them. Cryptocurrencies are, indeed, incredibly “cheap” In fact, it’s not very cheap because the overall market capitalization, not the price per crypto coin, determines how much a coin is worth.
The LEASH Token is the Shiba Inu ecosystem’s second token. As a result, the aim of this token is for its price to be related to the price of Dogecoin. Later, the LEASH token was determined to be a plain ERC-20 token, similar to SHIB.
The LEASH token, unlike the SHIB token, has a mega-limited availability of around 100,000 tokens. As a result, the price of token is significantly higher than SHIB’s, but the overall market cap is significantly lower.
BONE token: The BONE token is the third token in the Shiba Inu ecosystem and is currently not tradable. The BONE token would be converted into a governance token, allowing users to vote for it.
In the future, you will be able to vote on which token pairs are specified on ShibaSwap using the BONE token. You have more voting privileges if you have more BONE tokens.
The Shiba Inu initiative isn’t meant to be taken seriously. The project seems to be a hoax that has gotten out of control, similar to Dogecoin. Nonetheless, there is some construction work going on behind the scenes of the launch.
This article is not sponsored in any way. Our income comes only from donations, so we don’t depend on anyone. Read more about our journalistic values and how you can support our mission.
Nothing on Cryptinus constitutes professional and/or financial advice. Always think for yourself and make sound decisions when investing. Never invest money that you can’t afford to lose.