If you invested 1000 INR in SHIB in August last year, you can comfortably retire by now!
It’s a wild wild west here! In just 15 months, the Shiba Inu token has gained more than 14,000,000% and this is mostly driven by the community and not utility. If we do the math, with $100 ~ 7506 INR investment into SHIB on 1st August 2020 by November 2021 it will be $14,045,094. That’s a hooping 14 Million ~ 105 Crores. For Shiba Inu dog, media houses, tweets from Elon Musk have fueled the “DOGE KILLER”, SHIB’s historic rise.
What is Shiba Inu (SHIB)?
Shiba Inu turned out to be the name of a special dog. After the rise of Bitcoin, in one sunny afternoon in 2013, a lazy and bored Software Engineer from California created a cryptocurrency meme coin named DOGE after the dog Shiba Inu, which is nothing but a fork from Bitcoin source code. With the dog’s image on it, it has inspired millions of people around the world to invest their money. Fast forward to 2020, a pseudonym “Ryoshi” with the Shib army created Shiba Inu, the “DOGE KILLER”.
Unlike other cryptocurrencies like Bitcoin, Ethereum, SHIB is purely community driven and has zero utility in the real world. It was created in the aftermath of the US stock market’s historic rise with GameStop and AMC stock value exploded seemingly overnight amidst the Covid19 pandemic.
If this event has to teach us anything, it is that the world is becoming more decentralized and we can already see this in DOGE where the majority of the investors are retail and first time investors.
The creator and founder of Shiba Inu, Ryoshi, has one particular vision. To have a cryptocurrency project that is 100% run by its community. And there are three fundamental principles why the community created Shiba Inu,
- They started from zero, with zero. And they aim to create something out of nothing.
- The brilliant minds behind SHIB had never collaborated before. The community never really existed and they came out of nowhere to join the SHIB army.
- They all love Shiba Inu Dogs. Love it or hate it, their meme coin has something noble in itself. To create excitement for the future by bringing the community together without any discrimination.
Just like the creator of Bitcoin, the creator of Shiba Inu under the pseudonym “Ryoshi” is little known to the world.
Just as it is for the community, the SHIB Armies invites dog-inspired artists from around the world to collaborate and create an “artistic Shiba movement” in the NFT market. The community also encourages people to donate their earned money to feed street dogs and care for the homeless around the world.
With more than 589 Trillion Shiba Token in total supply, over 549,043 Billion tokens are already in circulation with a current market value of more than $16 Billion(29 Nov 2021).
Interestingly, the Shib community locked 50% of the total token supply and threw away the keys. The remaining 50% was “burned to Vitakil Buterin” the creator of the Ethereum blockchain that powers the Shiba Inu token. Vatalik sent 50 Trillion SHIB tokens worth $1 Billion to India’s Covid Crypto Relief Fund during the peak crisis of Covid second wave in the country.
With that said, Unocoin has now listed SHIB tokens on our exchange and one can trade USD/SHIB pairs from now on.
At Unocoin, we love sharing information related to the latest trend in crypto blockchain and related projects, and all our resources should be taken as educational information and not as financial advice. Crypto is still an unregulated asset and as such any individual should Do Your Own Research (DYOR) or consult certified financial experts.
If you are looking to invest in Crypto for the first time, here is a bonus for you. Unocoin is giving 100 INR worth of Bitcoin for every new sign up to kick start your crypto journey with us.
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