Introduction: Shiba Inu (SHIB) burst onto the cryptocurrency scene in August 2020, as the world grappled with the uncertainty of a global pandemic. It was created by the pseudonymous person (or people) known as "Ryoshi." In this breakdown, we look deeper into the project that was dubbed the "Dogecoin killer"!
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Shiba Inu History
The Shiba Inu project is a decentralized cryptocurrency project that was created as an experiment in decentralized community building and meme token creation.
Shiba Inu website
The project was launched in August 2020 and was inspired by the popular Dogecoin. The creators of Shiba Inu aimed to create a decentralized meme token that would be able to rival Dogecoin in popularity and market capitalization.
They wanted to create a fun and vibrant community around the project, while also providing value to token holders.
The team behind Shiba Inu consists of a group of anonymous developers who go by the pseudonyms "Ryoshi," "Michi," and "Hoshi."
These developers have extensive experience in blockchain technology and have worked on various other cryptocurrency projects in the past.
In terms of past achievements, Shiba Inu has gained significant attention and popularity within the cryptocurrency community.
It quickly gained a large following on social media platforms and has been actively promoted by influencers and celebrities.
The project has also been listed on several major cryptocurrency exchanges, which has helped to increase its liquidity and trading volume.
In terms of funding, the Shiba Inu project has raised a substantial amount of money through its initial coin offering (ICO).
The team initially launched the project with a supply of one quadrillion tokens, of which 50% were locked into Uniswap to provide initial liquidity.
The other 50% of the supply was burned to ensure scarcity and value.
While there is no official information available regarding the investors who participated in the ICO, it is estimated that the project has raised millions of dollars in total.
What is Shiba Inu?
The Shiba Inu cryptocurrency project is a decentralized, community-driven ecosystem built on the Ethereum blockchain, holding resemblances to its predecessor, Dogecoin.
It aims to create a fun, dog-themed cryptocurrency with a focus on building a strong and supportive community, while also incorporating charitable initiatives towards animal rescues and wildlife conservation.
As for its technology stack, the Shiba Inu project is primarily built on the Ethereum blockchain.
Ethereum is an open-source blockchain platform known for its smart contracts functionality, enabling the creation of decentralized applications (dApps).
Shiba Inu leverages Ethereum's infrastructure to issue ERC-20 tokens, specifically the Shiba Inu Token (SHIB).
How does Shiba Inu work?
Shiba Inu operates on the Ethereum blockchain, leveraging the infrastructure and security of the world's second-largest blockchain network.
As an ERC-20 token, SHIB can be used for transactions between wallets and can be integrated with various Ethereum-based dApps.
The ShibaSwap platform enables users to stake their tokens (SHIB, LEASH, or BONE) to earn rewards.
Users can also provide liquidity and participate in yield farming, another way to earn rewards in the ecosystem.
Shiba Inu Coin
Unlike traditional cryptocurrencies like Bitcoin or Ethereum, SHIB is classified as a meme token (has no utility) due to its origin and branding.
SHIB Coin
The idea behind SHIB is to create a decentralized community-driven cryptocurrency that can rival other popular meme coins such as Dogecoin.
The project not only aims to establish itself as a viable digital currency but also as a social experiment to explore the power of community and online communities.
SHIB gained significant attention and popularity due to its association with the popular dog breed, Shiba Inu, which gained substantial popularity through the Dogecoin memes.
The total supply of SHIB is significantly larger compared to other cryptocurrencies, with a quadrillion tokens in circulation.
SHIB also has a unique feature called the "WoofPaper," which outlines the token's roadmap and development plans.
The WoofPaper emphasizes the project's commitment to the community and outlines various features and initiatives, including ShibaSwap, ShibaSwap NFTs, and the decentralized Shiboshis marketplace.
These features are designed to enhance the functionality and usability of SHIB, making it more attractive to users and potential investors.
Additionally, the creators of SHIB launched the Shiba Inu Rescue (SIR), a charity initiative aimed at donating a portion of the token's circulating supply to help real Shiba Inu dogs in need.
This philanthropic aspect of the project has gained attention and support from animal lovers and those passionate about charitable causes.
Shiba Inu Tokenomics
In terms of tokenomics, SHIB has a total supply of 1 quadrillion tokens, making it one of the most abundantly available cryptocurrencies in terms of circulating supply.
Total supply: 1 quadrillion tokens
Deflationary: A percentage of tokens are burned after each transaction
Staking: Holders of the coin can stake it to earn rewards
DEX: The ShibaSwap DEX is built on the Ethereum blockchain and allows users to trade Shiba Inu and other tokens
NFTs: The Shiba Inu team has also created a collection of 10,000 NFTs called Shiboshis
The large supply was intentionally designed to keep the value per token low, allowing for widespread distribution and fostering a sense of community ownership.
The SHIB token has a deflationary mechanism built into its smart contract called the "Woof Paper." This mechanism is an implementation of a burn and redistribution system.
With each transaction, a small portion of tokens is burned, reducing the overall supply over time.
Additionally, a percentage of each transaction is distributed to existing SHIB holders as a reward for their participation in the ecosystem.
The project has actively marketed itself as the "Dogecoin killer," positioning itself as an alternative investment option for those interested in the meme-inspired cryptocurrency market.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal.
Author
Mike Harry
Mike is a passionate crypto enthusiast who bought his first Bitcoin in 2016. With a natural curiosity and a love for learning and tinkering, Mike is always trying out new DeFi applications. Mike excels at breaking down difficult concepts into easy-to-read guides for beginners.
