![]() It sends a portion of each transaction fee to a burn wallet, reducing the amount of SHIB in circulation and increasing the value of the remaining tokens. The "burn mechanism" is one of Shiba Inu's unique features aiming to decrease the supply of SHIB tokens over time. Buterin later burnt 90 percent of his Shiba Inu tokens worth USD 6.7 billion to a dead wallet and donated the remaining 10 percent to a charity working for Covid-19 relief in India. ![]() The SHIB tokens were launched with a total supply of one quadrillion, half of which was locked in Uniswap for liquidity, and the other half was burnt by sending them to Ethereum's co-founder Vitalik Buterin. Keep in mind that this is a token without any smart contract utilities and isn't backed by any asset it is simply a token that can be transferred. Shiba Inu aimed to create a community-driven ecosystem to enable users to exchange value and support social causes. ![]() The project was named after the popular Japanese dog breed Shiba Inu, similar to the original dog-inspired meme coin, Dogecoin (DOGE). Shiba Inu (SHIB) was launched in August 2020 by Ryoshi, an anonymous individual or group. Several leading cryptocurrency exchanges, including Binance, Coinbase, and OKEx, have listed the new SHIB token, making it available for trading. Since its inception, the price of SHIBA has shown remarkable growth, starting at $0.00000001 and surging by more than 2 million percent. With members hailing from almost every country globally, the Shiba Army has propelled Shiba Inu into the ranks of the top 20 cryptocurrencies worldwide. The project has garnered a massive following worldwide, with millions of members comprising the devoted and steadfast Shiba Army community. Initially starting as a meme token, the Shiba Inu network has transformed into a robust ecosystem encompassing one of the world's largest DeFi staking platforms, an NFT marketplace, a decentralized exchange, and more. Additionally, it has become a subject of frequent mention on Twitter by Elon Musk, the tech billionaire who serves as CEO of Tesla and Twitter.Shiba Inu (SHIB) is an ERC-20 token powered by the Ethereum blockchain that features the Shiba Inu hunting dog as its mascot. Although initially created as a joke, Dogecoin has garnered substantial attention and adoption from an increasing number of merchants and online platforms. Dogecoin aims to become a legitimate and widely used alternative to traditional fiat money, while staying true to its roots as the most fun crypto. The community is dedicated to educating others about cryptocurrency, fundraising for charitable causes, and spreading positivity. One aspect that sets Dogecoin apart is its lighthearted and welcoming community, which values kindness, support, and having fun. Unlike Bitcoin, Dogecoin has no limit on the total number of coins that can be created, which means that new coins will continue to be issued indefinitely. This makes Dogecoin a decentralized, peer-to-peer currency that is not controlled by any government or financial institution.ĭogecoin uses a proof of work (PoW) algorithm called Scrypt, which requires miners to solve complex mathematical equations in order to validate transactions and create new blocks on the blockchain. ![]() Like Bitcoin and Litecoin, Dogecoin utilizes a decentralized public ledger known as a blockchain, which is maintained by a decentralized network of nodes or computers around the world that work together to validate transactions and maintain the integrity of the Dogecoin blockchain. Technically speaking, Dogecoin was initially created as a fork of Luck圜oin, a fork of Litecoin, which is itself a fork of Bitcoin. It was named after the popular "Doge" meme, which features a Shiba Inu dog and often includes humorous captions. Dogecoin is a decentralized, peer-to-peer cryptocurrency created in 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
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