Shiba Inu is a decentralized cryptocurrency launched in August 2020 by an anonymous individual or group known as “Ryoshi”. Initially inspired by Dogecoin (DOGE), the Shiba Inu platform has since evolved past its memecoin beginnings and now allows users to stake, swap, and deposit digital assets into liquidity pools on the platform’s native ShibaSwap decentralized exchange. In addition to DeFi functionality, the Shiba Inu team is also working on its own metaverse offering and recently released a non-fungible token (NFT) collection consisting of 10,000 unique digital creations called Shiboshis.
Out of the total supply of 1,000 trillion SHIB tokens, 500 trillion were locked to Uniswap. The other half was sent as a gift (without solicitation) to Ethereum co-founder Vitalik Buterin. However, after receiving SHIB, Lead Developer of EthereumButerin burned 90% and donated only 10% to charity.
The digital currency that fuels the Shiba Inu blockchain ecosystem is SHIB, also referred to as the Shiba Inu coin. Unlike other cryptocurrency coins, SHIB has a capped supply which makes it an ideal store of value. SHA-256 algorithm utilized by Ethereum powers this ERC-20 token. What’s more, trading incentivizes owners to participate in Bone governance decisions through BONE (ShibaSwap’s native utility token).
Here are some key facts about Shiba Inu and its core blockchain features:
Shiba Inu (SHIB) is a Dogecoin-inspired meme token that launched in 2020. Unlike Dogecoin, however, SHIB has quickly expanded its use cases beyond simple token transfer functionality.
The Shiba Inu ecosystem includes the native decentralized exchange platform ShibaSwap, SHIB Burning Portal, and NFT and metaverse offerings.
The platform is fueled by three Ethereum-based tokens: SHIB, LEASH, and BONE.
The Shiba Inu community can use BONE governance tokens to participate in the decision-making process through Doggy DAO.
No other digital currency came close to the SHIB token’s performance in 2021; it saw a 42,000x price increase over the course of the year.
Shiba Inu is a blockchain ecosystem that uses three tokens: SHIB, BONE, and LEASH. The project gets its name from the Japanese hunting dog breed Shiba Inu, which is also the type of dog in Dogecoin’s logo.
SHIB began its journey as the decentralized, community-driven Dogecoin equivalent but rapidly expanded into a more multifaceted cryptocurrency platform. In the years since its inception, SHIB has come to include ShibaSwap (a native DEX product), Shiba Inu Incubator (an online gathering place for digital artists looking to share their work with thecryptocurrency world), and Shiboshis (an NFT collection of 10,000 one-of-a-kind digital items with various built-in properties).
Shiba Inu runs on Ethereum, which means that it uses the same security system as its parent blockchain platform. With Ethereum’s smart contract functionality, Shiba Inu users can provide liquidity to the network using any of the threeLiquidity Providers (LPs)and earn interest from their deposits.
In addition to the DEX and NFTs, the Shiba Inu ecosystem also has the Shib Burning Portal. This lets users exchange their tokens for cryptocurrency rewards in return for burning them. The token burning portal regulates supply and demand by putting deflationary pressure on SHIB coins, which makes them more valuable.
- Shiba Inu is a decentralized cryptocurrency launched in August 2020 by an anonymous individual or group known as “Ryoshi”.
- Initially inspired by Dogecoin (DOGE), the Shiba Inu platform has since evolved past its memecoin beginnings and now allows users to stake, swap, and deposit digital assets into liquidity pools on the platform’s native ShibaSwap decentralized exchange.
- The creators of SHIB locked half of the token’s supply–500 trillion tokens to be exact–to Uniswap. The remaining half was sent to Ethereum co-founder Vitalik Buterin as an (unsolicited) gift.
- The lead developer of Ethereum ended up burning 90% of SHIB he received and donated the remaining 10% to charity.
- The Shiba Inu blockchain ecosystem is powered by the primary token called SHIB, also known as the Shiba Inu coin, which is an Ethereum-based ERC-20 token.