What is Shiba Inu (SHIB)? | Who is the founder of Shiba Inu?

 What is Shiba Inu (SHIB)?

Once upon a time, there was a very special dog. That dog was a Shiba Inu, and this dog inspired millions of people around the world to put money in tokens with a dog image on it.

According to the SHIBA INU website, SHIB is "DOGECOIN KILLER" and is listed on its own ShibaSwap, a DEX. The Shiba Inu coin was minted anonymously in August 2020 under the pseudonym "Ryoshi". Ryoshi says of himself that he is nothing and not important and that efforts to uncover his identity, even if successful, will be overwhelming.

The meme coin quickly gained momentum and value as a community of investors was captivated by the coin's eye-catching charm paired with headlines and tweets from personalities such as Elon Musk and Vitalik Buterin. Vitalik Buterin was long considered the originator of the Shiba Inu, but denied such rumors on the Lex Friedman podcast on June 5, 2021.

Shiba Inu aims to become the Ethereum-based equivalent of Dogecoin's crypt-based mining algorithm. The Shiba Inu and SHIB tokens are part of a swarm of Doge-themed cryptocurrencies, which include Baby Dogecoin (BabyDoge), Dogecoin (DOGE), Jindo Inu (JIND), Alaskan Inu (LAS) and Alaskan Malamute Token (LASM). These low-value tokens attracted investors who missed the Dogecoin pump from 0.0002 to around USD 0.75.

The success of Shiba triggered an avalanche of copycats such as Bitshiba, Shiba Phantom, Shibalana, King Shiba, Shibawax, Captain Shibaro, Shiba2K22, Spookishiba and countless others. In total, there may be over 100 copies of the Shiba Inu, and the number continues to grow.

On September 17, 2021, Coinbase, America's largest crypto exchange, listed the Shiba Inu on its platform. The news caused the price of the Shiba Inu to rise by over 40% over the next two days, bringing the Meme Dog token back into the limelight.

The Shiba Inu has since attracted even more interest from other exchanges. Mexico's largest cryptocurrency exchange Bitso announced in September that SHIB would begin trading on its exchange. Indian crypto exchange Giottus announced this. Europe's largest crypto exchange Bitstamp said it will list the Shiba Inu for trading in early 2022. South Korean exchange, Korbit, became the first exchange in the country to list the SHIB token in 2021.

Who is the founder of Shiba Inu?

SHIBA INU WoofPaper has three reasons why his team created SHIB:

"We started from scratch, from scratch."

"The brilliant minds behind Shibb have collaborated like never before."

"We love Shiba Inu dogs."

The unknown creator of the Shiba Inu coin is known as "Ryoshi". However, little is known about the mystery founder of the dog-themed cryptocurrency, like Satoshi Nakamoto, the founder of Bitcoin.

In his blog Ryoshi Research, he describes himself as "just some guy tapping on a keyboard with no results." Ryoshi said projects typically have different roles like a CEO, a "tech guy" and a roadmap, which can result in "somebody being a bitch." He insists that along with SHIB, no one person is accountable or responsible and underscores that he owns 0 SHIB to date. For this reason, Ryoshi can be "pure and fair", deriving gratification from Shiba "in other ways".

It has been speculated that Vitalik Buterin was behind the initial liquidity which helped establish the Shiba Inu's liquidity on Uniswap. According to Ryoshi, their meeting at Devcon in Osaka was “a frenzy” that sent him 10 ETH to set up a liquidity pair on Uniswap. Ryoshi also stated that the Shiba Inu was an experiment in decentralized community building, and thus rejected all influential requests and pitches from the various exchanges he received. His "job" is to protect and suggest the brand, although he does very little, as his last blog entry is from May 2021.

What makes a Shiba Inu unique?

The SHIBA INU website invites dog-inspired artists from around the world to promote the "artistic Shiba movement" as they bring their SHIBA INU community to the NFT market. Shiba Inu has also created a campaign using Amazon Smile to collect donations to save real, live Shiba Inu dogs with the Shiba Inu Rescue Association.

Initially only a meme coin of many, the Shiba Inu skyrocketed to popularity after Vitalik Buterin famously burned his share of the SHIB supply. Ryoshi gave 50% of the SHIB supply to Buterin, declaring that "until Vitalik hugs us," the Shiba Inu will be fine.

However, Buterin decided to burn 90% of his share, which would have been worth billions later due to the rising value of SHIB. The remaining 10% was sent to a charity, as was nearly 50 trillion SHIB more that Vitalik donated to a COVID-19 relief fund. He said he didn't want to "become a powerhouse" and thus gave the token away. This resulted in a temporary loss of value for SHIB, which was later established by the community in an agreement with the charity in question.

The token was recovered after the arrangement was agreed upon.

Sheeba I. Ryoshi's goal for

NU is done to see if a sustainable decentralized organization can function without central leadership. In a blog post, Royshi said that the crackdown caused by Buterin's token donation made the community stronger and enabled it to further distribute and decentralize the movement. Their vision is to demonstrate its usefulness for the core ecosystem, while the Shiba Inu—its own stablecoin—becomes a global exchange of value.

In October 2021, SHIB rose to the news of a potential Robinhood listing and briefly flipped Dogecoin to become the most valuable meme coin by market capitalization. So far, Robinhood hasn't listed SHIB, despite a petition asking for it with over 500,000 signatures. Robinhood executive Christine Browne appreciated the efforts of the Shiba Inu community, saying that one of her favorite things was that she engages with the community to voice their wishes. However, Robinhood will prioritize security over the “short-term benefits” of a new token listing and what Shiba Inu fans have been waiting for.

The October 2021 price hike made a billionaire famous, as a wallet was revealed that bought $8,000 worth of SHIB in the summer of 2020, at an all-time high valuation of SHIB at more than $5.7 billion. The owner of the wallet has not been determined, although the person appears to have transferred parts of his fortune to other wallets several weeks after the price explosion.

The increase in price has also led to an increase in token holders. WhaleStats compiled data from the largest ETH wallets and found that SHIB represents over 20% of the combined market share of all ERC-20 tokens held by Ethereum whales. CRO was second with only 5%. SHIB also crossed the one million holder mark after its all-time high.

Furthermore, after its popularity among small-time investors, retailers began to adopt SHIB as a means of payment. US electronics retailer Newegg added SHIB in early December 2021, partnering with crypto payments platform BitPay to unlock payments in SHIB. Samsung-backed digital wallet provider ZenGo added SHIB to its options after more than 500 merchants adopted SHIB, according to payments firm CoinGate, and a restaurant in Paris accepted it as a payment option. At one point, the Shiba Inu community called on McDonald's to accept the Shiba Inu, although the social media effort eventually fell short.

A major reason for the rising price of SHIB was a continued effort by the SHIB community to create a utility for the Shiba Inu token and the subsequent emergence of the entire Shiba Inu ecosystem.

ShibaSwap is the coin's designated DEX which began as a fork of ShibaSwap which, in Ryoshi's words, has "its own little twists and elements". In addition, the Shiba Inu also plans to develop SHI, which will be a "global exchange of value for plebs", an algorithmic stablecoin pegged to a dollar rather than as most other stablecoins. Its launch is planned after a Shiba layer-two solution called Shiberium, and Ryoshi envisions Shi to work in a similar way to DAI. That way, the SHI will have collateral as a backstop that will push it back up to one percent if the peg is lost.

According to Ryoshi, the ultimate goal is for SHI to become a global stablecoin "that plebs in all countries will be able to use as both a store of value and a method of payment."

In addition to SHI, a financial ecosystem is planned, and SHI will be added as a weighted pool pair on Curve. In that case, Ryoshi expects forks of the major DeFi protocol to appear in the Shiba Inu ecosystem, which will require an immutable bridge to function.

Shiba will also begin hosting local meetings and the once-a-year Shibakon conference, which will be held in an easily accessible location in a country without oppressive visa restrictions "for inclusion for global people."

The Shiba Inu has implemented an immediate change that is increasing the token burn, which has sparked a renewed interest in the token in early 2022. Big Entertainment, a crypto record label selling merchant, NFTs and concert tickets, organized a SHIB burn party that burned over 239. Million SHIB on Christmas. In total, the team has burned nearly a billion SHIBs since the end of October.