Foundation: 2020
Market capitalisation December 2024: USD 15.8 billion
Circulating Supply December 2024: 589 trillion
Shiba Inu was launched as an experimental memecoin on Ethereum with the vision of challenging Dogecoin as a “meme cryptocurrency”. Shiba Inu is a pure community-driven token that also includes some governance mechanisms. The basic idea of memecoins is to create a token for or with a community, the function of which generally focuses on community issues such as representation, affiliation or co-determination within certain groups. The community in question often only comes into being with the token itself and does not exist beforehand.
Shiba Inu was originally built with a total circulation of one quadrillion tokens, although a large proportion of these were donated to Ethereum co-founder Vitalik Buterin or burned, i.e. deliberately lost. The extremely large number of tokens in circulation has led to extremely inflationary pricing in the micro-cent range. The all-time low of Shiba Inu was USD 0.00000000007715 per token and the all-time high was USD 0.00008358 per token, which corresponds to a percentage development of 32,071,265.9% - one USD would therefore have become just over USD 32 million. Based in part on the success of Shiba Inu, thousands of new memecoins have been created in recent years in the hope of repeating the success for founders and investors. New memecoins are particularly subject to criticism, as it is usually the founders who are able to realize a profit and sell off a large part of their holdings at the peak of the price, leaving most investors empty-handed.
Apart from the speculative investment, an extensive ecosystem of various decentralized developments, partnerships and integrations into other systems has now formed around Shiba Inu. In addition to Shiba Inu Art and charity projects, there is now also a decentralized exchange ShibaSwap, a planned layer-2 blockchain Shibarium and Shiba Inu is partly used as a means of payment. The BONE token serves as a governance token within the Shiba Inu community. A governance token is a form of token in which the token does not primarily serve as an investment, but as a way to conduct a vote in a decentralized manner without an organizer or centralized responsible party and to give all participants the opportunity to participate decentrally and anonymously.
Overall, Shiba Inu is one of the old memecoins and ranks 14th worldwide with a market capitalization of USD 15.8 billion.
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