Shiba Inu community to vote on BONE upgrade for Shibarium

By Raffaele Redi
• Updated

Shiba Inu (SHIB) news as it happened

Shiba Inu (SHIB) cryptocurrency symbol showing the dog logo on a gold coin in front of a circuit board background                                 
What’s the latest on Shiba Inu (SHIB)? – Photo: Shutterstock
                                

Contents

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The Shiba Inu community has been invited to vote on a BONE upgrade for the upcoming Shibarium, the layer-2 decentralised solution that is being developed by xFUND and Shiba Inu developers to host all Shiba Inu projects.

In a seven-day poll that will end on 25 June, the community was asked to decide on the BONE supply. The governance token of the ShibaSwap ecosystem, which allows the ShibArmy to vote in governance matters, has been selected for use as the “gas” with which to pay contract and transaction fees on the Shibarium Protocol.

The community was asked to vote on whether developers should cap BONE at 230 million and stop BONE Rewards on ShibaSwap, with current minted BONE sitting at 225 million, or over-mint BONE and increase the total cap from 250 million to 270 million, to obtain a 20 million BONE reserve for Shibarium validators.

According to CoinMarketCap, Shiba Inu (SHIB) is changing hands at $0.000008184, up by 3.5% over the past 24 hours, while trading volume was at $293.4m. SHIB's market cap was $4.5m.

Bone ShibaSwap (BONE) was trading at $0.4056, up by 7.1%.

All values are correct as of 14:30 BST (UTC +1).

17 June 2022: Shiba Inu is top of ‘sell’ list, survey finds

Shiba Inu (SHIB) tops a list of coins Americans want to sell in the current cryptocurrency panic, according to a survey, despite being one of the most preferred assets for Ethereum whales.

As prices have plunged, US investors are indicating they would sell the meme coin first, alongside Dogecoin (DOGE), Bitcoin (BTC) and Ether (ETH).

The statistics, as reported by the outlet NewsBtc, were derived from a study using Google Trends that compare the two digital assets using keywords or phrases such as “sell Shiba Inu” and “sell Dogecoin.”

However, according to Whalestats data, Shiba Inu remains one of the most preferred assets by Ethereum whales which, at press time, hold around SHIB518bn or $4.2m in their wallets, with SHIB being the most preferred crypto after FTX Token (FTT) and USD Coin (USDC).

According to CoinMarketCap, Shiba Inu (SHIB) was changing hands at $0.000008155, down 2.8% over the past 24 hours. SHIB’s market cap was $4.4bn while trading volume was $318.5m.

All values correct as of 07:30 BST (UTC+1).

15 June 2022: Shiba Inu fall “an opportunity to burn tokens’

The crypto turmoil, which has seen the price of Shiba Inu (SHIB) drop 35% over the past 30 days, could be an opportunity to burn more SHIB, the creator of a Shib burn game has suggested.

“SHIB keeps dropping, this is a HUGE opportunity to burn, we will be thanking ourselves later,” said Travis Johnson, creator of the Bricks Buster and Zombie Assassins games, which send SHIB raised through ad revenue to a dead wallet.

Johnson said: “At current prices, one level of Bricks Buster burns 1,300 SHIB, one visit to SHIB's superstore burns 700 SHIB, one view on ShibaPlay burns 900 SHIB, one item from Amazon can burn 100K+ SHIB.”

Shiba Inu users have been continuously asking for more SHIBs to be burned, to make the price of SHIB rise on the market, and their investments more profitable.

As Shibburn reported as of Wednesday 15 June 2022, around SHIB410bn have been burnt, bringing SHIB circulating supply to around 557.6 billion.

CoinMarketCap showed SHIB was trading at $0.000007705 early on the morning of June 15, down 8.1% over the previous 24 hours. SHIB trading volume was $375.6m, down 47% over the same period, while SHIB’s market capitalisation was $4.2bn.

All values are correct as of 09:15 BST (UTC +1).

31 May 2022: Shiba Inu founder Ryoshi disappears after deleting all posts

The pseudonymous Shiba Inu (SHIB) founder Ryoshi has apparently walked away from the community after deleting all of his tweets and blog posts.

The news followed a recent announcement from the meme-coin’s developers suggesting that the network would aim at focusing on Shiba metaverse developments, wrong-footing users on the possible future of the SHIB altcoin.

Ryoshi, whose identity is still unknown – as is the creator of bitcoin (BTC) Satoshi Nakamoto, despite several people claiming to be Satoshi – apparently, left only one new post on his Medium.com blog, speaking out after months of silence.

“I am not important, and one day I will be gone without notice. Take the SHIBA and journey upwards frens,” he messaged. Currency.com has not been able to identify the author of the post.

The message recalls an old post published by Ryoshi, as reported by Gfinity Esports, that has also been deleted. The post read: “I have said from the beginning, I am a nobody, I am not important. The efforts to unmask my ‘identity’ even if successful would be underwhelming. I am just some guy of no consequence tapping at a keyboard and I am replaceable. I am Ryoshi.”

According to CoinMarketCap, Shiba Inu (SHIB) was changing hands at $0.00001179, up by 0.9% over the past 24 hours, as of 14:30 BST (UTC +1) today. The SHIB market cap was $6.4bn while its trading volume was at $565.7m, down 10% over the past 24 hours.

24 May 2022: Shiba Inu down 50% in one month despite token burning

Shiba Inu (SHIB) slipped down by 54% over the past month despite developers accelerating the burning process.

The deflationary process – which consists in moving SHIB coins to dead wallets – resulted in more than SHIB410trn being burned but left  SHIB554.8trn currently in circulation.

The selling pressure on the meme coin – fuelled by the recent UST turmoil in the crypto market – has grown in the last few hours as developers suggested in their latest announcement that the Shiba Inu project could mainly focus on the Shiba Inu metaverse – the Shibverse.

The announcement prompted a mixed reaction among Shib’s users on Twitter, with some investors asking for a further acceleration in the burning of tokens to increase the meme coin’s value, which is currently a fraction of a cent.

According to CoinMarketCap, Shiba Inu (SHIB) is changing hands at $0.00001169, which is down 4.8% over the past 24 hours and 54% lower over the past month. SHIB trading volume was at around $460m, 21% lower in the last 24 hours, while SHIB market cap was $6.4bn.

Values are correct as of 14:30 BST (UTC +1).

6 May 2022: Backlash hits Shiba as network adds SHIB as option to purchase lands 

SHIB, the native token powering the Shiba ecosystem, is under selling pressure as Shiba Inu developers introduced a SHIB option for the purchase of lands in the Shiba metaverse to boost sales.

The introduction received some backlash from Shiba users, - waiting instead for more updates on the future of the network - as it stressed the impossibility of small or new traders to purchase lands originally priced in ether (ETH).

“Hope this pushes it forward but I doubt it. All the catalysts we’ve had and it’s still dropping. Can’t even afford land if you’re a small or new investor. Didn’t buy SHIB just to buy LEASH and BONE. Very frustrating we can’t get any momentum, seemed to have huge potential,” tweeted out the user Marc.

The most expensive lands on the Shiba metaverse are priced at ETH1 (around $2.640), or SHIB135m at the current rate.

On the crypto market, after a timid reaction from traders in an attempt to accumulate SHIBs following the announcement, SHIB retraced to the current $0.00002 support and is trading down 13% over the last seven days, as for CoinMarketCap data.

Also driven by the sell-off wave hitting the crypto market, in the last 24 hours, SHIB is changing hands at $0.0000198 down by 5.2% and with a trading volume of $797.5m, higher by 36%. SHIB's market cap was at $10.9bn.

21 April 2022: Shiba metaverse user blacklisted after creating hate symbol

Developers of SHIB: The Metaverse have blacklisted a user after he formed a swastika symbol on its metaverse map by buying up lands.

On Wednesday 19 April, the team behind Shiba Inu (SHIB) wrote in a tweet: “We will not tolerate the use of hate speech, displays of intolerance or bigotry (through words, actions, symbolism, etc) at the discretion of the community moderation team Any account or individual who attempts to incite harm towards others is also not allowed.

“SHIB: The Metaverse will place the wallet identifying the violation on a blacklist, meaning it will never be able to participate in any areas of this platform.”

The reaction of Shiba users has been mostly positive, however, some raised concerns the move could bring further restrictions on freedom of speech. “That’s pretty serious. I hope those powers don’t get abused for some unfortunate individual who’s heavily invested. I also hope everyone abides by those rules,” said Twitter user Beads.

What we know so far

According to CoinDesk, which first reported the incident, a malicious user bought land in the pattern of a swastika on SHIB: The Metaverse’s map following its land sale launch, which began on 12 April. Land purchases lead to a colour change on the map from grey to black, which was used to create the swastika symbol. 

SHIB holders subsequently began bidding on land surrounding the symbol – which in Europe is associated with the Nazi party – in an attempt to turn it into a “window shape”, reported CoinDesk

As of 21 April, SHIB is trading lower by 2.2% at $0.0000249 with a market cap of $13.6bn and a trading volume of $536m, around 10% lower in the last 24 hours.

31 March 2022: Shiba Inu unveils its Metaverse but the future is not clear

The Shiba Inu metaverse will be a Decentraland-style one – and the sale of the first lots of land are set to start soon.

However, while the land structure is clear, the network remained vague about the possible development of the whole blockchain, which alongside the metaverse seems to focus on DeFi finance and stablecoin. The network also announced a new mechanicism to burn SHIBs and a new website, saying they will become active soon.

The network said 2022 would be a year of surprises, “with new implementations like Shibarium, which will be the Layer 2 (L2) in which SHIB: The Metaverse will be developed, and even SHI, the Shiba Ecosystem stablecoin that is going to open new investment opportunities through the system Shib is currently developing”.

Uncertainty on the new metaverse prompted a timid reaction from investors, with SHIB witnessing a 1% decrease on the crypto market, changing hands at $0.00002657. At the time of writing, SHIB trading volume was at $1.5bn, while the market cap was around $14.5bn.

Shiba Metaverse shape

Shiba Metaverse will consist of 100,595 plots of land, the network explained. Some lands, such as roads, will remain locked and private as they represent key travel corridors within the metaverse and are to be retained for use as common grounds.

During the launch phase, 36,431 plots of land will be unlocked and distributed in four different tiers with different prices, going from ETH0.2 to ETH1. The public sale will be preceded by an offer to whitelisted Shiba users and SHIB investors, who will have to lock SHIB coins as a guarantee to secure lands.

As the metaverse will be developed with a ‘large’ gaming app and other partners, the network priced lands in ether, a neutral coin that can be sold into stablecoins to pay all the sources.

“The Metaverse will be able to generate passive income, gather in-game resources and generate rewards,” said the network.

4 March 2022: Shiba accelerate SHIB burning as the network partners with Richmond

SHIB community-led burning activities have accelerated as the network has removed more than 213 million SHIB from circulation in the past 24 hours.

The burn, requested by the Shiba Inu community, aimed to reduce the total supply of 589.7 billlion SHIB, which was preventing the price of the coin from breaching the penny mark.

Despite an advertising campaign that has seen the crypto sponsor a restaurant in Naples and a guest appearance on the screen during the NFL Super Bowl in the US, the altcoin has been struggling to recover from the crypto winter.

In addition, the network has also signed a partnership with the fashion luxury brand Richmond for the launch of an NFT series in Milan.

Welly’s restaurant partnership

Recently, Shiba Inu (SHIB) has been taking its first step into ‘in-real-life’ products by unveiling a partnership with Welly’s, a blockchain-based, fast-food restaurant in Naples, Italy, which opened in 2021.

According to the community post, Welly’s will be the first and only SHIB-themed restaurant powered by the community, with the ‘burger joint’ selling food to customers using SHIB as one of its payment methods.

Moreover, LEASH and Shiboshi holders will get access to perks, discounts and rewards at the restaurant.

The Shiba Inu network said it does not intend to extend its partnership to other fast-food chains.

The launch of NFTs with Richmond

The Shiba Inu network has also announced a partnership with the luxury fashion house Richmond to celebrate Italian Fashion Week.

Although details had not yet been disclosed, the announcement hints at a 10,000 NFTs series to be dropped, suggesting the brand will show the Shiba Inu mascot in its stores around the world.

At the time of writing, SHIB is trading at $0,00002477, down 4.4% in the past 24 hours. The SHIB market cap was $13.6bn while the trading volume, down by 2% in the past 24 hours, was standing at around $983,400.

21 February 2022: Shiba Inu launches DOGGY DAO to face ETH whales

The Shiba Inu network has launched a DAO (decentralised autonomous organisation). Its DOGGY DAO will let the community decide and vote on each project in its WOOF Pools, and has been designed to mitigate whales’ influence on the meme-inspired crypto (SHIB).

According to Whalestats, despite SHIB reaching more than 1.18 million holders in the past few hours, the top 1,000 ETH wallets are holding 18.2 trillion SHIB or around $2.6bn, representing 22% of the top whales’ investments and their biggest token position by USD value.

“As we observe the behaviour in the first two rounds, we will be using a brand new staking contract to lock $BONE for a longer period before the voting begins, which doesn’t stop whales and exchanges from entering but can certainly help mitigate at a higher level,” said the network.

The launch sparked some scepticism within the Shiba community on Twitter, as the process of consituting the DAO seems hard to digest for some users.

DAO details

According to the announcement, the DAO will be launched in several stages. For the voting process to be acknowledged by the DAO, users must stake their $BONE – the native governance token of Shiba Inu decentralised exchange, also called ShibaSwap – while distributing their $BONE among top liquidity pairs on the exchange, with some pairs such as BONE/ETH locked.

The network then introduced a new coin associated with Shiba Inu NFTs, or SHIBOSHIs. The coin, also called SHIBOSHI, will allow the platform to reward the most active NFT holders.

“DOGGY DAO launching on ShibaSwap not only factors community voting rights but also accomplishes a closer path to our mission for decentralisation and actions that exert authority and control over certain areas,” said the network.

“We are calling this a Beta release, as we are expecting proper community feedback, while also observing the workflow closely to make sure our community finds the system easy to use, secure and fair,” they added.

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