What is SHIBA INU
What Is SHIBA INU (SHIB)?
Once upon a time, there was a very special dog. That dog was a shiba inu, and this dog inspired millions of people around the world to invest money into tokens with the dog’s image on it.
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.
Who Are the Founders of SHIBA INU?
The SHIBA INU WoofPaper has three reasons why their team created SHIB:
“We started from zero, with zero.”
“The brilliant minds behind Shib had never collaborated before.”
“We love Shiba Inu Dogs.”
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.
Learn more about Dogecoin.
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Learn more about the dog-related meme-coin craze.
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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.”
There are several other tokens described on the SHIBA INU website — LEASH, which has “been unleashed and will not rebase,” BONE, the “Dogecoin Killer” (which is not yet available as of May 2021).
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.
In the beginning of May 2021, dog-meme tokens like Shiba Inu saw transaction volumes in the hundreds of millions of dollars.
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, SHIB dropped 44%.
How Is the SHIBA INU Network Secured?
According to 22-page-long SHIB’s WoofPaper, SHIB is based on Ethereum, a proof-of-work blockchain currently transitioning to proof-of-stake.
Where Can You Buy SHIBA INU (SHIB)?
SHIB is listed on Huobi, Binance, Gate.io, Uniswap and OKEx, among other exchanges.
For more information about how to buy crypto with fiat, check out CoinMarketCap’s guide here.