Research & Reviews

What Is Shiba Inu Coin (SHIB)? – The Meme Cryptocurrency

shiba inu coin

Content Guide

Shiba Inu or Shib Coin is a meme coin cryptocurrency project. It is similar to Dogecoin as both are community based coins. Critics said it’s useless, but has a lot of followers and in 2021 it was one of the top investment in cryptos. Its token’s logo made by illustrating the Japanese dog breed Siba Inu. Let’s learn about what is Shiba Inu coin!

What is Shiba Inu (SHIB) Cryptocurrency

Shiba Inu (SHIB) is a decentralized cryptocurrency that’s based on the Ethereum blockchain. As a meme coin it’s famous about it made as a joke or internet meme. Despite its origins, SHIB has gained a significant following. It has a so called “woof paper” instead of the regular white paper that contains the project outlines and roadmaps.

SHIB is an ERC-20 token, which means it’s compatible with the Ethereum ecosystem and can be used with Ethereum-based wallets and applications. It has a total supply of 1 quadrillion (1000 trillion) SHIB.

The Shiba Inu community contains developers, artists, and enthusiasts who are building a decentralized financial (DeFi) ecosystem around SHIB and called themselves as ShibArmy. The main project in this ecosystem is ShibaSwap, a decentralized exchange (DEX) that allows users to swap tokens, earn rewards, and participate in liquidity pools.

What is Shiba Inu? - A Shiba Inu Token
SHIB coin and QEST coin placed on a white background
Photo by Traxer on Unsplash

ShibaSwap has been a major driver of SHIB’s adoption and growth. It was attractive for a lot of users who are looking to participate in the DeFi revolution. ShibaSwap has also helped to increase the liquidity of SHIB, making it easier to trade and “hodl”.

The Shiba Inu ecosystem is still in its early stages, but it can be a big player in the DeFi space. The community is passionate and want to keep SHIB a decentralized cryptocurrency.

A Little History

Shiba Inu was created in August 2020 by an anonymous called Ryoshi, launched the project as a parody of Dogecoin. With its playful Shiba Inu dog mascot and low introductory price, SHIB quickly gained traction among cryptocurrency enthusiasts.

Shiba Inu get a boost injection from Vitalik Buterin, the co-founder of Ethereum. In May 2021, Buterin donated a substantial portion of SHIB tokens to a COVID-19 relief fund in India, dramatically increasing the cryptocurrency’s visibility and value.

Buterin has made the community active and, thanks to its popularity, it has become one of the most popular cryptocurrencies in 2021 with a price of $0.00008845. That means it made a 150 million percent rise in only one year.

The Shiba Inu Ecosystem – SHIB, LEASH, BONE, ShibaSwap & Shibarium

The Shiba Inu ecosystem’s three core elements are Sihba Inu (SHIB), ShibaSwap and Shibarium, and consists of three tokens (SHIB, LEASH and BONE).

What Is Shiba Inu - SHIB, LEASH, BONE Token
Image source: X

The Shiba Inu token is the native cryptocurrency of the Shiba Inu project. It is used to power the various projects and applications in the ecosystem. Half of the supply was locked in Uniswap (it’s a DEX, decentralized crypto exchange) and sent the other 50% to Vitalik Buterin at the start of the project.

LEASH is the second token in the Shiba Inu ecosystem but its supply is much more lower than SHIB’s with its 107,646. This token can be used for governance and voting in the ecosystem or can be staked.

BONE’s total supply is 250,000,000 tokens and used for governance token for proposals and vote for future developments or direction of the ecosystem. It also used as the gas token for the ShibaSwap.

Exchange And Layer-2 Solution

ShibaSwap is a decentralized exchange (DEX) where users can swap tokens, earn rewards, and participate in liquidity pools.

Shibarium is a Layer-2 scaling solution, a Proof-of-Stake protocol that is want to solve Ethereum’s scalability problem. It uses BONE token for transactions and for security. However in August 2023 beta test started, the network is still under development and it seems it will be ready to launch in 2024.

Other Popular Stuffs

Over the core components, there are a number of other projects in the Shiba Inu ecosystem. Shiba Inu NFTs are a collection of non-fungible tokens (NFTs) that feature the Shiba Inu dog. The project started in 2021, and includes the most common Shiboshi cards.

An other interesting program is the Shiba Inu Incubator, which helps talented artists for funding and mentorship to early-stage projects in the Shiba Inu’s world. The Shiba Inu Incubator has helped to launch a number of successful projects.

And finally there is the ShibBurn. This is a community driven token burning to increase SHIB tokens rarity by decrease the full supply. Users have two ways to do it. One is to just send tokens to an available but unusable adress. The other one is to use them in games where they burns. The project burnt over 41% of the Shiba coin supply already.

ShibaSwap – A Decentralized Cryptocurrency Exchange

ShibaSwap is a decentralized exchange without controlled by any single entity. This makes it more resistant to censorship and manipulation. It is also a non-custodial exchange, which means that users keep control of their private keys. So they have more control over their funds and reduces the risk of hacks. By liquidity pools the users can stake their tokens to provide liquidity for ShibaSwap. These users then earn rewards in the form of newly minted tokens. And of course this DEX offers a number of rewards to its users, including BONE.

What is Shiba Inu? - ShibaSwap Landing Page
Image: ShibaSwap Landing Page

How to Use ShibaSwap

To use ShibaSwap you just need an Ethereum compatible wallet and connect it with ShibaSwap. MetaMask could be a practical and good choice. This is an Ethereum based wallet that works as a browser plug-in or a mobile wallet application.

The Impact of ShibaSwap on Its Ecosystem

ShibaSwap has had a major impact on the Shiba Inu ecosystem. It has attracted a large number of new users to the ecosystem and has helped to increase the liquidity of SHIB. ShibaSwap has also played a role in increasing the value of SHIB.

The DEX is expected to continue to grow in popularity as the DeFi market continues to grow. ShibaSwap is also well-positioned to benefit from the adoption of Shibarium. As a well-designed and user-friendly DEX it is worth checking out if you are interested in decentralized finance.

Meme Coins – Differences Between Shiba Inu and Dogecoin

Two of the most famous meme cryptocurrencies are Shiba Inu Coin (SHIB) and Dogecoin (DOGE), both attracted the attention of investors and enthusiasts too. While both SHIB and DOGE share a common origin in internet memes, they differ in several key aspects like their technology.

Dogecoin (DOGE) was created in 2013 as a joke based on the Doge meme. It started as a fun cryptocurrency, but it has since evolved into a more serious project with a dedicated community. Dogecoin is based on the Scrypt algorithm, which is also used by Litecoin.

Key Differences

Despite their shared origins and memetic nature, Shiba Inu token and DOGE differ in several key aspects. While Dogecoin started in 2013, Shiba Inu appeared in 2020. SHIB as an ERC-20 token runs on the Ethereum blockchain, while DOGE has its own blockchain and uses the Proof-of-Work consensus mechanism. This difference has implications for transaction speed, fees, and scalability. The SHIB community is known for its active support base, while the DOGE community is more diverse and has a broader range of interests. The supply is also an interesting difference as Dogecoin has a cap of 100 billion coins, SHIB has a total supply of 1 quadrillion tokens.

SHIB and DOGE represent two different perspectives. SHIB, with its focus on community engagement and tokenomics, seeks to establish itself as a viable DeFi project. Dogecoin, on the other hand, keeps its fun and meme-centric persona, relying on its brand recognition and community loyalty. Both have proven that meme coins have power, but their long-term success will depend on their ability to adapt to new issues.

How to Buy Shiba Inu Coin

If you want to invest in Shiba Inu’s Shiba Token you can easily do it. Before our guide here are some market information. It has a circulating supply of 589.35T SHIB with a market cap of $4.84 billion. Shiba Inu’s price at the time of writing is at $0.00000822. Now let’s see how to buy it:

  1. Find a compatible crypto exchange: you need an exchange that offer Shiba Inu tradings. These could be the Coinbase, Kraken or Binance. There could be differences in fees so you probably want to check it before register.
  2. Register and make a deposit: next step is to follow the registration process of the exchange. When you finished and they verified your account you can deposit. It’s rare that exchanges doesn’t accept payment methods like bank transfer or credit card.
  3. Place an order and store your coins: go to the trading section and place your order. When the process is done your coins will be on your exchange wallet. However we highly recommend if you are a long term holder, just use a cold wallet to store your coins as safe as it just possible. For more information about wallets read our article here!

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