Shiba Inu (SHIB) takes plunge into metaverse: 6 facts about meme token

Highlights

• Shiba Inu (SHIB) takes the plunge into metaverse with the Shiberse project.

• Shiba Inu (SHIB) token soared 3.46% at 7:37 am ET on Friday after the recent decline.

• The token gained 206800% in one year.

 Shiba Inu (SHIB), the famed meme token, is finally taking the plunge into the metaverse. It had been due, given its features and functionality carrying similarity with the metaverse idea. 

The SHIB token sprung back to life after a period of dormancy following the developers’ announcement about their plans last month. 

Details of the so-called Shiberse metaverse project, however, are still hazy. 

Developers gave a glimpse of the project on January 24 when they posted a picture of an animated dog cartoon on Twitter. 

According to some analysts, the metaverse market could be worth US$8 trillion in the coming years. Shiba Inu’s popularity grew last year after it was seen as a competitor to Dogecoin. 

The token’s dog-themed mascot is the Japanese dog breed Shiba Inu. 

The SHIB token was up 3.46% to US$0.00002116 at 7:37 am ET on Friday. Its trading volume in the past 24 hours to Friday morning jumped 17.85% to around US$416.8 million. 

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It is ranked 15th based on market capitalization, currently around US$11.61 billion. The total supply is 589.7 trillion. It gained 206,800% in one year, according to coinmarketcap.com.

So, what is unique about the token?

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 It is a token, not a coin

Shiba Inu is not a coin. It is a token based on the Ethereum blockchain. Coins have their own blockchain, such as Bitcoin, Ethereum, Dogecoin, etc. But tokens are created on an existing blockchain—for example, blockchains like Shiba Inu, Binance USD, Tether, etc.

Shiba Inu was launched as a competitor to Dogecoin, a meme coin. Although it started as a community-driven token, it soon became a billion-dollar crypto project. It described SHIB as a Dogecoin killer on its website. Here we discuss seven things to know about the token.  

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Shiba Inu Founder

The token was created under the pseudonym Ryoshi. The real founder is still not known, the same as Bitcoin. Shiba Inu’s creator could be a single person or a group under the pseudonym. 

Vitalik Buterin Connection 

Shiba Inu stated on its website that it had a supply of one quadrillion tokens when its founder Ryoshi locked 50% in Uniswap and “burned” the balance to Ethereum founder Vitalik Buterin for safekeeping. Buterin co-founded the Ethereum blockchain network.

 According to Shiba Inu, Buterin burned 40% of its tokens to a dead wallet. Crypto burning refers to the removal of tokens from circulation permanently. It is done by transferring the tokens to a wallet from where they can never be retrieved.

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Shiba Inu Ecosystem

The Shiba Inu ecosystem has three tokens. The SHIB token was its foundational currency and the first to be listed on ShibaSwap, its proprietary decentralized exchange.

 Its second token is Lease (LEASH), listed on ShibaSwap, created to offer a reward to holders. The third is its governance token Bone (BONE) that gives holders voting rights for proposals.

Utilities

Its ecosystem includes the DEX ShibaSwap, which supports NFTs and Defi platforms.  

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Defi Products

Shiba Inu supports smart contracts, and thus it can be used for earning passive income by lending and staking the token. Elon Musk’s positive remarks on the token in Twitter messages helped gain popularity. Given his vast Twitter followers, his tweets made a major impact.

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Bottomline

 Since the launch of Bitcoin in 2009, the crypto market has seen the entry of numerous digital assets. Bitcoin still leads the pack in market value. However, investors should exercise due diligence before investing in cryptos, given the market’s extreme volatility.