Shiba Inu (SHIB) Coin

What is Shiba Inu (SHIB)?

They explain SHIB in their web as, " A Decentralized Meme Token that Evolved into a Vibrant Ecosystem."

Shiba Inu is a ERC-20 only token that trades as SHIB. The crypto tokens are built on an existing blockchain. The Shiba Inu coin, also known informally as Shiba Token, named after a Japanese dog breed, was launched in August 2020 by it's anonymous creator with the pseudo name 'Ryoshi'. 

Supply and Market Cap

Shiba Inu coin had an initial supply of 1 quadrillion, but after some locking and burning events, now it has a circulating supply of 394,796,000,000,000 SHIB coins and the maximum supply is not available. The current price of SHIB is $0.000009 USD with a live market cap of $3,555,736,057 USD. It is currently ranked at 28th number among all cryptocurrencies according to market cap by Coinmarketcap.

Shiba Inu and the SHIB token are part of a swarm of dog-themed cryptocurrencies, including Baby Dogecoin (BabyDoge), Dogecoin (DOGE), JINDO INU (JIND), Alaska Inu (LAS), and Akita Inu(AKITA). According to their website, SHIB represents itself as the “Dogecoin Killer”. Shiba will be listed on their own ShibaSwap, a decentralized exchange and currently it is listed on exchanges like Binance, Coinbase Pro, Huobi, Bitmart, Gate.io, WazirX, OKEx etc.

Project and Ecosystem

The SHIBA INU website invites dog-inspired artists from all over the world to foster the “artistic Shiba movement” as they bring their SHIBA INU community into the NFT market.

Though it had an initital supply of 1 quadrillion, Ryoshi then locked half of the tokens in a decentralized finance protocol called Uniswap and “burned” the other half to Ethereum co-founder Vitalik Buterin for safekeeping. Buterin then donated trillions of Shiba Inu coins to India to help stem the spread of COVID-19, it was history’s largest cryptocurrency donation, before “burning” 40% of the total supply to a “dead wallet.”

Why so much hypes around it?

The meme coin quickly gained speed and value as a community of investors was drawn in by the current trend of meme coin pumps and tweets from personalities like Elon Musk and Vitalik Buterin.

The Shiba Inu developers are currently in the process of creating ShibaSwap, a decentralized exchange which provides holders of Shiba Inu, and its sister token Leash, the opportunity to earn rewards such as Bone, Ethereum, and Bitcoin through staking or providing liquidity.