It’s getting exciting in the crypto space now. Prices are rising and we are beginning to see trickles of FOMO (Fear Of Missing Out) once again seep into the market.
As hype grows retail investors (speculators) are roaming around looking for the next Bitcoin/Ethereum which will generate hyperbolic returns and make them rich. We would now like to introduce you to Shiba Inu.
Shiba Inu Advertises In New York Times Square:
What Is Shiba Inu?
A Decentralized Meme Token that Evolved into a Vibrant Ecosystem
Shiba Inu was created in August 2020 by an anonymous individual called Ryoshi who may or may not have strong ties with the Ethereum founders. It’s an ERC-20 token (runs on the Ethereum blockchain) that was originally created as an joke/experiment on community management. Since then the Shiba community have taken it further than a joke and have been developing some interesting stuff.
There are 3 coins within Shiba Inu:
SHIB - This is the token everyone is buying. There are 1 quadrillion tokens total although half of these have been locked away forever.
LEASH - (107,647 tokens) Also known as Doge Killer, this coin was pegged to Dogecoin but now isn’t.
BONE - (250 million) A coin used on ShibaSwap. It’s also a governance token which allows the SHIB community to vote on proposals.
And 3 projects that are being developed
ShibaSwap - A decentralised exchange that will let users swap crypto for other crypto.
An NFT market with lots of cartoon dogs.
Staking options to earn interest on your SHIB.
1 Quadrillion = 1,000,000,000,000,000
Big Historical Shiba Moments
In May 2020 Ethereum founder, Vitalik Buterin, burned 410 trillion SHIB tokens (he sent them to a wallet that cannot be accessed) and also donated 50 trillion SHIB to the India Covid Relief Fund (who sold it).
In August 2020 an unknown investor bought $8,000 worth of SHIB. That investment is now worth $5.7 billion (not that they could encash it without sending the price plummeting). This wallet made headlines around the world and generated some serious FOMO (see the wallet here).
Could SHIB Reach A Dollar?
There are 500 Trillion SHIB tokens in circulation. For each SHIB to be worth 1$ the network needs to be worth $500 Trillion. As the New York Stock Exchange is worth $26 Trillion we think a dollar valuation is extremely unlikely. If more SHIB are burned or locked up indefinitely it could get to some high levels. Unfortunately we don’t think it will happen especially with the activity levels around the community.
Sorry guys.
The Wealth Gap View: We think SHIB is still a joke and a Meme Shitcoin. Having said that it may well continue to rise in both price and popularity. We can not in our right minds validate any logical incentive to SHIB outside of speculation and gambling. This coin will more than likely have a fiery death in the future. We offer only one provison in the way that the branding has a cult like love (still not worth currently $38billion mind you) and in the future it may be able to become a part of the metaverse as a range of services / products. This is far off and we would expect extreme price action and suppression before this occurs. In other words a long dark HODL of pain first.
SHIB might* be worth a punt but don’t pin your hopes on it making you a millionnaire.
*by might we mean isn’t.
The Bitcoin Whitepaper Has Had It’s 13th Birthday
You can read it by clicking here
Boris: Cash Is Bad
The UK Prime Minister has tweeted that cash is a danger to the environment. The Chancellor of the Exchequer has mentioned several times that a central bank digital currency is being developed (nicknamed Britcoin) so naturally a case needs to be put forward for why cash needs to be removed from circulation
We wrote about Central Bank Digital Currencies here:
Ethereum Has Been Deflationary For Over A Week
A combination of the London upgrade (implemented in August) and high gas prices has seen Ethereum burn more ETH than its has produced for 7 consecutive days. The Ethereum network is burning on average 15,000 ETH a day (c$65m).
Squid Game Coin Soars Then Dies
Between Oct. 26 and Monday, the value of a Squid coin rose by from $0.01 to $2,861.80. Watch the video below to see what happened next.
Gamblers piled into the Squid Game Token which promptly lost all its value after developers walked away with all the money.
This won’t be the last time this happens. Lots of shit coins will die. Be warned
Until Next Time
The Wealth Gap