Decentralized Meme Coin Ecosystem Built on Ethereum.
Shiba Inu (SHIB) Fact Sheet
- Shiba Inu (SHIB) was initially developed as a joke meme cryptocurrency, inspired by another meme coin, Dogecoin (DOGE), which featured the Shiba Inu dog as its mascot.
- SHIB is the native cryptocurrency token used across the Shiba Inu ecosystem and is the first token listed and utilized as an incentive for decentralized exchange (DEX) ShibaSwap.
- Shiba Inu as a project was created in August 2020 by an anonymous person named Ryoshi, meaning there is no information regarding the creator's true identity.
- Like many other altcoins, Shiba Inu is built on the Ethereum (ETH) blockchain and follows the ERC-20 token standard. The token launched with a fixed supply of one quadrillion tokens.
- Over time, Shiba Inu underwent numerous developments and is still growing in terms of its ecosystem size, with work being done on its Metaverse platform and even stablecoin.
SHIBA Historical Data Price Chart in the U.S. Dollars (USD)
Shiba Inu (SHIB) Historical Data Price Chart in the U.S. Dollars (USD). Source: TradingView
What is Shiba Inu (SHIB)?
Shiba Inu (SHIB) is a cryptocurrency created in August 2020 by an anonymous founder named Ryoshi. Shiba Inu took inspiration from a dog with the same name and was used as a mascot of another popular meme cryptocurrency, Dogecoin (DOGE).
As such, Shiba Inu has been dubbed by many as the "Dogecoin Killer"; however, it aims to be something much more significant, with an entire ecosystem.
Shiba Inu (SHIB) is a token, not a coin.
What differentiates a token from a coin is that coins have their blockchains, while tokens are created on top of existing blockchains. In the case of Shiba Inu, it doesn't have its own blockchain.
Shiba Inu operates through Ethereum (ETH) blockchain network, and the SHIB cryptocurrency follows the ERC-20 token standard.
The blockchain database is responsible for tracking and managing the cryptocurrency while verifying the transactions and recording each transaction that occurs on top of it. The database is a record of all of the movements of the cryptocurrency.
The original Doge meme was inspired by a photo of a Japanese Shiba Inu dog named Kabosu. The original image had Kabosu looking at the camera, with its paws crossed and a suspicious expression on its face. The photo appeared in a wide variety of memes and is now one of the most recognized memes on a global scale. Eventually, when the Dogecoin (DOGE) cryptocurrency launched in 2013, it utilized this meme as its mascot.
Shiba Inu (SHIB) was directly inspired by the mascot, except that the project also used it in its name.
How is Shiba Inu (SHIB) Used?
Initially, when the project began, it utilized a total of three cryptocurrencies in its ecosystem.
- SHIB - this is the primary, native cryptocurrency used across the entire Shiba Inu ecosystem that can be traded or even used as a medium of exchange.
- LEASH - This cryptocurrency is limited to 107,656 units and provides staking rewards for those who validate the network transactions.
- BONE - this was a token capped at a total of 250 million tokens and was initially utilized to allow Shiba Inu holders to vote on various proposals; however, it will, over time, also find utility in the "Shibarium."
Shiba Inu was created to be a digital currency, and since it launched on decentralized exchanges, it has achieved this goal well.
Shiba Inu (SHIB) can be used for peer-to-peer (P2P) digital payments or as a payment method with any business that accepts the cryptocurrency and supports it.
However, the SHIB cryptocurrency does not explicitly offer any competitive advantage compared to other cryptocurrencies built on Ethereum. It is not as widely adopted as competing projects.
Then in July of 2021, the team responsible for developing the Shiba Inu project launched the decentralized exchange (DEX) known as ShibaSwap.
Decentralized exchanges do not have a central governing body. They are a part of Decentralized Finance (DeFi), which offers traditional financial services without relying on banks or other financial institutions.
ShibaSwap allows anonymous cryptocurrency swaps for another cryptocurrency directly from their blockchain wallets without registering for an account or even providing any personal information.
ShibaSwap as a DEX is also built on the Ethereum blockchain, allowing users to trade between ERC-20 tokens.
Users can also deposit their cryptocurrency into the exchange's liquidity pools so that the exchange can utilize it and receive rewards for their staked tokens.
Use-Cases of Shiba Inu (SHIB)
Shibarium is an upcoming Layer-2 solution to migrate Shiba Inu to Layer-2.
This new network aims to surpass the Ethereum (ETH) gas fees on the network and to provide users with a reduction in gas fees, with an in-house platform for all transaction requirements.
Users of the SHIB cryptocurrency will save money and have more money to spend on investments rather than paying the high gas fees. BONE will be the platform's primary pair token for all transactions.
Shiba Inu also features its own decentralized exchange (DEX), ShibaSwap, allowing users to trade coins. On ShibaSwap, users can trade using a peer-to-peer (P2P) network, meaning they can swap tokens directly without the requirement of a counterparty.
The project also features non-fungible tokens (NFTs) dubbed "Shiboshis."
Shiboshis is a collection of 10,000 NFTs that represent a variety of different creatures. The most significant role these NFTs will play will be in an upcoming game developed by the Shiba Inu team.
Numerous games are planned to utilize the Shiboshis in multiple ways, although no specifics have been announced yet.
Aside from all of this, there is also the Shiba Inu Incubator. This incubator has the primary goal of shifting the focus beyond the popular art forms, such as photography, digital artworks, and other types of rendering. It aims to broaden the horizons of the project.
It is an NFT-based project that aims to invite artists and teach them the required knowledge for utilizing NFTs to support their work, which can later be sold, displayed, or auctioned through ShibaSwap.
Shiba Inu has a vast ecosystem that is further being developed.
There is also the SHIB Doggy Decentralized Autonomous Organization (DAO), essentially a decentralized organization controlled by the Shiba Inu community, dubbed the "ShibArmy," which influences the features of the SHIB cryptocurrency.
This Doggy DAO is powered by the BONE token, which members can use as a governance token to vote on proposals. The more BONE user has, the more weight their vote carries in the project's future.
Usability & Primary Features of Shiba Inu (SHIB)
The official whitepaper for the project is dubbed the “Woof Paper" and introduces all of the key concepts surrounding usability and the primary features surrounding Shiba Inu.
Shiba Inu incentivizes users to stake the SHIB cryptocurrency to secure the network. Since SHIB runs on top of the Ethereum (ETH) blockchain, it utilizes a Proof-of-Work (PoW) consensus mechanism.
For the time being, however, Proof-of-Work (PoW) is a time-consuming and energy-inefficient process.
SHIB token holders can stake, or in the form of the ecosystem's theme, "bury" their SHIB in return for xSHIB tokens, representing their original SHIB and any staking rewards that have been earned. These rewards are paid out in the BONE token and 0.3% of the ETH swap transaction fees on the exchange.
Regarding the ledger and functionality behind SHIB, it is an ERC-20-based token that follows the guidelines set out by the Ethereum (ETH) blockchain.
All transactions get processed and stored on a public ledger that utilizes the Proof-of-Work (PoW) consensus mechanism on Layer-1.
The ShibaSwap platform operates as a decentralized exchange and features earning capabilities through interest-bearing smart contracts.
Furthermore, since Shiba Inu was developed on top of the Ethereum blockchain, it has full support for smart contracts.
Tokenomics & Supply Distribution
When the project initially launched, it started with a supply of 1 quadrillion. However, 50% of these tokens were locked in Uniswap and then "burned." The creator sent the other half to Ethereum co-founder Vitalik Buterin.
As a means of aiding with the spread of Covid-19 in India, Vitalik Buterin utilized the SHIB cryptocurrency in the largest crypto donation in history.
On May 12, 2021, Vitalik Buterin donated $1 billion worth of SHIB to the India Covid Relief Fund.
After that, Buterin burned 40% of the total supply to a dead wallet, which was 410.24 trillion SHIB, worth more than $6.6 billion.
The LEASH cryptocurrency has a total supply of 107,646 tokens, while BONE has 250,000,000 tokens.
Team & History
Things are mysterious regarding the team behind the project. An anonymous developer or a group of people under the pseudonym Ryoshi created the project in August of 2022.
The SHIB cryptocurrency itself was named after the Shiba Inu Japanese breed of dog that originated from the Japan Chūbu region, and the cryptocurrency is categorized as a "meme token."
In October 2021, the exchange price of the cryptocurrency saw an exponential surge, which grew 240% throughout the week.
However, today, the lead developer behind the project is Shytoshi Kusama, who regularly posts updates surrounding the project's development on the official Twitter and Medium pages.
Activities & Community
There are five key social media channels when we review the activity and the community surrounding the Shiba Inu (SHIB) project.
- Shiba Ecosystem Telegram - there are over 77,200 subscribers on the Telegram group.
- Shiba Inu Twitter - There are over 3,4 million followers on the Twitter page.
- Shiba Inu Reddit - there are over 474,000 members on the Reddit page.
- Shiba Inu Discord - there are over 137,700 members on the Discord Channel.
- Shiba Inu Instagram - there are over 160,000 followers on the Instagram page.
Development Activity and GitHub Repositories
When we go over GitHub, there exists the Shiba Inu Community Devs page dedicated to Shibarium.
Here, we have two main repositories, including:
- shibarium-bridge - which provides interoperability between Shibarium and other blockchains
- tvl-adapter - which is aimed at building a TVL-adapter for ShibaSwap
When we look at the on-chain activity surrounding the Shiba Inu (SHIB) project, we can see that there is quite a lot of activity in this project.
According to data from Etherscan, we can see that there were a total of 7,958,263 transfers, with 1,205,730 holders of the cryptocurrency and a fully-diluted market capitalization of $$11,679,899,199.04. The circulating market cap is at $6,895,619,486.
Shiba Inu (SHIBA) Statistics. Source: Etherscan
However, when we look at data by ethplorer, we can see that SHIB is trading at $0.000011635, with a volume of $459 million and a total supply of 999,991,369,780,391.40 SHIB, worth $11,635,034,415.77.
Token Shiba Inu Blockchain Explorer. Source: Ethplorer
Additionally, when we go over the data which Bitquery has gathered, we can see that the transfer count was 7954708, with a total amount of 27246604851168784 SHIB and an average transfer amount of 3425217475.131555 SHIB.
Shiba Inu Blockchain explorer. Source: Bitquery
Activities and Partners
- Payment Gateway Onboards at Welly's, John Richmond, and Sorbillo - NOWPayments is a true partner of the SHIB ecosystem, establishing a great method of confidence when accepting digital assets for merchant services. The Welly's, John Richmond, and Sorbillo started accepting the SHIB cryptocurrency through this partnership.
- SHIB: The Metaverse - On March 30, 2022, Shiba Inu announced SHIB: THe Metaverse, which aims to provide beautiful visuals through which the community can showcase the innovation and utility in a place they can call home. All of the tokens, such as SHIB, LEASH, and BONE, will play a role as the phases of this metaverse roll out.
- John Richmond - Shiba Inu announced their partnership with the Italian designer John Richmond, which will bring high-end clothing collections to the SHIB ecosystem. The collaboration will see them release 10,000 unique John Richmond x SHIB non-fungible tokens (NFTs).
References & Reports
- Shiba Ecosystem Telegram
- Shiba Inu Twitter
- Shiba Inu Reddit
- Shiba Inu Discord
- Shiba Inu Instagram
- Shiba Inu Community Devs
- PartnerSHIBs Unite! Payment Gateway Onboard at Welly's, John Richmond, and Sorbillo - Official Shiba Inu Blog
- Introducing SHIB: The Metaverse - Official Shiba Inu Blog
- Shiba Inu (cryptocurrency) - Wikipedia
- Announcement: @JRichmondstyle x @Shibtoken just in time for fashion week! - Twitter
- Dogecoin (DOGE) - Wikipedia
- ERC-20 TOKEN STANDARD - Ethereum Documentation
- Ethereum (ETH) - Wikipedia
- What is Shiba Inu’s Shibarium? Explained in simple terms - Watcher News
- Gas (Ethereum) - Investopedia
- Decentralized Finance - Wikipedia
- ShibaSwap - Official Website
- peer-to-peer (P2P) network - Wikipedia
- non-fungible token (NFT) - Investopedia
- DOGGY DAO is here. Woof! - Official Shiba Inu Blog
- Woof Paper - Official Shiba Inu Whitepaper
- The Merge - Ethereum
- Proof-of-Work (PoW) - Wikipedia
- Proof-of-Stake (PoS) - Wikipedia
- Companies, stores, websites, and services accepting Shiba Inu as a payment - Cryptwerk
- Know your customer (KYC) - Wikipedia
- What Are Centralized Cryptocurrency Exchanges? - Investopedia
- Shytoshi Kusama - Medium