Dogecoin Killer: Is Shiba Inu A Meme or Something More?

The hype of meme coins has never been enough. In the recent video, prominent crypto KOL Mike Jenkins from Coin Bureau discusses a cryptocurrency that champions itself as the “Dogecoin killer” – Shuba Inu (SHIB).

Shiba Inu Cryptocurrency Overview

Shiba Inu was created in August 2020 by a pseudonymous developer named Ryoshi. Ryoshi has promoted the coin’s “Dogecoin killer” nickname, arguing that SHIB’s technology is more “community-driven” than its counterpart, which uses the Shiba Inu as its mascot.

According to the crypto KOL, the founder wrote in a SHIB “woofpaper,” better known as a white paper: “We have the ability to outpace the value of Dogecoin, exponentially, without ever crossing the $0.01 mark”.

Shibaswap is the cornerstone protocol of Shiba Inu’s upcoming ecosystem. Like some other DEXes, Shibaswap’s launch will begin with a two-week liquidity event which will incentivize liquidity providers to move their LP tokens from Uniswap and Sushiswap to Shibaswap.

Tokenomics

The analyst says in his video that there are currently 3 tokenomics in Shiba Inu’s ecosystem.

The first one is (BONE). BONE is an ERC-20 token on Ethereum. It is part of Shiba Inu’s upcoming ecosystem. BONE is not yet in circulation. The trader gives cautions that the BONE on CoinMarketCap and CoinGecko is related to a different dog project.

“BONE has a maximum supply of 250 million and is used for governance. It is earned by stakers and LPs “.

The second tokenomic of Shiba Inu is LEASH, an ERC-20 token on Ethereum. It is also part of Shiba Inu’s upcoming ecosystem LEASH is in circulation as of April and it was initially designed to QUOTE ‘tame DOGE’ by rebasing to 1000x the price of DOGE every day. LEASH is no longer a rebase token. It has a maximum supply of 107 thousand.

And the last one is is SHIB, the flagship token of the Shiba Inu ecosystem. SHIB is an ERC-20 token on Ethereum. ISHIB had an initial supply of 1 quadrillion.

“50% of this supply was sent to Ethereum founder Vitalik Buterin’s cold wallet address by Shiba Inu’s founder. He burned 80% of his holdings and donated the rest”.

Roadmap

According to Jenkins, the project has not had a detailed roadmap up to now. However, Shibaswap will be released once Certik completes their audit of the code which should take place any day now. In addition, the trader adds that the Shiba Inu community hopes to create a layer 2 blockchain for Ethereum, a stablecoin pegged to 1 cent, a DeFi ecosystem, and host annual Shibacon conferences.

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