What is Shiba Inu
Shiba Inu (SHIB) is an Ethereum-based cryptocurrency whose logo, like Dogecoin (DOGE), depicts a dog of the Shiba Inu breed, which has become the symbol of meme tokens.
Shiba Inu was created in August 2020 by an anonymous person or group called Ryoshi.
According to the white paper, Shiba Inu was created to be governed entirely by its community. Its founder Ryoshi attributes its origin to “an experiment in decentralized spontaneous community building.”
The core principles of the meme token community are:
- The project started from scratch in the spirit of creating something from nothing
- It was not founded from an existing community or pre-existing team
- A declaration of love for the Shiba Inu dogs
The Shiba Inu Ecosystem
SHIB is an ERC-20 token that uses the Aetherium network instead of its own. The choice of Aetherium was based primarily on the fact that the network was secure and established, allowing the project to remain decentralized.
The Shiba Inu ecosystem consists of the following three tokens:
- SHIB: This is the main currency of the project. Starting with a supply of 1 quadrillion, Ryoshi locks 50% in Uniswap (for liquidity purposes) and then sends the other 50% to Ethereum co-founder Vitalik Buterin for safekeeping. In May 2021, Buterin donated more than 50 trillion SHIB coins worth more than $1 billion to the COVID-19 fund in India when the country was reeling from the delta variant of the coronavirus. Shortly thereafter, Buterin also “burned” – or permanently removed from circulation – 40% of the total supply of Shiba Inu in the so-called dead wallet.
- Leash: The second token, which represents the other end of the ecosystem spectrum, with a total supply of just 107,646 tokens compared to the trillions of SHIB tokens.
- Bone: Bone fits in between the other two cryptocurrencies in terms of circulating supply, with a total supply of 250,000,000 tokens. It is designed to be a network management token that will allow “SHIBArmy” to vote on upcoming proposals.
The Shiba Inu ecosystem also includes:
- ShibaSwap: The goal of the DeFi platform is to provide a safe place to trade cryptocurrencies while remaining decentralized.
- Shiba Inu Incubator: the incubator aims to shift the focus beyond popular art forms such as painting, photography, and digital imaging and find ways to honor creativity and ingenuity.
- Shiboshis: These are 10,000 Shiba Inu NFTs generated and saved in the Ethereum blockchain, with various characteristics.
