Shiba Inu (SHIB)
Shiba Inu is an Ethereum-based cryptocurrency ecosystem themed around the Shiba Inu dog breed. Launched in August 2020, its primary token is Shiba Inu (SHIB), created as a competitor to the memecoin Dogecoin. The ecosystem includes other tokens like LEASH and BONE and supports non-fungible tokens (NFTs) through its decentralized exchange, ShibaSwap.
History of Shiba Inu
The project was initiated by an anonymous developer named Ryoshi in August 2020, with the ambition to surpass Dogecoin. Initially, one quadrillion tokens were minted, half of which were allocated to Vitalik Buterin's wallet. Buterin donated a significant portion of these tokens to the India Covid Relief Fund and burned a large quantity, reducing the total supply by about 40%.
In 2022, Buterin expressed gratitude to the Shiba Inu community for facilitating the AI Existential Safety Fellowship, using tokens sent to him by the Shiba Inu developers. By 2024, the Shiba Inu team embraced the DN404 token standard, aiming to foster innovation in the crypto space.
| Ticker | SHIB |
| Category | Meme |
| Website | https://shibatoken.com/ |
| @Shibtoken | |
| Telegram | ShibaInu_Dogecoinkiller |
| https://www.reddit.com/r/SHIBArmy/ | |
| Contract Addresses | |
|---|---|
| ethereum | 0x95...ce Copied! |
DN404 standard
The DN404 standard is a protocol that merges features of fungible tokens and NFTs, enabling fractionalization and reduced transaction fees. Shiba Inu adopted this standard for its Sheboshis collection, enhancing liquidity within the NFT ecosystem.
Shibarium
In June 2022, the Unification Foundation announced a public beta for Shibarium, Shiba Inu's Layer 2 solution. This solution focuses on improving transaction speeds and fees associated with Ethereum. Shibarium plans to enhance scalability and offer additional benefits like higher throughput, token utility, and the development of decentralized applications and the metaverse.
Growth and development
Throughout 2021, Shiba Inu experienced significant growth, driven by its evolving ecosystem and strategic initiatives like the introduction of Shibarium. The project transitioned from a simple Ethereum-based coin to a comprehensive ecosystem with token utility. Efforts like token burns were introduced to manage the supply.
Shiba Inu tokens
The Shiba Inu ecosystem comprises three main tokens:
- Shiba Inu (SHIB): The core currency with an initial supply of one quadrillion tokens, of which approximately 40% were burned by Vitalik Buterin.
- Leash (LEASH): Initially tied to Dogecoin's price, now a standalone ERC-20 token with a supply of 107,636 tokens, serving as a reward medium on ShibaSwap.
- Bone (BONE): A governance token allowing holders to participate in ecosystem decisions. It has a total supply of 250 million tokens.
ShibaSwap
ShibaSwap is the decentralized exchange of the Shiba Inu ecosystem, facilitating safe and decentralized cryptocurrency trading. The platform employs unique terminology for DeFi concepts and offers rewards through staking and liquidity provision. Users can stake tokens to receive xSHIB, xLEASH, or tBONE, and provide liquidity to earn SSLP tokens.
Shiba Incubator
Previously known as the Artist Incubator, Shiba Incubator supports artistic initiatives by funding NFT projects. It encourages artists in painting, photography, and digital rendering to showcase their work on ShibaSwap.
SHEboshi NFTs
In February 2024, the Shiba Inu team launched the SHEboshi NFT collection, comprising 20,000 unique tokens. This launch signifies a new phase for NFTs, promoting the creation of hybrid tokens with shared ownership and exclusivity. Proceeds from the SHEboshi collection will support various initiatives, including token burns and contributions to the Shiba Inu treasury and non-profit activities.