Recently, crypto influencer “Coin Bureau” (“@coinbureau” on Twitter) explained why he is becoming more bullish on the Shiba Inu ($SHIB) project.
In a video released on his YouTube channel “Coin Bureau“ on July 3, the show’s pseudonymous host told the channel’s over 1.14 million subscribers that “there emight be more to this token that meets the eye.”
HEre is how Coinbase described the dog meme-based cryptocurrency in a blog post on June 15 when it announced that SHIB would be listed on Coinbase Pro, its trading platform for experienced and professional traders:
“Shiba Inu (SHIB) is a token that aspires to be an Ethereum-based alternative to Dogecoin (DOGE), the popular memecoin. Unlike Bitcoin, which is designed to be scarce, SHIB is intentionally abundant — with a circulating supply of one quadrillion. The Shiba Inu Token ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap.“
Here are some highlights of comments the crypto influencer made about SHIB:
- Shiba Inu was created in August 2020 by pseudonymous programmer Ryoshi, who said in his first Medium post that this project was basically “an experiemnt in community governenance and decentralization.”
- According to Ryoshi, the project got started after he had a discussion with an anonymous developer at Ethereum’s Devcon V conference (which took place in Japan) in 2019 and apparently this person created the Shiba Inu smart contract on Ethereum.
- In February 2021, when there was huge interest in Dogecoin, Ryoshi wrote again about SHIB, saying that it “had caught fire.”
- In April, the Shiba Inu community released version 1 of their white paper (or “WoofPaper v1”).
- As the Shiba Inu website points out, SHIB is now more than just a meme token — it is “a decentralized meme token that evolved into a vibrant ecosystem.”
- The majority of the focus of the Shiba Inu ecosystem is on decentralized finance (DeFi). The code for its decentralized exchange (DEX), which is called ShibaSwap, is currently being audited by CertiK.
- The Shiba Inu community seems to be planning a so-called “vampire attack” on Uniswap and SushiSwap.
- Despite the recent crash in the price of SHIB, it still has a market cap of around $5 billion; however, the price of SHIB is extremely unlikely to get to $1 due to SHIB’s very large supply.
- The upcoming launch of ShibaSwap should generate demand for SHIB that is independent of what’s happening with Dogecoin.
- Coinbase might be delaying the listing of SHIB on Coinbase Pro not just due to “technical issues” (which they mentioned on June 16 in an update to their original blog post about Shiba Inu) but because Coinbase wants to wait till SushiSwap has been launched, thereby making SHIB more complete.
- As for SushiSwap,the reason that it has not been launched yet might be due to the release of Uniswap V3 (since LP tokens on Uniswap V3 are non-fungible, which makes vampire attacks more difficult). However, SushiSwap is expected to launch very soon, perhaps even in the next couple of days.
- Ryoshi is likely to be someone with “close connections” to important people in the Ethereum community and apparently owns zero SHIB tokens.
- Unlike Dogecoin, Shiba Inu seems to have some seriously “prolific” developers working on it.
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
