How Many Shiba Inu Coins Are There?
2021 was the year of meme coins. Catalyzed by Dogecoin (DOGE), the year saw a remarkable spike in the number of meme coins introduced. Today, there are over 200 meme coins circulating the market.
While not all meme coins are successful, those that do often attract a lot of attention. This has sparked the interest of many investors who are looking for investment opportunities.
One such coin is the Shiba Inu (SHIB) token. This token’s price surged 400x within seven months (from April 2021 to October 2021).
In this article, we will provide expert insights into how many Shiba Inu coins are there in the world, the Shiba coin total supply, market capitalization, and scarcity.
Understanding Shiba Inu’s Market Cap
Shiba Inu is a relatively new cryptocurrency that has garnered a lot of attention in recent years. Investors often look to the market capitalization of a cryptocurrency when evaluating its value.
As of February 2023, Shiba Inu’s market cap was around $7.2 billion, which is a significant figure in the cryptocurrency space and a profound increase from its launch in 2020.
This high market cap is due in part to the coin’s popularity among investors, as well as its relatively low price per coin, which has made it accessible to a wider range of investors.
How Many Shiba Inu Coins Are There: Total Supply Explained
The total supply of a cryptocurrency refers to the total number of coins that will ever exist, and for Shiba Inu, this is set at 1 quadrillion coins,
The Shiba coin total supply is important because it can impact its scarcity and, ultimately, its value. Usually, if a cryptocurrency has a high total supply, it may be less scarce, which could limit its potential to appreciate in value.
It is worth noting that unlike BTC, which has a finite maximum supply of 21 million coins, the supply of SHIB is theoretically unlimited (inflationary), as there is no maximum cap on the number of coins that can be minted.
This means that the supply of SHIB can continue to grow indefinitely, although its rate of inflation will decrease over time due to a built-in deflationary mechanism. This phenomenon causes SHIB’s supply to be relatively high compared to other mainstream cryptocurrencies, which has led some investors to speculate if the coin can maintain its value over the long term.
So, how will this influence Shiba Inu price, and what drives investors to invest in the coin?
If you are wondering how other cryptocurrencies compare, here is another article.
The Role of Shiba Inu’s Burn Mechanism: How does it affect the coin’s supply?
Shiba Inu also has a burn mechanism designed to remove a small percentage of coins from circulation with each transaction. This is achieved by transferring a portion of tokens to a “burn wallet” or “dead wallet,” which is essentially an address that no one has access to.
Shiba Inu has burned more than 400 trillion tokens since its launch, which has reduced the total supply by a significant amount. This burn mechanism is designed to create scarcity and potentially increase the value of the tokens.
Burn events are also organized, which involve community members voluntarily sending their Shiba Inu tokens to the burn wallet, which can help to reduce the total supply of the token further.
The Shiba developers also launched a coin-burning portal in response to requests from the community to reduce the circulating supply. Token holders are incentivized to burn their SHIB tokens and receive RYOSHI tokens as a reward.
Shiba Inu has been making headlines with the launch of its new burn mechanism – the “Bone Token Burn.” This will involve burning a portion of the newly launched BONE token, a governance token used to vote on proposals related to the ShibaSwap decentralized exchange.
Furthermore, Shiba Inu has recently announced a partnership with a leading blockchain analytics firm to monitor and analyze the burn wallet transactions.
Distribution Strategy: How Many Shiba Inu Holders Are There
Shiba Inu’s distribution strategy is primarily based on a community-driven approach that emphasizes decentralization and inclusivity. The project’s creators designed it to be a “meme token” that could capture the same playful and irreverent spirit as Dogecoin, another popular cryptocurrency.
As a result, Shiba Inu was initially distributed through a process of “fair launch,” in which anyone could participate and acquire tokens without the need for a pre-mine or initial coin offering (ICO). This helped to ensure that the token was accessible and open to all rather than being controlled by insiders or a small group of early investors who would pump and dump.
Furthermore, Shiba Inu has implemented various initiatives and partnerships to support its distribution and adoption. For example, the project has launched a ShibaSwap liquidity program that incentivizes users to provide liquidity for various Shiba Inu-related token pairs.
Additionally, Shiba Inu has partnered with various projects and exchanges to enable wider exposure for the token, including on popular platforms such as Binance, BitMart, and OKEx.
According to Etherscan, which tracks the number of unique addresses holding SHIB, there were over 1,309,717 SHIB holders as of February 2023. It’s important to note that this number is subject to change as new holders enter or leave the market.
Additionally, it’s worth mentioning that not all SHIB holders are necessarily active investors or traders, and some may hold the coins for long-term investment purposes or other reasons.
Who holds the most Shiba Inu In The World?
The identity and SHIB wallet address of the person who currently holds the most Shiba Inu tokens are difficult to trace and likely intentionally kept anonymous. It is estimated that this individual holds around 13% of the total supply of Shiba Inu, which is a significant amount considering the project’s market cap and overall popularity.
Interestingly, the person who previously held the most Shiba Inu tokens was none other than Ethereum co-founder Vitalik Buterin.
However, Buterin made headlines earlier this year when he burned 90% of his Shiba Inu tokens, worth around $6 million, which were sent to him as a gift by the Shiba Inu team. He then donated the remaining 10% to various charitable causes, including COVID-19 relief efforts in developing countries.
Shiba Inu is a relatively new cryptocurrency that has gained significant popularity among investors looking to invest in the digital asset market.
Although Shiba Inu’s total supply of 1 quadrillion might appear to be a challenge for long-term value appreciation, its burn mechanism can potentially increase its scarcity and market value. If you wish to be part of this community-driven project, buy Shiba Inu from Paybis directly to your SHIB wallet.
However, it is important to DYOR to weigh these factors against your personal investment goals and risk appetite and stay up-to-date with current trends before investing in Shiba Inu.
With Paybis, you can use the Shiba Inu calculator to check instantly how many SHIB you will get for the amount you want to invest.
How Many Shiba Inu Coins Are There In The World?
500 trillion – that is how many Shiba Inu coins in circulation as of February 2023. The creators initially minted one quadrillion coins, with half locked away in Uniswap. Unlike Bitcoin, the supply of SHIB is theoretically unlimited, but its rate of inflation decreases over time due to a built-in deflationary mechanism.
Are all Shiba Inu Coins already mined and in circulation?
No, not all Shiba Inu coins are already mined and in circulation. As of February 2023, approximately 500 trillion SHIB coins are in circulation, with half of the initial one quadrillion coins locked away in Uniswap.
What is the current price of Shiba Inu Coin, and how has it performed historically?
The price of the Shiba Inu coin (SHIB) is known to be highly volatile and can fluctuate rapidly based on market demand and supply. Historically, SHIB has seen both periods of rapid growth and significant declines.
What impact does the circulating supply of Shiba Inu Coins have on its price and market value?
A higher circulating supply could increase selling pressure and lower the price, while a lower supply could increase demand and price. However, it is worth noting that the price of cryptocurrencies is subject to various other factors, such as market trends, investor sentiment, and regulatory changes, which can also affect its value. Shiba Inu also has a burn mechanism that tends to act in favor of holders.
Will Shiba Inu (SHIB) reach $1?
No. Shiba Inu (SHIB) will not go to $1 anytime soon because, currently, it has a market cap of about 7.27 billion at a price of $0.00001. To reach $1, the price has to surge by 10,000,000%, taking the market cap all the way up to over $727 trillion, which is greater than the economy of all countries combined.