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Shiba Inu (SHIB) was created anonymously in August 2020 under the pseudonym “Ryoshi” and a group of volunteers, called ‘frens’. The idea behind Shiba Inu with the ticker $SHIB as native token, came with a simple question: “What would happen if a cryptocurrency project was 100% run by its community?“. The question resulted in an idea and was answered with the experiment Shiba Inu (SHIB) with no premine, no personal investment, no SHIB payed developments and fully decentralized. Driven by their credo “started from zero, with zero”. Furthermore, Shiba Inu aimed to be the Ethereum-based counterpart to Dogecoin’s Scrypt-based mining algorithm.
The meme coin or community coin (token factually) quickly gained attention and value as investors were drawn in by the cute charm of the ‘doggo’ token paired with headlines, going viral on TikTok and Tweets from personalities like Elon Musk and Vitalik Buterin. Also, the listing on Uniswap, Binance and Huobi ensured that the meme token held on to the attention that is was receiving. Due to all the attention the value of Shiba Inu (SHIB) skyrocketed and therefore quickly settled itself in the top 20. Besides the previous mentioned exchanges, SHIB is nowadays tradable on all known exchanges including KuCoin, FTX, Poloniex, Crypto.com, Gate.io, etc. Coinbase Pro had listed SHIB, but ran into issues and therefore postponed the listing on the platform.
Shiba Inu (SHIB) is an experimental meme token which began as a ‘fun currency’ and Dogecoin competitor and has now transformed into a decentralized ecosystem. According to their article “ALL HAIL THE SHIBA” by Ryoshi Research on Medium, SHIB is the “DOGECOIN KILLER” as the value of SHIB is primed and ready to overtake the value of DOGE. Both crypto dogs are meme and community driven, but with different backgrounds as DOGE is a coin and has its own blockchain, while SHIB is a token as it runs on Ethereum. Shiba Inu and the SHIB token are part of a pack dog-themed crypto’s as there are many other crypto dog projects launched after Shiba Inu. These copies or wannabe Dogecoins are mostly lesser-valued tokens and have attracted ‘investors’ who missed the rise of the DOGE from $ 0,0002 to almost $ 0.75.
In compare to Dogecoin, Shiba Inu has done things differently. Ryoshi started with a supply of 1 quadrillion SHIB of which 50% are locked in Uniswap and then “burned” the other half to Ethereum co-founder Vitalik Buterin for safekeeping. The safekeeping didn’t last long as Vitalik utilized the SHIB on May 12th 2021 for the largest crypto donation in history. Vitalik sent his donation of $ 1,000,000,000 of SHIB to the India Covid Relief Fund to help reverse the spread of Covid-19 in India. Then, less than a week after making the largest donation, Vitalik burned 40% of its total supply to a dead wallet removing a big portion of the tokens from circulation.
We have to note that there are a lot scam projects among these meme driven crypto’s. Be cautious, don’t get fooled and do your own research!
Shiba Inu tries to defy centralization through the power of communities. To reach that power, they’ve created SHIB token with no centralized team, no funding, no marketing, and no direct leadership. So far they succeeded. Next to the rebellion against centralization, the Shiba token is the foundational currency with a very low market value (lower than Dogecoin) that allows investors to trade and hold millions or even billions of SHIB in their wallets.
Shiba Inu runs on Ethereum and utilizes SHIB as their native token, making it not a coin as bitcoin or dogecoin. The crypto is also called Shiba token or Shiba Inu token on their website and in their WOOF paper. Read more about the difference between coins and tokens on our Crypto Guide.
Ryoshi is a pseudonym that claims to be the founder and creator of Shiba Inu and its native token $SHIB. It is not clear who the person behind ‘Ryoshi’ is, as very little else is known. Reddit has many threads with people who might know who the creator of Shiba Inu is. The idea of pseudonym in crypto sounds familiar as we all know Satoshi Nakamoto, the creator of bitcoin. In July 2021 Certik, a crypto security audit company, held an AMA with the project leaders of Shiba Inu, incl. Shytoshi who has been running the Shiba Inu project under Ryoshi, until this point.
Buy, sell and trade Shiba Inu (SHIB) and its EUR pairs at Binance and Bitladon. Binance has currently the most active market. The provider with the best euro (€) price to buy and to sell Shiba Inu (SHIB) is shown below in the orange button.
ShibaSwap is a decentralized exchange, like Uniswap, Pancakeswap and Sushiswap, where crypto’s SHIB, LEASH, and SHIBABONE come together for trading, staking and voting. The DeFi ShibaSwap exchange gives users the ability to DIG (provide liquidity), BURY (staking), and SWAP all supported tokens to gain WOOF Returns (interest) through a innovative passive income reward system. Next to trading and staking possibilities it also allows the ShibArmy to access upcoming NFTs and additional tools, such as portfolio trackers.
ShibaSwap has been successfully audited by Certik on 15th of May 2021. Certik gave out a security score of 91 out of 100, as ShibaSwap underwent a complete analysis on topics as safety, source-code, on-chain monitoring, market volatility, social sentiment, governance and autonomy.
LEASH is the second crypto token in the Shiba Inu Ecosystem on ShibaSwap and will offer lucrative rewards for holders providing their liquidity. The full name is Doge Killer (LEASH) and it originally was set to be a rebase token that was LEASH’d (linked) to the market value of DOGE. Later, it was decided that LEASH would turn off the rebase function and continue as a ERC-20 token. LEASH has only 107,647 minted tokens, in compare to the large supply of SHIB. Due to the low supply, the demand and reward for holding xLEASH (staked LEASH) and LEASH-ETH SSLP, will lead to a meteoric rise, similar to that of SHIB.
SHIBABONE or just BONE is designed to fit as a reward between the previous two tokens (SHIB and LEASH) in regards to circulation supply. There are 250,000,000 SHIBABONE tokens created which are divided over several different purposes. 50% will go to developers, admins and marketing and the other 50% shall be used on the exchange for rewards. Moreover, SHIBABONE is also a governance token which will allow the ShibArmy to vote on upcoming proposals on the Doggy DAO. Hotbit is one of the first exchanges, outside ShibaSwap, that listed the crypto as Bone ShibaSwap (SHIBABONE).
Dig is an option to provide liquidity and earn SHIBABONE, according to the WOOF paper. Liquidity providers earn returns on trades proportional to their share of the pool. Returns are added to the pool, increase in real time and can be claimed by withdrawing your liquidity once SSLP (ShibaSwap Liquidity Provider) tokens are deposited into the allocated pair box at WOOF. You can claim 33% of your Woof Returns weekly, but the remaining 67% will be time-locked for 6 months.
ShibaSwap allows you to stake tokens with BURY to earn Woof Returns proportionally to your contribution to the pool. When you stake SHIB, LEASH or SHIBABONE, you will receive xSHIB, xLEASH, or tBONE. Those tokens represent your share in the pool. The longer your tokens are in the pool, the more returns you will receive, whereas frequently staking and unstaking will lower your long term gains. The developer integrated a mechanism to ensure a fair return distribution among the holders that functions independently for xSHIB, xLEASH, and tBONE.
As the sides of ‘No’ and ‘Yes’ believers is divided, it is still unclear to determine by facts that project Shiba Inu and its ecosystem is a scam or not. If you would ask the #SHIBARMY, you probably would get no for an answer. If you would ask someone who lost money on it, they probably say yes. Not long after the major attention an article was published in May by ‘shibaexposed’ alleging that Shiba Inu is a scam. Yet, if all the allegations are true, why would all major exchanges list the crypto for trading? Therefore, we are indecisive whether it is a scam or not.
TikTok was a driving force behind the rise and hype of several meme crypto’s, including Dogecoin and Shiba Inu. Dogecoin, the most popular meme-token, has risen frequently thanks to TikTok campaigns to push the coin to $ 1.-. Similarly, Shiba Inu has often come to the attention of many TikTokkers, who are hyping the crypto and thus trying to boost up the price. Be aware of those pump and dump activities as they are notorious for losing your money.
The whitepaper of Shiba Inu is called WOOF paper and holds information about why Shiba Inu was created and what the project leaders have in store for the developments of ShibaSwap. Read more in their whitepaper found in the link below.