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#DecryptingCrypto $SHIB So you are thinking about investing your hard earned money into $SHIB ... hopefully you are doing this because you believe in the project and not just hype ... unless you are swing trading. I bought the hype of $DOGE at $0.55 and averaged down to $0.38 ... so still in the red and still plan to hold this long term in the off chance it goes off and also in part to stick my nose in the 💩decision I made impulsively. History: - Began as a meme project w/ experimentation of the possibility of an informal community governance - Created August 2020 by anonymous developer "Ryoshi" before $DOGE went crazy in 2021 ... why are they always anonymous Japanese developers? - Built on the $ETH blockchain which means it should have the ability to interface with smart contracts directly unlike $DOGE - Fixed supply of 1 quadrillion tokens of which 50% were locked in the liquidity pool Uniswap and key destroyed and then 50% of remaining (25% of total) was given to $ETH founder Vitalik Buterin who gave some to charity and burned the rest - Meant to be a 3 token system - $SHIB , LEASH, and BONE w/ the BONE meant to be a governance token Utility: - ShibaSwap - meant to be a decentralized exchange but further details not available as it is still in development ... but the idea is staking will allow for earning BONE token which is for corporate governance (Edit: seems up and running to me, so not sure if this is new since the Gemini article - https://shibaswap.com/#/ ) - Community Charity - this one is confusing for me but apparently some form of proceeds of purchases on Amazon were to go to Shiba Inu Rescue Association via "Amazon Smiles" but I don't think actual $SHIB was used to purchase anything via $AMZN - Artist Incubator - mean to be an NFT incubator and artists waiting in the wings but details again are still pending My Bottom Line: - Price movement as of right now is purely on social sentiment, FOMO, and recent additions to CEX for ease of purchase ... not exactly because of proven utility at THIS time - This is NOT to say that utility isn't going to be there and that future potential is not there Resource: https://www.gemini.com/cryptopedia/shiba-inu-crypto-shiba-coin-shib-coin-shibaswap#section-will-the-shiba-inu-crypto-project-rocket-to-the-moon WhitePaper: https://woofpaper.org/SHIBAINU_Ecosystem_WOOF_Paper.pdf (still in process of reading this one today) P.S.: Should I add this as a video format to my YouTube channel after the #My5XYZ ? Was planning to do this series on Sunday's for $BTC , $ETH , $ADA , and ATOM ... with plans to do SOL, MANA, LINK as well
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