DeFi 101Sep 16

Shiba Inu Explained

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Shiba Inu

Summary

· Shiba Inu is among the global top 30 cryptocurrencies

· Ryoshi anonymously launched Shiba Inu in August 2020

· Vitalik donated trillions of Shiba Inu coins to India

Shiba Inu is among the top 30 cryptos globally. The coin dubbed itself the “Dogecoin Killer” and has over 550,000 users. Someone called Ryoshi anonymously launched Shiba Inu in August 2020. Shiba Inu, from the start, was a challenge to Dogecoin.

Like numerous other cryptos, Shiba Inu is based on the ETH (Ethereum) blockchain. Ryoshi initially had 1 quadrillion tokens.

Ryoshi locked half the tokens in Uniswap, a decentralized finance protocol. He burned the rest of the tokens worth $1 billion to Ethereum’s co-founder Vitalik Buterin for safekeeping. Vitalik donated trillions of Shiba Inu coins to India to cushion them against the spread of COVID-19 and burnt the other 40% to a dead wallet.

Unlike Bitcoin, trading at approximately $35,000 per BTC, Shiba Inu goes for a tiny slice of a penny- about $0.000008082 per token. ON 9th May, Shiba Inu surged to an all-time high of $0.000035. The price almost instantly dropped again, and within less than ten days, it had an extra zero to it up to date.

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