What is Shiba the Inu (SHIB) token?
2021 has been good for crypto coins and tokens as the value of several cryptocurrencies increased dramatically. Shiba Inu (SHIB) is among the surging coins, with a massive gain in its popularity and price. The Shiba Inu, often known as the “Dogecoin killer,” is a dog-themed meme token that has become a massive hit on social media. SHIB is one of the leading cryptocurrencies in terms of market capitalization as of November 2021.
What is Shiba Inu?
Shiba Inu is an ERC-20 token with its own decentralized exchange called ShibaSwap. Shiba Inu is an experiment in “decentralized spontaneous community creation”. It aims to return control to ordinary people. The SHIB roadmap and ecosystem includes Shiba Artist Incubator, 10,000 “Shiboshi” NFTs, and an NFT game called Shiboshi Game.
The Shiba Inu token was launched in 2020 by an unknown developer named Ryoshi. His identity is just as mysterious as Satoshi Nakamoto, the creator of Bitcoin. The digital asset was inspired by the same-named Japanese breed of dog, which created a global meme craze in 2013 and led to the creation of the renowned Dogecoin. The Shiba Inu Dog also serves as the token’s official mascot.
Shiba Inu, alongside Dogecoin and dozens of other pet-inspired crypto assets, are known as “meme coins” in the industry. Typically, a meme coin provides little to no use to its holders compared to more defined cryptocurrencies such as Bitcoin and Ether. However, in the instance of the Shiba Inu currency, there appears to be a genuine attempt by the team to deliver excellent value to SHIB holders.
The SHIB, LEASH, and BONE tokens
SHIB is the Shiba Inu official token. It had a circulating supply of one quadrillion tokens at the start. To create liquidity, Ryoshi locked 50% of the tokens in UniSwap then transferred the other 50% to Ethereum co-founder Vitalik Buterin’s public wallet for safekeeping. Vitalik chose to burn 90% of the coins and donate the remaining 10% to charity. This amount helped stop the devastating spread of COVID-19 in India, making it the largest cryptocurrency donation in history.
Shiba Inu’s second token, LEASH, is also available on ShibaSwap. LEASH, which has a circulating supply of 107,646 tokens, was initially used as a rebase token to follow the price of Dogecoin. However, SHIB developers decided to convert LEASH to an ERC-20 token that holders can stake in the liquidity pool to receive xLEASH as a reward.
BONE is the token for governance. It has a supply of 250,000,000. In the long term, the BONE token will enable the ShibArmy (the Shiba Inu community’s nickname) to vote on potential Doggy DAO proposals.
The Shiba Inu Ecosystem
Shiba Inu employs canine terminology in its ecosystem to stay with the dog theme. According to its “WoofPaper” (whitepaper), Shiba Inu is a community-driven project developing a decentralized cryptocurrency.
ShibaSwap, a decentralized exchange, is at the heart of the SHIB network. ShibaSwap allows trading SHIB and other cryptocurrencies, “dig” into the Puppy Pools for liquidity, or “bury” tokens in smart contracts to earn interest using SHIB, LEASH and BONE.
Shiba Inu is also proposing the Shiba Artist Incubator, a non-fungible token (NFT) art incubator. It aims to encourage dog-inspired artists to list their Shiba Inus into the NFT market in the form of paintings, photography, and digital modelling.
Furthermore, the SHIB team announced an upcoming NFT game called Shiboshi Game. They launched 10,000 “Shiboshi” NFTs on the Ethereum blockchain in October 2021. The announcement also featured a new token-burning mechanism. Shiboshi holders must pay USD 100 in SHIB whenever they want to modify the name of their NFTs. This fee will be destroyed (i.e., sent to the SHIB burn wallet).
Why is Shiba Inu so famous?
We should credit Shiba Inu’s fame to social media influence, especially Tesla CEO Elon Musk. SHIB and other meme currencies took advantage of the increased popularity of meme tokens after Elon publicly joked about Dogecoin on TV in May 2021, causing its price to plummet. On top of that, Shiboshi NFTs and games are some features that distinguish SHIB from other dog-themed currencies.
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