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 is listed on their own ShibaSwap, a DEX. Shiba Inu coin was created anonymously in August 2020 under the pseudonym "Ryoshi." Ryoshi says about himself that he is a nobody and not important and that the efforts to unmask his identity, even if successful, would be underwhelming.


This 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. Vitalik Buterin was long believed to be the originator of Shiba Inu, but denied such rumors on the Lex Fridman podcast on June 5, 2021.

Shiba Inu aims 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."

The anonymous creator of the Shiba Inu coin is known as "Ryoshi." However, very little is known of the mystery founder of the dog-themed cryptocurrency, much like the founder of Bitcoin, Satoshi Nakamoto.

In his blog RYOSHI RESEARCH, he characterizes himself as "just some guy of no consequence tapping at a keyboard." Ryoshi said that usually in projects there are different roles like a CEO, a "tech guy," and a roadmap, resulting in "someone plebs can bitch at." He stresses that with Shiba, no one person is accountable or responsible and underlines that he owns 0 SHIB to this day. For this reason, Ryoshi can be "pure and unbiased," getting satisfaction from Shiba "in other ways."

It has been speculated that Vitalik Buterin was behind the initial liquidity that helped set up Shiba Inu's liquidity on Uniswap. According to Ryoshi, he had "a fren" he met at Devcon in Osaka that sent him 10 ETH to set up the liquidity pair on Uniswap. Ryoshi also stated that Shiba Inu was an experiment in decentralized community building, and he thus declined all the influencer requests and pitches from different exchanges he received. His "job" is to defend the brand and give suggestions, although he does so very sparingly, as his last blog entry dates back to May 2021.
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 to escue real, live Shiba Inu dogs with the Shiba Inu Rescue Association.

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." In response to the "gift" from the Shiba Inu team, Vitalik Buterin sent 50 trillion SHIB tokens, worth $1 billion in Shiba Inu price at that time, to India's Covid Crypto Relief Fund. Buterin then burned 40% of the total supply to a dead wallet.

There are several other tokens described on the SHIBA INU website — LEASH, which has "been unleashed and will not rebase," and BONE, the "Dogecoin Killer." LEASH has a fixed supply of only 107,646 tokens, and offers enticing rewards to liquidity providers, while BONE has 250,000,000 tokens, and is a governance token that allows holders to vote on the Shiba Inu's Doggy decentralized autonomous organization (DAO).

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.

At the beginning of May 2021, dog-themed meme tokens like Shiba Inu saw transaction volumes in the hundreds of millions of dollars. Shiba Inu price hit an all-time high (ATH) of 0.00005 on May 10, 2021, before going on a downtrend since.

As mentioned above, 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, but eventually, the two parties came to a mutually satisfying agreement. Later, the fund actually lamented having sold its tokens too early, as its share would have been worth well over $1 billion at the token's all-time high.

Despite rumors alleging the contrary, Elon Musk does not own any SHIB. He confirmed as much in a tweet, which caused a temporary price drop.

How Is the SHIBA INU Network Secured?

According to 22-page-long SHIB's WoofPaper, SHIB is an ERC-20 token based on Ethereum, a proof-of-work blockchain currently transitioning to proof-of-stake.

Ryoshi announced in his final blog post to date that Shiba Inu would develop its own layer-two solution that would be more decentralized than Polygon or BSC, both of which Ryoshi regards as not truly decentralized. The Shiba L2 would be called "Shibarium" and is supposed to use BONE as its primary pair token, as written above.

According to Ryoshi, Shibarium would be built by a "very competent blockchain team" with experience building such solutions. Developer Eric M has announced in the Shiba Inu Discord server that Shibarium would launch "soon," although he did not specify a date.

Where Can You Buy SHIBA INU (SHIB)?

It is possible to buy Shiba Inu on Binance, Huobi, Coinbase, Gate.io, Uniswap (V2) and OKEx, among other exchanges.

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