Shiba Inu

What is a Shiba Inu?

Shiba Inu (SHIB) — a meme coin based on Ethereum. The Shiba Inu dog breed served as the inspiration for the creation of the coin. At first it was a silly and cute meme coin. However, with time and an additional push Elon Musk’s tweetsit became quite popular.

Speaking of Musk, his tweets stating that he has a Shiba Inu dog: led to a sharp increase in Shiba Inu prices by almost 300%. It’s crazy how much a simple tweet from an influencer can do. Thus, Elon Musk is one of the main reasons why the coin has become so popular and why its value has increased.

The Shiba Inu is closely associated with Dogecoin, Baby Dogecoin, and other dog-related crypto assets. However, one of the goals of the Shiba Inu is ahead of Dogecoin by achieving a higher market capitalization without reducing the price of SHIB.

Before moving forward, keep in mind that Shiba Inu is actually a token as it is based on Ethereum, meaning that it does not have its own blockchain. However, everyone calls it a coin, so I’ll do the same. Just know that, in cryptographic terms, This is a Shiba Inu token, not a Shiba Inu coin.

Shiba Inu Project

Being just small meme coinShiba Inus have become an entire ecosystem. For example, the project has developed its own decentralized exchange platform called ShibaSwap. DEX allows users to not only exchange tokens, but also participate in harvesting and liquidity mining activities.

In addition, the Shiba Inu has two more tokens – LEASTER and BONE. Speaking of the LEASH token, it originated as rebase the token. However, the rebase feature was eventually removed. At the time of writing, LEASH token holders are promised impressive rewards for providing liquidity to the token.

BONE, on the other hand, is the Shiba Inu ecosystem governance token. This allows members ShibaArmy (this is the name of the community) participate in decision-making processes in Dog DAO.

Additionally, since members of the Shiba Inu community love the Shiba Inu dog breed, the project created Shiba Inu Rescue Association. You can gift a portion of your Amazon purchases by linking them through Amazon Smile. The Shiba Inu Rescue Association will then distribute these funds to various Shiba Inu rescue projects.

In addition, the project also offers Shiba Inu incubator. In short, it is a decentralized NFT project. This allows artists to create different pieces of art that revolve around the coin.

Although it doesn’t end there, there are many more ideas planned for the project. For example, it is also planned to create an algorithmic stablecoin called SHI. However, instead of one dollar (as is the case with most stablecoins), SHI will be pegged to one cent. Essentially, it will be something similar to DAI. SHI is planned to be released after the launch of the Layer-2 solution called Shibarianother project planned by the Shiba Inu community.

History of the Shiba Inu

There is a mystery behind the man who founded the Shiba Inu coin. As in the case of the creator of Bitcoin, only the pseudonym of the creator of the Shiba Inu is known – Ryoshi. There have been some suggestions that Vitalik Buterin is the true father of the Shiba Inu, as half of the Shiba Inu’s initial launch supply was transferred to his wallet. However, he denied these rumors.

What’s especially interesting about Ryoshi is that he doesn’t have any Shiba Inu tokens. Overall, he claims to simply be a member of the Shiba Army, without taking on any titles or having any major privileges.

If we talk about the coin itself, at first it was created mainly as an experiment. The purpose of the experiment was to test how the community would manage the project. The price of Shiba Inu at that time was very low.

However, the coin is often called “Dogecoin Killer” This is because one of the goals of the Shiba Inu coin is to beat Dogecoin.

Additionally, it has some advantages that can make it better than Dogecoin. One of these advantages is that, unlike Dogecoin, Shiba Inu coin supports smart contractswhich means it can have many more features.

What can you do with Shiba Inu coins?

The main thing you can do with a SHIBA coin is bury it. Burial refers to the betting process. By burying SHIBA, LEASH or BONE tokens you receive xSHIB, xLEASH and tBONE. These minted versions coins xSHIB provides stakers with more BONE tokens and other additional rewards.

By burying SHIB, you can receive 3% of the BONE token created with each new data block. Additionally, you can earn 0.3% on all fees for ETH swap transactions processed through ShibaSwap.

Although you can also dig up Shiba Inu coins. The digging process is similar to the process of growing crops. In this case, your coins temporarily turn into Shib SSLP coins. You can earn BONE tokens by mining SHIB SSLP. If you want to mine your SHIB, you will have to exchange your SHIB SSLP, which serves as a kind of placeholder token, back to your Shiba Inu coins.

Before jumping into the Shiba Inu project (or any other crypto project for that matter), it is extremely important to do proper research. You can start by analyzing Shiba Inu prices in the chart above.

Tokenomics of the Shiba Inu

During the initial launch of the Shiba Inu coin, half of its supply was sent to Vitalik Buterin. The other half was sent to Uniswap. Coins held on Uniswap are locked. Vitalik Buterin, on the other hand, burned about 90% of his coin holdings (about $7 billion at the time) and donated the remaining 10% to the Covid Crypto Relief Fund in India.

There’s actually an interesting story behind this. First of all, why Vitalik Buterin? Well he one of the co-founders of Ethereum and the only one still working with the project. His wallet address is public, so anyone can send him Ethereum-based tokens.

The Shiba Inu developers probably decided it would be a good idea to send coins to Vitalik Buterin just for self-promotion. They assumed that if the face of Ethereum supported their project, then other people would support it. However, things didn’t work out the way they hoped. Vitalik was very skeptical. about the Shiba Inu project that resulted in the entire burning and donation process.

Although something like this never happens without anyone noticing. Ironically, since even major media outlets covered the incident, it turned out to be the best advertisement for the Shiba Inu coin, which helped drive up the price of SHIB.