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 shocked everyone including me.
In this video,
we're going to break down what Shiba Inu is all about and if it's worth your money.
Let's get it!
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My name is Ben.
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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're straight up gambling.
They don't have any real utility for everyday life.
And the vast majority of them are built on contracts
that have built-in rug pull scam dynamics.
(SafeMoon)
Memecoins are only worth as much as their meme status. It's just hype.
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?
Well, there's a little more to it than that.
Shiba Inu started this year as the brainchild of an anonymous person named Ryoshi.
It's 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'll pump to a dollar more apiece.
When Shiba first came out,
one SHIB cost one one-trillionth of a dollar.
The max supply of the SHIB token is one quadrillion tokens.
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 memecoins were being created every single day.
It's worth noting that the Dogecoin 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 its own version of a DEX called ShibaSwap,
and a way to rescue real life Shiba Inu dogs,
and you 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 became attached to the project
when he was given billions of dollars worth of Shiba for free.
He then gifted $1 billion worth of SHIB that he was airdropped
to pandemic relief efforts in India.
Later, Vitalik burnt $6 billion worth of SHIB, stating that he didn't want that 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 follow Coinbase's lead.
Shiba started seeing consolidation at the eye-watering price
of eight-millionths of a dollar.
And then just this month,
after another pump has started for SHIB that is making headlines around the world,
to date, Shiba Inu is up almost 3,000,000% on the year.
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which is your best place to get your crypto news and education on a daily basis.
But back to the video here,
how is this going to end up?
Well, folks, I hate to neuter your hopes,
but Shiba Inu getting to a dollar is impossible with its current supply.
If SHIB were to flip Bitcoin in market cap today,
that would only make SHIB rise to two-hundredths of a penny.
That would be a 50X from where it is now.
If you want to get it to a dollar,
Shiba Inu would have to have a market cap of $497.7 trillion.
That's more than the entire budget of the United States government
by a factor of over a hundred.
But the real hair of the dog is that Shiba Inu is full whale wallets.
Over 82% of SHIB tokens are held by the top 100 wallets,
so that means that at any moment,
a sale of epic proportions can happen,
and all SHIB holders that weren't in the know will 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?
Well, only the mysterious Ryoshi knows.
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 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.