Shiba Inu (SHIB) is a token that aspires to be an Ethereum-based alternative to Dogecoin (DOGE), the popular memecoin. Unlike Bitcoin, which is designed to be scarce, SHIB is intentionally abundant — with a total supply of one quadrillion. The Shiba Inu Token ecosystem supports projects such as an NFT art incubator and the development of a decentralised exchange called Shibaswap.
Thanks to a parabolic rally over the past few weeks, Shiba Inu coin became the Tenth-most valuable crypto in the world(At the time of writing this article). It has gained nearly 1,000% in the last month and soared more than 60,000,000% in the past year. It now trades at 0.00007.
While it is also a meme coin, Shiba Inu is definitely not like dogecoin. Founded in 2020 as an “experiment in decentralized spontaneous community building,” it’s actually been promoted as the “dogecoin killer.”
Shiba inu has some semblance of a community. It’s sold NFTs (called “shiboshis”), and Ethereum creator Vitalik Buterin sent 50 trillion of the coins to aid Covid relief in India earlier this year.
Burning tokens permanently removes them from the circulating supply, similar to the idea of a publicly traded company buying back stock. This is done by sending your tokens to a special wallet with unobtainable private keys. The decrease in the circulating supply will eventually drive Shiba Inu’s price upward.