Shiba Inu overtakes Dogecoin: What is behind the 36 billion dollar-memecoin?
“Shibas think with. You check your person’s commands on whether you make sense from a Shiba perspective or not. So living together with a Shiba will never be boring. He always challenges us again and again, “you can find out on Shibaclub.de. Image of Likeaduck via Flickr.com. License: Creative Commons
Dogecoin demonstrated what happens if you combine a meme with cryptocurrencies. Shiba Inu goes one step further and combines a meme with defi. The result is a veritized rocket fuel that reveals a lot about the hidden relationships of memes, values and decentralization.
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King Krösus had around 10 tons of gold brought to Delphi several millennia ago. The high priestess of the oracle, the Pythia, sent him a prophecy of how his rule would go. This short, peculiarly fulfilling prophecy remained the most expensive -traded meme in world history for a very long time.
Krösus and the Pythia instinctively understped what the crypto scene obsessed with technology likes to overlook: Memes are more powerful than technology.
Are therefore sometimes, it is said that only one percent technology and 99 percent memes. This may be exaggerated when you look at Bitcoin or Ethereum – but it should still be an understatement if you look at Dogecoin and Shiba Inu. The coins, both of a homage to the “Doge”, those on the Internet to become a cult Shiba Inu, consist of 99.99 percent of memes and 0.01 percent from technology. If at all.
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And yet Dogecoin is one of the most durable old coins of the market that worked into the top 10 cryptocurrencies in this bull market and has reached a market capitalization of a good $ 36 billion. Memes are just powerful. How powerful, now demonstrates Shiba Inu.
Shiba Inu was founded in August 2020 as another coin that capitalizes the Doge meme. It was amazing that it worked once. It is almost ridiculously unlikely that the move is pulling again.
But it ran. At the beginning of the year, Shiba rose rapidly, then broke in from a top in May, and has started an amazing second rally in the past few weeks, opposite which the first shrinks into converting. Shiba doubled its price last week, about tenfold in the past 30 days. In the meantime, the coin with a market capitalization of more than $ 38 billion is in ninth place in the ranking of cryptocurrencies and thus before Dogecoin.
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38 billion dollars- for the copy of a joke and memo cinema?
Twitter enthusiastic or outraged, just because it was so unlikely that it happened, and because the unlikely, when it becomes true, is a prettier step in the butt of the bold, boring rationality of everyday life. The focus is particularly on a wallet, which in August 2020 for 8.000 dollar Shiba-token had bought and she has held since then. What do you think how much these Shiba tokens are now worth?
Right: 5.700.000.$ $. The Shiba tokens have probably become the most successful investment in human history. Being a few thousand dollars can become a millionaire (almost) everyone. Real alpha has who becomes a multi -billionaire with it.
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Want to See the Best Trade of All Time?
This Wallet Bough $ 8,000 of $ Shib Last August.
It’s Now Worth $ 5.7 Billion.
I repeat – 5.7 Billion dollars in 400 Days.
He Owns 16% of Marketcap. pic.twitter.com/a164lqybfx
– Unusual_whales (@unusual_whales) October 27, 2021
What the hangman is going on there? Memes are powerful – but so powerful? Marka Inu mainly marks how much the cryptoma markets are in a bubble? How absurd values are itself? Or Shiba places the Doge meme on a better technical basis than she could ever represent Dogecoin?
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Everything depends on memes and the distribution
To learn a little more about Shiba Inu, you can control the website, study the white paper and read the blog posts from Ryoshi, the founder,. None of the sources wasted too many words to the technology – most of them not a word – and simple because there is not much to say about it. Shiba mainly consists of memes and a little economy. The technology is boring and plays almost no role. The fact that Shiba doesn’t pretend that it is about technology is one of the most honest cryptocurrencies that the market currently offers.
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The “Woof Paper” explains that Shiba Inu is an “experiment by the decentralized, spontaneous community building”. The cryptocurrency should be “100 percent guided by the community.“This also emphasizes founder Ryoshi on his blog:“ He has always been fascinated by the decentralized genesis of communities. To be more precise: to what extent they are sown and guided through invisible hands, or whether they really grow from the start to something permanent and 100 percent of the community, as was the case with BTC or DOGE without central figures or organizations.”
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These decentralized communities play an increasingly important role, both in cryptocurrencies and in conventional finance. It was a “eye opener” when the Wallstreetbets community drove the Gamestop and AMC share prices up and thus missed a downright fund. According to the white paper, they have “tested how to distribute control to consumers and inexperienced investors.“Wallstreetbets demonstrated the power of Memes and became a meme himself.
But memes don’t hover in the open air. If you deal with the meme of decentralization in front of you, as the Shibermy (that’s called the community) then you have to be serious too. A centralized coin that advertises with decentralization does not capitalize a meme, but cheats the investors. Therefore, Ryoshi actually made sure that Shiba becomes the after -school care center of a community that is as decentralized. And he did it in a way that demonstrates a fine feeling for memes.
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“Since Krypto is always about tokens, I think, honestly, that decentralization is a matter of incentives and the distribution of the tokens. If a mysterious admin holds 30 percent of all tokens in a supposedly ‘closed wallet’, the admin is still 30 percent responsible for the community. That often happens.“Therefore, Ryoshi and his team set themselves the goal“ to ensure a fair distribution in a very altruistic way from the first day.”
Therefore, Ryoshi did not issue a Satoshi for the project and did not reserve a single Shib token. “I buy every token I own on the market, like everyone else.”
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Through total centralization to decentralization
Shiba Inu are typical ERC20 tokens on Ethereum. Technically, there is almost nothing special about them. However, the distribution of the tokens is particularly. Half of the team put the team in a uniswap pool so that they are available as liquidity and then threw away the key. They transferred the other half to Ethereum co-founder Vitalik Buterin.
This is surprising: Why does a cryptocurrency that want to form a decentralized, driverless communities, half of the tokens to someone like Vitalik Buterin, who is not only rich, but insanely rich through Ethereum? The train sounds absurd, but shows a certain wisdom and sociology curiosity. “There is no weakness,” Ryoshi explains, “no size. As long as Vitalik doesn’t fall in our back, Shiba will grow and survive.“That is why Ryoshi, as later came out, not only transferred the tokens to Vitalik, but also the LP tokens, which manages the liquidity at uniswap.
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So Vitalik Buterin not only had 50, but 100 percent of Shiba Inu Token. The project, which is supposed to be 100 percent decentralized, was 100 percent centralized. It lies, again, a certain wisdom.
In addition, this underlines the meme aspect of Shiba Inu. Vitalik Buterin, this nail door Canado-Russian genius, has been the face of Ethereum since day one, and its influence on the project has always been overestimated in public. In other words, Vitalik is a meme, and Shiba-Inu founder Ryoshi has put all the cards on him.
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And Vitalik didn’t disappoint him. He created much larger memes: First, he transferred a huge amount of Shiba token-around 5 percent of the total amount-to an Indian charity, the covid and the consequences of the disease fought. With a value of more than one billion dollars, this was the biggest donation in cryptocurrencies of all time. Meme number one was done with it.
But it went on. About a week later, Vitalik burned 40 percent of all Shiba tokens-a good 410 trillion Shiba-transferred to an address for which nobody holds the key. This address is publicly known as a “blackhole”, as a black hole,. The 410 trillion Shiba were worth around $ 7 billion at the time of the transaction. Today they correspond to $ 28 billion. This became the biggest token burn of all time-probably to the greatest destruction of prosperity at all-and Shiba Inu killed two birds with one flap: the coin actually became decentralized-and it has reached the Record Burn Meme number two.
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The bet that decentralization arises from the fact that one thing is initially completely centralized.
Memes better capitalize with defi
But that – the distribution, the memes – can really be enough to justify that an ecosystem is worth more than a billion dollars? Let alone 36 billion? Decentralization may be important. But it alone cannot be sufficient to make an ecosystem permanently valuable. The biggest degree of decentralization remains an empty shell – a hollow meme – if there is no real economy.
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But where is this at Shiba Inu? You can only advise. For example, the Shibarmy tries to promote art – art in which the Doge stands as expected – and also on Amazon.To donate smile for the rescue of lost Shiba Inus. But that’s ridiculously small.
The only thing Shiba Inu has to show are Shibaswap and two more tokens. Shibaswap is a decentralized stock exchange, similar to uniswap or sushiswap, on which you can act three tokens: Shiba, Leash and Bone. These three tokens can of course also be placed in a pool on Shibaswap to provide liquidity. This is a standard for decentralized finances (Defi) that stands out from Dogecoin, where there is no such thing.
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The Shibarmy was also relatively creative. If you “bury” the Shiba tokens, they become XHIB. These XHIB receive a share of the bone tokens generated with new blocks and a share of transaction fees on Shibaswap. Similar to the leash tokens. These run as “Dogecoin-Killer”-Leash means translated leash-and should actually be linked to the price of Dogecoin. However, one came off now and they are a simple ERC20 token, but with the very scarce edition of a good 100.000 copies. The leash tokens can also be buried to make them Xleash, which also drive a share of the newly created bone tokens and trade fees on Shibaswap.
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With this, Shiba Inu not only capitalized, like Dogecoin, the scarcity generated by the blockchain. Shiba Inu also uses the power of Defi. By allowing them to pull tox away from traffic, they strengthen the scarcity and prevent too many tokens from being flowed onto the market and press the price.
And it looks like it seems to work. Shiba Inu brought the capitalization of Memes to a new level. The whole thing is as ridiculous as it looks – but the market confirms the project. And handed over.
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