What is Shiba Inu (SHIBA)?

What is Shiba Inu?

Shiba Inu is a decentralized ecosystem, the key element of which is the SHIB mem-token of the ERC-20 standard. Ethereum-based project includes a non-custodial crypto exchange ShibaSwap. The functionality of the latter is implemented using BONE and LEASH tokens.

The project community has more than half a million members. Having a close-knit group of followers is a key feature of the Shiba Inu. There is no leader in the community, and its members call themselves ShibArmy.

The community has its own rules. According to them, the project should be created from scratch and remain decentralized. In accordance with white papereach member of the community is required to put their talents and skills to use in order to promote Shiba Inu.

The symbol of the project is the Shiba Inu dog. Shiba Inu is similar to Dogecoin in this. Nevertheless, the project differs significantly from the ideological inspirer in terms of technical implementation.

Who and when created Shiba Inu?

The project started in August 2020. Its creator is a person or group of people under the pseudonym Ryoshi. He/they do not disclose their identity. The aim of the project was an experiment on the formation of a spontaneous decentralized community. Creator compares Shiba Inu with bitcoin.

The project was distinguished by extraordinary events. For example, its organizer sent 505 trillion SHIB to Vitalik Buterin. The white paper states that the coins were burned in this way.

The rest of the tokens were blocked on Uniswap in the ETH liquidity pool. Such a move provided an opportunity for free purchase of tokens for any market participant, including the creator himself.

According to Ryoshi, 10 ETH, donated by one of his friends for the project, was used to create the pool. After that, the keys allowing to receive the funds blocked in the smart contract were destroyed.

At least one other person stood at the origins of the project. Ryoshi met him at a conference devcon in Osaka in 2019. It is known that he is a successful entrepreneur, for whom the indicated amount is insignificant.

How is the Shiba Inu ecosystem structured?

The key element of the ecosystem is the SHIB token. The initial issue was 1 quadrillion coins, but a significant part already burned. At the time of writing, less than 60% of the tokens are in circulation.

The ecosystem also uses Leash Dogecoin Killer (LEASH) and Bone ShibaSwap (BONE) coins. They appeared much later than SHIB. The LEASH supply is 107,647 coins, all of which are in circulation. BONE emission is 250 million tokens. At the time of writing, there are over 6 million coins in circulation.

BONE is a governance token. He will be used to vote on ShibArmy proposals in 2022. The weight of each vote is determined by the number of coins available.

The advantages of Ethereum allowed for a high level of decentralization of ShibaSwap. Experts from various fields worked on the platform. The developers plan to make it the most popular and largest in terms of trading volume on the network. To interact with a non-custodial marketplace, a Web3 wallet like MetaMask is suitable.

The site has the following sections:

• SWAP. Allows you to exchange tokens exclusively on the Ethereum network. The greatest liquidity is concentrated in pairs with the project coin.

• DIG. The section allows you to add assets to liquidity pools. When depositing funds, LP tokens are provided in return. Users receive income from investments in the WOOF tab.

• BURY. Staking section for SHIB, BONE and LEASH.

• WOOF. Allows you to invest LP tokens. In this section, you can also receive accumulated rewards. All payments are made in BONE tokens.

• NFTS. The section provides information on non-fungible SHIBOSHI tokens.
• BONEFOLIO. Contains analytical information about platform indicators. Here you can see liquidity volumes, current profitability and other data.

Platform rewards are paid every 14 days in one block. Distribution is performed between liquidity providers in accordance with the BPB (BONE Per Block) parameter. Initially, the reward was 1000 BPB. Over time, it decreases according to the graph below.

Part of the BONE tokens is sent to a multi-signature wallet, forming a special fund. Funds go to the OG admins group. These members are “veterans” of the ShibArmy. They contributed to the development of the project and protected it from threats. Administrators are the managers for the development team. They interact through various channels and form a secure environment in which the community is built.

Funds from the fund will be used to reward those community members who have made efforts to develop the project. The latter will also receive payment for their contribution to the development of the ecosystem. Part of the funds will be allocated for marketing.

Who contributed to the success of Shiba Inu?

The white paper of the project says that Vitalik Buterin is a friend of Shiba Inu. The creator holds this point of view: “there is no greatness without a vulnerable point, and as long as vB does not offend us, SHIBA will grow and survive.” Therefore, half of the issue was sent to Buterin. Thanks to this, the meme-token gained fame.

In May 2021, Buterin donated 50 trillion SHIB to charity. A little later, for security reasons, he burned 410 trillion SHIB, which at that time was worth more than $6.5 billion. This reduced the total supply by more than 40% and had a positive effect on the price.

In 2021, Elon Musk has influenced the market more than once with his tweets. His focus is on the meme-coin Dogecoin. This is what led to the emergence of similar projects. Coins using Dogecoin symbols are responding positively to Elon Musk’s tweets.

Initially, SHIB was not in great demand, but after several mentions by Elon Muskinterest in the coin has grown significantly.

How is Shiba Inu different from Dogecoin?

The mascot of both projects is a dog. Despite the same type of symbolism, they differ significantly.

Dogecoin is a cryptocurrency that was created spontaneously. From a technical point of view, it is similar to Litecoin. Known personalities standing at the origins of the project and making improvements. The development of the cryptocurrency is carried out by a team of developers. To your Dogecoin price success I owe a lot to Elon Musk’s tweets.

Shiba Inu is based on the SHIB token issued on the Ethereum network. Shiba Inu is characterized by some closeness. The detailed roadmap is classified. Community leaders are known only by pseudonyms. Communication takes place in groups with limited access. Only real people can join them after passing the verification.

What Shiba Inu clone projects exist?

The success of Shiba Inu has exceeded all expectations. In 2021, the value of the asset increased by 777 thousand times. At some point, the capitalization of SHIB, according to CoinGecko, exceeded Dogecoin. This stimulated the emergence of many clone projects.

Tokens appeared, in the names of which there are the names of Ryoshi, as well as references to Elon Musk. Some projects try to copy the proposed concept.

The Shiba Inu roadmap is classified, which gives rise to speculation about the future path of development.

CryptoNewsHerald is not responsible for the investment decisions of readers. Investments in cryptocurrencies, in particular in meme coins, are associated with high risks.

At the time of writing, the following meme-cryptocurrencies are popular:

• Kishu Inu (KISHU). Based on the token, an ecosystem was built, including a non-custodial crypto exchange. The coin is present on various trading platforms. A large volume of exchange operations falls on Uniswap and ShibaSwap.

• Akita Inu (AKITA). The project is actively developing, the developers plan to integrate with Avalanche. The token is traded on various exchanges, including Uniswap.
• Floki Inu (FLOKI). The token appeared recently, but has already been marked by an active advertising campaign. It is present on decentralized marketplaces.