Shiba Inu (SHIB) - GBP

What is Shiba Inu (SHIB)?

Shiba Inu (SHIB) is a meme-inspired cryptocurrency developed to be a community project run 100% by its community. The cryptocurrency is an Ethereum-based alternative to Dogecoin (DOGE). It features a Shiba Inu, a Japanese breed of hunting dog, as its mascot.

Being a memecoin, just like Dogecoin, Shiba Inu is associated with the Shiba Inu dog meme, These types of cryptocurrencies are launched as parodies or as a joke but often end up having real-world value and utility.

SHIB was designed to be abundant, with one quadrillion tokens making up its initial circulating supply. Its ecosystem has since developed a number of way to burn tokens and reduce its circulating supply.

Who Created Shiba Inu?

Shiba Inu was created in August 2020 by an anonymous individual or group called Ryoshi. Ryoshi has since left the meme-inspired cryptocurrency to its community, which has kept on developing the Shiba Inu ecosystem.

Ryoshi has attributed the launch of SHIB as an “experiment in decentralized spontaneous community building,” and since then, the cryptocurrency has grown to have over one million holders on the Ethereum network.

According to Ryoshi, the Shiba Inu ecosystem was launched on top of the Ethereum blockchain because it was already a secure, well-established blockchain that allowed decentralized projects to be built on top of it.

How Does SHIB Differ From DOGE?

While Dogecoin has its own blockchain, Shiba Inu was built on top of the Ethereum blockchain and has allowed its community to launch a number of tokens and applications surrounding it that do not support DOGE.

The Shiba Inu ecosystem features three different cryptocurrencies:

•   Shiba Inu (SHIB) – The project’s native token with a supply of one quadrillion. Half of its initial supply was locked on the decentralized exchange Uniswap for liquidity, and another half was sent to Ethereum co-founder Vitalik Buterin, Buterin donated 50 trillion SHIB to a COVID-19 relief fund in India, and burned 40% of the cryptocurrency’s total supply.

•   Leash (LEASH) – LEASH is the native currency of ShibaSwap, the Shiba Inu ecosystem’s decentralized exchange. It was first launched as a rebase coin tracking the price of DOGE, but was soon unleashed. Its circulating supply is of 107,646 tokens.

•   Bone (BONE) – BONE is the governance token of the Shiba Inu ecosystem and is set to allow SHIB investors to make governance proposals and vote on them. Its circulating supply is of 250 million.

Apart from these tokens, the Shiba Inu ecosystem includes the previously mentioned exchange ShibaSwap, non-fungible tokens (NFTs), an upcoming Metaverse, play-to-earn games, and is set to soon have a decentralized autonomous organization (DAO) called the DoggyDAO, allowing for decentralized governance.

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