What is Shiba Inu?
SHIB is an experiment in decentralised spontaneous community building created under the Shiba Inu’s’s ecosystem. Unlike Bitcoin, which is designed to be scarce, SHIB is intentionally abundant — with a total supply of one quadrillion. Users are allowed to hold billions or even trillions of them.
A brief history of Shiba Inu
What began as a meme currency has now transformed into a decentralised ecosystem. During Shiba Inu’s initial launch, 50% of the supply was allocated into Vitalik Buterin's ethereum wallet. Since then, the price of SHIB skyrocketed from an ATL of USD 0.000000000056 to an all time high of $0.000084, a 150,000 times increase. In turn, Vitalik donated 10% of his SHIB holdings to a COVID-19 relief effort in India and the remaining 40% was burnt. The donation was worth about $1 billion at the time, making it one of the largest donations ever.
How does Shiba Inu work?
The Shiba Inu team launched a decentralised exchange called ShibaSwap with two tokens, LEASH and BONE. LEASH is a scarce supply token, used to offer incentives on Shibaswap. BONE is the governance token for holders to vote on proposals on Doggy DAO.
SHIB is an Ethereum-based alternative to Dogecoin (DOGE), the popular and original canine-themed meme coin. As such, it’s compatible with the vast Ethereum ecosystem, including Ethereum wallets, is available on decentralised exchanges (or DEXs), and can be incorporated into ETH-based DeFi applications including lending and savings products and NFT marketplaces.
What is Shiba Inu used for?
The Shiba Inu Token ecosystem supports the Shibaswap DeFi exchange, the DoggyDAO, and projects such as an NFT art incubator.
