Shiba Inu is a decentralized cryptocurrency that originally started out as a joke or “meme coin” as its community actually branded it as the “Dogecoin killer.”
It was launched in August 2020 by an anonymous founder or group under the name Ryoshi and has since grown from simply a cryptocurrency to a decentralized finance ecosystem and NFT platform.
What is the SHIB token?
SHIB was the first token listed and incentivized on ShibaSwap, which is Shiba Inu’s proprietary decentralized exchange, and used to facilitate token swapping as SHIB used to pay for trading fees.
The SHIB token was created using ERC-20 smart contract standards and can be transferred within the Ethereum network and traded with other tokens on various decentralized exchanges (e.g., Uniswap or Sushiswap) or through centralized exchanges like Coinbase, Gemini, or Binance.
DeFi activities such as yield farming, swapping, and liquidity pooling, are also paid through the SHIB token, with rewards paid with other tokens created by the platform like LEASH and BONE.
Through its incubator program, the platform also supports developers and talented individuals, dubbed the “ShibArmy,” to build projects for the ecosystem.
Token Metrics:
- 589 trillion of the max total of one quadrillion SHIB tokens are in circulation
- 500T SHIB was given to Ethereum co-founder Vitalik Buterin, who then burned 450T and gave 50T to India’s COVID-19 relief fund.
- LEASH total supply of 107,646 tokens
- BONE total supply of 250,000,000 tokens
Notable Projects:
- ShibaSwap: A suite of decentralized applications focused on the Shiba Inu Ecosystem, including a decentralized exchange, NFTs, staking, and liquidity providing.
- Total-Value Locked (TVL): $229M in ShibaSwap
Notable Points in Project History:
- Founded in Aug. 2020
- In May 2021, Ethereum founder Vitalik Buterin burned $6B worth of SHIB tokens donated to him, destroying half of the circulating supply. He then donated $1B worth of SHIB to India’s COVID relief efforts in July 2021
- ShibaSwap was audited by Certik in Aug. 2021
- Listed on Coinbase, Binance: Sept. 2021