Posted 1 month ago | by Catoshi Nakamoto
It’s the Dog coin that’s risen above the rest in the pack and is nipping at the heels of the top Doge. Shiba Inu, the memecoin that everyone thought was a joke. Has shot up in the rankings to surpass projects with tens of millions in investments. Shiba has asserted dominance over Chainlink, Litecoin, Algorand and Theta just to name a few. It’s shocked everyone, including me. And in this video we’re going to breakdown what Shiba Inu is all about and if it’s worth your money.Read More
Let’s get it.
Welcome to BitBoy Crypto. Home of the Bitsquad, the largest crypto community in all of the interwebs. My name is Ben. Every day on this channel I show YOU how to MAKE MONEY in Crypto. If you like money and crypto then make sure to hit that subscribe button. In this video we go to the dog pound and hang out with some Shiba Inus.
Memecoins. I rarely if ever put money into one and I never expect it to make a return. They are straight up gambling. They don’t have any real utility for every day life and the vast majority of them are built on contracts that have built in rugpull/scam dynamics ***cough*** SAFEMOON ***cough***.
Memecoins are only worth as much as their meme status. It’s just hype. But while coins like Shiba are only going to be a flash in the pan, that doesn’t mean you can’t make money off of them. To date the coins with the largest returns for the year are ALL memecoins. Sounds like a no brainer right? There is more to it than that.
Shiba Inu started this year as the brainchild of an anonymous person named RYOSHI. It is an Ethereum based token that follows the model of other coins like Doge: huge supply, low cost. This is what makes memecoins so addicting. To the crypto newbies. You can buy BAGS of the coins, billions at a time for very little money, with the hope that they will pump to $1 or more a piece. When Shiba first came out 1 Shib cost 1/one trillionth of a dollar. The max supply of Shib is 1 quadrillion tokens. The tokenomics at this scale are absurd. More on that later. For what it’s worth the Shiba Inu creator has put a lot of effort into building the hype around their project. They launched around the time that Doge was pumping and a flood of animal meme coins were being created every day. It’s worth nothing that the Doge coin mascot is itself a Shiba Inu, so that’s a brilliant piece of marketing on the part of Ryoshi. Combine that with an aggressive influencer campaign, some actual development on it’s own version of DEX called ShibaSwap and a way to rescue real life Shiba Inu dogs…and you’ve got a dog that has some bark AND bite.
So the stage has been set for some serious hype and as the year of the Dog coin is coming to an end Shiba is pumping like crazy. It started when Vitalik Buterin, who is somehow attached to the project, gifted 1 billion dollars worth of Shib that he was air dropped to pandemic relief effort in India. Later Vitalik burnt 6 billion worth of Shib, stating that he “didn’t want the power”. Soon after that, Coinbase of all places listed the Shib token on their exchange. Shiba started getting partnerships with legit projects like Shopping.IO, Several other large exchanges followed Coinbases lead and Shiba start seeing consolidation at the eye watering price of 8 millionths of a dollar. And then just this month another pump has started for Shib that is making headlines around the world. To date Shiba Inu is up almost 3 million percent on the year.
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But how is the going to end up? Well folks I hate to neuter your hopes, but Shiba Inu getting to 1 dollar is impossible with its current supply. If Shib were to flip bitcoin in marketcap today that would only make Shib rise to 2 hundredths of a penny. That would be a 50x from where it is now. If you want it to get to a dollar Shiba Inu would have to have a marketcap of 497.7 TRILLION dollars. That’s more than the entire budget of the united states government by a factor of over 100. But the real hair of the dog is the Shiba Inu whale wallets. Over 82 percent of Shib tokens are held by the top 100 wallets. So that means that at any moment, a sell of epic proportions could happen and all Shib holders that weren’t in the know would get sent to the pound with their bags very empty.
But what if there was another way. What if Shiba could do some token burns, like what Vitalik did back in may? Well there are rumors that some of those large wallets are planning on doing just that. How much? Who knows? Some are even saying 90% of the total supply. When might that happen? Only the mysterious Ryoshi knows. The current supply of Shiba Inu is 394 trillion as of this recording, so doing a burn of 354 trillion tokens would leave 40 trillion give or take a few Shib. That would put Shib on the same supply level as eCash, but still MILES beyond like Doge which has a supply of 131 billion. The math for Shiba is crazy, but so are the gains. Anonymous teams, huge supplies, huge whale wallets holding most of the supply and no real utility are all bad marks for this puppy. But you can’t ignore that Shiba Inu has had the most development of any memecoin. They have a DEX, liquidity farming, NFTs and more partnerships by the day. Heck…you can even buy Shib on an ATM.
It’s a crazy time in crypto and it looks like Shiba has at the very least made a name for itself that will put it into the crypto histories.
That’s all I got, be blessed. BitBoy Out!