Tag: shib

‘Growing Strong in India’: Shiba Inu Said to Be Top Traded Memecoin on WazirX in March

The month of March proved to be quite the lucrative period for the overall cryptocurrency sector. While Bitcoin attained its new all-time high and Ether came close to creating its own, several altcoins also recorded a notable upswing in their respective trajectories. Indian crypto exchange WazirX, on April 2, released a list of the five most traded cryptocurrencies on its app. As per the Indian exchange, memecoin Shiba Inu secured the first rank on this list indicating that most of the investors engaging with crypto through its app chose to purchase Shiba Inu.

In March 2024, Shiba Inu managed to supersede Bitcoin on WazirX’s list of most-traded cryptocurrency. The development has managed to gain major appreciation from the team behind the SHIB coin.

“$SHIB was one of the hottest coins on @WazirXIndia in March! The Shib Army is growing strong in India!” the official handle of the @Shibtoken posted on X, re-sharing the WazirX’s list.

Originally created as a joke rival to Dogecoin, SHIB was launched in August 2020. The memecoin is presently trading at the price point of $0.000027 (roughly Rs. 0.002257). With a market cap of $16,131,474,196 (roughly Rs. 1,34,583 crore), Shiba Inu ranks 12th out of all 9,406 active cryptocurrencies on CoinMarketCap.

Along with the memecoin, the Shiba ecosystem has expanded its product portfolio over the years to include a metaverse ecosystem, a Shibarium blockchain, and .SHIB domains for its community members.

Following these developments, the SHIB community witnessed an expansion around 2023. Towards the end of January last year, for instance, Shiba Inu had emerged as the top-most choice for new entrants who were looking to explore crypto investments, a report by on-chain analytics firm Nansen had claimed.

At that time, SHIB was trading at the price point of $0.000012 (roughly Rs. 0.000984) and its circulating supply stood at over 549 trillion. Present day, over 589 trillion tokens of Shiba Inu are in circulation – showing a clear growth in its adoption.

The memecoin, despite its slow price spike, has managed to maintain popularity among Indian investors. Back in December 2022 SHIB was the top traded token on WazirX with 27 percent of first-time crypto buyers betting on the memecoin.

As per the exchange’s list of top traded cryptos, Shiba Inu has secured the first rank followed by Bitcoin, Pepe Coin, Floki Inu, and Dogecoin. This indicates that the craze of memecoins among crypto investors is heating up.

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Shiba Inu Team to Pin Another Security Layer to Improve Network Privacy: Details

The developers maintaining the Shiba Inu ecosystem are deploying a new layer of security to improve the network’s privacy settings. The Shiba Inu team is developing this security protocol in partnership with Zama, a cryptography company that confirmed the development on X this week. The name of this security protocol under development remains unknown for now. It is, however, known that the protocol will use a tool called the Fully Homomorphic Encryption (FHE) — through which developers can unlock data on untrusted domains without having to decrypt or engage with it.

The Shiba Inu ecosystem is maintained on the Layer-2 Shiberium blockchain, which is built atop the Ethereum blockchain. Once Shiba Inu rolls out its security protocol, it will find residence on the Shiberium blockchain. TREAT, a crypto token that is part of the Shiba Inu ecosystem will back the use of this security protocol.

Holders of the Shiba Inu tokens will get better safety for their personal and transactional data, a Coindesk report said without disclosing anything in detail.

The integration of this encryption tool into Shiba Inu’s protocol seemingly brings the user protection under the spotlight. The move could set a mark for other Layer-2 blockchains to adopt similar methods too and secure their respective networks and communities as well.

In January 2023, SHIB emerged as the only ERC-20 token crypto to most appear on the Ethereum mother-chain transactions. Data from Nansen from the time also showed that Shiba Inu had emerged as the top-most choice for new entrants to begin crypto investments with. With its community showing gradual growth, the Shiba Inu team has been taking a number of community-first initiatives.

In December 2023 for instance, the SHIB team applied to the Internet Corporation for Assigned Names and Numbers (ICANN) aiming to acquire the ‘.shib’ domain, which if approved, would let members of its community create email addresses with the ‘.shib’ suffix. This would eliminate the need for its community to create long, alphanumeric crypto wallet addresses to manage assets across different blockchains.

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SHIB Developers to Soon Floor Layer-2 Shibarium Network on Ethereum Mainnet: Details

The team behind the Shiba Inu memecoin has decided to expand the availability of its underlying technology to get more Web3 projects to take its support and get more of its tokens into circulations. In the coming days, the developers of the SHIB coin will release a Layer-2 Shibarium network on the Ethereum mainnet that supports the SHIB ecosystem as the mother blockchain. The development has stirred excitement among members of the SHIB community.

Layer-2 blockchain networks acts as secondary platforms that are built on the main blockchain. These networks are intended to increase the scalability of the main blockchain by supporting a wide array of customised dApps and protocols, while maintaining the same security standards offered by the mother chain.

With the launch of the Shibarium Layer-2 network, the Shiba Inu team expects to upgrade its speed of transactions, support up and coming blockchain projects, as well as allow the unification of NFTs with its ecosystem.

“We are approaching the finishing touches for Shibarium’s Beta and its imminent launch. Shibarium’s Layer-2 blockchain protocols can serve different industry areas such as metaverse, Web3 innovation, and gaming,” said the official blog post from the Shiba Inu makers.

The announcement has garnered a bunch of responses from Shiba Inu community members.

In light of this development, the SHIB token has risen by 4.80 percent to touch the value of $0.000010 (roughly Rs. 0.000854), as per Gadgets360’s crypto price tracker.

“Patience is key, and some see Shibarium as a price pumping tool, but that is not the project’s focus and never has been. Shibarium is being built to fulfil Riyoshi’s vision and provide the community with a tool to build and grow the project on their own terms,” the blog further added. Riyoshi is the anonymous founder of Shiba Inu.

The memecoin, which was originally created as a joke rival to Dogecoin, emerged to become the 11th-biggest cryptocurrency coin by market value on October 25, WatcherGuru reported.

In October last year, the Shiba Inu developers decided to foray into the metaverse sphere. The Shiba Inu Metaverse, currently codenamed Shiberse, will be a real estate metaverse project where people will be able to purchase digital plots of Shiba Lands and build games as well as their virtual identities.

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Shiba Inu’s Anonymous Founder ‘Riyoshi’ May Have Quit Crypto World, All Tweets Erased

Riyoshi, the anonymous founder of Shiba Inu may have decided to quit the world of cryptocurrency. In a rather encouraging farewell note, the SHIB creator who went by the pseudonym ‘Riyoshi’ announced his decision on a Medium post. While Riyoshi has previously hinted at moving on from the crypto world, speculations about this farewell note claim a scammer could be behind Riyoshi’s Medium post. For now, Riyoshi’s account @RiyoshiResearch with over 200,000 followers is visible on Twitter, but all of the posts from its page have been deleted, showing correspondence with the exit post.

“I am not important, and one day I will be gone without notice. Take the SHIBA and journey upwards frens,” Riyoshi’s Medium post published on May 30 reads.

The screenshots of this post have found their way on social media, with people warning members of the crypto community, that this could all be a fake scam.

Despite Riyoshi’s assumed exit from the crypto sphere, the working of the Shiba Inu will remain unaffected.

This was confirmed by Shytoshi Kusama, a lead developer of Shiba Inu who also claimed that even he is unaware of Riyoshi’s real identity.

“Ryoshi was, and is, one of the most successful anonymous founders of any project, ever. Though I don’t know his identity, his legacy lives on in the Shib token, Shib Ecosystem and all the projects we foresee to decentralise the world,” Kusama noted.

Despite all the noise around the future of SHIB at this point, the cryptocurrency is currently trading at $0.000012 (roughly Rs. 0.000958) as per Gadgets 360’s crypto price tracker.

On CoinMarketCap, SHIB’s ranking is 16th, with a live market cap of $6.45 billion (roughly Rs. 50,140 crore). A total of over 549 trillion SHIB coins are currently in circulation with its maximum supply undecided.

Well, if Riyoshi has really moved on from the crypto world, the decision comes at a time when Shiba Inu is working on its own metaverse.

Earlier in March, the Shiba Inu developers announced that a total of 100,595 virtual land plots will be put up for sale on its metaverse, out of which some will be remain private.

Shiba Inu is also being listed on crypto exchanges like Robinhood and Bank of America crypto ATMs, which may boost its adoption.

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