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Is Shiba Inu The Next Dogecoin or Scam?

The Shiba Inu is a medium-sized dog bred in Japan for small game hunting.

Is Shiba Inu The Next Dogecoin or Scam? iBase Trading.
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The Shiba Inu is a medium dog bred in Japan for small game hunting. The Japanese call the breed “spirited,” and it can be challenging to train.

Shiba’s have also been called stubborn dogs, yet others call them “free-thinking.” Shiba Inu is known as the “cats of the dog world” and has grown quite famous on the internet. Another is Shiba’s habit of always smiling.


A photo of a Japanese Shiba Inu named Kabosu inspired the original Doge meme. In the original image, Kabosu had her paws crossed and a suspicious look on her face. The shot quickly became a meme, with the now-famous abbreviated or broken English sentences.

The original Doge meme worked instantaneously and captivated internet users who shared it around.

On August 1, 2020, the Shiba Inu coin was priced at less than $0.00000001. While it was initially capped at one quadrillion tokens, the growing interest in Dogecoin has given rise to Shiba Inu.

To begin, the Woofpaper for Shiba Inu says an anonymous developer named Ryoshi wondered what would happen if a cryptocurrency project was governed entirely by its community.

SHIB has its recent enormous rise and subsequent crash. It is easy to understand why people are curious about the Shiba Inu currency. Sure, it has the same charming Shiba Inu Japanese dog breed as the more popular Dogecoin, but is that it?

Shiba Inu and Dogecoin Similarities

Aside from the doggy mascot, the Shiba Inu cryptocurrency shares several similarities with Dogecoin. Shiba Inu calls itself the “Dogecoin Killer” and a better version of Dogecoin.

The intriguing thing is that Dogecoin rose in 2013 as a joke. It is a meme-coin that has no real-world value or utility. Dogecoin has been a speculative vehicle.

So, if Shiba Inu wants to improve Dogecoin, it should be a better speculative coin. The whitepaper (referred to as a “woofpaper” on the Shiba Inu website) indicates that the founders of Shiba Inu seek to establish that point.

While there are supporters of the Shiba Inu coin, there are also detractors. That may sound harsh or unfair, but as a direct competitor to Dogecoin, whose founder labeled it a joke, it is. People have invested vast sums of money in the token, expecting it to continue to grow on the back of the over 1 million percent profits it has already provided.

The Shiba Inu Coin is an ERC-20 Token on the Ethereum platform

Shiba Inu developers sent half their total supply to Ethereum founder Vitalik Buterin, while the other half locked in Uniswap, and the key lost. So says the Shiba Inu woofpaper.

It is hard to ignore the tremendous gains made by the SHIB token unless you discover they are primarily due to its resemblance to Dogecoin and ShibaArmy’s dedicated shilling. The Shiba Inu token has no use case and no technical support.

No development team, and the token’s creator, “Ryoshi,” acknowledges in his first Medium article that a buddy who locked half the supply in a Uniswap contract and sent the remainder to Ryoshi’s wallet created the token.

Given the recent popularity of the DEX, it appears ShibaSwap was a last-minute addition.

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Tanya Smith is an editor at iBaseTrading. With M.A. in Journalism and Mass Communication, she is pursuing her dream of creating a positive difference in the media industry. She also enjoys Fashion and Travelling.