Today I'm going to tell you everything I found out about Shiba Inu and Why shib might actually have potential.I need to give you a disclaimer before I talk about Shiba Inu. I am not a financial advisor , I'm just an educator and this blog post is written with the sole purpose of providing you factual information. Please contact a financial advisor if your portfolio has been killed. If you're new here, you might be feeling a little bit lost right My name is "MrCrypt "and I am your crypto geek here at the cryptolibrarynow . I pass on the knowledge of cryptocurrencies, exchanges, DeFi, protocols, NFT'S and market analysis are just a few of the topics I tackle on the daily basis. Now enough with the intro. Let's get it on , Let's unpack "What Is" Shiba Inu...
What is Shiba Inu ?
Shiba Inu was created in August 20, 20 by a pseudonymous developer name, Ryoshi. Although Shiba-inu is branded as the quote Dogecoin killer, Ryoshi explained in his first medium post that the project is essentially an experiment in community governance and decentralization. Ryoshi came up with the idea for should be in you with an anonymous friend who had met at the Ethereum Dev-con conference in Japan in 2019. This anonymous friend is the one who created the ship token smart contract on the theorem and also provided 10 eth as liquidity foreign eth ship trading pair on the uni Swap decentralized exchange. According to Ryoshi, this anonymous friend is a quote successful businessman, so 10 eth is nothing for him. After the initial hype died Shiba Inu went into hibernation until February this year when Rayo she posted another article on Medium. In it he explained that Shiba-Inu News return is because quote with the resurgence of Doge, ship has caught fire and is threatening to turn over the entire market. The final sentence in the post also stuck out for me and it reads quote I don't like "centralised exchanges. Oftentimes they destroy community projects by price depressions. I do not endorse any and only encourage you to use uni swap and decks". Shiba-Inu first news mention came in mid March, and it was about a 300% price pump caused by Elon Musk's tweet that he would be getting a Shiba new dog. About one month later, the Shiba Inu community released the first version of a white paper, which is of course called the Wolf Paper. Sheebs similarities to doge caused it another dog seen tokens to dominate the headlines in may, especially when Vitalik announced his massive shipborne and donation. I'll explain that when I get into ships to comics.
What is Shiba Swap ?
As shiba-inu's own website explains, shib is no longer just a meme token, it is a part of a larger ecosystem being built by the Shiba Inu community. Most of the Seeker system centres around defied, specifically the Shiba swap decentralized exchange whose code is currently being audited by CERTIK. Like some other decks is Shiba swaps launch will begin with a 2 week liquidity event which will incentivise liquidity providers to move their LP tokens from UNI Swap and Sushi Swap to Shiba Swam, now for those unfamiliar. Liquidity provider tokens or LP tokens are given to users who give 2 cryptocurrencies to a decentralized exchange to earn fees for that trading pair. For example, if you provide Eth and USDC liquidity to the eth USDC Uniswap pool. You will receive an equivalent amount of LP tokens. Well, not exactly, but that's a topic for another time. The main takeaway here is that these LP tokens represent the Eth and USDC. See you locked in the units walpool. Each LP token type is fungible thst is identical and can easily be traded with other users. By incentivising uni-Swap and sushi swap Lp's to move a LP tokens to Shiba swap it becomes possible. To do something called a vampire attack where in all the liquidity on a deck's is swapped to another. In plain English it makes it possible to take most of the crypto currency trading pair value from one decks and move it to another decks. From where I'm standing its clear that this is exactly what the Shiba Inu community is looking to do, and they are hoping to lower dog minded Lp's to their decks with bones. Literally.
Shiba Inu's Bone Tokenomics -:
Bone is an ERC 20 token on Ethereum and a part of Sheeba Inu's upcoming ecosystem bone is not yet in circulation. The bone you'll find on Coinmarketcap in coin gecko is related to a different dog project. Shiba Inu's Bone will be given as reward to status and liquidity providers on the Shiva swap decks, and it will also give governance rights to its holders where one bone equals one vote. Bone can also be staked to earn more bone, and providing liquidity for the Bone Eth pair will allow Bone Eth Lp's to earn 0.1% of all DAI and USD swap transactions and interesting setup to say the least. Bone will have a maximum supply of 250 million and a predetermined amount of bone will be generated per Ethereum block until it reaches its maximum supply in a few years. Note that it's extremely aggressive during Shiva swaps 2 week liquidity event to incentivise Lp's to migrate there LP tokens from other decks. A small portion of the Bone per block will be allocated to a multi signature development wallet to ensure the long term sustainability of the project. On that note, it's worth pointing out that the first version. Paper notes that centralised exchanges will not be allowed to earn any bone rewards from Shiba swap. Where is the second version specifies the quote. Unaffiliated centralised exchanges will be barred from earning bone rewards. This is one of the few changes between the 2 wolf papers, with most relating to the bone rewards earned by stakers and Lp's which deal in not just bone and shib, but another token called leash.
Shiba Inu Leash Tokenomics -:
Leash is another ERC 20 token on Ethereum and also part of Shiba Inu's upcoming ecosystem. Leash is in circulation as of April, and it was initially designed to quote tame dose by rebasing to 1000 X the price of doge at 6:30 UTC everyday. Now, as a simple example, if doge is worth one cent at that time, leash will rebase to $10. Ryoshi's reasoning behind leashes to quote, "offer a synth to hedge the price of doge". Anyways, leash is no longer are rebase stock and it has a maximum supply just north of 107k leash all of witches in circulation. This low supply is why leash has such a high dollar value, in case you didn't know. Well leash has no use case per say. It can be stake to eth bone and those who provide liquidity for the leash eth pair will earn 0.1% of all wrapped BTC and USDC swap transactions. This brings us to our 3rd and last token and that's shib.
Shiba Inu Shib Tokenomics -:
Shib is an ERC 20 token on Ethereum and the flagship token of the Shiba Inu ecosystem. Shib had an initial supply of one quadrillion. 50% of this supply went to the initial Eth shib pool on Uni Swap and the remainder was sent to ethereum founder of vitalik's Cold Wallet address by Shiba Inu founder. The reason why why ryoshi did this is not entirely clear, but it was likely for marketing purposes since many other cryptocurrency projects have tried running campaigns saying that vitalik supports the project after sending their tokens to vitalik's Wallet address without his knowledge. Wheter Vitalik had advanced knowledge of this token transfer in particular is something out begin to later. According to vitalik, he noticed earlier this year that he had billions of dollars of a token courtship in his cold wallet address. At the time of vitalic was a billionaire from his eth holdings alone, so he figured that donating these dog tokens would be the best course of action. It's just one problem, and that's vitalik was stuck overseas because of the pandemic, and part of his cold wallet address was at his parents home in Canada. After assembling the full seed phrase vitalik access to scold wallet and proceed it to burn, 80% of the shib to conceive been given. He then donated the remaining 20% to various organisations and causes, notably the India Covid Relief Fund and an institute which specialises in longevity research. There are apparently other organisations which have yet to announce that they have received ship tokens from Vitalik as a donation. Now this is important to know because it's been falsely reported that Vitalik burned 90% of his shib and donated the rest to just the India Covid Relief Fund. In any case, the total value of the shib Vitalik burned was over 6 billion dollars at the time. It's unlikely that this money could have been cashed out because of market depth, but that's neither here nor there. As with leash shape does not have a specific use case. However, ship can be staked to earn a boat load of bone in addition to 0.1% of all Eth swap transaction fees on Shiba swab, which is likely to be lucrative. And now for the moment, I'm sure you've all been waiting for the ship price analysis.
Shib Price Analysis -:
Shib was worth next to nothing until the end of February when its price started to spike alongside Doge. Ship continued rising into March and April and peaked in mid May at 3Thousands of ascent after its finance listing announcement. The massive crash that came shortly afterwards, who is caused by combination of cell pressure from ship donation recipients coupled with the general crash of the crypto market. Even though Shib has fallen from grace, it's still somehow has a market cap of over 3.3 billion dollars. And this brings me to a very important point. Shib will never reach a cent, much less a dollar and thats because its supply is so massive. This is something that the average crypto invest. It doesn't seem to understand. Reaching a dollar would give shape a market cap of nearly 400 billion dollars, which would make it larger than ethereum. I hate to burst your bubble, but that's not going to happen. That said, ship still seems to have some potential given that it's moments away from releasing the shiba swap text, which will drive demand that doesnt depend on doge coin. Call me crazy, but I think we could see shape retest its previous all time high, especially if the rest of the crypto market is moving in the same direction. Ships coin based listing will certainly help as retail traders pile in under the pretense that theyll get rich if it goes to a dollar, which again isn't going to happen. On that note, you might be wondering why ship isn't trading on Coinbase already. Well, apparently this is due to technical issues on Coinbase decide, which you also delayed. The listing of solana is sol by over a month. The strange thing is that ship isn't on its own blockchain, its an ERC 20 token. Now to my understanding IRC 20 tokens are extremely easy to list on exchange. So this leads me to believe that there are other reasons for ships coin based listing delay and one of these might relate to the Shiba swap decks. Queen best tends to list cryptocurrencies that are complete, and Shiba Inu won't be complete until the Shiva swap text launches. Rather than backtrack on their listing announcement, Coinbase might be claiming technical issues to buy time, so it's not to set a bad precedent for future token listings.
Shiba Inu Roadmap -:
So when could we see the Shiba swap decks? Members of the Shiba Inu community have already released deck's demos on YouTube, so we know it's not just smoke and mirrors. Shiba swap has actually been in the works for quite some time, and I suspect that the launch was delayed after the release of Uni Swap We 3. This is because LP tokens on Uniswap we 3 are non fungible there, literally like effects. And this means that other taxes can't pull off the sort of vampire attack I described earlier. To my understanding, Shiba swap will be released once certix completes its audit of the code. While that does not appear to be a set date for this, I couldn't help but notice the latest wolf paper shows bones emission schedule beginning on July the first this year. As with the first wolf paper, the second version also reiterates the fact that the official road map for Shiba Inu is quote Top Secret, though it does offer a few hints as to what comes next after Shiba swap. The first thing we will see after Shiba swap launches is the introduction of a 4th token called treat. Who's tokenomics have yet to be detailed. All we know is that it will be a quote. Very special token. Later this year, we will see the formation of the quote doggy down, a decentralized autonomous organization or government, the Shiba Inu ecosystem. No fix date is yet been provided for the down. Sheba Inu longer term road map was detailed by Ryoshi in his most recent medium post at the end of May, and it contains some pretty ambitious goals. The first is the creation of a layer 2 block chain for ethereum called shibarium which will have bone as its native token. Riyashi notes that he's reached out to a team which will develop this blockchain pro bono, and I suspect it might be Polygon given by ryoshi description of shibariim. The second gold depends on the first and thats the creation of a stable coin called sheep that is pegged to 1 cent. With she and shibarium ryoshi hopes that Shiba Inu will finally become the Dogecoin killer it was bread to be. Did I mention that it will do defy as well or should I say sheeb fi? Anyways, the final goal detailed by ryoshi. Involves the creation of Shiba coin an annual crypto Conference for Shiba Inu Enthusiasts. Tentative dates and locations have already been set for the first 3 Sheba coin conferences and this brings me to today's last topic.
The Ryoshi Mystery -:
who the hell is ryoshi? To my understanding, ryoshi identity has yet to be revealed. However, what we do know about him suggest this whole shiba inu Saga didn't happen by accident. Ryoshi first medium post finishes with a rare photo of vitalik buterin in Japan, presumably during DEFCON in 2019. The man in the brown jacket is apparently Ryoshi himself. If this is true, then vitalik, maybe the anonymous friend Ryoshi credits for creating the shiba inu smart contract and providing the initial Eth liquidity for shib on uni swap. More importantly, it's not just vitalik who's in that photo? Ethereum foundation director I aya miyaguchi is also seen walking with the group, which presumably contains individuals of similar stature. Regardless of who ryoshi is its clear that he has close connections to some very important people in crypto, and this means that he's not just some anonymous developer who came out of nowhere. To be clear, I don't mean to imply the That ryoshi is some sort of malicious actor looking to get rich quick. Quite the contrary in fact. Ryoshi apparently has zero stake in ship, only bought a bit at the beginning on uni swap like everyone else before selling shortly afterwards. This is easily verified by checking shib's distribution on ether scan which is pretty equitable for amine token. What's more is that even more ryoshi put this project into motion. He doesn't seem to play a very important role at all. Almost everything about Shiba Inu has been made by its community, so much so that shiba inu own social media accounts have been hijacked on multiplications by bad actors looking to undermine the project Dogecoin sympathises perhaps. As many questions as they still are around shiba inu, there's no doubt that this is a dog crypto unlike any other, and it may in fact be the Dogecoin killer. So, given everything I've detailed in this video, I bet you're wondering if I still think Sheba Inu is a bad coin. Well, I'll start by saying that it definitely doesn't fall into the same category as most other mean coins. Shiba News Origin story is eerily similar to dodge coins. Both beginners a joke and were it not for Elon Musks tweet, they will both be dead Alt coins. Where Shiba inu and doge coin differ is the connections they have to the crypto community, doge is really just a meme and nothing more, all the development and growth seems to be coming from a handful of fanboys who have probably lost touch with reality by now. By contrast, shib is close to becoming a big player in the theorems ecosystem by overcoming the shortcomings of Dogecoin , as community driven Shiba Inu is there definitely seems to be some seriously prolific people behind the project. It wouldn't surprise me at all ryoshi is in fact someone well known and liked by the theory and foundation. I mean, you don't just magically find yourself hanging out with vitalik. Vitalik also fits the profile of a quote successful businessman who has no shortage of eat and also has a history of handing out cryptocurrency to projects and causes he believes in. I think it's likely that, vitalik knew about his ship allocation in advance, but like Ryoshi Vitalik probably didn't think shiba inu would become a billion dollar enterprise, well, I certainly don't doubt vitalik character. I find it convenient that the dollar amount of shib he donated corresponds to the dollar amount he held in other cryptocurrencies at the time. I'm not familiar with Canadian tax law, but I don't think gifts are taxed and that ship donation is probably tax deductible. If I'm correct, this would make it possible for vitalik to sell over a billion dollars in crypto currency tax free this year if you wanted to, and more power to him if that's the case. I reckon he deserves it. If Shiba Inu shows us anything, it's that really doesn't take that much to make money in cryptocurrency. The question is how you use that money to make something meaningful that will last and benefit everyone involved, not just the people who got in early. This idea lies at the heart of Shiba Inu and even though I'm still not sold on the project, that is something I can respect.
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