Wednesday, Sep 28, 2022
Outlook Money

Shiba Inu Turns Two Today: SHIB Burn, Metaverse And Other Highlights In Its Journey

Shiba Inu (SHIB), once known as Dogecoin (DOGE) killer, has come a long way, charting a separate path from the likes of DOGE or other meme coins. We explore some of its significant milestones on its second anniversary.

Shiba Inu (SHIB) turns 2.

Shiba Inu (SHIB) was launched exactly two years ago today. It was labelled as ‘Dogecoin killer’ then, but it soon established itself as an ecosystem coin rather than a meme coin.

Shiba Inu’s price was intentionally kept at $0 so that early backers and developers could start earning and develop the project from the start. 

On the day of launch on August 1, 2020, SHIB opened at $0.000000001006. Two years later on the same day, at 2 PM, its price was $0.00001219, according to Coinmarketcap data.

Although Shiba Inu (SHIB) does not have its own blockchain yet, it uses ERC-20 (Ethereum Blockchain) as the base to build its layers or applications.

SHIB and DOGE rivalry began after they adopted the same Shiba Inu dog breed photo as their logos although they have adopted a different approach to the blockchain ecosystem.

Different Paths

While Dogecoin has its own blockchain and is hence called a coin, Shiba Inu does not have its own blockchain and is called a token. Elon Musk’s Tesla and Starlink accept Dogecoin for some selected purchases while Shiba Inu is accepted by AMC theatres, and others.

Here Are Some of Shiba Inu’s Developments Over The Year

● Charity For Humanitarian Causes: On day 1 of Shiba Inu launch, the developers donated 50 per cent of its supply to Vitalik Buterin, the co-founder of Ethereum blockchain, who in turn donated about $1 billion worth of Shiba Inu tokens to an Indian Covid-19 relief charity in May 2021. He, at that time, said that this was the only way he could use the coin so that people don’t interpret his transactions as actions.

Sandeep Nailwal, co-founder, Polygon (MATIC) said on January 2022, in a Twitter post “Per conversations with Vitalik (who donated ~98% of the fund) on accelerated funding in Biotechnology & Medical Science at global scale, it was concluded to a-portion 100 million USDC to Vitalik's vision for him to implement the same.”

“Hence, to enable this vision, especially in R&D, "which may extend beyond India", a sum of 100 million USDC will be transferred back to Vitalik's address for accelerated funding in the domains of Biotechnology and Medical science, wherever he deems fit,” he added.

Hong Kong University Takes First Step To Build Immersive Metaverse Campus,
Shiba Inu metaverse consists of three primary crypto tokens (SHIB, BONE, LEASH) and Ethereum crypto for buying virtual metaverse land and Shiba Inu NFT.

● Metaverse and NFT: A big announcement regarding the future of Shiba Inu was made in March 2022. The project was called Shibainu: The Metaverse back then and now it is called Shiberse. The Shiba Inu metaverse consists of three primary crypto tokens (SHIB, BONE, LEASH) and Ethereum crypto for buying virtual metaverse land and Shiba Inu NFT.

Click here to read more about this

Metaverse is a virtual technology where users interact using 3D animated avatars and non-fungible tokens (NFT) of a crypto blockchain. There are many metaverse virtual world’s available and companies like HSBC bank, Jp Morgan Bank, Union Bank of India (UBI), others are also present.

Click here to read more about that

● Developer Offsite: Nobody knows who created Shiba Inu (SHIB) and only knew someone named ‘Ryoshi’ as the anonymous developer of SHIB. He announced in a Medium post that he will be quitting the SHIB crypto world but the project would go on and create value for believers of the ecosystem through a range of planned projects. 

Ryoshi said in his farewell note on Medium: “I am not important, and one day, I will be gone without notice. Take the SHIBA and journey upwards frens.”

● Marketing: Shiba Inu (SHIB) partnered up with Welly’s, a Italian fast food joint to lend their brand identity and create a brand mascot for Welly’s. Welly’s launched a marketing drive and changed their restaurant’s theme entirely to Shiba Inu and overall a lot of hype was generated.

Click here to read more about Welly’s and Shiba Inu partnership.

 Shiba Inu Film Studio Collaboration: Few weeks back, there was an announcement by Shiba Inu about its collaboration with a 17-year-old film studio “The Third Floor” (TTF). This collaboration was done with the purpose of visual development of the metaverse virtual world. TTF has worked with Marvel cinematic universe, star wars and other animation heavy film studios in the past and Shiba Inu hopes to use their experience and skill to visually develop its metaverse world.

“Every day, we are excited to work with the teams of some of the most memorable and ambitious feature films, television and game projects being made. The Metaverse is offering everyone new opportunities to develop and participate in world-building and the visual universe and we are thrilled to collaborate with Shiba Inu teams as they innovate within this expanding landscape,” said Dane Smith, chief strategy officer, The Third Floor in a press release.

● Shiba Inu Burn: When Shiba Inu was launched it had one quadrillion of total supply. The developers later realised that for the successful price appreciation of SHIB its supply had to be reduced. Hence the Shiba Inu burn protocol was started.

Click here to read about the various Shiba Inu burn events held during 2021 and early 2022