Shiba Inu – can the meme coin build on recent gains?

Source: capital.com

It’s the crypto token designed to take meme coins to another level, but what is SHIBA INU (SHIB)? Let’s see what we can find out, and also see what might happen soon. What is the future of shiba inu? No one can tell with any certainty, but we will take a look at some of the SHIBA INU price predictions that were being made as of 23 February 2023.

Shiba inu was launched in August 2020. The memecoin is a play on the Dogecoin (DOGE) meme, which is itself a parody on cryptocurrency in general. Coins themed around the Japanese Shiba Inu dog breed gained popularity in 2021 as the market blossomed and DOGE turned from a joke into a serious player. 

Shiba Inu is built on the Ethereum (ETH) network, which means that it is a token, rather than a coin. You might see references to a shiba inu coin price prediction, or have people ask “what is the future of shiba inu coin”, but they are wrong. 

According to its website, Shiba Inu initially had a supply of one quadrillion tokens. Half of the total supply was locked in the Ethereum-based DEX Uniswap while the other half was sent to Ethereum’s co-founder, Vitalik Buterin, “for safekeeping”.

In July 2021, Buterin donated 50 trillion SHIB coins, which represented 5% of its total supply, to India’s Covid-19 relief fund. Buterin also sent 40% of Shiba Inu’s total supply to a “dead wallet”, which is also referred to as burning, according to Shiba Inu’s website. 

The project has evolved from the SHIB decentralised meme token into an ecosystem that incorporates the LEASH and BONE tokens. Shiba Inu’s network also has a decentralised exchange (DEX) called ShibaSwap and a non-fungible token ( NFT) incubator called the Shiba Incubator.

Shiba Inu has additionally set up a non-profit volunteer organisation called the Shiba Inu Rescue Association, which is dedicated to saving abandoned, neglected and abused Shiba Inu.

Anonymous founder

Ryoshi is the founder of Shiba Inu. Like Bitcoin’s (BTC) alleged founder, Satoshi Nakamoto, Ryoshi has chosen to remain anonymous. Anonymity is not uncommon in the cryptocurrency sector. Many users are drawn to blockchain payment networks such as Bitcoin, as they promote decentralisation and privacy. 

As of 23 February 2023, it has been over a year since Ryoshi’s last blog post on the online publishing platform Medium. Ryoshi has also deleted all tweets and replies on Twitter.

One of Ryoshi’s last Medium posts, published on 30 May 2021, read: “I am not important, and one day I will be gone without notice. Take the SHIBA and journey upwards frens.”