SHIBA INU (SHIB) Wallet

What is Shiba Inu (SHIB)

Shiba Inu is a community-driven cryptocurrency that was created in August 2020 by an anonymous individual, or a team of individuals, titled “Ryoshi”. According to the project’s whitepaper, the team behind Shiba Inu has never collaborated before and “started from zero with zero”. SHIB is an ERC-20 token and there are several reasons why the Ethereum network was picked. Ryoshi noted that the Ethereum network has the security and decentralization he was looking for when creating Shiba Inu. Also, utilizing the said network allows the project to change without any outside limits. The upcoming upgrade of the Ethereum network is also promised to benefit ShibaSwap.

Will Shiba Inu Coin Reach $1?

Many people wonder if SHIB can reach $1 or even 1 cent, given its current market performance. For SHIB to reach $1, its market cap would have to be larger than the world's GDP, which is a highly unlikely scenario. This would mean that SHIB would not only surpass Bitcoin and Ethereum, but also outpace the entire global economy. Although the crypto market is unpredictable, such an astronomical market cap seems improbable.

One important aspect to consider is the Shiba Inu burn rate, which refers to the process of permanently removing coins from circulation, thus reducing the total supply. A higher burn rate may lead to an increase in price due to scarcity.

Despite the challenges of reaching $1, Shiba Inu Coin has a dedicated community and a growing ecosystem that makes it a valuable player in the crypto world. While the journey to $1 might be a long shot, SHIB has proven its potential for growth and innovation.

SHIB Metaverse

In March of 2022, Shiba Inu announced that it will be launching its metaverse. The said metaverse will include 100,595 plots of land some of which will be kept locked and private and will act as common grounds. Others will be public and users will be able to purchase them. In the first phase of the SHIB Metaverse, 36,431 plots of land will be unlocked. The first phase will also reveal the value of lands that correlates with their location, dividing it into four tiers: Tier 4 - Silver Fur (17,030 lands), Tier 3 - Gold Tail (7,356 lands), Tier 2 - Platinum Paw (5,714 lands) and Tier 1 - Diamond Teeth (2,024 lands). The Shiba Inu team notes that all of the tokens that are a part of the project’s ecosystem will take part in the SHIB Metaverse, including SHIB, LEASH, and BONE.

SHIB Burner

In April of 2022, a new addition arrived to the Shiba Inu ecosystem, the SHIB Burn Portal. The portal rewards users for burning their SHIB tokens which simultaneously reduces the coin’s circulating supply, making SHIB more scarce. Burn rewards consist of 0.49% of RYOSHI transactions which are distributed to burnSHIB holders.