What Is SHIBA INU (SHIB)?

Shiba Inu coin (SHIB) is a meme-based cryptocurrency named after a dog breed. It was created in 2020 by an anonymous developer named Ryoshi as part of a group of dog-themed cryptocurrencies. It is designed to be an Ethereum-compatible alternative to Dogecoin (DOGE). According to the SHIBA INU website, SHIB champions itself as the “Dogecoin Killer”.

You can buy SHIBA Inu on Binance HERE

SHIB is an ERC-20 token and is currently transitioning to a Proof of Stake consensus mechanism. The SHIB ecosystem consists of a decentralized exchange called ShibaSwap. It also supports an NFT art incubator that invites dog-inspired artists around the world to bring their Shiba Inus into the NFT market.

Shiba Inu started with a circulating supply of one quadrillion, where its founder Ryoshi locked 50% of the token in Uniswap’s decentralized exchange to create liquidity. The other 50% of the token was sent to Ethereum co-founder Vitalik Buterin’s wallet and most of which were burned. The Shiba Inu coin is available on Binance and trades as SHIB.

According to the SHIBA INU website, SHIB is the “DOGECOIN KILLER” and will be listed on their own ShibaSwap, a decentralized exchange.

Shiba Inu coin was created anonymously in August 2020 under the pseudonym “Ryoshi.” The meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin paired with headlines and Tweets from personalities like Elon Musk and Vitalik Buterin.

Shiba Inu aimed to be the Ethereum-based counterpart to Dogecoin’s Srypt-based mining algorithm. Shiba Inu and the SHIB token are part of a swarm of dog-themed cryptocurrencies, including Baby Dogecoin (BabyDoge), Dogecoin (DOGE), JINDO INU (JIND), Alaska Inu (LAS), and Alaskan Malamute Token (LASM). These lesser-valued tokens have attracted investors who missed the Dogecoin pump from 0.0002 to nearly 0.75 USD.

On Sept. 17, 2021, Coinbase, the largest US-based crypto exchange, listed Shiba Inu on their platform. This news caused Shiba Inu price to rise by over 40% in the following two days, bringing the meme dog token into the spotlight again.

Who Are the Founders of SHIBA INU?

The SHIBA INU WoofPaper has three reasons why their team created SHIB:

  1. “We started from zero, with zero.”
  2. “The brilliant minds behind Shib had never collaborated before.”
  3. “We love Shiba Inu Dogs.”

The anonymous creator of the Shiba Inu coin is known as “Ryoshi.” However, very little is known of the mystery founder of the dog-themed cryptocurrency, much like the founder of Bitcoin, Satoshi Nakamoto.

What Makes SHIBA INU Unique?

The SHIBA INU website invites dog-inspired artists from all over the world to foster the “artistic Shiba movement” as they bring their SHIBA INU community into the NFT market.

SHIBA INU has also created a campaign using Amazon Smile in order to collect donations for rescue real, live Shiba Inu dogs with the Shiba Inu Rescue Association.

How Many SHIBA INU (SHIB) Coins Are There in Circulation?

The SHIBA INU website notes that they locked 50% of the total token supply on Uniswap, and “threw away the keys!” The remaining 50% was “burned to Vitalik Buterin.”

In response to the “gift” from the Shiba Inu team, Vitalik Buterin sent 50 trillion SHIB tokens, worth $1 billion in Shiba Inu price at that time, to India’s Covid Crypto Relief Fund. Buterin then burned 40% of the total supply to a dead wallet.

There are several other tokens described on the SHIBA INU website — LEASH, which has “been unleashed and will not rebase,” and BONE, the “Dogecoin Killer.”

LEASH has a fixed supply of only 107,646 tokens, and offers enticing rewards to liquidity providers, while BONE has 250,000,000 tokens, and is a governance token that allows holders to vote on the Shiba Inu’s Doggy decentralized autonomous organization (DAO).

The WoofPaper notes that you will use SHIB to DIG for BONES or ShibaSwap, or even BURY your tokens. “Trainers” can teach their Shibas to SWAP tokens as well — all of these actions create “Returns” that are put into the Puppy Pools, where the #SHIBARMY has the option of BURYING or DIGGING for BONES.

On May 13, Vitalik Buterin (who was given half of the token supply by the developers) announced that he was donating a large amount of these tokens to a fund helping India with COVID relief. The SHIBA developers had not anticipated Buterin selling his tokens, so the relief fund (as of May 18) will have to navigate how to sell the tokens to use the money on aid without preventing market shocks in the SHIB market. At the news of Buterin’s announcement, Shiba Inu price dropped 44%.

How Is the SHIBA INU Network Secured?

According to 22-page-long SHIB’s WoofPaper, SHIB is an ERC-20 token based on Ethereum, a proof-of-work blockchain currently transitioning to proof-of-stake.

Where Can You Buy SHIBA INU (SHIB)?

It is possible to buy Shiba Inu coin in BinanceHuobiCoinbaseGate.ioUniswap (V2) and OKEx, among other exchanges.

To check Shiba Inu price live in the fiat currency of your choice, you can use CoinMarketCap’s converter feature directly on the Shiba Inu currency page. Alternatively, use the dedicated exchange rate converter page. Popular Shiba Inu price pairs include: SHIB/USDSHIB/GBPSHIB/AUD and SHIB/EUR.

Source: Coinmarketcap

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