The idea of creating a cryptocurrency came to Shiba Inu owner, Toshi Times, when he found out about the blockchain technology. At that time, the idea of digital currency was not yet mainstream but it was gaining popularity in Japan. Shibcoins are “purely digital” and can be used to purchase goods and services online or offline. They are not tied with fiat currencies like USD or JPY which means they aren’t backed by any government or central bank. Currency is also limited to 10 billion shibcoins which is around $3-4 million at current market prices. Shibcoin was created as a cryptocurrency that would be used by the Shiba Inu community. This is because many Japanese people are looking for new ways to adopt digital currencies. Shibcoins can be used to buy Shiba Inu merchandise as well as services.
The idea to create a cryptocurrency that would be used by the Shiba Inu community came from some members of Reddit’s r/ShibasInustonium (a subreddit for Shibas) who thought it would make sense to create their own currency since they have a large following on social media and had seen other cryptocurrencies being adopted in the past. The word “shiba” means “dawn” in Japanese. This is why the Shiba Inu was created to celebrate the start of another day and inspire and motivate people to do great things! As for how the idea for shibcoin came about, it seems like a long story. A few years ago some guy came up with this idea to create a cryptocurrency that had an adorable dog on it. It was meant to be used as a way of supporting animal shelters and welfare organizations around the world that did not have enough funds for their animals.
The first few batches of coins were sold out in minutes, which is what inspired people to create more coins and make them available for purchase on websites such as eBay. The Shiba Inu trading Coin is a cryptocurrency created to raise money for the Shiba-Inu Rescue & Adoption Center. The idea was originally brought up by Michi Kaku, the founder of the rescue centre. Kaku wanted to put all of her efforts into raising funds for the rescue centre and not worry about fund management or technicalities. The idea came from a poor shelter in Japan that was facing legal problems and could no longer accept donations. This led them to think of alternative ways to raise money – so they decided on creating a cryptocurrency.