In fact, in this article, we will explore the answers to the question: What is Shiba Inu? What is the SHIB token? What is the Shiba Inu Metaverse? So let’s get started!

Who is the Founder of Shiba Inu?

Shiba Inu was founded in 2020 by an independent crypto enthusiast known as Ryoshi. However, it is fully owned by a decentralized community called ShibArmy. Ryoshi, who has a strong interest in decentralized communities, envisioned creating a cryptocurrency and community from scratch without any costs. During the development of the project with his friends, they decided not to allocate any tokens.

So what happened?

If you look at any other crypto project, you will see token allocation tables where a certain percentage is allocated to team members, marketing, and more. But it’s different for Shiba! Ryoshi, as an ordinary investor, involved himself in the project to ensure it belongs entirely to the community and is community-driven. Consequently, there was no token allocation, and Ryoshi didn’t have to pay advertisers (influencers) or exchanges for marketing and token listing.

What is the Shiba Ecosystem?

As mentioned earlier, the Shiba ecosystem provides various services like Metaverse, NFTs, DeFi, and DAO. Let’s take a closer look at each one!

What is Shibarium?

So, Shibarium is a layer 2 blockchain structure for the Shiba ecosystem. It is still in beta and aims to offer speed, security, and low transaction fees. Additionally, it assists developers in creating new programs. This layer 2 feature is vital for the continuation of Metaverse, NFT games, and Web3 innovations. Shibarium is currently available on the testnet version called Puppynet for testing and development purposes.

What is Shiba Eternity?

Shiba Eternity is the first game developed within this ecosystem. It is a card game-based war and strategy game. The Shiboshi NFT collection is designed for this game, which we will discuss shortly. Developed with contributions from Play Side Studios and William Volk and popularized by ShibArmy, Shiba Eternity is currently compatible with mobile devices. But is planned for PC development in the future. It consists of six characters:

• Chewjitsu
• Taikwondoje
• Ryo Chi
• Bite Thai
• Woof Chun
• Shyjitsu

What is Shiboshi NFT?

Shiboshi NFT is an Ethereum blockchain collection for the Shiba Eternity game. It consists of 10,000 characters. It is currently available on the OpenSea platform with a floor price of around 0.33 ETH. Equally important, the limited supply and the popularity of the Shiba Inu project have already increased the lowest value of this collection to around $700 at the time of writing.

What is ShibArmy?

ShibArmy is a decentralized autonomous organization (DAO) and a non-profit community with a strong presence in social media. Unlike other communities, it is more dynamic and has a goal of not seeking profit, except for returns from their investments. ShibArmy has been the driving force behind the success of the Shiba project. With a community numbering in the millions, Shiba Inu shows how a project can grow from scratch and become one of the most popular cryptocurrencies globally.

What is Shiba Metaverse?

ShibArmy designed Shiba Metaverse to be accessible to everyone. As it is still in the development phase, we have limited information about it. However, we know that this metaverse project, backed by the $SHIB token, will facilitate the token-burning process. Token burning reduces the token supply, temporarily increasing its value. The project encompasses a total of 100,595 plots of land, of which 36,431 are currently available for sale on the OpenSea platform. Moreover, landowners can use these plots for investment, generating additional income within the metaverse, and construction purposes. The lands are in various categories as follows:

• 4th Level Silver Fur: 17,030
• 3rd Level Golden Tail: 7,356
• 2nd Level Platinum Paw: 5,714
• 1st Level Diamond Tooth: 2,024
• HUBS: 4,307

HUBS are lease-only products, but they provide the highest returns. HUBS consists of 11 different regions, each with its unique characteristics.

What is the SHIB Token?

The SHIB token and its derivatives, related to this ecosystem, are a part of the ERC-20 network. Each has a different purpose, market cap, total supply, and price. The SHIB token, or $SHIB, is the currency that supports various applications within the Shiba ecosystem, such as Shiba Metaverse and ShibaSwap. There is a total supply of 589,605,139,213,048 tokens, with 589,536,909,347,051 tokens currently in circulation. Notably, Vitalik Buterin had a significant portion of the supply (50%) for the burn process. However, Vitalik decided to donate this supply to India as part of a COVID-19 relief campaign.

The current $SHIB data is below.

LEASH Token: There are a total of 107,646 LEASH tokens available within the Shiba ecosystem. LEASH provides advantages such as participating in land pre-sales, free NFT minting, and income services for liquidity providers. It has contributed to increasing the value of the Shiba ecosystem. You can only purchase LEASH tokens through ShibaSwap.

The current $LEASH data is below.

BONE Token: With a total supply of 250,000,000 tokens, BONE supports community-related voting, transaction fees (gas fees), and access to Layer 2 applications with faster and more cost-effective fees on the Ethereum blockchain. It has contributed to increasing the value of the Shiba ecosystem. You can only purchase BONE tokens through ShibaSwap.

The current $BONE data is below.

What is ShibaSwap?

So, as the name suggests, ShibaSwap is a decentralized exchange that enables swapping transactions. Currently, it only supports ERC-20 tokens, but with the upcoming Layer 2 update, new networks will engage. The platform aims to provide users with fast and low-cost swap transactions and rewards liquidity providers. In addition, ShibaSwap plans to make the most significant contribution to the Shiba ecosystem. It is the exclusive platform for trading the aforementioned tokens.

Who are the Partners of Shiba Inu?

Shiba Inu does not have any investment firms to align with its original purpose. Built entirely from scratch and developed with investments from the community. However, there are several service partnerships today that also contribute to token burning through their services. So, the main partner of Shiba Inu is ShibArmy. Some of the service partnerships include:

• Certik
• Skynet
• NOWPayments
• Welly
• John Richmond

How Can I Enter the Shiba Ecosystem?

If you want to access the applications mentioned above, you will need a Metamask wallet. Because Metamask is the primary wallet for transactions. It also includes land purchases and gameplay within the Shiba ecosystem. You can learn how to create a Metamask wallet by watching our tutorial video on the Coin Engineer YouTube channel.

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The post What is Shiba INU ($SHIB)? appeared first on Coin Engineer.

So, everyone wants to know if this will happen again. Because the coin did that in the past and it can do it again. Here, answers the questions: Will Shiba Inu reach 1$ or not? Millions of investors have hope for the coin and its price.

Rise Of 8 Million Percent

We already know Dogecoin. It’s also a meme coin. Dogecoin’s price raised in 2020 and the coin created new meme hype in the crypto market. Next, was created Shiba Inu and raised quickly. Everyone starts investing in Shiba Inu who catches the “Dogecoin Train”.

Shiba’s price raised rose by 80.000 times thanks to Elon Musk and other influencers. Shiba Inu price’s all-time high (ATH) was 0.00008845 dollars. Among the effects was Binance. Hence, Shiba Inu’s price was raised to that area due to listing on Binance.

Shiba Inu’s price is 0.00006 cents when was written the blog. I mean Shiba’s current price is down %70 from ATH.

Will Shiba Inu Reach To 1 Dollar?

We need a little mathematical calculation. But don’t worry, that’s not difficult. There’s one formula: Market Cap= Current Price * Circulating Supply. Let’s get started expecting the prognosis of the next price.

According to CoinMarketCap Shiba’s current market cap is 4 billion dollars. The circulating supply is 589,349,064,330,322.9. In this case, we can calculate the next price. We must do that: Market Cap/Circulating Supply. The coin’s current supply is approximately 500 Trillion. I mean Shiba Inu needs 500 Trillion dollars for reaching to 1$. It’s impossible. Bitcoin’s market cap is 500 billion and its supply is about 19 Million. Even Bitcoin doesn’t have that market cap.

In another situation, Shiba needs huge burnings. Burning mechanisms work like that: Somebody (individual or institutional) is buying large amounts of the coins and sending them to a null address. This is also impossible because nobody wants that, I mean don’t want to waste their own money for any meme coin.

You might also like: What Is Binance NFT Marketplace And How To Use It?

Another Reason For Another Barrier

The Musk effect

We already know about the CEO of Tesla and Dogecoin fan Elon Musk. Already we can say he started the meme coin rallies. Musk and their tweets which they are following millions of persons. So, what did Musk do?

Dogecoin raised the first giant rise because of her tweets. He announces that I’m a backer of Dogecoin in his own tweet. And then he continues sharing the tweets. He did the last which was to change Twitter’s logo to a Dogecoin icon.

But right now Musk’s tweets don’t have influence as was happened in the past. Even Dogecoin backers and fans judge her because of these behaviors.

ShibArmy loses their own powerful

In the past, Shiba Inu had so stronger community. The community is the main fundament of the meme coin. But now there isn’t the power due to failing price, market cap, etc. If there isn’t a strong community, there isn’t a rising price.

What We Must Do?

First of all, you must learn. Even you just must learn. Because you are an investor in the market. You must get some knowledge about cryptocurrencies and blockchain technologies. For example, you investing in Solana, but you definitely have no idea what is Solana and how to work it, in this scenario, you’re doomed to failure.

That’s why, don’t think about what will any coins in the future or don’t say I wish I bought Bitcoin in 2009, etc. The opportunity there is in the market every time. You should learn and work instead of being too sad.

You can present your own thoughts as comments about the topic. Moreover, you can follow us on Telegram, Twitter, and YouTube channels for the kind of news.

The post Will Shiba Inu Coin Reach $1? Shiba Inu Price Prediction appeared first on Coin Engineer.