Hey friends 👋
I'm back again and I've got big news... at least depending on whom you ask 🤔 For those of you who are interested in asymmetric bets, this will indeed be big news...
You can now buy Shiba Inu token, aka SHIB in Canada! 🎉
Below I'll get into more about SHIB, including some interesting facts, and why you may (or may not) want to invest, but first off, here's what you came for, my referral code:
With that out of the way, let's talk doggos 🐕
Not Another Doggy Coin!
Shiba Inu token (hereafter referred to as SHIB) is an ERC-20 token living on the Ethereum blockchain. It was launched in August 2020 a pseudonymous founder known simply as Ryoshi. It started as Ethereum's answer to Dogecoin, but after several months, the direction changed, and a second whitepaper (or woofpaper as they call it) was released, outlining new tokenomics, and an ecosystem build around three tokens: SHIB, LEASH, and BONE 🍖
Let's talk about each of them 👨🏫
The original token in the set is, for most, a speculative play. However, fans of the coin, known as the #ShibArmy, genuinely believe in its potential utility. Even if never crosses the $1 threshold, SHIB token has already made (and may very well make many more) millionaires 💸
The reason it may never cross the $1 threshold due to its massive supply. The max supply of SHIB was originally 1,000,000,000,000,000 (that's one quadrillion), however 50% was gifted to Ethereum co-founder Vitalik Buterin, and after donating billions of dollars worth to charities, including the India Crypto Covid Relief Fund, he burned 410,241,996,771,871.89~ tokens. As a result of this approximately 40% burn, SHIB has the potential to eat more zeroes than originally predicted, however, due to its massive supply, it is not possible for it to ever increase beyond zero. That is unless a significant portion were burned, like say 80% of the remaining supply 🔥
But it doesn't matter 🙅♂️ When we're talking about return on investment, all that matters is the amount of growth, and generally speaking, it is easier to go from $0.00000007 to $0.00007 (+100000%) than it is to go from $100,000 to $200,000 (+100%) 🧮
I saw a post on Motley Fool that said if you invested $100 in Shiba Inu 15 months ago, you’d now have $14 million 🤯
By my calculation that's right 🧐 And that's could be a pretty compelling reason to invest, but before I go any further I think it's about time I mention though that this is not financial advice, and that any investment can be risky, not the least of which is the kind made based around FOMO 🙃 Know what you can afford to lose, know why you're investing (whether short term or long; what's your exit strategy) and make your decisions accordingly ⚖️
Leash is the Shiba Inu ecosystem's take on a store of value like Bitcoin. With a capped supply of only 107,646 tokens, demand willing, these tokens could become absurdly valuable 💰 As a result of its low capped supply, LEASH holders are incentivized to provide liquidity in exchange for very lucrative rewards paid in partially vested tokens.
BONE is intended to be the governance token of the DoggyDAO. Token holders, are intended to be able to vote on proposals 🗳 In the mean time, BONE can be acquired exclusively on ShibaSwap and can be staked to earn rewards 🍖
That's right, the SHIB ecosystem launched a native decentralized exchange (DEX) with yield farming built in. Users can provide liquidity, stake, and more all from this offshoot of the Shibatoken website.
The Shiba Inu token ecosystem is built to be fun (almost videogame-esque) and lucrative. It's the work of a community who doesn't take itself seriously, and yet, believes that money doesn't need to be serious. Spending a few hundred million doggy tokens on a meal at a french bistro 🥐 to digging, fetching, and burying BONE tokens, and who knows what the future will hold 🐕
The power of memes never ceases to amaze me. And here is one that just won't quit.
PS, I've grown to be a pretty big fan of Newton, here's why 👇
UPDATE: Wealthsimple Crypto now offers SHIB as well. This is a custodied approach, but it's very easy for beginners, and some may prefer this. If you're interested to try Wealthsimple Trade (the app that offers both stocks and crypto trading) use my referral for a bonus 🎁
If you're in the US, you can buy SHIB on Coinbase. And if you're looking for other cryptocurrencies and want a well-regulated (read: unlikely to come under scrutiny) exchange with free up to 10 free withdrawals per month (a huge savings, especially on Ethereum-based tokens), check out Gemini, and get $10 of free Bitcoin when you spend $100. But just to clarify, as of yet SHIB is not available on that platform 😢
So what do you think? Do you love meme coins, internet money, or whatever you choose to call it? Or is it all just a distraction? Will you be investing? If so how how do you think it can go? 🚀
I personally invested $100 and I'm going to hold it for at least 6 months and then write a blog post about my experience. Stay tuned for that.
With that, here's one more reminder that this is not financial advice. Buy, don't buy; you do you. And until next time 👋
Did you enjoy this content? If so, please consider buying me a coffee to support this project. Learn more about my ad-free model here.
PS, I'm accepting tips in SHIB, and if I get enough, maybe I'll write some more content about the ecosystem in the future. No promises, but your generosity is always appreciated 💖
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