Shiba Inu is one of the most challenging, paradoxical, and also successful cryptocurrencies that have entered the market in recent years. It had an eye-catching price growth in 2021, and became very famous. In this article, we will go through the Shiba Inu ecosystem and investigate the reasons for its success. Stay with us.
What is Shiba Inu?
If we want to explain Shiba Inu in one sentence, we can say that: Shiba Inu is an ERC-20 meme coin that has taken its name and logo from a Japanese dog breed with the same name. This simple definition can tell us a lot about Shiba Inu. First of all, it is an ERC-20 token, so it is based on Ethereum and does not have an independent blockchain. Second, Shiba Inu has taken its name and logo from a Japanese dog breed. The Shiba Inu dog has a funny laughing face, so it can be called a “meme coin”.
Shiba Inu was released in August 2020 by an anonymous developer with the nickname “Ryoshi”. It has a native token called SHIB. At the beginning, 1 quadrillion units of SHIB existed. Ryoshi locked half of this amount in the Uniswap exchange and gave the remaining tokens to Vitalik Buterin, Ethereum’s founder. Among the Covid19 pandemic, Vitalik gave 10% of his SHIB tokens to a charity in India. He sent the remaining tokens to an unused address. He did so to reduce the number of SHIB tokens in circulation, and increase its value.
One of Shiba Inu’s interesting features is its similarities to Dogecoin. Dogecoin can be considered the world’s most famous meme coin. Doge Coin also takes its logo from the Shiba Inu dog breed. For this reason, some people know Shiba Inu a copy of Dogecoin, but the Shiba Inu team claim the reverse. They call Shiba Inu “the Dogecoin killer” and a serious rival to it.
Whether Shiba Inu is the Dogecoin killer or a copy of it, we cannot deny that it has succeeded to establish its position and open its way into the world’s largest cryptocurrencies (by market cap) in a relatively short time. So, lets investigate the Shiba Inu ecosystem and its functions independently.
How does Shiba Inu work? Everything about the Shiba Inu ecosystem
We previously mentioned that Shiba Inu has a native token called SHIB. By the way, this ecosystem is not limited to the SHIB token. It has a decentralized exchange called Shiba Swap, and two other tokens called BONE and LEASH. Let’s go through them together.
- Shiba Swap: is a decentralized exchange (DEX) like other decentralized exchanges that lets you exchange ERC-20 tokens without signing up and passing KYC
- LEASH: is the second token of Shiba Inu that you can use to stake and earn rewards
- BONE: is Shiba Inu’s governance token whose holders can participate in the Shiba Inu DAO and express their opinions about the new proposals.
Besides, Shiba Inu has an innovation called the Shiba Artist Incubator that is a marketplace for NFTs. If you are a dog lover and have created a non-fungible token related to the Shiba Inu dog, you can present or sell your NFT in this marketplace.
One of Shiba Inu’s interesting features is that it has customized all technical terms existing in the world of blockchain, and has given a meme-like nature to them. For example, they use the word “Woof Paper” instead of White Paper, “digging” instead of providing liquidity, “burying” instead of staking, and “fetching” instead of exchanging tokens.
Shiba Inu claims to be going to release its own second-layer blockchain network called Shibarium in the near future. After Shibarium’s launch, Shiba Inu will transfer the SHIB tokens to this blockchain. This second-layer network will support smart contracts and other developers can use it for creating their own smart contracts and decentralized applications. Another good news is that Shiba Inu is going to launch its own metaverse. Shiba Inu has started preselling plots of land, and more than 100,000 virtual plots of land have gone on sale. Shiba Inu has partnered with a leading AAA game studio for achieving this goal.
The SHIB token; price history and tokenomics
As we said, the SHIB token is Shiba Inu’s first and the most famous token. At the time of writing, each unit of SHIB is being traded at $0.000011. It is another unique feature of Shiba Inu that its price is (and has always been) too low relative to common cryptocurrencies. This feature makes you think that you can buy a lot of SHIB all at once. Shiba Inu experienced a significant price growth in late 2021, and its price went above $0.00008. It is the fifteenth-largest cryptocurrency by market cap (at the time of writing). Its market cap is more than $6,490,000,000 and its circulating supply is approximately 550,000 units.
Shiba Inu wallets
Since SHIB is an ERC-20 token, you can use all Ethereum wallets for storing it. Some of the best options you can consider include:
- Atomic Wallet
- Guarda Wallet
- Trust Wallet
In this article, we tried to go through Shiba Inu and cover some related technical details to the most possible extent. As the final point, we would like to add that a large part of Shiba Inu’s popularity is due to its community-centered nature. Cryptocurrencies have a free world that anyone can enter and participate. Nothing in this world is certain and shocking events can always happen. The most leading factor for a project’s success is its ability to gain the attraction and the trust of its users. As it seems, Shiba Inu has been successful in this regard.