Shiba Inu is a meme coin which is a decentralized and community-led currency that millions of people hold across the world. Since the coin has been produced, this Ethereum-based SHIB token has become a worldwide phenomenon which is now being accepted as a mode of payment in various locations directly as well as via third-party intermediaries.
Total Supply: 589.52 Trillion SHIB
Maximum Supply: Limit not set
Circulating Supply: 589.27 Trillion SHIB
Fully Diluted Market Cap: $8.47 Billion
Shiba Inu Coin Price Currently: $0.00001437
It is to be noted that 50% of the total supply of Shiba Inu coins was locked on Uniswap and forgotten. And the remaining 50% was burned to Vitalik Buterin in return of which, Vitalik sent about 50 Trillion SHIB tokens to India’s COVID Relief Fund that were worth $1 billion of the SHIB token price at that time.
While talking about cryptocurrency comparison, here we have two meme coins for comparison that are Shiba Inu and Dogecoin.
The supply of Dogecoin increases by five billion tokens annually which is set. It makes this coin less scarce over time. On the other hand, Shiba Inu coin value is less because the tokens are burned to reduce the supply making it more scarce over time.
About the blockchain technology used, DOGE works with a PoW consensus on its own blockchain technology which was derived from Litecoin. Using the Scrypt algorithm, it is more accessible to mine DOGE than it is to mine Bitcoin. Whereas, Shiba Inu coin is built on the Ethereum blockchain which leverages its PoS consensus. It can be integrated with various decentralized finance platforms by using the smart contracts.
There are basic transaction capabilities in DOGE and are majorly used for speculative investment. However, SHIB crypto coin is a part of a larger ecosystem that consists of DeFi, NFTs, and gaming features, but still has less utility when it comes to speculative investing.
The intention behind creating the SHIB token is to see if there can be a perpetual decentralized organization to work without any central leadership. Because the experiment was successfully completed, in October 2021, SHIB token flipped Dogecoin and became the most-valued meme coin for a brief moment by market capitalization. The Shiba Inu coin price surge led to an increase in the adoption of token holders.
Additionally, retailers increasingly started adopting SHIB as a means of payment following its popularity among small-time investors. American electronics retailer Newegg added SHIB at the start of December 2021, partnering with crypto payments platform BitPay to unlock payments in SHIB.
Retailers also started adopting Shiba Inu for making payments as its popularity increased among small-time investors. SHIB crypto coin was added by Newegg, an american electronics retailer, in December 2021 and partnered with BitPay, a crypto payment platform, to unlock payments by SHIB.
