The ever-evolving cryptocurrency world only grows more vast, but SHIBA INU (SHIB) remains a unique and intriguing player in the space. SHIB's history and future have long been a compelling concept to examine in the crypto community due to its circulation, transaction volumes, notable events, and future ventures that impact the Shiba Inu coin price.
The SHIBA INU Supply
The SHIBA INU project took a distinctive approach to token distribution. The team locked 50% of the total token supply on Uniswap, irreversibly tossing the keys. The remaining 50% was burned to Vitalik Buterin, Ethereum's co-founder. In response, Buterin sent 50 trillion SHIB tokens, valued at $1 billion at the time, to India's Covid Crypto Relief Fund and subsequently burned 40% of the total supply to a dead wallet. Accompanying SHIBA INU are other tokens like LEASH, with a fixed supply of 107,646 tokens, and BONE, positioned as the "Dogecoin Killer" and serving as a governance token for the Shiba Inu's decentralized autonomous organization (DAO).
The WoofPaper Significance
The WoofPaper, a comprehensive document outlining SHIBA INU's functionalities, introduces users to the world of DIGGING for BONES, SWAPPING tokens, and BURYING or DIGGING in Puppy Pools. Trainers can teach their Shibas various actions, contributing to Returns stored in Puppy Pools. May 2021 witnessed significant transaction volumes for dog-themed meme tokens, with SHIBA INU reaching an all-time high of 0.00005 on May 10, 2021. However, the token experienced a subsequent downtrend.
Visionaries Actions Impact SHIB
Vitalik Buterin's unexpected donation of SHIB tokens to India's Covid Crypto Relief Fund triggered a series of events. The SHIBA developers, initially unprepared for Buterin's actions, eventually reached a satisfactory resolution. Billionaire Elon Musk's temporary price drop tweet clarified that he did not own any SHIB.
SHIBA INU's Technological Foundation
SHIB is an ERC-20 token based on Ethereum, utilizing a proof-of-work blockchain transitioning to proof-of-stake. The WoofPaper introduced Ryoshi's vision for Shibarium, a decentralized layer-two solution aiming to surpass existing alternatives like Polygon and BSC. According to developer Eric M, Shibarium, fueled by BONE as its primary pair token, is expected to launch soon.
The Path to Acquisition
Interested users can acquire SHIBA INU on various platforms, including Coinbase, Binance, Huobi, Gate.io, Uniswap (V2), and OKEx. For real-time SHIB prices in different fiat currencies, CoinMarketCap's converter feature serves as a valuable resource, offering pairs like SHIB/USD, SHIB/GBP, SHIB/AUD, and SHIB/EUR.
Venturing Into the Metaverse
In its pursuit of expanding SHIB's utility, the development team introduced a metaverse, a virtual reality project powered by non-fungible tokens (NFTs). The metaverse, known as SHIB: The Metaverse, allows users to mint digital lands using ETH or equivalent SHIB tokens. BONE and LEASH also play integral roles within this immersive environment. Playing on the dog theme, the metaverse's strategic land categorization, including Silver Fur, Gold Tail, Platinum Paw, and Diamond Teeth, reflects its diverse offerings. SHIB lands' acquisition prices and the introduction of SHIB as a minting currency expanded the token's utility.
The Future of SHIB
While users have already begun purchasing SHIB lands, the official launch of SHIB: The Metaverse awaits the deployment of Shibarium, the upcoming layer-two scaling network. The layer-two ecosystem, built on top of Ethereum's layer-one network, aims to accommodate the computational demands of the growing Shiba ecosystem. Shibarium will not only host the SHIB metaverse but also introduce a stablecoin called SHI. The simultaneous launch of SHIB: The Metaverse and a new website heralds the next phase of SHIBA INU's journey, promising exciting developments and expansions.
SHIBA INU is a dynamic ecosystem embracing technological innovation, philanthropy, and immersive virtual experiences. As it continues to evolve, SHIBA INU remains a captivating force within the cryptocurrency arena, offering users unique opportunities and experiences.
* This is a contributed article and this content does not necessarily represent the views of sciencetimes.com
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