What is Shiba Inu coin?
The Shiba Inu coin (SHIB) is a meme token inspired by Dogecoin (DOGE). Created in August 2020 by an anonymous person or team known as ‘Ryoshi’, the token was part of the wave of various canine-inspired meme tokens that arose as a result of Dogecoin’s success.
Instead of building on the original Bitcoin code like Dogecoin, the Shiba Inu token was launched as an ERC-20 token on Ethereum and currently relies on a Proof-of-Work consensus.
How many Shiba Inu coins are there?
There are 1 quadrillion Shiba Inu coins in circulation. To put it into numbers, there are 1,000,000,000,000,000 SHIB tokens when it was first launched.
The project created quite a buzz when it gifted 410 trillion or 41% of the total SHIB supply to Vitalik Buterin, the co-founder of Ethereum. 90% of the gifted tokens were promptly sent to a dead wallet, and the remaining 10% was donated to the India Covid Relief Fund and other charities.
Does the Shiba Inu coin have actual use?
According to the token’s WoofPaper, or their canine version of a project’s Whitepaper, SHIB tokens are part of a three-token economics with the other two being LEASH and BONE.
The token was originally set to be a rebase token, but the rebase was later removed. Unlike SHIB, there are only 107,646 LEASH tokens
It is a governance token that allow holders to vote on upcoming network proposals and token pairs that can be added to their swap project.
These three tokens form the basis for the network’s Decentralised Exchange, ShibaSwap. The team behind the token aims for ShibaSwap to be a place to trade and swap cryptocurrencies, and they have listed the tokenomics behind the platform.
Token holders can opt to stake any of the three tokens on ShibaSwap for passive rewards, or they can provide liquidity to any of the three token pools and received SSLP tokens and gain rewards proportional to the amount added.
Notable initiatives by SHIB
Shiba Inu Art Incubator
A forerunner to their planned NFT marketplace, the Incubator is an art collective that aims to encourage creativity among SHIB token fans. Submitted artworks which mostly feature different rendition styles of the iconic Shiba Inu canine are then displayed on the project’s website.
Shiba Inu Rescue
Paying homage to the Japanese canine that inspired the meme crypto craze, the team also donates a portion of proceeds to the Shiba Inu Rescue Association when their fans make purchases through Amazon Smile.