Here are the full details and fundamentals of Shiba Inu (SHIB) ¹ ² ³:
*What Is Shiba Inu (SHIB)?*
- Shiba Inu is an Ethereum-based altcoin that features the Shiba Inu as its mascot.
- Shiba Inu is widely considered an alternative to Dogecoin and is touted as "the Dogecoin killer" by its supporters, a community calling itself the SHIBArmy.
- Shiba Inu was created in August 2020 by an individual or group called Ryoshi.
- Shiba Inu's price peaked more than tenfold on Oct. 29, 2021, giving it a market capitalization of $41 billion at the time.
*Key Features*
- Shiba Inu is a decentralized, community-led currency held by millions across the globe.
- Since its inception in late 2020, the Ethereum-based SHIB token has grown to become a worldwide phenomenon.
- Shiba Inu is now accepted as a form of payment at hundreds of locations, either directly or through third-party intermediaries.
- Shiba Inu coin was created anonymously in August 2020 under the pseudonym "Ryoshi."
- Ryoshi says about himself that he is a nobody and not important and that the efforts to unmask his identity, even if successful, would be underwhelming.
- This 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.
*How Does It Work*
- The guiding tenets of the Shiba Inu ecosystem are spelled out in a "woof paper" (presumably a play on the term "white paper"), available at the (link unavailable) website.
- According to the paper, Shiba Inu was developed to answer a simple question: "What would happen if a cryptocurrency project was 100% run by its community?"
- Its founder, Ryoshi, attributes its origins to an "experiment in decentralized spontaneous community building."
- According to Ryoshi, the power of collective decentralization can build something stronger than a centralized team ever could create.
- The SHIBArmy's base of nearly 500,000 Reddit members embraces its founding principles, which are:
- The project started from zero, with zero, in the spirit of creating something out of nothing
- It was not founded from an existing community or preassembled team
- A professed love of Shiba Inu dogs
- Because Shiba Inu is an Ethereum-based ERC-20 token, it was created on and hosted by the Ethereum blockchain instead of its own blockchain.
- Ryoshi states in the paper that he chose to build the Shiba Inu ecosystem on Ethereum because it was already secure and well-established, and it allowed the project to stay decentralized.
*Blockchain Updates*
- In January 2023, the Shiba Inu community leadership introduced Shibarium, a layer two blockchain designed to run on top of Ethereum.
- It is supposed to reduce congestion, introduce staking into its ecosystem, lower gas fees, and provide a framework for decentralized applications and Web 3 expansion.
*The Shiba Inu Ecosystem*
- The Shiba Inu ecosystem consists of the following three tokens, with one to be added "soon" (as of Dec. 8, 2023):
- *Shiba Inu (SHIB)*: This is the project's foundational currency. Starting with a supply of about 1 quadrillion (equal to 1,000 trillion), Ryoshi locked 50% in Uniswap(for liquidity purposes) and then sent the other 50% to Ethereum co-founder Vitalik Buterin for safekeeping. In May 2021, Buterin donated more than 50 trillion Shiba Inu coins worth over $1 billion to a COVID-19 relief fund in India when the nation was reeling from the Delta variant of the coronavirus. Shortly thereafter, Buterin also "burned"—or permanently removed from circulation—40% of Shiba Inu's total supply by moving it to a "dead wallet."
- *Leash (LEASH)*: The second token in the Shiba Inu ecosystem, Leash represents the other end of the ecosystem's spectrum, with a total supply of only 107,646 tokens compared with the trillions of Shiba Inu tokens. Leash is used for rewarding ecosystem supporters with perks.
- *Bone (BONE)*: Bone fits in between the other two tokens in terms of circulation supply, with a total supply of 250,000,000 tokens. Originally designed to be a governance token, it is going to be used in Shibarium to reward validators, who bury (stake) their Bones, and delegators, who give their voting rights to validators.
- *Treat (TREAT)*: Unknown purpose as of Dec. 8, 2023