The notorious US rapper, Ice T, start investing in Shiba Inu Cryptocurrency. “I urges everyone to go out purchase the doge coin killer. I also purchase 2 billion Shiba Inu coins”, Ice T say.
Cryptocurrencies that share an incredibly cute Shiba Inu mascot have taken center stage in the realm of meme coins. Dogecoin (DOGE) was the pioneer of doggy cryptos, released as a joke in 2013 when both Bitcoin and the Shiba Inu “doge” meme were all the rage. To the astonishment of the creators, Doge became quite popular soon after its release. However, many of its users eventually lost interest in the project until it was reintroduced into the popular consciousness by Elon Musk and users on a cryptocurrency forum on Reddit called SatoshiStreetBets.
Shiba Inu (SHIB) launched in August 2020 with the mission of overtaking Dogecoin. Shiba was dubbed the “Doge Killer” because of its mission. So far, Shiba has mostly just profited off the similarity between the tokens and followed behind Doge. When Doge suddenly became popular again, Shiba’s price skyrocketed because they share the Shiba Inu mascot and investors believed that Shiba could be the next Doge. The Shiba Inu team recently luanched a decentralized exchange (DEX) called ShibaSwap where users can stake their Shiba tokens to earn interest.
Shiba Inu was founded by Russian Vitaly Buterin. Shiba is an ERC-20 token on the Ethereum network, which allows the developers to build the ShibaSwap DEX and integrate other tokens and NFTs into the platform’s ecosystem. The maximum supply of Shiba was set to 1 quadrillion tokens, which is much higher than most cryptocurrencies. The enormous token size caused Shiba’s price to be much lower than most assets with similar market capitalizations.
Half of the minted Shiba were locked into Uniswap to reward liquidity providers in Shiba pools on the DEX. The other half were sent directly to Vitaly Buterin, the visionary developer who founded Ethereum. Ryoshi’s intention was to burn the tokens, hoping that Buterin wouldn’t sell them, which would make the Shiba token basically worthless. By May 10, 2021, Buterin’s 500 trillion Shiba was worth billions of dollars, way more than any other token in his wallet.
Buterin realized that he could make an enormous impact in the world with the money and decided to donate 20% of his Shiba (100 trillion Shiba worth over $1 billion – 10% of its total supply), split between two charities. One of the charities wasn’t named, and the other is the India COVID-Crypto Relief fund. This gift was one of the largest single donations ever made with cryptocurrency and brought legitimacy to Shiba and the cryptocurrency market as a whole.