“Dogecoin Killer”: Shiba Inu
Key points
- LEASH and BONE Tokens
- What’s next for Shiba Inu?
- Is the Name “Dogecoin Killer” Relevant?
Shiba Inu, which by many is considered to be the future of meme coins and is also being called as “The Dogecoin Killer”. Developed in 2020, it has gained huge popularity and has been recognized by many well established top exchanges. It gained popularity after Elon Musk tweeted about getting a Shiba Inu dog. After the tweet the prices of Shiba Inu rocketed to about 2000%, in just five days. Shiba Inu is currently the second most popular altcoin after Dogecoin.
The Shiba Inu community has developed a large ecosystem and are currently looking to lure prospective LPs via tokens called BONEs.
LEASH and BONE Tokens
These two tokens are ERC 20 Tokens on Ethereum and are part of the Shiba Inu ecosystem. Leash is designed to break DOGE, by every day, rebasing to 1000x the value of DOGE. This token has been designed with one purpose of killing DOGE. At present, LEASH has reached its maximum supply of around 107k, which are all in circulation and it is no longer a rebase token. There are no use cases of LEASH; but it can be used to stake BONE.
BONE on the other hand is designed to serve as a governance token, with a total supply of 250 million. BONE provides its holders with the power to vote and propose changes to the Shiba protocol. It is also rewarded to the users who provide liquidity on the platform and is not rewarded to any centralized exchanges.
What’s next for Shiba Inu?
In a recent post, Ryoshi (one of the founders of Shiba Inu); enlisted some of the major long term goals that they wish to attain in the future, with this altcoin. Out of all the goals enlisted the most interesting was having a conference for all the supporters of Shiba Inu and creation of ShibaCon.
Is the Name “Dogecoin Killer” Relevant?
Both the altcoins are meme coins and were developed as a joke. But, now it seems that Shiba Inu is here to stay, having long term goals and could be the one to kill Dogecoin. Dogecoin has remained as only a meme coin and has garnered all the support from its community, in terms of its value.
While on the other hand SHIB has established itself as a huge player in the Ethereum ecosystem, offering features that will address the issues and drawbacks associated with DOGE. It is also hard to miss the support that Shiba Inu has accumulated from some very prolific and influential personalities.
What’s next for Shiba Inu, will be exciting to watch, but it wouldn’t be surprising if Shiba Inu kills Doge and becomes a dominant player in the coming time.
Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.