Over the years, we have seen many altcoins appear in the world of cryptocurrency. Some were even imitators or clones of other coins. ShibeCoin has always been labelled as a DogeCoin rip off, but that opinion might need to be changed now that the community has taken over the coin.
Even though I never considered ShibeCoin as a DogeCoin rip off myself, I can see where the sentiment is coming from. Either way, the previous developers have let things slip a bit and the coin lost most of its value as a result. The community decided to take over the coin on August 4th, so let’s see how things are going for them.
If you want to find out more about this ShibeCoin community takeover, and why it was/had to be done, click here.
A new developer team has been put in place, and a new mission statement has been posted. The new ShibeCoin is intended as a cryptocurrency for investors. Considering the altcoin can only be generated through Proof-of-Stake, or by buying it from an exchange, that train of thought holds some merit in a way.
However, with a Proof-of-Stake interest rate of 10% per annum, and no actual coin supply cap set (like DogeCoin), we are still looking at an additional 30 million coins being generated in the first year. I’m not saying this amount is too high or too low, but it’s an interesting number, that’s for sure.
For the exact amount of ShibeCoin in circulation, click here.
Over the past few days, there has been quite a bit of buying action going on at the BitTrex exchange. Whereas ShibeCoin was down to 4 Satoshi per coin a few days ago, it is now up to roughly 20. That’s a fivefold increase, which is not bad at all if you ask me!
So what is next for ShibeCoin? A new development roadmap is expected to be published soon, so we will definitely keep an eye out for that. In the meantime the new team took the Proof-of-Development “challenge” by CryptoAsian, and achieved a 5 Plus+ rating! You can find out more about SHIBE’s PoD rating here.
Make sure to check the new ShibeCoin thread on BitcoinTalk!